August 2022 Update!

With the Reserve Bank having passed on multiple rate rises – and the expectation of more to come – there is a level of apprehension surrounding the Australian economy and for Australian small business owners, the uncertainty of the last 2 years continues.

The speed of which the rates have increased has caught a lot of people off guard, but as things normalise and people adjust, we should see the market start to steady.

There is no doubt that costs are increasing, but with the right preparation you can put yourself in a position to get through the Rate peak and out the other side in a stronger position than ever.

What can you do?

• Have a plan – planning is important even if its basic.  Work out what you want and focus on the more strategic areas of the business.

• Know your numbers – being across the numbers of your business is incredibly empowering when faced with tough decisions.  Actively monitoring your numbers enables you to react quickly to market changes.

• Focus on value – as cost of money increases, less money flows around the economy and less quickly.  Make sure you are using your money wisely and getting the most bang for buck for your business!

Fundamentally, proactive businesses are going the survivors during this time. Planning, understanding the detail and maximising value for customers are some of the ways your business can continue to successfully practice everyday.

Most importantly – engage with your professional network, get the right advice from the right people and remember that at TTO our Team is your Team!

Contact us today to learn how you can get ahead of the market as it changes.