Starting a new business can be incredibly exciting, but it’s important to thoroughly evaluate your business idea before taking the plunge to ensure you’re creating a sustainable and successful venture. To get started, here are 9 questions to consider as part of an overall evaluation process. Save yourself money, time, and heartache down the line by investing a little time now. What customer problem does your business solve? Your business… Read more
As a business owner, it’s crucial to understand the power of social media marketing. Social media platforms provide an opportunity for businesses, no matter the size, to reach a larger audience, engage with potential customers, and drive sales. So, you’ve heard that your company needs to be on social media. Although this is true, it doesn’t mean your business is going to go from 0 to 100 overnight. Using social… Read more
It seems like the perfect storm has hit, with rising interest rates and inflation soaring. As a result, households are dealing with higher borrowing costs, leaving them with less disposable income to spend. And that means businesses are feeling the pinch. To make matters worse, staff shortages are adding to the pressure. Retail sales decline affects all businesses. Almost every sector is experiencing a downturn. Building companies, property companies, retailers,… Read more
As a small business owner, you always look to keep your business running efficiently. Expense reimbursement fraud is the last thing you want to face. Not only can it hurt your bottom line, but it can also damage your company’s reputation. Here we discuss what is employee expense fraud, reasons behind it, and most importantly, how to prevent it from happening to your business. What is expense fraud? Expense fraud… Read more
How often do you feel like a superhero, taking on the world and tackling everything that comes your way? If you’re a small business owner, chances are it’s more often than not! The demands of running a small business can weigh heavy on our shoulders at times, and as business owners we often try to do everything ourselves. The success of your business depends not just on you, but also… Read more
As a business owner, you know that the right people are crucial to your company’s success. The best employees can help you achieve your business goals, improve your productivity, and drive growth. But finding the people best suited to your team can be daunting, and sometimes it’s easy to hire someone who seems okay, rather than taking the time to find the best fit. Here are some steps you can… Read more
No matter what size your business is, or what industry you’re in, supply chain management is often an essential part of running a successful business. As a small business owner, managing the supply chain can be overwhelming and time-consuming, especially when you have many other responsibilities to worry about. Fortunately, technology has made it easier to manage your supply chain more efficiently and effectively. Here are some pros and cons… Read more
As a small business owner, you may be considering enabling a remote work environment. With the rise of technology and the pandemic shifting the way we work, managing a remote team has become a popular option for business owners looking for new and unique ways to grow their business. However, there are both benefits and drawbacks to consider before making the switch. We’ll start with the benefits. A larger talent… Read more
As a small business owner, you know the importance of getting the word out about your company and engaging with customers. Social media platforms are indispensable tools for achieving this. The following is a guide to help you leverage social media to increase your brand’s awareness, engage with customers, and generate leads. Step 1: define your goals Before diving into the world of social media, it’s crucial to identify your… Read more
It’s hard to go a day without reading something in the news about the state of the economy. Whether it’s interest rates rising or the cost of living, there’s no getting around the fact that in 2023 there are many doing it tougher than a few years ago. But while there are some economic challenges for individuals and businesses, it’s important to not go too far down the rabbit hole.… Read more
5 cybersecurity best practices for small and medium-sized businesses In our digital age, cybersecurity is a crucial aspect of running any business. Cybersecurity breaches could lead to not only data theft but also reputational and financial loss. Hence, it’s imperative to establish robust cybersecurity measures to protect your business and customers’ sensitive information. Here are some cybersecurity practices that could help safeguard your online presence. 1. Invest in security software:… Read more
Retirement is a significant milestone that brings with it the need for careful planning and financial security. A well-planned retirement ensures that you can maintain your desired lifestyle without worrying about running out of money. One of the key components of successful retirement planning is seeking good financial advice. Obtaining professional financial guidance can contribute to a secure and comfortable retirement. The benefits of good financial advice Tailored retirement planning… Read more
For small business owners and payroll managers, staying up-to-date on the latest superannuation changes is essential. And, with the Australian Superannuation Guarantee (SG) set to increase from 10.5% to 11% from 1st July 2023, it’s important to understand what this means and how it could affect your business. As an employer, this increase, and subsequent increases, will have an impact on your payroll management and accounting systems. Here’s what you… Read more
As a small business owner, you know that managing your finances is crucial to the success of your business. But with so many accounting principles and practices out there, it can be challenging to know where to start. That’s where we come in! In this guide, we’ll break down the essential accounting principles that every small business owner should know. We’ll discuss how these principles can help you keep track… Read more
When you invest your money, it’s a given that you’re willing to take on some amount of risk. There are strategies you can employ to ensure the risk you’re taking is minimal, but it still exists. If you’re comfortable with a lot of risk to enjoy a greater reward, it’s important to understand that you could lose everything you put in. Of course, most of us aren’t putting our money… Read more
The Australian Government unveiled its annual budget this week, which aims to stimulate economic growth, address long-term challenges, and improve social services. The budget is focused on helping with the cost of living, with tax cuts for middle and low-income earners, while also allocating funding to health, education, and small businesses. If you have any questions about how this budget affects you, please get in touch. Tax Cuts One of… Read more
Starting a small business is both exciting and daunting. While the entrepreneurial spirit may drive you to take the leap of faith, the reality is that you may be entering a market that has already attracted some large competitors. It can be intimidating to think about competing against larger, more established competitors, but it’s not impossible. Here are some steps you can take to help your small business take on… Read more
Debt can be a significant burden on one’s financial life. It can cause stress, anxiety, and make it difficult to achieve financial goals. However, with a little planning and dedication, anyone can create a debt repayment system and get on the path to financial freedom. Here are some tips for managing debt and creating a debt repayment system: Take stock of your debt The first step in managing debt is… Read more
Managing family finances can be a daunting task, but with the right tools and mindset, it can be a smooth and effective experience. Here are some essential steps for managing your family’s finances, including budgeting, saving, and planning for the future. Budgeting Budgeting is the cornerstone of managing family finances. It involves creating a spending plan that outlines your family’s income and expenses. A budget helps you to keep track… Read more
As businesses grow, managing inventory effectively becomes crucial to staying competitive and maintaining profitability. One key aspect of inventory management is reducing waste and spoilage, which can have significant financial and environmental implications. In this blog post, we will explore best practices for inventory management that can help your business reduce waste and spoilage, creating a more sustainable and cost-effective supply chain. Implement a First-In, First-Out (FIFO) system A First-In,… Read more