3. Optimise your cash flow to make smarter decisions
Keeping a close eye on your cash flow is ensures you are abreast of your financial situation and can mitigate any potential shortfalls.
As the cost of doing business rises, making faster and better business decisions will increasingly depend on maintaining smart, real-time visibility over your cash flow.
Every business will have different cash flow tracking needs.
CBA offers free comprehensive cash flow tracking capabilities, including monthly summaries of your incoming and outgoing cash flow, month-by-month breakdowns and real-time transaction history to help small businesses easily track their finances.
4. Protect your small business from scammers
For scammers, the holiday period is a time of opportunity.
With small business owners focused on managing what is often a busy period, scammers are busy targeting their next victims.
Scams rely on people within a business being tricked into transferring money to accounts they shouldn't.
One simple step to take is to set up a payments approval process for your business, preferably requiring multiple approvers, with no exceptions. The other is to be mindful of not publicising your movements on social media.
If you think you have been scammed or if you notice a transaction you didn’t make, contact your bank immediately. The best chance of recovering funds is when action is taken as soon as possible.
5. Consider your business resiliency
Always prepare for the unexpected.
Whether you’re a one-person start-up or a seasoned business owner with multiple staff, it’s essential to build business resilience.
Building a business continuity plan helps you prepare for the unexpected and is your roadmap to make sure you can manage when things don’t go to plan.
Done properly, business continuity planning minimises the impact of disruption on your business, customers and community. CBA has a number of free resources on our website to help with your planning.