Smart money tips for business owners

Small business owners know how important it is to save money. 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 … Continued

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Tips for managing contractors

For small businesses, working with independent contractors can be a life saver. You can hand over tasks you don’t have time for – at a fraction of the cost of an employee. Unlike staff, you won’t owe a contractor payroll taxes, unemployment insurance, health insurance, or other employee benefits. Because contractors aren’t employees, however, they … Continued

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Effective Sales Strategies

If growth is your primary goal, take note of these two essential sales strategies: cross-selling and upselling. Why? Because it’s much easier to sell to existing customers than to acquire new ones. According to Marketing Metrics, the probability of selling to an existing customer is 60 to 70 percent, while the likelihood you’ll sell to … Continued

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Encouraging word of mouth

If you have any doubt that word of mouth referrals are important, consider these recent stats: According to Neilson, 92% of shoppers trust recommendations from friends and family more than traditional advertising 20% to 50% of consumer purchases are made because of a word of mouth recommendation 81% of buyers are influenced by their friends’ … Continued

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Lean canvas – a new way to do business planning

Few business owners have extra time to devote to a lengthy business planning process. But every entrepreneur needs a solid blueprint to get their business successfully up and running. The Lean Canvas—designed by Sparks59 CEO and Running Lean author, Ash Maurya—is a simple, effective planning tool that helps entrepreneurs assess and test their ideas before … Continued

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6 Essential Accounting Terms for Small Businesses

Hiring an accountant is widely considered best practice for small business owners. But delegating financial analysis and reporting doesn’t mean completely checking out of the process each month or quarter. On the contrary, it’s recommended that business owners work closely with their accountants throughout the year to better understand their financial position, and make smart … Continued

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10 more quick growth tips for small business owners

Help grow your business through collaboration, expansion, improved marketing and some of the following quick tips. 1. Improve your customer service Businesses with good customer service retain consumers and attract new business through word-of-mouth. Even if you think you’re already providing good service, make it a priority to provide refresher training to frontline staff at … Continued

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Tips for Managing Debtors When You’re Self-Employed

You’ve poured passion, time, and money into fulfilling a contract, have agreed on payment terms and invoiced your customer—and then nothing. Days turn into weeks, and you still haven’t received payment. For single proprietorships and small start-ups, uncollected invoices can sink your business. Suddenly, you’re cash flow negative. Income you needed to cover expenses and … Continued

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Tax Season Tips for Small Business Owners

Preparing for tax season is really a year-round endeavour. Tip number one for SMB owners is to update financials on a monthly basis, using a streamlined software or cloud-based system. This way, come tax time, everything you need is all in one place. And well organized SMBs are better positioned to minimize their tax bill … Continued

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Keep Refund Time Limits in Mind

If you overpaid GST, or another indirect tax, you have just four years from the date of the end of the tax period related to the overpayment to claim a refund from the Tax Office. To ensure you can claim a refund you must either lodge your claim in an activity statement or notify the … Continued

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How to Deduct Travel Expenses

Certain travel costs related to work are tax deductible if they meet certain requirements. In some cases you will not have to substantiate the claims, but in others you will be required to provide documentary evidence that you did incur the expenses. Here are the details. If you are required to travel in the course … Continued

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Super Guarantee: “Employees” or “Independent Contractors”?

The superannuation guarantee scheme requires all employers to provide a minimum level of superannuation support for their employees, but not for independent contractors. A key area of dispute which can arise between taxpayers and the ATO is whether workers are “employees” or “independent contractors”. An “employee” for superannuation guarantee purposes includes anyone who is an … Continued

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