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A survey commissioned by Commonwealth Bank found that nearly 80% of Australian small to medium businesses (SMBs) were impacted by cash flow challenges in the last 12 months.
The survey found that the majority of SMBs managed their cash flow in the following ways:
* 34% reviewed or decreased expenses
* 26% found additional revenue streams
* 25% increased sales or pricing
But concerning was that 27% of business owners dipped into personal savings or didn’t pay themselves a salary, or did both, to keep their business from going under.
Cash flow is crucial to the success and sustainability of your small business. Having a strategy in place can help you manage cash flow proactively rather than reactively. Your accountant can help you develop effective cash flow strategies so that you won’t have to resort to desperate measures to keep your business afloat.
#accountant #cashflow #business
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