As a small business owner, you likely want to spend as much time as possible on the tasks that generate sales. Unfortunately, there are many other takss that require your time but aren’t necessarily worth your energy. Maybe a virtual assistant can help. Faced with those tasks, many small business owners either spend their valuable time and energy on actions they hate or put them off until the last minute… Read more
We know we should be implementing mindfulness in our business, but what are you doing about it? Google offers employees a course on mindfulness meditation, and Lululemon, a company that keeps a Director of Mindfulness on staff. Mindfulness, as American scientist Jon Kabat-Zinn defines it, is simply “paying attention in a sustained and particular way – on purpose, in the present moment and non-judgmentally.” Research has shown that practicing mindful… Read more
20 years ago IT servers were a case of the bigger the better. These days it is all about getting your business in the cloud. Check out the top 8 advantages for small businesses switching to cloud computing. Cloud computing is fast becoming the norm because storing information and using software hosted on the Internet has many advantages. 1. Save money (hell yeah!) Traditionally, a small business spends money licensing… Read more
Although most entrepreneurs recognise the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly and stressful for a business owner. Here are five of the most common bookkeeping pitfalls, and some simple tips for getting back on track. Mixing business and personal All too often, entrepreneurs adopt… Read more
Reflection: “2018 the year that was.” When we run our own business, we look forward to working with amazing clients, we look forward to building a team, we look forward to earning what we are worth and we look forward to doing it all with a smile on our face. “Naive? Maybe. Or am I just asking too much of myself? Probably.” 2018 saw some big leaps for our… Read more
Following up on late, or god forbid non-paying customers, is no-one’s favourite task. Which is precisely why you need to set clear payment expectations up front – and in writing – before you work with a new clients. “The initial conversation might feel hard, or even icky, but chasing payment down the track with no proof of client acceptance, is even harder (and far more icky).” By communicating and agreeing… Read more
Thinking about turning your hobby or passion project into a paying gig? These steps will help you avoid some common mistakes as you set out to earn an income from your favourite pastime. Unless you have run a business before, it’s easy to get carried away with the idea of how perfect it will be to get paid for doing what you love. Reality check: the stress of needing to… Read more
Good news for small business owners: according to the US Small Business Administration, nearly 80% of small businesses survive their first year. However, that number begins to drop as time rolls on. Only half of small businesses pass the five year mark, and a mere third celebrate their tenth anniversary. Taking some positive steps in those early days to create a good foundation in your business is essential for a… Read more
Sale. Supply. Invoice. Waiting…….. waiting…….waiting……OVERDUE notice….. waiting……waiting. PAID. Is this what happens in your business? Meanwhile, the bills associated with business keep coming in, and you are expected to produce money from no where. Sound familiar. 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… Read more
MYOB Partner Connect – Day 1 Value, Magic & Leaving a Legacy As a bit of a conference connoisseur, I have high expectations. I don’t need bells and whistles. I need content, connections and take aways (and I am not talking of the chicken kebab variety). I was thrilled that the focus of MYOB Partner Connect 2018 was all around “success is personal”. I have said time and time again… Read more
Attending a work related conference takes a lot of considerations. It is not just the cost of the event itself, but also the time away from your business, the work you need to do afterward to play catch up, the time away from family, having someone change their schedule to look after the kids/pets and the most important thing for me – will it even be worth all the hassle… Read more
A business partnership can be a lot like a marriage, and the comparison holds true when things go pear shaped when the end of a partnership can feel a lot like divorce. And generally not in an amicable way. When business partners fall out, the consequences can be quite drastic. It will be stressful, friendships will be tested (and some will end) and you will start to question why you… Read more
No business owner looks forward to receiving a letter from the ATO requesting a closer look at the books. An audit often makes people curl up in the foetal position, it invokes fear, stress, anxiety. And the audit hasn’t even started yet. If you happen to be one of the lucky ones (*subjective view) that receive an ATO audit letter – don’t panic. It is time to prepare, get organised and… Read more
It can be a challenge for new business owners to find a bank that will approve them for even a small business loan. Most will see a startup company as too high a risk to qualify for corporate lending. A credit card can serve as a short term solution for small scale financing, offering entrepreneurs a “foot in the door” with a lender. Think of it as a chance to… Read more
Networking – just the word itself can create fear and dread in so many people. You are required to stand around and talk about yourself, you have to talk to complete strangers, there is generally no where to hide and half the time you just never meet anyone worthwhile. “Networking can be a total waste of time. But your attitude towards networking will either hold you back, or provide you… Read more
You wouldn’t put all your eggs in the one basket, so you shouldn’t put all your income in one basket. Having various income streams helps share the load and reduce the risk and ultimately should help you reach your financial goals easier. Adding recurring income streams (and yes I mean multiple) can provide a predictable, ongoing source of cash flow which will improve the accuracy of your projections, increase profits,… Read more
Every year there are awards for various industries and the Accounting and Finance industry is no different. So why do I enter awards? Is it worth my time, effort and money (and yes, some of them are certainly not free). And what do I, or my business, actually get out of it? “These are question I get asked each year, and for the life of me I used to think… Read more
In this day and age customer loyalty can make or break a business. Service based or product based, if you don’t build genuine relationships with your customers, they will just go elsewhere. You need to pay attention to your customers smallest desires and you will have them for life. The rise of social media can make it feel like we have relationships with our customers or clients, but we all… Read more
Dodgy invoices. Forging bank details. Bill tampering. Just to name a few. Employee fraud is a real risk for entrepreneurs of fewer than 100 employees. In fact, according to the Association of Certified Fraud Examiners 30% of fraud cases take place in small businesses. That could be your business. Several years ago I worked for an employer and uncovered $35k worth of employee fraud that the business owner had no… Read more
We get asked all the time – how can you be both a bookkeeper and an accountant? Easy. Whilst they are both different in skill set, in mindset and in the work we do, we feel you get the best deal if you have a bookkeeper and accountant who can work cohesively together. If you are like many business owners, you may not be exactly sure of the differences between… Read more