The Hunter Valley Research Foundation's recent quarterly update has highlighted that a consistent strong Australian dollar is impacting on the Hunter economy, in particular the manufacturing, construction, retail and tourism sectors.


So, what can you do to steady or even grow your business in a slowing economy that is affected by currency?

• Look to stabilise your revenue streams over the coming 4 months.
• Examine your relationships with suppliers and look to deal with providers that operate in favourable currencies.
• Consider your current debt arrangements - look at your long term and short term needs, in light of the decision of the Reserve Bank to keep interest rates on hold.
• Diversify your revenue streams and try to position your business so it is less affected by particular markets or industries.
• Analyse your competitors. Consider strategic investment to take market share.
• Do a basic business health check - check my previous blog for some useful tips to check the health of your business.

Contact us in Newcastle on (02) 4962 2688 or in Sydney on (02) 8346 6000 if you need further advice or would like to talk to Andrew Beattie or  one of our Business Advisory Services specialists.