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Piloting your child care centre through turbulence |
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As if the turbulence of the credit crisis and collapse of several high profile private operators in the child care industry in recent year was not enough, the recently announced COAG ECEC Quality Reforms added more clouds to an already hazy skyline for operators.
As an operator in the industry you will have heard of the COAG reforms embodied within the Regulatory Impact Statement in some shape or form. The real questions are do you:
- Understand how these changes will affect your child care centre financially as well as operationally?
- Have mechanisms in place to measure the impact and control costs associated with these changes in order to maintain profitability?
- Understand how these changes affect the value of your child care centre?
These reforms pose significant challenges and many centre owners may be operating their centres without the financial instruments that will enable them to navigate these challenges.
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Your questions answered |
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Patrick Flanagan, Guild Accountants Principal, Business Services answers some of your questions on changes to the state of play in the child care sector including the COAG reforms and the collapse of groups such as ABC and CFK.
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Managing your business in challenging conditions |
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By Patrick Flanagan, Principal, Business Services team at Guild Accountants
Business borrowing rates are going through the roof and financiers have got lending hands tighter than a tube sock. These are challenging times in the economy for business owners, in particular for those who’ve taken on significant levels of debt in their business.
Your business’s level of exposure to these economic challenges will also be determined by how much profit you have to cover increased costs, and the amount of business expenses you are committed to.
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Stay healthy in business |
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In the last issue of Childcare Business Matters, Patrick Flanagan talked about the need to keep on top of your centre’s financial information in the current times of economic difficulty. Since then the economic difficulties have become further entrenched and the need for child care centre owners to improve the efficiency of their business is more important than ever. Here, he examines a few ways that you can stay healthy in business.
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What do I need to consider when buying a centre? |
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The prospect of buying a childcare centre is an exciting opportunity, but it is also a long-term decision that presents many challenges you need to be prepared for. In the forthcoming months we will cover the key elements to help you make a well-grounded buying decision, and position yourself to achieve your business goals.
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Child Care