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
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
Too many businesses brush over their job descriptions, and then wonder why they get so many unqualified applicants. Don’t make the same mistake. Let me give you some tips so you can write job descriptions that attract the best candidates (ie. the ones you actually want on your team). Rule Number 1. Don’t Exaggerate Companies know that attracting the best job candidates means they have to sell their company’s… 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
Growing you business is every bosses dream. But too many make mistakes that cripple their growth. Do you want to keep repeating them? Don’t do the same; avoid the blunders outlined below. Hiring the Right Personalities and not toxic ones The bigger the business the more staff they need. But if they expand too quickly, they will feel pressure to fill positions on their team, even if the job candidates… Read more
Those who know me, know that I am on social media, be it blogging, facebook, instagram, facebook groups, you name it I am around. It may be sharing insights or tips, or promoting my business, or even sharing the adventures that are my life. Social media is such a large part of who Healthy Business Finances. It is vital for most businesses. But where do you start? You won’t build… 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
Ever dreamed of starting a family business? Investing in a start-up opportunity with friends? Starting a business from scratch with your mates? Can a family business stand the test of time? Businesses owned and operated by families can have incredible staying power. Volkswagen, Samsung, and Nike – all family-owned companies – are among the world’s most successful, leading brands. “Working with family can be the best, but it can be… 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
Being open to new possibilities is a positive trait shared by most entrepreneurs – but saying yes to all the people you meet and opportunities that come your way can get you & your business into trouble. When was the last time you said NO in your business life? When we overcommit – especially when we take on projects that don’t actually benefit our business – our stress can hit… 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
With end of financial year fast approaching, we see many clients come to us “for a quick and simple review” of their numbers. I mean, they currently use a bookkeeper and whilst the business owner doesn’t keep on top of things in great detail, it all must be perfect right? In an ideal world yes, but I think we all know we live in anything but an ideal world. Most… Read more