DESPITE some business owners reporting revenue losses, most have a positive attitude and expect the Australian economy to improve in the next six to 18 months.
According to the MYOB Small Business Survey, more than half of the participants expected conditions to improve.
“The latest MYOB Business Monitor indicates that the economic downturn is hitting Australian business owners’ pockets, 39 per cent of business owners surveyed report business revenue losses in the last 12 months, while only 19 per cent report revenue gains,” explains Tim Reed, CEO of MYOB.
“However, on a brighter note, while business owners are reporting losses now, they are optimistic for the future, with just over half (54 per cent) of business owners surveyed expecting economic improvement in the next six to 18 months. Further to this, 36 per cent of business owners believe that their business revenue will increase over the next 12 months, with only 15 per cent expecting a decline.
But the MYOB Business Monitor also reveals that many business owners are not tracking their cash flow effectively (48 per cent), which impacts their capacity to make business decisions based upon a proper cash flow analysis.
“A surprising number of business owners appear to have little focus on managing their cash flow. The economy is not out of the woods just yet and we encourage business owners to really focus on cash flow, make it a priority and take full advantage of all opportunities to maintain, and possibly improve, their business health,” says Reed.
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