Just as evolution in animals dictates that only the fittest survive, in a recession it is generally survival of the smartest.
In this country we seem to have a recession-like economy happening every seven to nine years and almost 75,000 Australian businesses were wiped out in the last downturn. To survive business owners must find a way to plan their way past potential threats including higher interest rates and fuel prices plus declining consumer confidence.
In recessionary times business owners must strike a delicate balance between pessimism and optimism, ensuring expectations are realistic but not giving up on growth. Smart business owners know that a recession presents an opportunity and it’s time to spend more time working ON your business rather than IN it
In good times the weaknesses in a business can be hidden but when the going gets tough, both the strengths and weaknesses will surface. Problems emerge when bad financial management habits spill over into tougher economic times. As your accountant our role includes identifying those weaknesses and helping you amend the strategic direction of the business. We combine the knowledge of your business with our experience and some ‘intelligent’ forensic software tools to detect the early warning signs and then work with you to develop strategies to move forward
Don’t sit idle with a wait and see mindset in the event of a downturn. Be pro-active and try and recession proof your business by driving increased productivity and growth using these ideas. There is no magic bullet to recession proofing your business but we have compiled a list of 10 strategies in a bid to help grow and protect our clients because … Small Business is Our Passion.