How to set up a cash reserve

Running a successful business is a juggling act between cash coming in and cash going out. If you’ve built up a cash reserve, you’ll be better able to stay in business and handle short-term issues like falling sales. Build a cash buffer Businesses generally fail because they run out of cash. Cash in the bank acts as a buffer and can help you better weather the ups and downs you…  Read more

How much money do you need when starting a business?

Many people underestimate start-up costs and start their business on the back foot financially. This can mean a long crawl up to your breakeven point and into profitability. Quite often it results in the business never making a profit at all. What you need to do is prepare an estimate of capital costs you will incur on start up. These may include land, buildings, plant, machinery, general equipment, office equipment,…  Read more

6 factors to consider when planning for your retirement

While it may seem like your working years last forever, retirement still has a way of sneaking up on you. As the years go by, what once seemed like a far off dream can suddenly feel incredibly close. Planning for your retirement might seem like something you can put off until tomorrow–or next year–but the earlier you do it the more time you’ll have to make sure your finances are…  Read more

Setting business financial goals for 2023

Businesses tend to progress more consistently if the owner sets financial goals and makes a plan to achieve them. The new year is a natural time to decide what you want to achieve and how. With that in mind, read on to learn the steps for setting financial goals for your business for 2023. 1. Review and evaluate your 2022 goals You’ve got to see where you’re coming from to…  Read more

Business Update – 17 August 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Economist predicts rising interest rates will soon finally ease Independent economist Saul Eslake predicts that interest rates will settle somewhere around 2.5% by the end of the year. Vegetable prices set to get back on track Growers are reporting that they are starting to catch up after flooding devastated…  Read more

Business Update – 10 August 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Markets continue to wobble The ASX followed Wall Street’s shaky lead last week, closing flat. Traders are reacting to a handful of uncertainties including surging inflation, recession fears, ongoing supply chain issues, and record low unemployment. What rising interest rates mean for those who don’t have a mortgage It’s…  Read more

Business Update – 19 July 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. 20-year comparison shows how drastically the housing market has changed At the turn of the millennium, the median age of first-time homebuyers was 24.5 years, with mortgages generally taken out on 20-year terms. Today, the median age has risen by at least ten years and 30-year terms are commonplace.…  Read more

Business Update – 26 January 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. WA Cancels Plan to Reopen Borders on 5 February All states and territories, except Western Australia, have reopened their internal borders despite a record surge in cases. Last Thursday, WA Premier Mark McGowan made a shock announcement that the reopening of borders, which was originally set on 5 February,…  Read more

Tips for getting rid of slow moving stock

Stale inventory is a costly nuisance for any business owner. Ideally, the rule of thumb is to sell the goods taking up space on your sale floor within 90 days; after the three-month mark, stale inventory becomes dead inventory. Products are much harder to move and nearly impossible to get top dollar for. Fortunately, there are a number of ways to recoup at least part of your investment for old,…  Read more

Using Scarcity to Make More Sales

For an online business owner, scarcity is a valuable tool that can turn a failing product into a winner. It is best implemented in a subtle way that does not draw attention to itself, but the urge to purchase remains very potent. Scarcity can be a small part of your sales process that adds some additional revenue, or it can be a major component of your marketing funnel that influences…  Read more

Insolvency Reforms: What Does This Mean For Your Business?

It has been extremely difficult for many business owners to keep their business afloat amid the COVID-19 crisis. Throwing a lifeline to small businesses, the government has overhauled insolvency laws to save thousands of jobs and companies on the verge of collapse. What Are The Changes? From the current ‘creditor-in-possession’ regime, Australia’s insolvency laws will shift to a ‘debtor-in-possession system’. Entities with liabilities below $1 million will be able to…  Read more

Essential Tips to Grow Your Family Business

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 and growing a family-owned business isn’t without its challenges. Conflicting views on business and family…  Read more

What’s your Business Recovery Plan?

Have you thought about a COVID-19 Business Recovery Plan? Recent events have made a lot of people wonder what the future holds, both for themselves and for their business. This is the ideal time to stop and have a think about strategic business planning for the year ahead. Here are some tips to make that planning more productive. Get your team involved Business planning works best when it’s a team…  Read more

Here to help as you reopen your business

It’s great to see more and more businesses are able to reopen now, but it doesn’t mean everything is back to normal. There’s still a lot of uncertainty around what business will look like and how long it will take to “bounce back”. With so many unknowns, we want to let you know we’re here to help. We can help you develop a plan to reopen your business safely and…  Read more

9 Steps to Leading People Successfully through Major Organisational Change

Change in business is almost always a good thing, but often poor management means that the workforce becomes disengaged and the change process painful. In the worst cases, this results in irreparable damage being done. It doesn’t need to be this way. Follow these nine steps and empower yourself to successfully lead your people through major organisational change. Understand the change Make sure you understand exactly what is changing and how…  Read more

What’s your COVID-19 Business Recovery Plan?

Have you got a COVID-19 Business Recovery Plan in place? Recent events have made a lot of people wonder what the future holds, both for themselves and for their business. This is the ideal time to stop and have a think about strategic business planning for the year ahead. Here are some tips to make that planning more productive. Get your team involved Business planning works best when it’s a…  Read more

Do you have a plan for the next phase of your business?

While everything is moving so quickly, it’s easy to feel a bit lost. Business may or may not return to normal after the Coronavirus and you need to be prepared for that. The best thing you can do right now is to plan. If you don’t have a solid plan for your business, you might miss out on some good opportunities, or get left behind as businesses across Australia adapt…  Read more

What the Coronavirus Stimulus Package means for you

It’s hard to escape the news of the Coronavirus as it continues to have a huge impact on people across the world. Closer to home, the Morrison Government has announced a stimulus package in response to the anticipated economic downturn. This package includes a number of economic stimulus measures, with most of targeted at helping small to medium-sized businesses. Here to help But first, please be assured that Love your…  Read more

How do I get so much done in a day?

Want to know how I get so much done in 1 day? The answer is one word: Automation You’ve got a limited number of hours in your day, just as I do. So what’s the best way to spend that time? You need to maximise the time you spend on growing your business, and the key to doing that successfully is automation. Automating your bookkeeping, your compliance, how you integrate…  Read more

Protect Yourself and Your Data – Proactive Steps for Living Safely in the Digital Age

These days your personal data is everywhere, and that information is valuable to marketers, hackers and everyone in between. If you want to prevent the unauthorized use of your personal information, you need to take a proactive approach to protecting yourself and your identity. You can no longer afford to be blasé about your data security – if you are not taking proactive measures to prevent the use of your…  Read more

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