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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Mastering the Art of Lean Inventory: A Small Business Guide to Just-In-Time Management As a small business owner, it’s essential to find ways to manage your inventory effectively to reduce costs, optimise warehouse space and ensure customer satisfaction. How you manage your inventory affects your cash flow, your customer relationships, and your relationships with vendors. […]
Financially Savvy Women: 5 Strategies to Improve Your Financial Literacy It is well established that financial literacy is a key component of financial independence. The more you know and understand about finance, the better equipped you are to make important decisions. Historically, women have had lower financial literacy scores than men for many reasons, including […]
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Return on investment vs cost: how to weigh them when making business purchases Deciding to purchase something to help your business is a big decision. It can be difficult to part with hard-earned money, especially in the early days. To understand the right time to invest by purchasing something for your business, you must calculate […]
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Avoiding bankruptcy: Top reasons it happens and ways to prevent it Starting a business is not for the faint of heart. A certain level of stress comes with carrying the responsibility of ensuring your company’s success. If things go wrong, it all falls back on you. That said, the freedom and sense of accomplishment of […]
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Using financial reconciliation to keep your business on track As a small business owner, you’re likely already aware of the importance of keeping your finances in order. Financial management goes deeper than paying your bills on time and collecting on invoices (although those are also important). It involves regularly checking up on your financial situation […]
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7 ways your trades business can market its services When you go into business as a tradie, your focus is often on performing your trade to the best of your ability – as it should be. With time, the quality of your work will speak for itself, which is the most valuable testimonial of all. […]
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Differences between active and passive investing and why they matter When you invest your money, it’s a given that you’re willing to take on some amount of risk. There are strategies you can employ to ensure the risk you’re taking is minimal, but it still exists. If you’re comfortable with a lot of risk to […]
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Finding the right fit: How to choose the right financial planner for you Be clear about your goals Most people’s big financial goals fall into the following areas: Retirement Buying a home Paying for higher education (for themselves or their children) But along the way a lot of other events come up that pull our […]
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What is a balance sheet and how does it help me manage my finances? You’ve likely heard the phrase “in the black.” Your balance sheet is the tool that shows you whether your business is indeed “in the black.” Your balance sheet includes a section for your assets (things you own or will receive that […]
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