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
We cannot stress further the importance of properly managing your cash flow to ensure the smooth running of your business. However, in times of crisis such as the ongoing COVID-19 pandemic, this becomes more than important– managing your cash becomes a necessity for survival. If you are experiencing cash flow troubles, here are five things you can do to manage your cash flow better. Check your expenses. Now is the… Read more
Most small businesses experience cash flow problems from time to time and urgently need working capital. Many business owners immediately think of the bank or loans when they’re short of money. But there are other resources you can tap before you ask for that expensive overdraft or overdraft extension. The money you need might already be there—locked up in inventory, assets or your debtors’ book. You can often free up… 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
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
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
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
Many complex moving parts are involved in operating a profitable business, but at its core, business success hinges on just one thing: customer relationships. So do you use a CRM (Customer Relationship Management) tool? A CRM solution helps your business nurture and improve customer relationships by maintaining centralised data on all your leads and existing clients. With access to a history of customer transactions and communications, your team can make… Read more
These days, there’s an increasing focus on reducing our environmental impact. Many businesses offer recycling programs and even have composting, while some companies encourage car pooling, offer parking spaces for hybrid vehicles, or move their operations into environmentally friendly buildings. There are many things you can do as a business owner to make your business more environmentally friendly, but it’s important to take steps that represent permanent change rather than… Read more
Toxic leaders let their poison infiltrate entire organisations, and once they get authority over others, well it is all downhill from there. But thankfully, their poisonous influence can be destroyed and you can regain a culture of positivity and trust. Bt you have to do the hard yards once that poison is already inside your business. 1. Tell The Truth Toxic leaders thrive when no one tells the truth, but… Read more
Whether you are a service based business or a product based business, word of mouth is vital for organic growth. And word of mouth (if done right) can be a great strategy to grow your business. If you have any doubt that word of mouth referrals are important, consider these statistics: According to Neilson, 92% of shoppers trust recommendations from friends and family more than traditional advertising 20% to 50%… Read more
Ask anyone who has been self-employed if they have ever had a “less than ideal client”. The answer will be a big fat yes, I guarantee it. So how can you sack a client politely? Is it possible to do it with grace and dignity? Now don’t get me wrong, by and large, the vast majority of clients you get are great. They value your work, they understand your skill… Read more
Most small businesses experience cash flow problems from time to time and urgently need working capital. Many business owners immediately think of the bank or loans when they’re short of money. But there are other resources you can tap before you ask for that expensive overdraft or overdraft extension. The money you need might already be there—locked up in inventory, assets or your debtors’ book. You can often free up… 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