Do you have the information you need to survive?

As we are all aware business conditions in Mackay are not what they were a couple of years ago due to the mining downtown. But why when things get tough do some businesses fail, others survive and a few thrive?

One of the main factors that assist business to change quickly to market conditions is having access to accurate, timely information on a weekly and monthly basis.
Without this information it is difficult to make the right decisions at the right time, which can be costly or even detrimental to the future of the business.

Having access to sufficient funding and cashflow is the lifeblood of a business which means you need a strong relationship with your banker. When times are good banks are happy to lend freely but when times are tough, it becomes much more difficult to obtain much needed finance.

Having accurate and timely reporting not only provides the bank with the information they need to respond quickly but also confidence in the business and its operators. Although business debt levels need to be controlled a good strategy is to increase borrowing limits in the good times to ensure that you have sufficient facilities in place when conditions get tougher.

Timely business information also assist in understanding sales, margins and overheads and how these might be changing which allows the business owner to react quickly, assisting in maintaining profitability.

Ask us how we can help by implementing a structured reporting system in your business and monitoring the results to make strategic decisions.

"The team has always been easily accessible, approachable and readily available giving us honest and professional advice and assistance in many aspects of our small business accounting, tax planning and business management. I especially find value in the Meeting Summary that follows by email from Andrew after a consultation."

- Selene,
Eastco Homes & Constructions