Home' Border Enterprise : May 2012 Contents MAY 2012 ENTERPRISE DIRECT 35
ED SHAPE UP
THREE of the most important factors for
business owners are maximising profits,
improving cash flow and reducing stress
RSM Bird Cameron, one of the largest
mid-tier accounting firms in Australia, has
suggested ten things to do throughout
2012 to meet these goals.
Andrew Graham, national head of business
solutions, said "There is no doubt that
businesses in Australia are facing a difficult
economic climate in 2012, which could
lead to a potential rise in insolvencies over
the coming 12 to 18 months.
"Some businesses have already started
the new year with cash flow difficulties as
the cash cycle has tightened considerably
through December and January. Now is
the time for business owners to consider
opportunities to restructure their business
in light of what's not working for them.
"They need to remember that it is never
too early to seek help and ask advice from
accountants, business advisors or other
specialists if they are worried about their
business or managing cash flow."
These tips can help businesses remain in
the best possible shape for the year ahead:-
1. Review the products and services
you sell and tailor the mix to appeal to
changing customer needs for 2012.
2. Review pricing structures to ensure
competitiveness and profitability. Put
formal procedures in place to monitor
and proactively respond to competitor
3. Review stock levels to make sure you
can satisfy customer demand for
profitable product and service lines
and identify slow moving stock that can
be liquidated as 'bargain buys'.
4. Review sales, marketing and promotion
plans and make sure they are optimised
to help achieve the best results
5. Review staffing plans and confirm
acceptance of the rosters by all staff.
6. Review fraud and theft protection
systems and remind staff to be vigilant
at all times.
7. Review debtor lists frequently and
actively chase all overdue accounts.
8. Review the use of finance products
for effectiveness eg. overdrafts, premium
funding, lease facilities and cash flow
9. Complete a GST health check. Small
businesses are in danger of losing
time and money because of unreliable
or outdated business systems causing
them to incorrectly report GST.
10.Remember that you deserve to enjoy a
break as well and it is vital that you are
able to operate well. Take care of your
health and enjoy downtime with family
and friends during the year.
Timely action can prevent disaster
Experience & qualified staff
at HIB Insurance can provide
professional advice for all your
business insurance needs
Service & Advice"
465 Smollett Street, Albury NSW 2640 T: 02 6041 1488 F: 02 6041 4149 E: firstname.lastname@example.org W: www.hib.com.au
BROKERS PTY. LTD.
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