Positioning for Growth
February 23, 2018
As economic conditions start to improve in WA, business owners should start to consider how they can manage this anticipated growth and whether their company is properly resourced to handle an improving environment.
Do you understand what is the capacity of your business to grow? Do you have any constraints in terms of people, location and financial capabilities? There are various reasons why your business may not be able to grow as fast as you anticipate however there are some useful pointers to know to position your business for growth.
Think about the following four financial tips for business growth. How does your business or client base strategy compare when assessing your financial performance?
Four financial tips for fast business growth
- Always look for opportunities to optimise your cash flow – talk to the Quadrant Advisory team so we can provide you with guidance on the preparation of your cash flow and financial projections. Good business decisions are made with good data!
- Be proactive with your banking relationships - good business relationships imply trust and trust develops when two parties respect and get on with each other. Communicating your future plans to your banker is a key step in building trust.
- Get the most from your assets, understand strategies to optimise asset efficiency through improved asset return and inventory management. Working capital improvements, such as shortening credit terms, can have a big positive impact on your cash flow.
- Think strategically about financial management – define and communicate your financial management processes. Good cash flow management will help ensure your business runs smoothly and it gives you the insight to keep on top of your business' financial health.
To discuss how to position your business for growth with your bank, please feel free to contact Quadrant Advisory’s managing director Paul O’Farrell on 0447 196 886 or firstname.lastname@example.org.