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MANAGE YOUR BUSINESS PROPERLY in 2017
ASIC’s 2016 Insolvency Report 507 identified 3 main causes of failure of companies:
- 46% failed because of inadequate cash-flow or high cash use.
- 46% failed because of poor strategic management
- 34% failed due to poor financial control, including lack of records
Your construction business requires cash-flow. If there is no money in the job, or you are not getting paid, you must do something to solve the problem! It will not go away!
Strategic management means you must think seriously about the future of your business, including all the possible problems and risks. You must step back from your daily problems. Get someone to help you do this, as it must be done.
Poor financial control in your businesses is probably going to send you broke, because you cannot easily prove any claims you may have. You must create and keep these records for your business to stay alive and thrive!
Legal and business advice in all three areas may save your business, and allow you to grow. Don’t put it off – call today!