Were they warned?
Business Advisory Services Update
Peter Towers of ESS BIZTOOLS and Trevor Marchant of Marchant Dallas recently presented a podcast, discussing strategies that could be implemented to reduce small business failures, and what can Accountants and Bookkeepers do to work less, earn more and make a REAL difference to the lives of SMEs.
Listen to the podcast here.
The following key items were discussed:
Small business failures have jumped 34% this financial year
Paul Robson, CEO of MYOB, have identified in the ‘Financial Review’ that SMEs that failed within six months had ‘POOR FISCAL MANAGEMENT SKILLS’.
Bookkeepers and Accountants can undertake important services in mentoring potential business operators of the traps that they will probably encounter as a business operator.
There is a need to prepare a Business Plan, Budgets and Cash Flow Forecast.
Need realistic assumptions on Supplier Payments – don’t just assume that the supplier will grant 30 day payment terms.
If key customers are businesses, credit will have to be given. The management of debtors is then very important.
ESS BIZTOOLS includes complete sections relating to the ‘CHALLENGES OF COMMENCING A BUSINESS’.
Have a listen to our podcast and tell us what you think. Contact us on or .
