2 goals for any business this Financial New Year

The Financial New Year is a vital time for businesses.

The Financial New Year is a vital time for businesses.

Just last week, Australia celebrated another New Year. While it lacked the BBQ, hot weather and the champagne, it is an event that shouldn't pass the business calendar without some thought and consideration.

With the 2014-15 Financial Year now firmly in the past, Australian businesses have the chance to right the wrongs of the past 12 months and ensure that success is just around the corner. However, to achieve this, any business needs to set some goals. 

Here are two goals that every company should strive for this Financial New Year.

1) Reducing consumer debt

Outstanding invoices and payments are a major inhibitor of business growth and development. Depending on the size of your operations, consumer debt can reduce cash flow, prevent product or service expansion or even slow new customer numbers.

According to Curtin University, Australians are taking a more relaxed approach to debt - with figures suggesting that on average each person has 1.5 years of income worth of debt. In the past, most Australians would only have around half a year's income worth of debt - highlighting the need for businesses to take a more proactive approach to business debt recovery.

2) Engage better record keeping

Document management is one of the key processes for businesses to get right. Whether this is invoicing on time, retaining contracts or your tax accounts, your cash flow depends on having this information ready to go.

One of the biggest problems as a result of poor document management is when it comes to debt collection. Without this data, it will be difficult to get what you are owed. 

For assistance in the credit management process, Commercial Credit Services is ready to help. Not only are we able to collects debts on your behalf, we can establish solid systems to avoid getting caught out.

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