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PBL Articles
Global issues, local lessons
During this era of the information revolution, we should all expect to receive timely and accurate data to make decisions. Investment decisions, financial decisions, retirement decisions, career decisions...
The information we receive appears to be endless. Annual reports can be hundreds of pages long. Continuous disclosure rules require ongoing reporting by listed companies. New financial reporting and disclosure standards are added by company regulators every year.
And yet investors are still not receiving all the financial information they need to make their strategic decisions. For example, companies are still not sure how to measure the value of the loans (and related financial instruments) involved in the sub-prime mortgage crisis.
With all this uncertainty, banks around the world are refusing to lend to each other. Many companies are finding it hard to obtain debt finance. Householders and businesses are finding it more expensive to borrow money.
Trust in the financial system (particularly in the USA) has been eroded.
In periods of uncertainty, where there is a lack of clear, timely, transparent and reliable financial information, the economy suffers.
The same may be said for a business. Without clear, timely and reliable financial information, a business will suffer.
Suppliers restrict credit or refuse to do business with you; banks impose higher interest rates, and reduce or remove their lending facilities; employees seek more secure employment; taxation authorities and corporate regulators take more notice; poor strategic decisions are made; investors become nervous. And business owners and managers lose sleep!
So, when considering the global financial situation, the lessons for your own business are clear. If your business can produce timely, accurate and relevant financial information it will engender trust, it can differentiate you from your competitors... and it will certainly give you the edge when times are tough.
Andrew Blunden CA is a Director of Pittwater Business Limited and is Managing Director of Part Time Professionals (www.ptprofessionals.com.au) which represents over 190 Financial Controllers and CFO’s throughout Australia.
There are over 800,000 businesses in Australia, and at the Bendigo we recognise that none of them are exactly the same as yours. That’s why we offer business solutions that can be tailored to suit your business needs today, next year and five years from now.
At Bendigo Bank we understand that for business owners, business is personal. So our Branch Managers and Business Bankers take a personal interest in your business. They listen, understand your opportunities and challenges, and deliver banking solutions that are practical and save you time and money.
Importantly, our business specialists understand the various phases of development that your business will go through. Not only does this ensure we have appropriate banking solutions for every stage of your business, it also means we understand what is ahead of you, and can help guide you through it.
Of course, there are many sources of business information available and it’s always wise to seek information on your business - and your banking - from a number of different sources.
A useful starting point, however, is Bendigo Bank’s ‘Start. Run. Grow. Finance. Guide’. This handy booklet, available free of charge from your local Bendigo Bank branch, covers some of the challenges you’ll face while running your business.
Over the next few months we’ll take a look at some of these challenges in our regular column.
For those just starting out, that may be establishing a business plan, budgeting and cash flow. If you’re already up and running, staffing issues and marketing may be top of mind. While for those of you looking to take the next step, we’ll look at strategies to help you prepare for growth.
You’ll also find a range of other useful ‘Start. Run. Grow. Finance.’ material on the Bendigo Bank website at www.bendigobank.com.au/business. While you’re there, why not subscribe to our quarterly Business Focus e-newsletter for all the latest news from industry experts and Bendigo Bank’s own business specialists.
If you’d like to discuss how Bendigo Bank’s range of business banking products and services can help you save time and money, contact your local Business Banker Michael Sims at the Dee Why Branch or on 02 99840614
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