SmallBusiness.wa.gov.au
The Small Business Specialists
Phone: 131 BIZ
Website: www.smallbusiness.wa.gov.au
16 April 2010
With major banks threatening small and medium sized businesses with administration or closure, the Small Business Development Corporation (SBDC) is encouraging business operators to seek advice if they are struggling to meet financial commitments.
SBDC Acting Managing Director Jacky Finlayson, says many small businesses who experienced lean times during the economic downturn may be cutting corners in an attempt to recover lost ground.
"It's very tempting to be lenient with customer credit or drop prices in the hope of attracting more customers but if it results in starving your cashflow then the business just won't survive," Ms Finlayson said.
"Having a sound debt recovery process in place and maintaining realistic profit levels is the key to a viable business that will satisfy the banks and see the business succeed long term."
Ms Finlayson says rapid increases in interest rates will also be straining the finances of many smaller businesses, so now is the time to look at other options.
"There is assistance available no matter where your business is in Western Australia," Ms Finlayson said.
"The SBDC in Perth and the 25 Small Business Centres located around the State, all provide free, confidential business advice and guidance for small and medium sized businesses.
"Spending an hour with a qualified small business adviser could be all you need to open your eyes to new ways of running your business," Ms Finlayson said.
In addition, the BiZFiT program, the State Government's $2 million investment into the development and success of small business in Western Australia, is conducting a series of workshops in metropolitan and regional centres throughout the State, specifically tailored to building business resilience.
Media contact: Di Graham (08) 9220 0218 or 0409 089 159.
