We are continuing on with CPA Australia’s tips for Small Businesses – this is the fourth tip in the series of five.
Tip 4 – Adopt appropriate risk management strategies
Uncertain times may expose your business to risks that threaten its viability. CPA Australia therefore recommends that businesses develop appropriate risk management strategies that help to reduce the following risks:
- relying too heavily on a small number of major customers
- relying too heavily on one supplier
- relying too heavily on one type, or source, of finance
- selling on credit without appropriate checks and not following up late payments
Sound like too much hard work – or that we are speaking a foreign language? We can help you!
If you’d like further information – or would like to discuss whether this tip is relevant for your business - please do not hesitate to contact your accountant.