You can’t escape the headlines, news reports coming in every hour, every minute! 

If you are a small Business owner, it’s likely you are affected by these stories. Market forces, economic fluctuations, swings and roundabouts, ups and downs. 'The global economy is heading towards a year end with unexpected tailwinds! '

It is easy to be influenced, positively or negatively! You might find yourself nodding in agreement with such bold catchy statements.  Do they resonate or relate to your situation. Yes or no, if you are one of the savvy operators you feel good knowing you have adopted sound, best practice strategies to help you weather any storms.  Oh, what a great feeling that is! Create and share your own successes! 

Did you catch these Headlines!  

Small Business never had it so tough – a Perfect Storm of rising costs, including Industrial Relations issues, Labour shortages and the cost of doing business! Reported (9th October) ‘2100 small and medium Businesses surveyed said their top three concerns for 2024 were energy prices, wages and cybersecurity threats. 

Household budgets are being squeezed. Small Businesses are facing the toughest trading environment in recent years as household budgets experience cost-of-living pressures. Discretionary spending is affected. 

What’s Driving up Burger Prices!  Even the humble Big Mac is affected by the cost-of-living crisis! With a smorgasbord of ingredients making up a Mac, including beef, special sauce, wages, Royalties and intellectual property, nothing is spared! 

Consumer sentiment fell in September, as the pessimism that has dominated for over two years still showed no signs of lifting. 

Come October, consumer confidence, potentially the confidence of your customers is up, according to Commsecs Market Analyst saying, ‘confidence has reached its highest level in two and half years since the Reserve Bank started hiking interest rates.’ 

Importantly, whatever your Industry or Business it’s critical to stay on top of operational activities and legislative responsibilities, such as meeting Taxation obligations, workers entitlements and all reporting requirements. 

Equally important is having your Business affairs carefully managed. Keeping your ‘house’ in order is a must, including Tax matters, accounting and bookkeeping, along with having your cashflow flowing. Is your Business Plan current and your Marketing reaching existing and new markets! 

Smart Businesses seek professional services. Blackburn Accounting is well placed providing a range of services, including cashflow management, assisting with strategic planning and helping develop your Business capacity for growth and expansion.  

Don’t wait, contact us today to discuss your Business Accounting needs. 

Phone: +61 8 6454 5831, email This email address is being protected from spambots. You need JavaScript enabled to view it. or find us on Facebook or our website. https://www.blackburnaccounting.com.au/ 

Say Strategy, and many things come to mind! Chess games and team sports are right up there. Simply put, a strategy is a well-developed, high-level plan designed to achieve specific goals or desired outcomes.  

A Marketing Strategy states the Business vision, goals and objectives and sets out your long-term marketing approach. 

Let’s get started! 

How to Develop a Marketing Strategy that Works! 

It doesn’t have to be complex or complicated. There are practices you can follow to help your marketing efforts be effective. Leave behind the problem of marketing that’s not working! 

A Marketing Strategy that works outlines the why and what. Why you are in Business and what you want to achieve. It aligns your business goals with the specific needs of your target audience. It marries the two! 

A 7 Step Marketing Strategy: 

1. Define your Ideal Target audience: identify and understand your key audience. Develop personal profiles covering purchasing triggers, demographics, and pain points. Check location and other relevant info, such as shopping habits.  

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You started a small Business, a dream come true! Despite struggles, challenges and setbacks you realise that you are now running a successful enterprise. With growth came staffing, a team, who are guided by your vision, and values.  Congratulations!

And by now you have realized that running a Business requires more than just a great idea, it requires leadership, your leadership and often management skills, particularly if you are a small Business operator. 

And this is where leadership and management come into play.   

Most small Business need Leaders and Managers and it's likely you are wearing many hats, including as owner, Proprietor, and more! This is where the distinction between leadership and management can arise. Not everyone is both, but there are ways to create a productive and positive workplace, developing a healthy culture that will deliver excellent results for everyone. 

In essence, management and leadership complement each other, but they have different functions: Both are important. 

• Leaders encourage and inspire employees to achieve the goals of a business. 

• Managers manage employees and activities to achieve these goals. 

The key to success in small Business, applying effective leadership and management is to understand there are different styles and skills needed to achieve the best outcomes, for you, your Business and Team. It's recognising the qualities and practices of successful Leaders and Managers and how those strategies can be implemented.

