How to keep your small construction company on track
The Australian construction sector is currently navigating difficult times. With escalating costs, labour shortages, and an increasingly demanding economic environment, the number of construction businesses facing insolvency is on the rise. According to Inside Business, approximately 1,400 construction firms declared bankruptcy in the latter half of 2023 alone. Beyond financial constraints, sole traders and contractors […]
Forecasting: taking the guesswork out of your finance strategy
As a business owner, it is becoming increasingly difficult to navigate the changing economic environment and manage the financial uncertainties of running a business in 2024. Recent statistics from the Australian Securities and Investments Commission (ASIC) indicate that 11,053 companies entered administration in the 2023-24 financial year. The ability to anticipate future financial conditions would […]
How to add value and secure your future when selling your business
Selling and exiting your business is a milestone in your business journey. To maximise your return on investment (ROI), it is critical to have a well-thought-out exit strategy and to focus on enhancing the business’s value as you approach the sale. Strategic planning in advance of a sale is essential. It is commonly advised that […]
Key techniques for improving payment times
Late payments to Australian small businesses are on the rise, placing additional pressure on cash flow and making it more challenging to meet operational costs. Recent data from OptiPay indicates that the average number of days outstanding for invoices has reached 38 days, creating significant financial strain for many smaller enterprises. When customers delay payments, […]
Planning for seasonal dips in income
Seasonal declines in revenue can present considerable difficulties for small businesses. However, there are several proactive measures you can implement to predict, prepare for, and manage these fluctuations in income. The key to managing seasonal downturns is understanding when they are most likely to occur and having strategies in place to distribute your income more […]
Using invoice finance to improve your cashflow and liquidity.
Liquid cash is crucial for the day-to-day functioning, growth, and achievement of business targets. However, access to immediate cash can sometimes become limited. In such instances, a quick and efficient method to improve cashflow is essential. One effective way to achieve this is through invoice finance – a financial solution that allows businesses to unlock […]
Key numbers to focus on in your business now
As a business owner, having a solid understanding of your finances has never been more crucial. In many cases, business priorities have shifted, customer behaviours have changed, and revenue streams have had to adapt in order to sustain a profitable business model. In this evolving environment, it is vital to track, monitor, and enhance your […]
Common errors for rental property owners
The Australian Taxation Office (ATO) has issued a list of common taxpayer errors identified through its recent property management data-matching program. The key findings from the report are as follows: If you have inadvertently omitted any rental income or made errors in claiming expenses, we strongly recommend lodging an amendment at your earliest convenience. Additionally, […]
4 reasons to get satellite internet for your regional small business
Regional businesses are a vital component of the Australian economy, representing 31% of all small enterprises. However, the inconsistent availability of fast and reliable broadband internet often hinders the full adoption of digital technologies by these businesses. The introduction of Low Earth Orbit (LEO) satellite internet now provides a solution for businesses located in remote […]
The ATO’s top tips for running a small business.
Small businesses are the driving force behind Australia’s economy. In 2022, businesses employing fewer than 20 people contributed nearly $590 billion in value, accounting for approximately one-third of the country’s gross domestic product (GDP) during this period. However, maintaining effective financial management, accounting, and tax planning can present significant challenges for many business owners. To […]