Identify your break-even point

Without knowing your break-even point, you can’t make informed business decisions. Period.  But it can be quite daunting finding this break even point.  Will breakeven be possible, will it be reachable? To cover the costs of your business you need to sell enough goods or services to reach your break-even point. Knowing where that point is, and how long it will take you to reach it, can be fundamental to…  Read more

6 Ways to Improve Your Workplace Productivity

The success of any business, large or small, depends largely on nurturing an efficient and productive workplace. While improving employee productivity should always be a priority, this process is often easier said than done. Below are some of the most effective methods of managing a productive, happy workplace while increasing output. 1. Establish Accountability Productivity depends on every employee understanding that the jobs they do come with specific responsibilities, and…  Read more

Six inspiring marketing successes – from Apple to Avon:

From Mac computers to make-up, here are six examples of super-strong brands that have nailed their marketing.  So what can small business owners like us learn from their marketing success?   If you look at their histories and analyse the pivotal moments, you’ll find parallels and pick up tips on how your business  can follow in their footsteps and stand on the shoulders of giants. 1. Apple’s call to arms…  Read more

It’s time to “Marie Kondo”​ your finances

If I see another “I have Marie Kondo’d my wardrobe” after the recent release of Marie Kondo’s hit Netflix series I think I will lose my mind. So instead of taking that option (as it would be quite the contradictory reaction to the Marie Kondo rule of “Sparking Joy” phenomenon), if you can’t beat them, join them hey? So if you have the time to organise your activewear drawer and fold all…  Read more

Three Ways to Move Beyond a Job Interview

Most people are familiar with a job interview: a nervous candidate meets with an employer, answers a series of questions about their experience, strengths, weaknesses and education, and sometimes takes an aptitude test. Employers have used employment interviews to choose between potential candidates since, well since before I even got my first job which is a long time ago now. But there is only so much you can learn about…  Read more

5 Common Bookkeeping Pitfalls – and How to Avoid Them

Although most entrepreneurs recognise the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly and stressful for a business owner.     Here are five of the most common bookkeeping pitfalls, and some simple tips for getting back on track.   Mixing business and personal All too often, entrepreneurs adopt…  Read more

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

Family business – yay or nay?

Ever dreamed of starting a family business? Investing in a start-up opportunity with friends? Starting a business from scratch with your mates? Can a family business stand the test of time? Businesses owned and operated by families can have incredible staying power. Volkswagen, Samsung, and Nike – all family-owned companies – are among the world’s most successful, leading brands. “Working with family can be the best, but it can be…  Read more

What to do if you get audited by the ATO

No business owner looks forward to receiving a letter from the ATO requesting a closer look at the books.  An audit often makes people curl up in the foetal position, it invokes fear, stress, anxiety.  And the audit hasn’t even started yet. If you happen to be one of the lucky ones (*subjective view) that receive an ATO audit letter – don’t panic. It is time to prepare, get organised and…  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

Networking sucks (or does it?)

Networking – just the word itself can create fear and dread in so many people. You are required to stand around and talk about yourself, you have to talk to complete strangers, there is generally no where to hide and half the time you just never meet anyone worthwhile. “Networking can be a total waste of time. But your attitude towards networking will either hold you back, or provide you…  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

How orange jelly beans can create fantastic customer loyalty

In this day and age customer loyalty can make or break a business. Service based or product based, if you don’t build genuine relationships with your customers, they will just go elsewhere. You need to pay attention to your customers smallest desires and you will have them for life. The rise of social media can make it feel like we have relationships with our customers or clients, but we all…  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

Same same but different: bookkeeper vs accountant

We get asked all the time – how can you be both a bookkeeper and an accountant?  Easy. Whilst they are both different in skill set, in mindset and in the work we do, we feel you get the best deal if you have a bookkeeper and accountant who can work cohesively together. If you are like many business owners, you may not be exactly sure of the differences between…  Read more

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