The University of New South Wales (UNSW) and CommBank have launched a free course designed to help small-business owners with cashflow management.
According to CommBank, the online course will include expert advice, strategies and easy-to-use tools that will empower small businesses to manage their finances.
“The Cash Flow Management course is designed to provide practical insights that empower business owners to make informed decisions and build financial resilience,” said Professor Nick Wailes, Dean of Lifelong Learning at UNSW. “By offering this course, we aim to reach as many small-business owners as possible, helping them create sustainable growth and secure their future in an increasingly challenging economic environment.”
The course can be accessed on UNSW’s Australian Graduate School of Management website, and is self-paced.
Vast majority of SMEs dealing with cashflow challenges
A new survey commissioned by CommBank has revealed that nearly 80 per cent of Australian small to medium enterprises (SMEs) have gone through cashflow challenges in the last 12 months,
The research found that the most common factors impacting cashflow are declining revenue (35 per cent), low cash reserves (30 per cent), and seasonal fluctuations (27 per cent).
To address this issue, the research found that 85 per cent of surveyed businesses employ one or more specific strategies, such as reviewing or decreasing expenses (34 per cent), maintaining a cash reserve (27 per cent), finding additional revenue streams (26 per cent), and increasing sales and/or pricing (25 per cent).
However, 27 per cent were found to have dipped into personal savings or didn’t pay themselves a salary, or both, in the last year, which is a cause for concern.
CBA Executive General Manager Small Business Banking Rebecca Warren stated that cashflow strategies are important for long-term business success and business owners must have the knowledge to help them apply the strategies that are right for them.
“For small businesses, success often hinges on a delicate balancing act as they constantly juggle various aspects of their operations, from managing customers and employees to dealing with suppliers and vendors. It’s not surprising that the economic challenges of the past year have resulted in cash-flow impacts for many Australian SMEs,” Warren said.