Here are our 9 Strategies to get your best results  

1. Lead by example – Set the standard with your words, behaviour and actions and earn your employees respect. 

2. Positive Workplace culture - create a positive culture based on transparency, honesty and fairness.   

Say ‘strategy and tactics’, and it conjures various images!  Board games, Team Sports, personal development, life and more!  

It’s about creating structured, goal-oriented approaches to achieving desired outcomes!  

Welcome to Marketing Strategy and Tactics. No matter if you are a small Business operator or a conglomerate, you will know that every Business needs a Marketing Plan, strategy and tactics to achieve its goals, Business success! 

For small Business the foundation of any effective marketing strategy begins with knowing your audience and crafting a message that speaks directly to them.  

Let’s unpack that.  

A Marketing Plan clearly outlines a Business's advertising and promotional efforts and acts as a guide to engage target customers and achieve specific Business goals. It details the budget, strategies, marketing mix, and tactics to be adopted for a given time. 

Strategy is where you want to go, and the overall plan and guiding principle.  It’s the what, why and where and focusing your efforts to achieve your goals!  

Tactics are the ‘how’ you will get there! And you will through specific, real actions, tools and tasks adopted to implement your strategy. 

Key areas for application include, 

• Business Strategy and Growth. Strategy: improve customer satisfaction to grow retention rates.  

• Tactics: provide relevant staff training, implement a customer feedback system, and act on responses. 

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Standing out for all the right reasons is critical in today’s competitive and challenging Business environment. With consumer confidence up and down, discretionary spending reduced along with a list of trading challenges, having market share and more share is a must. Gaining a winning edge is vital to Business success. 

But how to get that edge?  

There are ways!

Get started with these 7 Winning Strategies! 

1. Understanding the Importance of Differentiation in Business 

To begin, ask yourself, define what sets your Business apart from your competitors. What’s your Business signature, style and distinguishing features? Look at me, choose me! What makes you, your Business product or service stand out from the rest.   

Consider these 3 areas of competitive differentiation:  

1. Cost – providing goods/services at the lowest prices 

2. Differentiate with offerings of superior quality, service or features 

3. Niche Specialization – provide offerings tailored to a specific market  

Blackburn Accounting differentiates with: 

• Guarantees a response by the next working day 

• Personalised service 

• Focus on results 

• Family Business Specialists 

• Tailored Service Packages 

2. Identifying Your Unique Strengths and Value Proposition 

Next,

• develop your unique selling proposition, value proposition and brand identity. Communicate why buyers should choose your services or goods, what makes it superior to others. 
• define, know, your Business strengths by undertaking an analysis, including identifying core competencies, customer perceptions and bestselling products.   
• critically, your Team must be onboard and in tune, singing from the same song sheet! 

3. Develop Innovative Strategies to Stand Out from Competitors 

• Be creative, develop marketing strategies that help you stand out from your competitors (messaging, products and service).  
• It's about blending creativity with analytical insights to effectively engage your audience.  
• Key is communicating your value proposition to your target audience. Showcase your top wares and support with strong benefits arguments. Think of this as a roadmap to guide and connect with your customers.  

Read on for our 7 Top Tips to help you take ‘good’ care of your Cashflow!  

Cashflow, the lifeline of your Business, keeping it flowing is critical if you are to succeed, more importantly, survive during these inflationary times, with cost-of-living pressures and higher interest rates eating into profits and for some, viability. 

If you are a small Business you may be already feeling this pain. 

For example, a recent survey found cashflow problems are already affecting two in five small Businesses, with $23,000 owed in unpaid invoices. Additionally, they often relied on personal funds as backup.  

Are you one of those Businesses? 

On that note, Small Businesses are being alerted to the need to stay on top of their Business ‘cashflow’ activities, specifically, debt management, your own and that of your Debtors. Key message, to carefully manage what’s coming in and going out! 

Its been said many times, running a Business, managing finances is challenging but don’t leave it to chance, or wishful thinking. 

Read our 7 Top Tips to help you take 'good' care of your Cashflow:  

1. Avoid overdue payments 

Slow and late payments pose the greatest risk to small Business. In a tight economy, as we are now experiencing, keeping on top of invoicing and receivables is the difference in debt levels, what you are owed. 

