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
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
After ten days in the USA (part conference, part holiday) I returned back to Australia yesterday. When you run your own business, recovering from jet lag over several days is just not an option. I need to be back on deck and 110% on my game by tomorrow. So how do I banish Jet Lag? Firstly, assuming you won’t suffer from jet lag is really not a great strategy. Whilst… Read more
As a business owner, for the past 5 years I have been running my financial coaching, accounting, training & bookkeeping business. And whilst it continues to grow and be successful, I have never had a stress free holiday in that time. I was always constantly attached to my laptop/iPad/phone and had to be on call for clients every day because my business was me. “I had created a monster. The… Read more
Sounds like it doesn’t make sense right? I mean you have spent ages thinking about your ideal client, who you want to work with, what kind of person they are, what they look like, how they think, where they hang out. So how can focusing on that ideal client cripple your business? Surely it should grow your business? Well here’s the thing. Your ideal clients should have the same attitudes… Read more
Today, March 12th, 2018 Xero crashed. And it was of epic proportions (well according to some). Every second bookkeeper lost their shit five times over as Xero wasn’t back up and running within 30 minutes. I know it is an inconvenience, but really, it is out of our hands. “A problem is only a problem if you make it a problem. So stop focusing on the problem, and start working… Read more
So you have a side hustle – heck, most of us started the same way. Working in a “day job” and starting a business on the side. Using the cash from the day job to fund the start-up we hope will soon take off and then we can kiss goodbye to the 9-5 and finally be our own boss. Who wouldn’t want to live that dream? “Time and time again… Read more
Now, to be honest, I never thought I would write an article about how a car salesman has great customer service. Sounds like a total contradiction right? But the entire experience I recently had with buying a new car just warrants a blog post. So what can business owners learn about customer service from a car salesman I hear you ask? Let’s face it – you don’t believe me and… Read more
So business is booming and you need to hire staff. You should be so excited (and proud). But payroll is not for the faint hearted #understatementoftheyear Even with the best accounting software in the palm of your hands (or pocket), payroll and employer obligations can be a minefield, and difficult to navigate. There are minimum wage requirements, payslips, withholding the right amount of tax, paying superannuation, overtime, bonuses, annual leave,… Read more
Was your goal always to build a thriving brand to eventually sell your business for a tidy sum? Or maybe for other personal reasons it’s best to sell your business sooner rather than later. No matter what the reason is to want to sell your business, experts agree: it’s best to be prepared well in advance as it can take months (sometimes years) to complete a successful sale. These four tips will… Read more
Advertising is an essential component of success for any business. Proper advertising ensures more sales, but if you choose the wrong options, it can be a very expensive outlay for no return at all. “Most small businesses just think “too bloody expensive” when they think of advertising, so it is time to look outside the box and find the right kind of advertising for your business.” Let’s look at five… Read more