How to set payment terms for freelancers and contractors

Following up on late, or god forbid non-paying customers, is no-one’s favourite task. Which is precisely why you need to set clear payment expectations up front – and in writing – before you work with a new clients. “The initial conversation might feel hard, or even icky, but chasing payment down the track with no proof of client acceptance, is even harder (and far more icky).” By communicating and agreeing…  Read more

So you’ve launched your business – now what?

Good news for small business owners: according to the US Small Business Administration, nearly 80% of small businesses survive their first year. However, that number begins to drop as time rolls on. Only half of small businesses pass the five year mark, and a mere third celebrate their tenth anniversary. Taking some positive steps in those early days to create a good foundation in your business is essential for a…  Read more

How to Nail Your Job Description

Too many businesses brush over their job descriptions, and then wonder why they get so many unqualified applicants. Don’t make the same mistake. Let me give you some tips so you can write job descriptions that attract the best candidates (ie. the ones you actually want on your team).   Rule Number 1. Don’t Exaggerate Companies know that attracting the best job candidates means they have to sell their company’s…  Read more

MYOB Partner Connect 2018 – Just Getting There Was A Challenge!

Attending a work related conference takes a lot of considerations.  It is not just the cost of the event itself, but also the time away from your business, the work you need to do afterward to play catch up, the time away from family, having someone change their schedule to look after the kids/pets and the most important thing for me – will it even be worth all the hassle…  Read more

What to do if you fall out with your business partners

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

Time for a business credit card – but where do you start?

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

Recurring income streams – and how to start

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

Bookkeeper of the year: What it feels like to be a finalist.

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

When was the last time you said NO in your business?

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

Employee fraud: are you at risk?

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

Why an average bookkeeper is a liability (and costing you your sanity)

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

Can a business owner really have a stress free holiday? YES YES YES

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

Why being too focused on your “ideal client” is crippling your business

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

Xero crashed and everyone lost their shit (except me)

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

Why your side hustle is killing your cash flow

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

5 Customer Service Lessons from a Car Salesman (that you can use too)

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

Don’t let Payroll bite you in the arse

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

4 ways to think about before you sell your business

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

5 Low Cost Business Advertising Options

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

Workable New Year’s Resolutions

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

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