Tip: It’s essential to have a streamlined collection model in place, ideally one that prompts and collects payments rather than chasing them as overdue.  

For example, electronic systems can monitor receipts and overdue accounts allowing you to better manage and avoid late payments. These invoicing and billing systems can also generate accounts at point of sale and offer various payment methods, including upfront deposits or advances. Remember you are running a Business that supports you financially. 

An example, where you must outlay for goods, invoice clients prior to making an order rather than tapping into your finances (example, interior decorating). 

2. Pricing margins  

It’s vital to monitor pricing/ profit, margins particularly in the current inflationary cycle. It’s critical to have true-cost pricing, you can’t keep absorbing increases, letting your profit margins be eaten away. Be diligent in keeping watch on this cycle.

Tip: Regularly check the cost of goods and products and determine realistic profit margins by setting prices not too low or too high. Pricing points are needed to keep you competitive and in the red. Offer value for money and your customers will keep coming back! 

Recruiting staff has never been more challenging and on the other side of the pandemic smart small Businesses are doing it smarter by adopting a more strategic approach to this task. Rather than ad-hoc and piecemeal, the process is now more refined and organised.  This framework has developed shaping the strategies for attracting and recruiting the best talent.

Recruitment Strategies for small Business include: 

• Social media opportunities: Post on all platforms. Facebook, Instagram, LinkedIn, these are the super highways of communication. Put the word out you are hiring, looking for the ‘right’ people to join and help build your successful enterprise. 
• Sell your Brand & Culture: in all mediums, promote, show and tell what your Business is all about. Be the messenger, the story teller sharing the values, vision and what makes it great place to work in. Your job descriptions should reflect this professional and positive culture, making it attractive to applicants. 

But a busy time for others! 

With summer fast approaching, if you are a Business operator now is the time to prepare your Business!  

Warmer weather, earlier sunrises and lifted spirits after winter, people, consumers, your potential customers are out and about.  Get on the front foot and be geared-up, ready for this activity.  

Prepare your Business with a spring-summer clean!

A refreshed website, a slick of paint, new signage are all worthy improvements. But more than just a feather duster, take this time to assess and evaluate what’s working and what’s not. Check your resources, is your Business positioned to embrace the opportunities and meet the challenges? Focus on holiday marketing, customer engagement, operational readiness and financial preparedness.

8 Tips to Get Your Business Ready    

1. Get your stock in order – Check inventory levels and product lines. What are customers looking for during this season?  Adapt, tailor products and services accordingly. Check supply lines and delivery. Ideally, have a backup for these.  

2. Financial Management - check your Books – strengthen Cash flow to cover additional pressures and proactively manage by invoicing early to counter potential slowdown in January. Ensure your payment systems are reliable and ready for increased digital activity. Be vigilant, protect against scams with strong security measures. Scammers target the holiday season. 

3. Staffing  & Operations – recruiting, training, and holiday leave. Plan ahead and have backup. Negotiate rosters, time on and time off to cover peak times. Foster team spirit to get the best results for all. Remember to acknowledge and reward effort and a job well done. Lead by example.

The Federal election has heralded some new policy directions that Business operators, SMEs, advisors and high-net-worth families need to note and understand.  

Tax reform: this topic, despite much political discourse, seems to be a long-term debate rather than offering any immediate changes. Issues also, such as tackling state taxes, GST, or the complex system, are conversations that remain in the background.  For now, it’s Business as usual. Businesses should take advantage of any already scheduled tax cuts and meet compliance with existing obligations. 

Superannuation: The re-elected Government is moving ahead with its plan to increase taxes on large super balances. The reform is not yet law, but the proposed legislation will take effect from July 1, 2025. If passed earnings on individual super fund balances above $3mil will attract a higher tax rate. Effectively 30%, up from the standard 15% in accumulation phase. Watch this space!

For most Australians superannuation policies and fundamentals remain the same and continue to provide generous tax benefits. 

Support for SMEs (small and medium sized Business) hasn’t been overlooked. 

• Energy bill rebates: From July 1, eligible small Businesses are set to receive a $150 rebate as part of a wider cost of living relief package. 

• Battery installation subsidy: a 30% subsidy on battery installation systems will be available to help Businesses improve sustainability and manage electricity bills. 

