SCAM ALERT Please be alert that there is a scam going around pretending to be our business. They are asking for approx $350-$375 with the promise of monthly returns up to $30,000. They are even directing people to our ABN details on ABN Lookup. We can confirm that this is a SCAM and it is not us. We will NEVER contact you and ask for money for investments. If you… Read more
Word of Warning – This video may be distressing for some business owners. I recommend taking some time to watch it when you will not be interrupted. In the below video, we share Tips for small business owners to survive the current economic climate. If you would like to chat about your business and had any concerns, please get in touch. Read more
Do you know how your business is performing when stacked up against competitors? Where you could improve, what you are doing well and what you could do to steer your ship in the right direction? The good news is, there’s no need for guesswork. Benchmarking can answer these questions for you. Here are our top five reasons why your business should benchmark: Benchmarking allows you to dive in deep… Read more
The Federal Government has now handed down the 2018 Budget. Whilst there have been a number of changes, we have given you a summary of the wins and losses for business owners, along with our thoughts in the below video (12 min view time). Small Business ($10M or under turnover) Extension of $20k asset write off. Will revert back to $1k from 1 July 2019. Contractor reporting system to be extended to Road… Read more
Maintaining positive cash flow can be challenging for small businesses, whether you’re just starting out or have been running your company for years. The difficulty often comes down to waiting for clients to pay their invoices. One or two chronic late payers cost valuable time and money when you have to chase them down; if reliable clients also fall behind one month, the result can be devastating. These tips will… Read more
Most small business people would agree that their Profit and Loss account (now more correctly called a Statement of Financial Performance) is among the easier – if not the easiest – financial document to understand. It’s typically presented in two parts. The top half of the statement reveals the various sources of income the business has received for the period covered, such as a quarter, half year or full financial… Read more
It’s essential for any business to have a robust set of performance targets for its workforce. These will drive employees to achieve in the areas that are critical for success. Therefore, it’s important to ensure that the targets are calibrated correctly in order to realise the desired results. Before introducing any new target, make sure you’ve answered the following seven key questions: Is it specific? A target is no good… Read more
Help grow your business through collaboration, expansion, improved marketing and some of the following quick tips. 1. Improve your customer service Businesses with good customer service retain consumers and attract new business through word-of-mouth. Even if you think you’re already providing good service, make it a priority to provide refresher training to frontline staff at least once a year. Alternatively, hold regular meetings to discuss any issues as they arise.… Read more
Small businesses can grow in boom times as well as periods of difficulty by working smarter and taking advantage of opportunities. Put these following effective tips into practice to help grow your business. 1. Utilise new technology Modern technology can save you time, improve productivity and reduce your operational costs. Make use of Facebook, Twitter, Google+ and other social media tools to market your business. Dropbox is a cloud-based service… Read more
Healthy cash flow is important for any business, but particularly for small business owners in those first few “make it or break it” years. Business owners who set clear payment terms with their customers, invoice quickly, and follow up on late payment can avoid the dreaded cash flow crunch that can quickly put them out of business. These simple guidelines for setting payment terms can help you get paid quickly… Read more
Without knowing your break-even point, you can’t make informed business decisions. To cover the costs of your business you need to sell enough goods or services to reach your break-even point. Knowing where that point is, and how long it will take you to reach it, can be fundamental to your success. This especially true if you’re thinking about starting or buying a business. Calculate fixed and variable costs The… Read more
The start of the financial year is the perfect time to dust off last year’s business plan and set some new goals for the future. While some entrepreneurs love planning, others feel overwhelmed by the process. How do you decide on just a handful of goals that take priority, with so many moving parts that make up a business? These tips can help you get started brainstorming how your company… Read more
How to obtain financing is a common concern for new businesses and those preparing to scale. Getting approved for a business loan or line of credit is more difficult than qualifying for a personal loan. It’s crucial that small business owners are adequately prepared to meet with a lender to present their business in the best possible light and qualify for the money they need. Here’s what you can do… Read more
[wpvideo PoewHiUL] The Federal Government has now handed down the 2017 Budget. Whilst there have been a number of changes, we have given you an overview of the main changes affecting business owners. Small Business ($10M or under turnover) Extension of $20k asset write off. Will revert back to $1k from 1 July 2018. Medicare Levy Lower threshold is increasing to $21,655 for singles and $36,541 for families from 9 May 2017.… Read more