According to a new report, 73 percent of small businesses plan only up to six months ahead. These businesses focus too much on their daily operations and do not look far enough forward. Only 6 percent of the surveyed businesses said they had a five-year plan.
This new data can be alarming as it shows that most Australian small businesses do not have a long-term perspective in terms of planning. Employees should not live paycheck to paycheck just as small businesses should focus more on long-term change and growth.
The report also shows that more Australian small business owners are conservative about their growth aspirations. A third were focused only on maintaining their current business levels. Their conservative mindset could be due to the numerous difficulties they have faced in the last few years, after small businesses found difficulty in accessing finance and in payments that led to cash flow issues. However, it is still important for business owners to plan the future ahead.
As the new financial year opens, small businesses are encouraged to start planning for their future and long-term success.
Think about digitising processes, reporting and financial records. Digital invoices should also be considered as it will likely uptake in the next few years. Reducing payment times for positive cash flow and profitability is also important for many small businesses.
The future of small businesses revolves around technology and owners need to plan as early as now, as business digitisation is slowly being mandated by the government.
Sky Accountants only use the best technology, and this means you will only use the best as well. We work with cloud versions of MYOB, Xero, Quickbooks, Receipt Bank, Shoebox and a host of cloud payroll systems. You can manage your finances from anywhere via these systems and via our web-based interface, SkyHub®. Get a snapshot of your company’s financial health, review key financials, and see value & cost centres at a glance.
Our systems are intuitive and made for entrepreneurs. They measure Key Performance Indicators (KPI) and are fully customisable to match the needs of your business.
The goal of Sky Accountants Ballarat is to help hospitality businesses maximise their full potential by developing tailored strategies and systems that allow them to save time and money. Low costs, efficient systems and fast turnarounds are ingredients to success and are just as important as keeping track of profits. Talk to Sky Accountants Ballarat about your business structure, operations & management, tax breaks & obligations and other concerns surrounding your business.
As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision. You can click here to speak to experts who specialise in business consultancy. We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.