You started your business with plans of earning a living and being successful, but an unfortunate fact of business life is that companies suffer financial hardships. Whether those hardships are pandemic-related or linked to other urgent situations, the effect is still the same. Your finances are negatively affected and it’s up to you to lead … Continued
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Read on for the three warning signs… Running a small business is hard work. Entrepreneurs know they have to put in long days and give up personal time in pursuit of success. There’s a line, however, between putting in some extra time and becoming addicted to work, and it’s important to know the difference between … 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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“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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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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Since the Global Financial Crisis hit (GFC), banks have become a lot more cautious about lending to consumers, and the conditions have only become tighter after the last Royal Banking Commission. The guidelines that a consumer must meet to obtain a loan have become more stringent in an effort for banks to ensure they are … Continued
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SME’s have been a common target for scammers, but the latest research by The Westpac State of SME Scam Report has shown that on average SME’s are losing a staggering $38,845 and are only able to recover 44% of the monies lost. The report shows that 46% of SME’s are affected by a scam, however … Continued
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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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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 steps to create a … Continued
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What exactly is profit in a business? This article shows you how to avoid three common profit mistakes that can seriously affect the success of your business. 1. Sales are NOT profit The biggest beginner mistake is assuming that sales are profit. People new to business can easily confuse sales with profit, but there is … Continued
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If you’re familiar with Bitcoin’s revolutionary cryptocurrency then you’ve already been introduced to an innovative technology known as “blockchain”. A blockchain is a transparent digitized public ledger – in essence, an unhackable record of transactions — maintained by the blockchain’s users, hosted on each user’s computer. A truly transparent system, everyone involved has access to … Continued
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It’s one of those tricky balancing acts most business owners struggle with – how to spend as much time on their business as in their business. An accountability group can help you strategize for future growth and set goals that move your business forward. Most importantly, checking in with other people on a regular basis … Continued
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Advertising should be viewed as an investment that should generate a return, rather than a fixed cost. Many businesses spend money on the same kind of advertising each month without knowing what is working and what isn’t. Effective advertising builds profile, generates new business, and retains your existing customers. Poorly thought out advertising can create … Continued
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Healthy cash flow is important for any business, but particularly for small business owners in those first few “make it or break it” years. Business owners who set clear payment terms with their customers, invoice quickly, and follow up on late payment can avoid the dreaded cash flow crunch that can quickly put them out … Continued
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Cutting costs can be a quick and easy way to improve the profitability of your business. Introducing cost-control measures can bring immediate savings and ensure you remain profitable in the long term. But it’s important that cost-control measures are carefully managed. Eliminating errant expenses is clearly beneficial, but indiscriminate cost cutting could lead to a … Continued
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Electronic signature software offers small business a number of time and cost-saving benefits. If you’ve considered going paperless but haven’t yet made the plunge, here are 6 excellent reasons to start using digital signatures today. 1. Get paid faster Digital signatures make it easy to close a sale on the spot, turn around contracts faster, … Continued
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If you’ve got the entrepreneurial spirit but aren’t ready to start up your own business, you might want to consider a franchise. A franchised business can offer the best of all worlds: the opportunity to work for yourself, earn a profit quickly, and enjoy a high long term success rate. Read on for 5 more … Continued
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Increasing efficiency and minimizing costs are essential to running a profitable business. Yet many small business owners waste countless hours on meetings that lack focus, run on too long, and pull staff away from more productive tasks. Follow these seven tips to make your meetings more efficient and cost-effective. What’s your goal? Every meeting should … Continued
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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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If you’re like most small business owners, there are never enough hours in the day to complete every task on your list. Often you’re faced with prioritizing what you need to do right now – deal with a customer, meet a deadline, attend an event – and the things you know you should do for … Continued
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