Credit limits are designed to prevent debt from escalating out of control. Put a credit limit on all customer accounts and then put an automatic ‘stop credit’ on any overdue accounts. It’s also sensible to train your staff in how to approach a customer who has reached their credit limit so that the account can […]
Restructuring your business can feel like a daunting task, but in times of economic uncertainty or shifting markets, it can be the key to long-term success. The idea is to focus on what works and making tough decisions about what doesn’t. It’s how you can build a stronger, more agile business. Here’s how to approach […]
Bottlenecks are the inefficiencies or constraints that slow down your operations, impacting everything from production and sales to customer satisfaction. These roadblocks hinder growth, making it difficult to scale your business effectively. When you adopt a methodical approach to identify and resolve these challenges, you’ll free up valuable resources and time, enabling you to focus […]
Conducting a stocktake is a vital practice for any business involved in buying or selling inventory. It ensures that your stock records accurately reflect the physical inventory on hand, which is critical for both operational and financial health. From a tax compliance perspective, stocktakes help determine the value of your trading stock at the end […]
With 2025/2026 financial year about to start have you given consideration to updating or starting to implement a new job management system? Running a business comes with countless moving parts. From managing projects and keeping the team on the same page to ensuring profitability, it can feel overwhelming. That’s where a job management system comes […]
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Understanding financial statements might sound daunting, but it’s crucial for small business owners to stay on top of their game. Each financial report offers unique insights into different aspects of your company’s health. This article will break down the essentials, helping you make informed decisions and ultimately steer your business toward success. 1. Balance sheet […]
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With only 6 weeks left until the End Of Financial Year (EOFY), it’s the perfect opportunity to ensure your business is fully prepared. Use this time to review your financial records, reconcile accounts, organise tax documents, and consult your bookkeeper and accountant about tax planning strategies. By taking proactive steps now, you can maximize deductions, […]
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Starting a business is a thrilling adventure, filled with dreams of innovation and success. But let’s be honest—it’s also a bit of a gamble. Many startups face obstacles that, if not navigated carefully, can lead to failure. While vision and leadership are often highlighted as crucial elements, it’s the relentless grind of hard work and […]
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Understanding How Your BAS is Managed A Business Activity Statement (BAS) is a tax reporting obligation for all businesses issued by the Australian Taxation Office (ATO). Your BAS is a summary of the taxes you have paid or are required to pay during a specified period. Depending on the size of your business these periods […]
It’s amazing how some books stand the test of time. Stephen Covey’s The 7 Habits of Highly Effective People is one of those. Although it was first published over three decades ago, its lessons are still incredibly relevant for business owners. You might wonder – how do these habits fit into today’s landscape of changing […]
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Managing cash flow is crucial for small business owners. Even a profitable business can experience challenges with poor cash flow management. In this guide, we’ll share practical tips to help you avoid a cash flow crisis and ensure your business remains financially healthy. Understanding cash flow Cash flow refers to the money moving in and […]
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Social media can feel overwhelming. With so much noise and so many platforms, where do you start? The truth is, a great social media strategy can transform how you connect with customers and help to grow your business. The reach and accessibility of social media platforms are unprecedented. They connect businesses with a vast audience, […]
PART 2 Breaking down goals into achievable milestones Large financial goals can feel overwhelming, but breaking them down into smaller, manageable milestones makes them more attainable. Create incremental milestones Divide your larger financial goals into incremental milestones. For example, if you aim to increase annual revenue by $100,000, set quarterly targets of $25,000 and then […]
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PART 1. Setting financial goals for your business may be one of your most important responsibilities as a leader and business owner. Your financial goals serve as far more than wishful projections, they form the backbone of your road map for success, internal and external. Financial goals are something that every single business should possess […]
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It’s that time of year, the annual requirements for the vehicle logbook method of fringe benefits calculations for the Fringe Benefits Tax period is just around the corner, Sunday 31st March 2024, to be exact. To claim work-related car expenses using the logbook method, it must: 📌 Cover at least 12 continuous weeks 📌 Include […]
How small start-ups can level the playing field against established competitors Starting a small business is both exciting and daunting. While the entrepreneurial spirit may drive you to take the leap of faith, the reality is that you may be entering a market that has already attracted some large competitors. It can be intimidating to […]
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Essential steps to managing your family’s finances Managing family finances can be a daunting task, but with the right tools and mindset, it can be a smooth and effective experience. Here are some essential steps for managing your family’s finances, including budgeting, saving, and planning for the future. Budgeting Budgeting is the cornerstone of managing […]
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Reducing waste and spoilage: Best practices for inventory management As businesses grow, managing inventory effectively becomes crucial to staying competitive and maintaining profitability. One key aspect of inventory management is reducing waste and spoilage, which can have significant financial and environmental implications. In this blog post, we will explore best practices for inventory management that […]
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Unlocking the secrets of small business cash flow When it comes to running a small business, maintaining a healthy cash flow is essential for sustainability and growth. Your business can be incredibly profitable but still ultimately fail because of improper cash flow management. To prevent that from happening, here are some best practices that can […]
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Managing Debt and Creating a Debt Repayment System Debt can be a significant burden on one’s financial life. It can cause stress, anxiety, and make it difficult to achieve financial goals. However, with a little planning and dedication, anyone can create a debt repayment system and get on the path to financial freedom. Here are […]
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