• Excise freeze: From August 2025, draft beer excise will be frozen supporting small brewers and hospitality Businesses. 

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In 2026, smart Businesses will adopt a blend of ‘same old’ foundational business sense with a ‘something new’ technological advancement and strategic thinking. It’s avoiding sticking to the same and stagnating while not chasing something new without a solid foundation. To coin a phrase, it’s simply not throwing the baby out with the bathwater! 

Same old is keeping what’s working well. What are your best sellers, the most popular products and services that bring customers back and attract new ones?  It’s identifying what marketing strategies are hitting the mark and making a difference to your bottom line. 

Something new is being open to change, innovation, and flexibility. Being aware of industry trends, market fluctuations and customer expectations and responding to them.  

‘Same old’ fundamentals. These are the core business principles and values that remain vital for stability, growth, and continued success. 

• Understanding your Customer: Knowing and understanding your niche market and target audience and directing your efforts towards them is better value than a mass-market approach. You are building a strong customer relationship that will reward you with loyalty and sales. 

• Building Strong Teams: Training and investing in current staff can be more cost-effective than constantly hiring new ones and starting over. Investment also fosters loyalty. Skilled, strong, bonded teams pull together with resulting productivity gains. 

• Solving Real Problems: Smart operators deal with real problems by investigating the root cause, the issue driving the symptoms. This can vary from dealing with technical problems to providing tangible solutions to customer needs. 

• Good Governance: Clear, transparent, accountable systems, policies and practices have and always will be at the heart of any successful Business. Stakeholders, investors and customers want to know that those running an organisation are trustworthy, honest, and of integrity.  

Something new: Small Business must leverage new tools and embrace change to stay competitive.

You think you have the best idea since sliced bread! And we know how that went! A huge success!  

So how does your idea, product or service stack up? Your concept may be brilliant, and without bursting your bubble or balloon, have you given it the test of planning, potential, and success possibility?  

Ask yourself, is it commercially viable in terms of consumer demand and cost? What’s trending, what's happening in your specific industry, and the economy?  

Starting a Business, it takes stamina, strategy, the right legal structure and a sound financial footing. Let’s tease out those thoughts in the following steps. 

Step 1: Planning & Preparation  

• Market research, concept/ idea validation- do your homework! Research, investigate and understand your market, competitors, and customers to confirm demand for your service or product. Find your niche to maximise effort and opportunity. Explore what’s happening in the local and global markets and economy that may impact or affect your product. 

• Develop a Business Plan – this is your formal document, detailing your goals, strategies, financials and marketing. It serves as a roadmap to guide and attract finance, investors, and is a vital tool for internal direction, growth, and success. It includes the Business mission, vision, spelling out how the business will operate, achieve objectives, and manage finances.  

• Skills needed – It takes more than a good idea, hard work and passion, but all those are critical! Running a Business requires skills in marketing, finance, problem-solving, people and operations management.  As needed, get help and advisors to put and start you on a strong footing. 

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If you identify with this, you are always on the ready! 

Ready to take risk, be creative, innovative, and flexible. You are assertive, pro-active, anticipating change, embracing it, and taking advantage of every opportunity. This puts you in control and a dominant position over your competitors. 

Business examples in practice. 

A Business on the front foot might launch a new product to capture market share before its competitors react or boost sales growth. Menu innovation is an example where a leading restaurant, to support its global rollout and deliver sales improvement in 2026 has launched new menu items. Be tempted with a Caesar Burrito or Cali Burrito! 

Another example is range innovation to drive sales for a major infant retailer. This approach has delivered early signs of revival by posting a leap in half-year profit.  Along with exclusive branded products these are key drivers for launches in the coming second half of trade. 

A rideshare Company, in a bid to ‘win the west’ has revealed it has signed a marketing deal with a prominent Eagle footballer. This promotion is to capitalize on the Eagles supporter base and belief that everyone in WA loves or hates the Eagles, so either way it’s a captive audience. This innovative move is aimed at taking on its opposition and to increase the Company’s share of the Perth market. Discounted rides and a pool of prizes are part of the promotion.  

Recognise Your Tipping Point and Take Action before it’s Too Late! 

Read on for our 5 Action Strategies!

