Business Victoria have a range of grants available to help out small businesses. Keep an eye on this page, there could be something your business could apply for, such as the Small Business Digital Adaption Program. This program offers financial assistance of $1200 to help business owners take up digital solutions that support their trading model and performance.
Never has the phrase “cash is king” been more pertinent than when you are starting up your business, or recovering from an extended period of low demand (like right now!). An explosion of sales and the resulting influx of money can lead to temptations for splurging on something your business has needed for some time: new computers, a new display fridge – you get the drift. Managing your cash flow effectively is critical during these times, you must make sure you are able to pay your suppliers, and never forget that you have tax obligations, and superannuation to pay.
According to a study by the Australian Small Business and Family Enterprise Ombudsman, just under half of all small businesses indicate that their cash flow has suffered because of late payments from clients, and 92% believe that they would have generated more revenue in previous years if their cash flow was improved. Creditor management is critically important for all businesses.
Contact Customised Accounting Matters for a free cash flow analysis, and some ideas on how to improve it. Its never too late to get your cash flow under control.
Got a great idea for a new small business, but don’t know where to start? Check out the NEIS program! It is designed to help people just like you to launch their own business and become their own boss!
Now that the domestic economy is starting to open up again, small business owners will find themselves under pressure to keep costs low until their cashflow starts to improve. This pressure may lead to errors in bookkeeping when trying to do everything themselves.