by Cameron Lee

CPA Australia recently conducted its eighth annual Asia-Pacific Small Business Survey where it found that 50.7% of Australia’s small business experienced growth during 2017, which was the highest rate of growth in the past three years. CPA Australia also established that more businesses expected further growth and business activity within the next year than previously.

With these results, it is a timely reminder to assess your business and consider some factors and precautions to best prepare your business for growth.

Stay on top of your finances

When monitoring the performance of your business, you need to ensure you have sufficient cash-flow to continue funding trading operations. It is important to secure your finances particularly funds raised from family, investors or via credit and having suitable rainy-day options (being mindful of not overextending yourself), and as a result, this will ensure you have continued working capital to fund your growth. Continually monitoring your cash-flow projections and revising them will ensure you stay prepared for anything unexpected, which may hamper your cash-flow and subsequently your future plans.

Tighten up your processes

If your controls and processes are already suspect, these issues have the potential to be exposed significantly through periods of rapid growth. Ensuring that you have the key processes in your business solidified prior to executing your business plan is key to ensure issues don’t spiral out of control as your business thrives. This can be done by ensuring you have the right systems, tools, software, and processes to manage your business despite its size.

Have the right team around you

It goes without saying that having a solid core to help you manage your business is key to business growth and stability. Having driven like-minded individuals who are committed to your business’ strategic views will help support you and your business during its various cycles. These team members will help to drive the right culture that can withstand both good and challenging times. Don’t forget to look after your suppliers, external advisors and any others that have supported you throughout the past.

If your business is ready to take the next step, Veritas Advisory can provide timely advice to ensure your business is not subject to unnecessary risks prior to engaging in the next phase.

Contact Us

Invalid Input

Invalid Input

Invalid Input

Invalid Input

Invalid Input

Invalid Input

Invalid Input

Invalid Input

Our Offices