Christmas is always such an overwhelmingly expensive time of year. Wouldn’t it be nice to have a debt free Christmas each year? It can happen, I promise. But only if you plan well in advance. So if having zero Christmas credit card hangover is on your next years to do list, read on. So when is the right time to start planning your Christmas spending for 2020? NOW. Yep, that’s… Read more
“Mentoring is a brain to pick, an ear to listen, and a push in the right direction.” — John Crosby The opportunity to learn from a business mentor “can” do more for a small business owner than any course, educational program, or degree. Being a mentee means you get the benefit of first-hand experience, without having to make all the mistakes yourself. There are, in fact, a host of reasons why… 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
While most small businesses spend a great deal of time and effort in finding the right employees, they often fail to capitalise on their newly hired talent by ignoring (or not having) an onboarding process. From long waits for workspace, equipment not being ready, non existent training to an overly negative recitation of ‘don’t do these things or you will be fired,’ employers consistently miss the opportunity to inspire… Read more
Without knowing your break-even point, you can’t make informed business decisions. Period. But it can be quite daunting finding this break even point. Will breakeven be possible, will it be reachable? To cover the costs of your business you need to sell enough goods or services to reach your break-even point. Knowing where that point is, and how long it will take you to reach it, can be fundamental to… Read more
The success of any business, large or small, depends largely on nurturing an efficient and productive workplace. While improving employee productivity should always be a priority, this process is often easier said than done. Below are some of the most effective methods of managing a productive, happy workplace while increasing output. 1. Establish Accountability Productivity depends on every employee understanding that the jobs they do come with specific responsibilities, and… Read more
From Mac computers to make-up, here are six examples of super-strong brands that have nailed their marketing. So what can small business owners like us learn from their marketing success? If you look at their histories and analyse the pivotal moments, you’ll find parallels and pick up tips on how your business can follow in their footsteps and stand on the shoulders of giants. 1. Apple’s call to arms… Read more
If I see another “I have Marie Kondo’d my wardrobe” after the recent release of Marie Kondo’s hit Netflix series I think I will lose my mind. So instead of taking that option (as it would be quite the contradictory reaction to the Marie Kondo rule of “Sparking Joy” phenomenon), if you can’t beat them, join them hey? So if you have the time to organise your activewear drawer and fold all… Read more
Most people are familiar with a job interview: a nervous candidate meets with an employer, answers a series of questions about their experience, strengths, weaknesses and education, and sometimes takes an aptitude test. Employers have used employment interviews to choose between potential candidates since, well since before I even got my first job which is a long time ago now. But there is only so much you can learn about… 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
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
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
Many small business owners think they can save money by handling their financials themselves. While it’s a real asset to learn bookkeeping basics, cash flow management and your tax obligations, hiring an accountant to oversee your business finances has many benefits. “But why would I pay for an accountant or bookkeeper when I can just do it myself? I am saving money. Surely that is a good thing?” We hear this… Read more
“My business is not making enough money, and I don’t know what to do.” We hear it all the time. Instead of ignoring the cause of the problem, it is time to put the brakes on and review the non-essential costs. When faced with cash flow or profitability issues, most business owners first reaction is to try and find new clients or customers. Feeling desperate, they totally forget what their… Read more
How to obtain a business loan is a common concern for start-up businesses and those preparing to scale. So how do you get the banks to say “YES”? Getting approved for a business loan or line of credit is usually more difficult than qualifying for a personal loan. It’s crucial that small business owners are adequately prepared when meeting with a lender to present their business in the best possible light. “Rocking… Read more
I would love someone to help my business. MUST HAVE skills, experience, qualifications, knowledge, be a self starter and be able to work without supervision. MUST ALSO be prepared to work for under minimum wage. “God, oh please sign me up. I just can’t wait to work as your slave.” Seriously – how can that even be an ad for a job? How can a business woman advertise for someone… Read more
Should I use Xero or MYOB or Quickbooks Online or Wave or Saasu or Freshbooks (the list goes on). This is a question we hear from small business owners every single week. So what is the best accounting software for a small business? “Now call me annoying – but I can’t answer that. And anyone who does, is not giving you an accurate answer.” #TRUTHBOMB So, um, if I can’t… Read more
Happy EOFY. Time to relax right? Wrong – this is the best time to review your business plan for the new financial year ahead. Yep, thats right, no rest for the wicked. Here are some of our tips to make the your business plan process more productive (or should I say, actually useful). Don’t fly solo – get your team involved Business planning works best when it’s a team effort.… Read more
The closer we get to 30 June and End of Financial Year – the more times I see the phrase “Buy now, so you can get a tax deduction this financial year”. I truly wonder how many unsuspecting business owners get sucked into this sales tactic – when they don’t even know or understand their tax position in the first place. “You see, a tax deduction is not the same… Read more
If you are a small business owner, an entrepreneur, a solopreneur, a mumpreneuer, the next Zuckerberg or a combination of all of these – you need to constantly upskill or fear getting left behind. Or worse – get a knock on the door from the tax office because you have failed in some kind of business obligation that you had no idea about. And I am not just talking about… Read more