Article written by Bob Green, Business Advisor, Western Sydney Business Centre.
Today, as I write this, we are surrounded by smoke from the hazard reduction burn-offs preparing for the hotter months later this year.
It’s a great reminder that we need to look for the rubbish in our businesses which might cause trouble in the future and act during times when the pressure is not as great. Businesses are a lot like forests. They can be glorious things and the trees impressive, but you don’t notice the undergrowth and rubbish because you are busy trying to grow the trees nice and big.
We spend huge amounts of time working in our businesses but not much time ON our businesses.
Now is the time to be looking at your systems. The ones most likely to need your attention at this stage are those systems related to your accounts; tax time is only a few months away. With a little input and properly arranging your accounting system, you can save money charged by your accountants because you have taken the time to put proper descriptions against transactions, checked with your accountant to see what accounts they recommend you establish, and taking a little time to understand your previous end of year accounts and tax returns.
The biggest pothole for small businesses is not following up on money owed. I discovered, when I was asked to help one cash strapped business, that they had around $20,000 of outstanding debts and was able to recover around $15,000 within 10 days!
If you need help sorting the wood from the trees, go to the Business Connect website, look at the Western Sydney Business Centre advisor bios and book a call back from one of them or call Western Sydney Business Centre direct on 02 4721 5011. I can also help prospective NDIS providers, Bob Green.