Tips from successful businesses to manage cash flow
As Christmas approaches many small business owners are ramping up for their busiest time of year.
Not only will many small business owners work harder than ever over the Christmas period, but they will also struggle to pay suppliers and staff, with cash flow typically at its weakest in January and February.
The Westpac Small Business Report in collaboration with Deloitte Access Economics delivers insights on how small businesses are feeling about doing business in Australia in the lead up to Christmas, and tips from successful businesses on managing cash flow.
- Our research shows 30% of small business owners admit to sacrificing their own salary to pay staff.
- Four in ten business owners expect to receive late payments from debtors during the Christmas period, and
- Business owners will spend an average of over 30 hours a month – the equivalent of one working day per week – chasing outstanding invoices for payment.
or view all Westpac Small Business Reports.