Having a healthy cash flow in business is incredibly important, especially for small to medium businesses or those family run. The Australian Securities and Investments Commission’s report into business failures found that 44 percent of failed businesses had inadequate cash flow or high cash use. The report, based on 8354 reports from external administrators, found small to medium-size insolvencies … Continued
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Treasurer, Josh Frydenberg, has handed down the Coalition Government’s Federal Budget 2020-21. The document outlines that the Commonwealth Government deficit is expected to reach $213.7 billion this year, falling to $66.9 billion by 2023-24. Net debt will increase to $703 billion or 36 per cent of GDP this year and peak at $966 billion or … Continued
Read More >>A proposal to provide small businesses with up to $5,000 to seek out professional advice has now been laid before the Government. Small to Medium Businesses (SME’s) with a turnover up to $10m annually in revenue, may be eligible to use the funding on accountants and bookkeepers advice, which benefits around 500,000 businesses. Chartered Accountants … Continued
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When you’re a small business owner, you get used to people giving you advice. Sometimes you seek out their insights while, other times they share whether you want them to or not. While the advice is usually well intended, it’s not always good. In fact, sometimes it can lead to a negative effect. Here are … Continued
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Most family business owners have a similar goal in mind – to grow the business and pass it on to the next generation of their family. While keeping the business in the family and getting to work with your parents, siblings, or children who share common goals can be a fun and rewarding experience, running … Continued
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According to the SME Growth Index, Australia’s small businesses are saying they don’t want to use personal assets to fund their business – yet 9 out of 10 of them continue to do so. While there are many alternative funding options out there, some, like unsecured lending (Fintechs) can often be both expensive and daunting. … Continued
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“Sales are contingent upon the attitude of the salesman – not the attitude of the prospect.” – W. Clement Stone Do you agree? Sales is about addressing your customers’ needs and problems. By understanding the issues clients face, you can show them how your solution solves their problem. Here are some tips for asking the … Continued
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Networking can be a key way to keep your business growing. Regardless of your industry or business size, it is hard to ignore the benefits of forming professional networks for potential partnerships, expanding your client base, and scaling up. However, while we are all constantly reminded about the importance of networking, reaching out to … Continued
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Since the first company newsletter was created, companies have been relying on written messages to communicate with their clients and staff. While this worked wonders ten years ago, the communications game is changing and more companies are switching to videos to relay information to their clients and staff. In many ways, video is more effective … Continued
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Are you a morning person? Or on the other hand, are you the stumble down the stairs, hit the coffee machine whilst checking your emails type? (Guilty as charged on the second point for me). Your morning routine says a lot about you as a person, and while there is probably not one routine that … Continued
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As small business owners look to operations after COVID-19, there are some important business questions to ask. These questions will help you determine what adaptations you want to keep, whether your business model is working, and if there are additional changes you want to make to keep your company operational through future economic downturns. It’s … Continued
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As the daylight dawned on New Year’s Day, 2020 Stacey was excited about her new resolution. For years, she had been working for a company, but this year she decided to take the reins and build her online clothing store. She, like many other business owners at the start planned to commence her operations with … Continued
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As lending rates are at a record low, the market becomes achievable and enticing for the first homebuyer. While the incentives provided by the Government certainly make for an attractive offer for the young purchaser, they also increase the pressure on families to help their kids acquire their first home. Enter the mum & dad … Continued
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Over the last few months, we as business people have learnt that everything is adaptable. We have changed the way we work, the places we have conducted business from and how we communicate. Sure, there have been many challenges that have been associated with the changes, but we can also take away some valuable lessons … Continued
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There is a fine line between a legitimate work-related tax deduction and something that is primarily for personal use, and knowing the difference is important at tax time. The last thing you want, is to pay back unnecessary tax claimed because of an error. That said, there are good reasons for making claims that … Continued
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As we begin to emerge from the world of working from home, it is important that businesses, employees and employers have the tools to deal with the COVID-19 environment and ensure they are all working together to support a safe, healthy workplace. Our team have put together some strategies as a guide to implement, to … Continued
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In a society where the internet is used much differently to the way we used to use it, many have questioned how safe it is to use for accounting purposes. There seems to be a stigma that the traditional paper methods are safer, because they cannot be hacked or accessed by the wrong person. … Continued
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Do you sometimes wish that you worked with your best friends? Wouldn’t life be automatically easier? You would have more fun at work, communicate better and be extra motivated, right? If you have wondered this, you are not alone and in fact there is a scientific name for it – a preference known as affinity … Continued
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Let’s start with a story, set in Norway in 1969 when they first discovered oil. A decision was made that would set the country apart from other petro-states, and to put the revenue generated into an oil fund for the people. Its wealth fund is now more than three times the size of Saudi Arabia’s. … Continued
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Over the last few weeks as we have changed and adapted the way we do business, events in many cases have been one of the first things business owners have had to cancel. If you can relate to this, it’s time to change your perspective and view this as an opportunity to engage your clients … Continued
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