Burfield and Associates

Despite easing inflation, business uncertainty remains. Owners should focus on controllable areas, prioritising tasks that enhance performance. Key actions include managing costs, engaging with debtors and creditors, exploring new revenue streams, updating marketing, and maintaining team motivation. https://lnkd.in/eQ3tQqGu #businessadvice#smallbusiness#economicuncertainty

Taking on the family business is an honour, but it requires strong leadership, financial management, strategic planning, business knowledge, and relationship-building skills. With the right support and guidance, you can uphold its legacy and drive future growth. https://lnkd.in/ds9keJf8 #succession #familybusiness #businesstips#legacybuilding

Plan a smooth business succession by ensuring your readiness, preparing your successor, stabilising the business, assessing market conditions, and implementing a clear succession plan. https://lnkd.in/erdf3Cur #retirementplanning #exitstrategy#familybusiness#succession

The Australian construction industry is struggling with high costs and labour shortages, increasing insolvencies. Key strategies for survival include diversifying revenue, strengthening client relationships, leveraging government support, and prioritising cashflow, cost management, and personal wellbeing for business stability. https://lnkd.in/eNawjxDx #smallbusinesstips #constructionchallenges #construction #strategy

Financial forecasting projects future cash flow, expenses, and revenue using past data. It enables better cash flow management, proactive decision-making, optimised resource allocation, and helps businesses plan for growth and financial stability. https://lnkd.in/eZx4bzhS #financialforecasting #businessgrowth #cashflowmanagement #smallbusinesstips 

AI is revolutionising small businesses by improving customer service, automating processes, and increasing efficiency. Key uses include automating meeting notes, content creation, social media management, and performance tracking, helping businesses stay competitive and streamline operations in the evolving technological landscape. https://lnkd.in/e7YzGrqZ #TechForBusiness#FutureOfBusiness#AI #smallbusiness

Kotter's 8-Step Program emphasises employee engagement, strong leadership, clear communication, and continuous support for successful change. Key steps include building a coalition, removing obstacles, generating short-term wins, and embedding the change in organisational culture. https://lnkd.in/e8zxMCn2 #BusinessTransformation#ChangeManagement#EmployeeEngagement#BusinessGrowth

A strategic exit plan is essential for maximising business value. Focus on boosting profitability, improving financial health, enhancing customer loyalty, showcasing growth potential, and ensuring due diligence readiness before selling. https://lnkd.in/dbp3XmNk #exitstrategy #business #businesstips

Late payments to Australian small businesses are rising, with invoices taking an average of 38 days to be paid, according to OptiPay. To improve cash flow, businesses should offer multiple payment options, issue invoices promptly, provide discounts for early payment, proactively manage overdue accounts, and consider invoice financing. Acting quickly can help mitigate cash flow pressures and maintain smooth business operations. https://lnkd.in/dydEvCSM #latepayment #cashflow #businesstips

To protect your business value, it is vital to recognise threats like founder dependency, outdated technology, market shifts, negative reputation, and poor financial health, ensuring ongoing viability and profitability for future success. https://lnkd.in/esfVQehN #businessvalue #smallbusiness #businesstips