Expanded Wealth for Small Enterprises: This Tech Firm Facilitates Sustained Profitability for Small Businesses
Article Rewrite:
Hey there! Check out our suggestions! Some might be samples, but they were all handpicked by our editors. You should know that BuzzFeed and its partners might snag a piece of the sales and other compensation from the links on this page.
Don't let the financial squeeze choke your biz!
by Angeline Barion, BuzzFeed Staff
Here's the hard truth: The cost of living crisis has got the world in a tight grip. Rising prices at groceries and surging rent costs aren't making life easier, especially for small businesses.
A survey by Aussie tech platform Thriday paints a grim picture. Out of 200 small businesses, 38% reported losses in the last financial year. The main culprits? Stagnant growth, inflation, and cost pressures.
But fear not! Thriday teamed up with Profit First to create a new initiative aimed at giving small businesses a lifeline during these tough times.
By setting aside a percentage of a business's income for profits before anything else, this strategy makes sure that financial gain is a non-negotiable part of their plans.
Michael Nuciforo, Thriday's CEO, says this collaboration gives small businesses a chance not just to survive but to thrive amid uncertainty. And there's more good news coming from this partnership - the focus is on helping small businesses maintain a sustainable profit.
Head over to Thriday's website for a deeper dive into their services.
Thriday's AI-driven app is the perfect tool for busy business owners. It automates financial admin, such as invoicing, accounting, banking, and tax management, reducing the time spent on financial administration from around six hours per week to just 30 minutes. This leaves business owners with more time to focus on growth and profitability.
The collaboration between Thriday and Profit First leverages Thriday's technology and Profit First principles to manage cash flow and profit allocation effectively. Thriday offers bundled services like full-service accounting, tax planning, and cash flow optimization sessions, all at an affordable rate. This means small businesses can save time and money on bookkeeping and tax compliance, allowing them to focus on enhancing their financial health while dealing with the economic strain.
Thriday's platform integrates banking services, automating accounting, and tax management to give small businesses real-time visibility of their cash flow and profit status. The AI-powered insights help businesses identify tax savings and cash flow improvements, aligning with Profit First's emphasis on prioritizing profit allocation before other expenses.
In summary, this initiative aims to help small businesses stay afloat and financially stable during the increased financial pressures caused by the cost of living crisis. It provides a streamlined financial management solution for businesses in need. [1][4][5]
- Amid the financial strains caused by the cost of living crisis, small businesses in Australia are struggling, with 38% reporting losses in the last financial year, according to a survey by Aussie tech platform Thriday.
- To help small businesses cope during these challenging times, Thriday has collaborated with Profit First to create an initiative that focuses on giving small businesses a lifeline.
- This initiative encourages small businesses to set aside a percentage of their income for profits before anything else, making financial gain a non-negotiable part of their plans.
- Thriday's AI-driven finance app is a perfect tool for small business owners, automating financial admin tasks such as invoicing, accounting, banking, and tax management.
- With Thriday's app, small business owners can save up to six hours per week on financial administration, allowing them more time to focus on growth and profitability.
- This collaboration between Thriday and Profit First offers bundled services like full-service accounting, tax planning, and cash flow optimization sessions, all at an affordable rate, helping small businesses save time and money on bookkeeping and tax compliance.
