A survey conducted by Business NSW of more than 2000 businesses has shown that business confidence is low, and almost half are in major cashflow stress.

The businesses were from a variety of industries, and across both metropolitan and regional NSW.

Caused by the rollercoaster of mandated and shadow lockdowns, a fluctuation of restrictions and a growing population of COVID sufferers, consumer confidence and discretionary spending has dropped in many industries.

40% of businesses said they didn’t have enough cashflow for the next three months. In a world where anything can happen, this is extremely worrying. A business should be able to sustain itself for at least six months of volatility. Effective cashflow management should be able to accurately forecast ebbs and flows of cash so that you can plan the action you need to take to counteract challenges. Business also need to be supported by efficient data management and payment systems that bring cash in on time.

The stress is real and business owners deserve a break. We’re holding a free business planning workshop on the evening of 23 February to discuss cashflow measures that drive profit and ultimately help business owners to achieve more balance in their lives. If you’re a business owner, this is for you. Register here: https://adviceco.com.au/the-u-factor-workshop/