If you’ve moved out of the start-up pond and experiencing rapid growth, chances are you are also navigating unexpected opportunities and unplanned issues.

The growth phase for businesses, while exciting, can be one of the hardest to manage so we’ve collated some of the common challenges and how to overcome them.

Cash flow
Even if business is booming, it’s easy to run out of cash if your bills are due and revenue is delayed. To put it simply, you’ll often make more revenue and not enough profit. Your accountant can help predict future cash flow and revenue and help mitigate future and potential risks.

Preparedness
It’s time to think bigger. It may be difficult to forecast the future but when you are not prepared, the unpredictable can leave a devasting impact. The structures or systems you had in place during the start-up phase may not be enough to deal with the growth being experienced. From simple tax forecasting to more comprehensive scenario analysis, KPI monitoring to strategic insights, accountants are better placed than ever to advise your business.

Compliance
With so many business obligations, it’s easy to become overwhelmed. Fortunately, the ATO website provides easily accessible sources of information that will help you stay informed about current legislation. You should also opt for a payroll software provider like Xero, who provide regular, timely software updates as legislative changes occur.

Analysis
Due diligence and regular analysis of your business’ numbers can give you a true reflection of your business goals and objectives. Partnering with your accountant can provide a level of independent advice crucial to assessing your business strengths, weaknesses and overall performance.

At 542 Partners we don’t only look at the numbers, we are committed to helping your business grow and achieve its goals. We offer services to assist you at every stage of your business journey.

Speak to us today about to discuss your needs.

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