Let’s talk about one of the sneakiest traps small business owners fall into… Assuming they know what the heck they are talking about. I was chatting with a small business owner this week who said, “I know I’m making good money — there’s still cash in the bank!” Cue the classic accountant eyebrow raise. When we dug a little deeper, we discovered that the “profit” in the bank actually included… Read more
Lockdown number #5 for Victoria. How on earth did we get here AGAIN? How much stamina do we have to survive this, especially when financial assistance to many of our clients (and ourselves) is NIL. That’s right, no financial support for months and months, but they are forced to shut down. Sorry for not being more positive, but it just seems that the “we are all in the together” mentality… Read more
Coming up to the second round of JobKeeper reporting and we are still so bloody shocked by the amount of crap information being thrown around in relation to who is eligible for this funding. And more importantly, why are people not qualified to give this advice so happy to throw around these “JobKeeper Myths” like confetti?? Let me bust some of the crap information and myths around JobKeeper that people… Read more
I have no words to describe the past three weeks of being a business owner running their own accounting and bookkeeping business during the Coronavirus pandemic, but I will try. There has been so much negativity, so much uncertainty, increased levels of stress and anxiety, frustration through the roof, so many tears – and that is from both clients and from me. “We are not immune to any of it,… Read more
Hopefully you have long – and short-term plans for your company and you may even have a strategy for your own development, but have you considered having a personal development plan (or individual development plan) for employees? An employee personal development plan is an action plan that focuses on helping staff improve their knowledge, capabilities, and skills in areas related to your business. Creating such plans shows your staff you’re… Read more
Businesses of all sizes are under constant threat from cyber criminals and malicious software, with even some of the world’s largest and apparently impenetrable organizations making headlines in recent years after falling victims to cyberattacks. Although the risk is generally lower for smaller companies, since they don’t tend to be primary targets for hackers, it is still essential to take every precaution to make sure that you, your employees… Read more
It’s natural for small business owners to think that they won’t be victims of cyber attacks. Most of the news surrounding hacking and data breaches involves large corporations, but that is because that’s where a high number of victims are affected. Hackers may find they have an easier time going after small businesses and start-ups that aren’t prepared for a Cyber security breach. So while they might get less information… Read more
As a small business owner, you’re likely concerned about every penny you spend. That’s a good thing, because you need to keep track of your income and expenses. It also means, however, that you might be less likely to hire people who can help your business. People like bookkeepers, who are great investments for any small business. So what does a bookkeepers do? Bookkeepers take care of the daily financial… Read more
As a business owner, we often get asked by clients “what does my profit mean?”, “am I doing ok?” and most often “am I a success?”. Now whilst profit is one measure of success, looking at that number alone is dangerous.It could mean that you sail along in your comfort zone, not knowing how, when or if your business is actually successful in the first place. Now we… Read more
There are some things in life that go together well and others that definitely do not. Business and personal finances are in the category of items that should not be mixed. Although it may seem like a headache to keep them separate—who wants to manage all those bank accounts?—your life will be greatly simplified once you separate your personal and your business finances, especially your expenses. Paperwork… Read more
For small business owners, business conferences can be both a blessing and a curse. They give you the opportunity to develop new skills and learn strategies. And they also provide you with the chance to meet new people and expand your business network. Unfortunately, they also pull you away from your business and they cost money. So it’s important that you understand the return on investment for any business conference… Read more
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
Business owners fall into two categories: those who love business travel and those who hate it. I am kind of in the hate it pile most of the time. The love/hate dynamic may depend on how much you travel for work or whether you fly in economy like me, but even if you love business travel there are stressful aspects to being away from your comfort zone. Although we can’t… Read more
The Christmas holiday season is once again here, and with it comes time to relax, focus on family and friends and take stock in what is really important in life. Unless you are a small business owner! Every small business owner knows that being away from the office can be just as stressful as being in it. Phone calls from employees dealing with a minor crisis will pull your focus… Read more
Management habits of a business owner can be incredibly effective if everyone works in cohesion, but there is always a flip side. The problem is that many employees won’t tell their manager what any weaknesses are, often out of fear of retaliation. So while managers conduct employee performance reviews pointing out areas for staff improvement, when do the management habits get reviewed? And who is reviewing them? There are a… Read more
Small business is at times, heartbreaking. You bend over backwards for clients. Always going above and beyond behind the scenes which clients don’t see. You work 24/7 including weekends to get things done on time. Perhaps you initially didn’t set clear boundaries as you want to help so bloody much. You explain the same thing what feels like 57 times – and then the client will send you yet another… Read more
As a small business owner, you’re likely always looking for ways to achieve more. Maybe you made a New Year’s resolution about it. You might have resolved to make more money, find more clients, or grow your business. It’s fantastic to have an idea of what you want to do, but how will you know whether or not you’re successful? That’s where SMART goals come in. SMART goals help… Read more
PayPal is the world leading online payment service. You can transfer money to and from your bank account, pay for goods, and even receive payments worldwide. It’s a useful tool for entrepreneurs, freelancers, and even for personal use. However, it does have its drawbacks. PayPal takes a significant chunk of money when it comes to converting and billing international payments. You could end up losing about 5% of your… Read more
Small business owners know how important it is to save money and be frugal. They know that one day that dollar could come in handy, especially during slower times. Saving money is definitely important, but there are also things small business owners can, and should, spend their money on today. It might seem counterproductive to spend money when you want to put it in the bank – and make no… Read more
Everyone likes making money, especially small business owners. Invoicing, funnily enough, is typically one of the less favourable tasks for small business owners. Chores like creating and sending invoices get set aside for other duties that are seen as more enjoyable or even more urgent. I know you have felt like this…You tell yourself you will get around to it tomorrow, but tomorrow becomes next week, next week becomes next… Read more