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Business 2 Business column: How well do you know your numbers?

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New building doubles city centre’s residential capacity

The Maroochydore city centre will soon be home to about 300 more residents, after the opening of a two-tower development. The Corso Residential Apartments, by More

Group calls for mass changes at camping hotspot

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New boardwalk opens along Coastal Pathway

A 160m section of beachfront boardwalk has opened to the public after nine months of construction. The Caloundra Headland boardwalk, near Kings Beach, has replaced More

Boy, 11, dies after collision between bike and bus

An 11-year-old boy has died following a bus crash in Buderim this afternoon. Preliminary inquiries indicate a bus was travelling along Jingellic Drive near Karawatha More

Ultimate field trip inspires students to consider further study

Two Sunshine Coast Year 12 students have seen where tertiary education can take them during the field trip of their lives, thanks to the More

Glamping retreat and century-old homestead for sale

A 20-hectare property with glamping sites and a 100-year-old homestead has hit the market. Kanimbia estate, at 27 Innalls Road at Obi Obi, has attracted More

Are you struggling to prioritise your business issues and opportunities? Understanding your numbers is a critical attribute for any business to embrace to make better decisions and improve performance.

Do you need clarification on which strategies will accelerate growth and profit? How would you answer the following?

  • We have a culture in which knowing our numbers is important.
  • We set an annual budget and cash flow forecast against which to compare our actual numbers.
  • We know our break-even point and how to calculate it.
  • We know the average lifetime value of a customer.
  • We (or accountants) produce a monthly balance sheet to confirm the accuracy of our numbers.
  • We get monthly (or quarterly) management accounts.
  • We know how to calculate it and measure our gross margin every month.
  • Our books are always up-to-date.
  • We know when our tax payments are due and have funds allocated to pay them.
  • We monitor our outstanding debtors and we know our debtor days.
  • We know the difference between fixed and variable costs.

Katrina Brennan, Principal, SRJ Walker Wayland Business Growth Advisors, Accountants and Auditors, Level 2/2 Innovation Parkway, Birtinya, 5301 9957, srjww.com.au

This column is part of our Business 2 Business (B2B) series featuring industry leaders sharing their expertise. For more great articles, SUBSCRIBE to our FREE news feed, direct to your inbox daily. All you need to do is enter your name and email below.

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