Think Smarter: Melbourne Cup special
The race that stops a nation - many of us love a punt on the Melbourne Cup, but would you put your house on it?
When you gamble with your business, many people do put their house on it by providing personal guarantees and security on business debt. What are you doing to protect your bet?
Is your governance framework suitable to your size/type of business - Many businesses have outgrown their current structure exposing them to unnecessary risk. Do you know if you're meeting your responsibilities as a director? Do you have a board of directors? Do you meet regularly? Do you have an agenda? Is risk management on it?
What internal controls do you have in place to cover things such as cash handling, creditor payments, refunds, IT security and tax office compliance as a starting point?
The good news is that it's not too late. The payout on reviewing these issues could be phenomenal. Besides keeping you out of trouble, a business with strong governance and internal controls will attract a better sale price than a business that just puts out fires.
If you're ready to take the next step, contact Chad Russell in Newcastle or any of our Business Advisory specialists around Australia. And, let me know if you've got any good tips for tomorrow's big race!