Get lean before your rivals starve you; any weaknesses in budget processes could prove fatal when tightening competition removes any margin for error

Article Abstract:

Australian companies can create antidotes to an anticipated decline in national economic growth through tactical financial adjustments. Sales revenue should be strengthened through an emphasis on cash sales or cash-on-delivery transactions. Inventory control is critical to prevent a buildup of stagnant goods that are not in demand during economic downturns. Business insurance should be reviewed to ensure that excess premiums do not deplete budget resources, and non-essential expenses need to be eliminated. Pricing, service and product strategies should be developed to meet core customers' needs.

Operational Budgeting, Australia, Profits, Corporations, Business budgets, Corporate profits, Cash position (Corporate finance)

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The HIH tangle

Article Abstract:

Issues are presented concerning the effect which the collapse of insurance company HIH Insurance will have on a number of accounting practices is discussed. The transfer of the company's corporate business is discussed.

Liquidation, HIH Insurance Ltd.

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Toss your budget out of the window

Article Abstract:

The trend for not preparing business budgets, which started in Scandanavia and is spreading across Europe during 2000, is examined, with focus on the problems caused by budgets and the benefits of abandoning them.

Analysis, Business, Economic aspects, Budget, Budgeting, Budgets, Scandinavia

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