Financial Health Quiz
As we enter into uncertain economic times, it’s important to recognise the symptoms of a business heading into trouble, in order to plan and put into place suitable precautionary measures.
Take up the Financial Health Quiz below to see if your business is fit enough to brave this economic downturn.
1. Are you keeping up with the bills you owe other businesses and your payments to the tax office e.g. payments to suppliers and GST?
2. If you’re an employer, are you keeping up with all your employer legal obligations e.g. PAYG withholding and superannuation?
3. If your customers owe you money, do you know how much is owed and how overdue the payments are?
4. Do you have a process for following up customers who owe you money?
5. Are you competing with other businesses using strategies other than your price?
6. Does either of the two success factors for profitable businesses – increasing revenue or decreasing expenses – apply to your business?
7. Are you reviewing your cost structure quarterly and considering increasing prices to cover rising costs?
If you answered No to most (or even some) of the questions, your business is probably experiencing some financial difficulties and you should seek to reverse the trend ASAP. To find out how, visit www.business.vic.gov.au/finances for some handy tips.
The above quiz is sourced from Business Victoria at www.business.vic.gov.au.
Need help for your website?
Talk to a Melbourne IT eBusiness Consultant on 1300 132 838.
Useful links