Tipping Point, Breaking Point or Boiling Point, terms most likely you have heard. Described by Cambridge Business English Dictionary as, ‘a time during an activity or process when an important decision has to be made or when a situation changes completely’.

This Tipping Point once reached can be the difference between success or failure. To go forward or stop! There is a reaction. One that takes you onto bigger or better things or is the opposite, the equilibrium unbalance causing you, the scales to topple over into a downslide or stagnation.

For Small Business: What does it Mean in Reality?

If you are a Small Business struggling with the current inflationary pressures you may be reaching your tipping point.  For example, how to respond to spiraling costs of supplies, wages and overheads. At what point do you tip over the edge.  Customers are becoming thriftier and more selective in their shopping habits, while still chasing value and quality.

In seeking solutions do you increase your prices and at what point will you tip the balance and lose customers. Alternatively, keep absorbing the costs, reducing and losing your profitability until closure.

Example:

Cafe 1, cup coffee $6 increases to $8 a 33% increase. 

Cafe 2, same cup $6 increases to $6.50 (16% increase), with gradual increases over two rises. i.e.incremental increases to reach the tipping point.

Alternatively, a lump sum increase can the tip point and lose customers.

What is your breaking point? 

What to do!  

Take action by understanding what a Tipping Point is and how to identify it.   

 A Tipping point is the turning point at which a product, brand, or company becomes either highly successful or faces failure.   The ‘scales’ will topple or tip over to positively or negatively! With the latter, reaching a Tipping point at which damage is irreversible or accelerating.

Better to see and heed the warning signs!  

• Profit margins reducing 
• Cashflow challenges
• Sales turndown 
• Customer complaints 
• Supply issues

5 Action Strategies: 

1. Identify the problem. Gather all relevant information. Avoid putting it off.
2. Bring your Team together. Put the issue on the ‘table’ to brainstorm problems and seek solutions.
3. Reach out to your Customers. Be upfront, connecting with honest and open communication. Don't apologise.  
4. Engage a Business professional advisor if needed.
5. Speak with Blackburn Accounting let us help you get on top of your Business matters

When the topic of branding comes up, you may think it is something only for the ‘big’ players in Business. 

But that is a misconception. Branding, its benefits and scope have no boundaries.  

Small Businesses can compete successfully by understanding the basic principles, what it’s all about and adopting some simple strategies. Make it work for you and your Business! 

Simply put, branding is how a Business shapes its reputation and identity in the minds of its customers. It’s an active process of creating a unique name and image that is easy to recognise as different from others. It combines core values, visual elements, and customer experiences so that consumers can easily recognise and trust what it offers. 

In a nutshell; 

• Identity 

• Perception 

• Consistency 

• Trust 

• Customer experience 

For small Businesses,  

7 Strategies and Tips to help You and your Business Achieve Success!  

What does it take?  

Ask a successful small Business owner and no matter the decade or era, sentiments expressed include; hard-work, commitment, having a dream, belief, giving good ‘old-fashioned’ customer service, a little good luck, careful financial management and stamina! 

And throw in being open to change and the unexpected!  

Sounds daunting! But don't give up! 

Whether you are starting out or are already established there are sound Business practices and strategies that if adopted provide direction for success. 

First, it’s important to define what success means to you, how it looks and means to achieve it. High profits, supporting local communities, going viral, or social impact, whatever the measure or motive there are some common Strategies & Tips to achieving Business success. Here are 7!

1. Have a Clear Vision – identify, know what your Business is.  What do you and your Business stand for, what do you want to achieve, deliver. Your purpose, message! 

Tip: Be true to your mission, have belief, passion and commitment. Picture Blue Sky but avoid having your head in the clouds! 

2. Develop a Solid Business Plan - This is crucial, as the foundation of your Business and your guide. Create goals, short and long term with KPIs, along with financial projections. Monitor and measure progress. 

Tip: Reassess your goals and adjust if needed. Scrutiny of KPIs is imperative to identify results and underperformance. 

3. Embrace Digital – Technology and Business automation is key to growing your Business. It's staying agile and scalable, from cloud computing to smart Business tools like project management software. There is a range of digital solutions to help small Businesses, by improving efficiencies and cutting unnecessary costs to enhance profit margins. 

