Interesting Graphic from CPA Australia relating to Australian Family Businesses.
Family enterprises account for about 70 per cent of all Australian businesses and employ about half of the country’s workforce.
Recent research from accounting consultancy Grant Thornton Australia shows this pillar of the economy faces a number of challenges.
Here are the top five-:
Improving Cash Flow - are you hitting your target markets, how do you measure the economic benefit of what decisions you make? Are these decisions impacting your Cash Flow?
Recruitment, Retention and Upskilling - good staff are hard to find and hard to keep.
Succession Planning - who will takeover your business? Is your business a saleable proposition? Do you operate in a "niche" market?
Development and launch of new products? - Are you still selling the same products or do you refresh your brands on a timely basis?
Expansion into new markets - which market do you rely on for Sales? What do you do to widen your base?
Somerville Business Group Inc. are able to help with answers to some of these questions, and where we don't have the answer we can refer you to others that may be able to help in our wider community.
Contact us via email at somervillebusinessgroup@gmail.com or via our Facebook Page messenger app Somerville Business Group Inc - Vic
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