South Africa’s small to medium business sector has a notoriously low success rate. In fact, the majority of small enterprises fail within the first five years. Don’t let this be your business’s legacy. Instead, there are a few things you can do to prevent your business from going into business rescue.
First off, take care of your cash flow. Many start up businesses struggle with cash flow issues. As a small business, you need to strike the importance balance between making sure cash is coming in the door through sales, while also covering your expenses. When your business experiences prolonged periods of negative cash flow, the effects on your business can be far reaching and detrimental.
Develop Your Business Plan
Another key aspect of ensuring that your business doesn’t end up in business rescue is to develop a strong business plan. Those who fail to plan, plan to fail, after all. A strong business plan forms a vital part of your business’s success. At Bullivant Accounting we work with you to provide you with the expert financial accounting solutions your business needs.
Our professional financial team brings with them unmatched expertise, insight and experience, and will work with you to give your business every chance of success. Let us help you keep your business out of business rescue by providing sound financial accounting solutions and keep your business performing well in a tough economic climate. Contact us to learn more about our services and solutions, and for expert advice from industry leaders.