Tip: Key to leveraging technology solutions is to determine what tech aid can benefit your Business operations.  

On 9 May 2023, as part of the 2023–24 Budget, the Australian Government announced it will improve cash flow and reduce compliance for small businesses by temporarily increasing the instant asset write-off threshold to $20,000, from 1 July 2023 until 30 June 2024. 

This measure is not yet law.

Small Businesses, with aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024.

 The $20,000 threshold will apply on a per asset basis, so small businesses can instantly write off multiple assets.

 Assets valued at $20,000 or more (which cannot be immediately deducted) can continue to be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each income year after that.

Family run Businesses the backbone of Australia’s economy.  

What does it take to keep this essential lifeforce operating!  

A question many Businesses face, ponder and deliberate over! You might be one of them!

What are the do’s and don’ts to running a successful family Business and having a happy family!

Here are 8 Tips!

1. Open Communication and Respect 

2. Treat Your Business Like a Business

3. Effective Structuring

4. Cashflow – Keep on top of it!

5. Document Everything

In simple terms, Business success equals wealth by applying a simple formula: increase revenue, grow margins and decrease expenses and costs. Other suggested methods include core wealth formulas.  

What's your formula? How is your Business tracking during these challenging economic times?  

Since our article ‘Is There a Winning Formula for Success (June 2024) 10 Tips', I have continued to follow this question to seek and find answers. I hope the following provides further insight.  

Recently, a consumer expert has highlighted the impending wealth transfer as Baby Boomers shift their wealth to younger generations over the next two decades. This presents challenges particularly in the luxury goods market, where luxury brands have always run on scarcity, status and heritage. These aren't necessarily the reasons younger consumers value. Businesses need to be aware of these changed wants and expectations. 

For example, a WA luxury jeweller is already seeing the next generation spending differently from their parents and grandparents. They are also shopping smarter, mixing high-priced items with budget-cost ones.  

Tip: To stay in the game and be relevant, Businesses need to respond to changes like this.  

Other examples include:

Success is a personal experience that can mean and look different for everyone depending on their values and goals. 

Cambridge dictionary defines; ‘The achieving of the results wanted or hoped for’. Or expressed as; ‘True success means staying true to a deeper sense of purpose, despite deviating from a superficial social norm.  It means having the courage to peruse one's own journey when confronted by the fear of uncertainty.’ 

What are your thoughts! How do you define success! 

Do you relate to these components? 

• Feeling of accomplishment  

• Financial stability  

• Personal fulfilment  

• Social recognition  

• Professional achievement  

• Making a positive difference  

• Enjoying your work  

• Treating others with respect  

To reiterate, ‘Success – What Does it Mean and Look like to You!’ 

Have you achieved what you want, fame, fortune! Yes, congratulations! 

Or are you still searching, wishing and hoping. If that’s you, don’t delay, understand what success looks and feels like for you and take the necessary steps to achieve it.  

Here are 7 Tips for defining success and setting goals: 

1. Reflect on your values: Consider your values and how they align with your personal and professional aspirations.  

Success can be different for everyone, fame, fortune, happiness!  All of those and more!

How you define it will vary as will the factors shaping it. It can look, feel and be different for us all!

If you are a Business owner it also depends on your lifestyle, goals and aspirations and what you hope to achieve with your small Business, now and long term. 

When you consider all these factors and influences, and which are the most important, you might see Success as providing benefits.   

The 6 Benefits of Success  

1. Improve Cashflow
2. Reduce risk
3. Have clear direction
4. Take action
5. Develop a winning Team
6. Having fun

Success looks like, feels like: 

• achieving specific measurable goals and objectives, 
• overall satisfaction, belief in self and Team
• being emotionally and financially stable, peace of mind
• doing what you love and enjoying your work everyday
• reward with profit for hard work
• making a difference, with personal effort, quality products and service.

Let's look more closely at the 6 Benefits of Business Success: 

1. Improve cashflow:

A regular and smooth flow of money in and out of the Business necessary for daily operations, and costs including paying employee's, purchasing stock, and taxes. Positive cashflow indicate the Business liquidity. 

There are 9 Ways to Help get your Cash flowing. Click on link.....https://blackburnaccounting.com.au/blog

2. Reduce Risk: Risk comes in different ways requiring different strategies to manage.