Azure Group recently undertook its annual business benchmarking survey on financial management in SMEs. Overall we found that many SMEs are implementing basic financial management practices, however, we found that 50 per cent of SMEs are disappointed with the profitability of their business.
What this suggests is SMEs might be reviewing top level information from their profit and loss statements but they are not going into the finer details to truly understand what elements of their business are profitable or how their margins are affecting their bottom line.
In this newsletter, QLD’s managing director Steve Smith goes into more detail about being financially intelligent in your business and the importance of focusing on improving profits, not just revenue.
Overall, the findings of this survey highlight the more financial discipline you instill in your business the greater the likelihood of achieving better results.
To help you understand the survey findings and what they mean for your business, Azure Group have produced a detailed report that not only discusses the findings but also provides useful information on best practice financial management, covering areas like monthly reporting, cash management and budgeting.
We also look at how different sized SMEs performed and share helpful tips on how to grow your business to the next level.
If you would like more information on how to implement best practice financial management in your business, please contact us
Or register your interest for a complimentary review of your finance function by one of our experienced CFOs.
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