Making your business work for you: passing the business to the next generation
As the owner, your business reflects your hard work and long-term goals. But succession planning is about looking beyond your own involvement – preparing the business to succeed in the hands of the next generation, whether that be family members, senior staff, or an external buyer. Below are key steps to ensure your business is […]
Bringing your cashflow processes into the digital age
With economic uncertainty continuing, high inflation, rising energy costs and ongoing supply chain issues, many businesses are likely to face tighter cashflow over the coming year. To stay in control, it’s important to make use of the latest cloud accounting tools and financial apps. Why does cashflow matter so much? To keep your business running, […]
Business tips: Budgeting and managing cashflow
For businesses seeking to improve financial stability and drive growth, adhering to clearly defined budgets is crucial. Managing the ups and downs of project cash flow can be demanding—but becomes far more manageable when budgets are clearly set, regularly tracked, and actively managed. Use your accounting tools to: If you’re planning to expand operations or […]
Business credit score: how to build a good credit profile
When starting a business, access to finance is fundamental to your success. The ability to secure loans or attract investment largely depends on maintaining a strong business credit score and a healthy credit profile. Establishing a good credit history can be challenging for businesses that have only recently commenced trading. Let’s examine how you can […]
New small business owners to get compliance support by the ATO
The Australian Taxation Office (ATO) has launched its Ready for Business campaign, aimed at providing support to ABN holders through a series of informative emails over the coming months. These updates will offer practical tips on ABN compliance, business restructures, GST registration, and employer responsibilities. According to the ATO, small businesses that seek advice from […]
“Stock Systems Will Save Me Time” – The Myth of ‘Set and Forget’
It’s common to believe that introducing a new stock control system will instantly save time and simplify your operations. This can certainly be the case if you’re moving away from spreadsheets, manual records, or an outdated system. A well-implemented stock system centralises data, reduces duplication, and removes guesswork from ordering processes. However, if you’re starting […]
What makes a business expense tax deductible?
As a business owner, it’s natural to incur various expenses in the day-to-day running of your operations — from fuelling your vehicle to entertaining clients and purchasing office supplies such as printer toner. But the important question is: Are these expenses tax-deductible? The Australian Taxation Office (ATO) recently published examples of inappropriate claims made by […]
Keeping your business cash liquid – the difference between cashflow and profit
The primary objective of any business is to generate a profit. As a business owner, achieving sufficient sales at a healthy margin to yield a profit is a fundamental financial goal. However, it is essential to understand how profit differs from cashflow—and why effective cashflow management is critical to the ongoing viability of your business. […]
The importance of having a business coach
Running a business can be highly rewarding, but it also presents significant challenges — particularly for owner-managers. With ultimate responsibility for financial outcomes, staff management, business direction and overall performance, it’s not uncommon to feel isolated at the top. One practical way to alleviate this pressure is through business coaching. A coach offers a professional, […]
Reducing the uncertainty: performance monitoring and analysis
In today’s unpredictable economic climate, small businesses are facing increasing difficulty in planning for the future. Global financial developments can impact local markets overnight, creating considerable uncertainty and making it harder to maintain stability. Despite these challenges, business owners can take proactive steps to regain financial control. By closely monitoring key performance data and leveraging […]