Uncertainty in the market place creates the need to focus on the present, neglecting the future needs and growth of the business. Therefore it’s important to balance short term goals with a long term approach. Short term results are just that and a business does not survive the long haul without at least a five year plan.
Making sense of Technology
This new age technological world is fast paced and ever changing, so it makes sense to plan a long term approach to technology and what it has to offer both your business and the customer. You must be able to remain flexible for unforeseen technological advancements whilst turning that technology into valuable knowledge to gain an edge over your competitor.
It has been forecast that by 2016 every day global traffic will reach 1.3 zettabytes and 2.5 quintillion bytes of data will be created. A business that does not go mobile and adapt to new devices may become history and looked up in the archives.
When is the right time to re-finance?
Finance through major lenders is becoming increasingly harder especially when the business is already in trouble. There are many new options available to business today compared to even ten years ago, so perhaps you might want to consider re financing when times are good. If you have equity in your business, have a long term plan to continue running it and interest rates are at a great low rate, look into refinancing or consolidating loans at the lower interest rate increasing your overall cash flow.
TJD Accounting Services
319 Keilor Road