All businesses should review their expenses periodically.
Prudent expense management helps ensure that valuable cash resources are used wisely. And sometimes, a business may NEED TO reduce expenses as a matter of survival.
No matter what the circumstances, here are some Best Practices in reviewing and managing expenses.
Topics: Business Evaluation, Business Improvement, Wealth Creation
In business, there is such a thing as a ‘good problem’.
One example is a business which provides a good product or service in high demand by customers. The business needs to produce more and invest in marketing, sales, and customer management. There’s an opportunity to grow which should be good news… but what happens when the business doesn’t have the cash to fund this growth?
Read MoreTopics: Business Improvement, Wealth Creation, Growth
In some ways, managing a business is not so difficult, at least from a financial perspective. By attracting more customers or selling more to existing customers, you grow revenue. You also try to ensure that revenue greatly exceeds expenses – in which case profits are high!
Simple, right? But what’s missing from this analysis?
Read MoreTopics: Business Improvement, Wealth Creation, Cash Flow, Profit, Growth
No matter the size of your business, the finance function should focus on STRATEGY and VALUE CREATION to create a competitive advantage and give leaders peace of mind.
Read MoreTopics: Business Improvement, Business Planning, Wealth Creation
Economies tend to face headwinds every ten years as the business cycle moves from periods of growth to contraction. While recessions are challenging for small and medium businesses across Australia, it doesn't mean there aren't significant opportunities to strengthen your business and come out of challenging times stronger and more profitable. In this article, we're sharing five ways you can recession proof your business.
Read MoreTopics: Wealth Creation, Risk Management, COVID-19
