Criminals are impersonating the ATO to steal identities, access bank accounts, and defraud Australians, often using highly convincing emails, SMS messages, and phone calls. There has been a dramatic increase in phishing scams that pretend to be from the ATO. These scams take advantage of the busy tax season to catch people off guard. Whether you’re expecting a refund or preparing to lodge your return, staying alert could save you… Read more
Starting a business is an exciting time. Maybe you’re launching a dream project with a close friend or teaming up with a few like-minded partners to bring an idea to life. But as thrilling as the early stages of running a company can be, it’s essential to think ahead – especially when it comes to setting up a shareholders agreement. Wondering, “Is this something my business really needs?”. The answer… Read more
Imagine this – you’re sitting in a cosy café with your favourite latte, daydreaming about your perfect retirement. Is it beachside lounging? Surfing the dunes of Dubai? Or maybe living quietly in the countryside, tending to a little garden? Whatever your vision looks like, the looming question remains the same for all of us: “How much do I actually need to retire comfortably?” Spoiler alert: there isn’t one universal answer.… Read more
As a business owner, you’re the architect of your business’s vision and culture. But in the hustle to develop products, chase sales, and keep the lights on, some of the foundation often gets lost in the mix. Core values—those guiding principles that shape your company’s identity—are more than just words on a wall or a statement in a handbook. These aren’t just buzzwords to sprinkle throughout your website – your… Read more
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
When was the last time you felt that you had a week’s worth of energy to pour into just four days of work? As COVID-19 has reshaped our work-life balance and continues to redefine what is essential in our professional world, the concept of a shorter workweek is gaining traction. With proposed legislation in various states and countries, and the ongoing conversation among professionals, it’s evident that the discussion around… 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
All business owners need to be aware of their break-even point — that is, the number of units they need to sell in order to cover their operating costs. Once you’ve reached your break-even point, it’s time to celebrate: your business is no longer in the red, and you are officially earning a profit. This article will show you how to calculate your break-even point so you can make wise… Read more
Have you had a potential investor turn away from your business for seemingly no reason? Investors don’t usually turn away from good opportunities so was there something that made your company or business plan unappealing? Here are six reason businesses makes themselves unattractive to investors. 1. There’s No Proof of Concept You can find good ideas everywhere but only a few of those ideas will actually end up profitable for everyone… Read more
stevepb / Pixabay Steady, reliable cash flow is crucial for the survival of any small business – so taking steps to ensure your customers pay promptly should be a key priority. When your clients consistently pay on time, you’ll avoid the dreaded “feast or famine” cycle. You’ll be able to pay your vendors, suppliers, and employees on time – and not least of all, yourself. Implement these ten tips now… 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