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
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
“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
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
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
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
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
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
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
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
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
New Year’s Resolutions – we’ve all made them, and we have all broken them − often before the end of January. That’s right – we don’t even last a month with our new found goals and enthusiasm. There’s something about New Year celebrations that makes us yearn for a fresh start, but is there a way to make that desire for change more permanent? Here’s a twist that can make… Read more
Growing a business requires you to collaborate, both internally and externally. So you should be facilitating employees in a way that allows them to work together to problem-solve and act with a shared purpose. And this applies even more so to remote or interstate teams. Starting and growing a business requires more than employees with extensive functional skills. You need to be on the same page. You need to collaborate.… Read more
Inventory is what makes your business grow, it’s what makes it tick. It is usually the largest asset on your balance sheet and your company’s biggest revenue-generator. Without it, you wouldn’t be able to make sales if you are in retail operations. It goes without saying that poorly managed inventory can do serious damage to your bottom line. Businesses without clear strategies for streamlining the in AND out flow of goods… 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
If you thought your accounting software was just for tracking income and expenses, you’re losing out on an opportunity to improve your bottom line. Your accounting software can do so much more, and if used correctly, could boost your sales. By taking advantage of insights provided by your financial reporting, you’ll benefit from a more informed approach to marketing and customer service – and by making the most of all… Read more