A recent survey conducted by Xero, a leading financial software provider, reveals that cash flow management is causing significant financial stress for small business owners. The report found that over a quarter of small business owners are using personal savings to keep their organisations afloat.
According to the survey;
These findings highlight the magnitude of the cash flow challenge faced by small businesses in today's volatile economy.
The survey also reveals the personal concerns of small business owners;
Notably, the cash flow struggles experienced by small business owners have taken a toll on their overall well-being;
These findings align with previous research conducted between November 2022 and February 2023, which indicated that the well-being of Australian small business owners was lower than that of the general population. In fact, Australia ranked second-lowest in overall well-being among the seven countries surveyed.
Executive General Manager of Money at Xero, Leigh O’Neill commented that cash flow was proving to be a significant challenge for businesses. Leigh recommended that small business owners address cash flow challenges head-on. By implementing effective cash flow management strategies, leveraging forecasting tools, and exploring alternative options such as flexible payment arrangements, small business owners can navigate the cash flow obstacles and safeguard the financial health of their business.
Remember to prioritize your well-being during these demanding times and seek support whenever needed.
If you're a small business owner working day, night and weekends to stay afloat, struggling to navigate your financial landscape or seeking valuable business advice to make informed decisions, Trinity Advisory is here to assist you. Our specialised team understands the unique challenges faced by small businesses like yours. We're not just number-crunchers! We offer tailored business accounting, advisory and coaching solutions to address your specific needs.
Our Accounting and Advisory solutions are designed to empower small business owners with a deep understanding of their financials and the drivers behind their business. Through quarterly meetings, we will unravel the story behind your numbers, equipping you with valuable insights to make informed decisions. By maintaining regular communication, we provide timely guidance and advice to help you identify gaps and set goals for your business.
Our business coaching programs focus on skill development to equip you with the essential tools and competitive edge you need to thrive.
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