Business

Collecting Your Money Faster

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 […]

Finding and Fixing Business Bottlenecks

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 […]

Manage Your Inventory to Boost Your Profits

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 […]

From Chaos to Clarity – Choosing the Perfect Job Management System

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 […]

Financial Statements Showdown: What Each Report Shows You About Your Business

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 […]

Preparing for the End Of Financial Year? Here’s Your Business Checklist!

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, […]

Startups Gone Wrong: What Really Causes Most to Fail?

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 […]

Understanding How Your BAS is Managed

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 […]

How small start-ups can level the playing field against established competitors

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 […]

Reducing waste and spoilage: Best practices for inventory management

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 […]

Unlocking the secrets of small business cash flow

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 […]

Business Update – 7 June 2023

Business Update – 7 June 2023 Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Be ready – recession or not Businesses should be prepared for a recession, even if one is not imminent. Planning ahead and having a strategy in place can […]

Mastering the Art of Lean Inventory: A Small Business Guide to Just-In-Time Management

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. […]

Business Update – 31 May 2023

Business Update – 31 May 2023 Welcome to our Weekly Digest – stay in the know with recent news updates relevant to business and the economy. ‘Most significant’ scam targeting Aussies Scammers have taken advantage of the secondhand sale market by using a PayID scam to steal over $260,000. The scam involves the scammers creating […]

Business Update – 24 May 2023

Business Update – 24 May 2023 Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. First Aussie social media platform for business owners launched A new social media platform, called ‘Business Connect’, has been launched in Australia. It is designed specifically for business […]

Return on investment vs cost: how to weigh them when making business purchases

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 […]

Business Update – 17 May 2023

Business Update – 17 May 2023 Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The good, bad and indifferent of the Federal Budget: a small-business owner’s view The Federal Budget has both positives and negatives for small business owners, such as tax […]

Business Update – 10 May 2023

Business Update – 10 May 2023 Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australia to deliver first budget surplus in 15 years Australia is set to deliver its first budget surplus in 15 years, with a small surplus of around A$4 […]

Avoiding bankruptcy: Top reasons it happens and ways to prevent it

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 […]

Using financial reconciliation to keep your business on track

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 […]