Aussie businesses blighted by the high dollar

By Mozo ·

Australian companies are concerned that the high value of the dollar is having a negative impact on their enterprise.

A new study conducted by Dun & Bradstreet has indicated that confidence among business banking customers down under is on the wane.

More than one in three firms feel that the strong dollar is forcing their customers to look overseas for cheaper goods.

Accountancy firm RSM Bird Cameron recently urged companies to take greater control of their finances in order to weather the ongoing economic storm. The organisation stated that monitoring cashflow and reassessing financing arrangements are of the utmost importance.

Chief executive officer at Dun & Bradstreet Gareth Jones added that small businesses are perhaps feeling the strain the most.

"This caution amongst businesses is increasingly being seen through a focus on consolidation rather than growth," he remarked, before stating that firms – especially those in the retail and manufacturing sectors – need to adapt quickly or risk losing business to overseas rivals.

Have a question about business banking? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-801311958-ADNFCR