Business Issues That Keep You Awake At Night

By Joe Smith

In the current economic climate and with the ever evolving technological changes, business owners are facing significant challenges in several areas of their business now more than ever.  Although this is obviously an article in printed media I would like to make it a little interactive!  Please read on and then use the contact details at the end of the article if you think we could help.

So what are the things that keep you awake at night if you are a business owner?  Some of the main issues that we hear as business advisors and accountants relate to cash flow.  No matter which industry that you operate, or which stage of the economic cycle we are at, cash flow needs to be monitored closely.

In times where cash flow is tight, it is obviously important to monitor money coming in and going out very closely.  One thing that we can help with is comparing your income and expenses with industry benchmarks for similar businesses to determine if there are any areas where you are spending more or less than average compared to your income.

The other side of this may be when things are going well the temptation is to add to existing assets or upgrade using finance.  While this may be a sound strategy, it is imperative that a budget and cash flow for the business is prepared and closely monitored to ensure financial obligations can be met going forward.

Technological changes may also be one of the things that keep you awake at night.  At Sothertons we strive to keep on top of technological advances in our industry and we are experienced and accredited for using online software such as Xero that can not only reduce the time spent on bookkeeping, for business owners who are time poor, but we can also recommend add on software that could help improve your business in other areas such as employee scheduling and payroll, stock management or electronic point of sale systems as well as many other areas.

And with the theme of making this article interactive, please call or email us at Sothertons Gladstone on 4972 1300 or email sothertons@sothertonsgld.com.au to organise a no obligation chat over a coffee to see if we can help with the issues in your business that keep you awake at night!