Sunshine Coast accountants say the boom and bust economy, brought on by cyclical industries like tourism and construction, is the biggest problem facing small business in the region in 2017.
Australia's small business economy employs 4.7 million people, representing almost half of the workforce, but Sunshine Coast small businesses are at risk if they don't take steps to ensure their continued success.
The Sunshine Coast region is home to approximately 28,034 businesses according to the most recent data from the Australian Bureau of Statistics, up 14 per cent from three years prior, with most small businesses in the tourism, technology and construction industries. Of that number, 13 per cent of small businesses have folded in the previous three years, largely because of issues with cash flow, a common problem.
"The local economy's reliance on tourism, construction and retail means the Sunshine Coast is subject to a boom and bust cycle. Our medical and technology industries are still developing rapidly to help alleviate this," said Greg Tuckwell, Sunshine Coast-based bookkeeper at Zerobooks. "Small business owners need to be able to adapt to these changing conditions and managing cash flow is an important part of this."
The key to success for the Sunshine Coast's small businesses is to embrace technology and innovation, which can help improve processes and uncover efficiencies for the businesses and maintain steadier cash flow.
The findings come as the global leader in cloud accounting, Xero, comes to Sunshine Coast as part of a national roadshow to equip accountants and bookkeepers with the support and tools they need to empower their small and medium businesses customers to succeed.
"As the Sunshine Coast's economy goes through its seasonal cycles, it will be vital for small businesses to ensure they have steady cash flow and a sound business model," said Rob Stone, National Partner Director at Xero Australia. "We know accountants and bookkeepers go a long way to help business owners shore up their revenue, and we can't wait to hear from them when the Xero roadshow arrives in the Sunshine Coast on 14 February.
"Businesses that used an accountant grew net profit up to 23 per cent faster than those that didn't, so we know the value of offering the Sunshine Coast's accountants and bookkeepers the support and training they need."
The Xero Roadshow for accountants and bookkeepers will hit Sunshine Coast on Tuesday 14 February at Maroochy RSL.
Tickets sell out fast, so it is recommended to register for a free place early. For more information please visit: http://www.xero.com.au/roadshow
Local businesses looking for an accountant or bookkeeper that has embraced cloud technology and specialises in their industry, can now also use Xero's brand new Advisor Directory.
The Xero Roadshow for accountants and bookkeepers
9:00am - 3:00pm
Tuesday 14 February 2017
Maroochy RSL, Maroochydore
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