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 […]
Key ways to overcome rising costs and expenses
A recent survey revealed that 32% of Australian businesses consider increased operating costs among their top three concerns. Rising expenses can significantly affect your cash flow and profitability, making it essential to mitigate their impact on your business. How to Minimise the Impact of Increasing Costs on Your Business When costs rise and profit margins […]
Are you meeting your SMSF governance requirements?
Choosing to manage a Self-Managed Superannuation Fund (SMSF) gives you greater control over your investments and the flexibility to respond to market changes. However, it also comes with significant governance and compliance responsibilities. As a trustee, it’s essential to focus on the following five key areas: As an SMSF trustee, you must ensure the fund […]
Following up on invoice payment in a down economy
Collecting payments on outstanding invoices can be challenging during economic downturns. However, maintaining a steady cash flow is crucial to ensuring your business can meet its financial obligations and cover operational expenses. During these times, it is essential to approach payment collection with empathy and maintain open lines of communication with your customers. Outlined below […]
Business success: Pricing
Since the inception of businesses, this question has perplexed most owners: How should I be pricing my product or service? This query has existed long before AI, the internet, and even electricity. An article in the NZ Herald from June 2024, titled “Big Red: What Went Wrong for The Warehouse,” highlighted the struggles of one […]
Business success: Value Proposition
Since the inception of businesses, this question has perplexed most owners: What makes my product or service attractive? This query has existed long before AI, the internet, and even electricity. An article in the NZ Herald from June 2024, titled “Big Red: What Went Wrong for The Warehouse,” highlighted the struggles of one of New […]
Why productivity matters and what you can do about it.
According to Xero’s “Small Business Productivity: Industry and Regional Trends 2023” report, wholesale trade led Australian industries in productivity at $214.20 per hour, while hospitality lagged at $40.20 per hour. Ten sectors, including manufacturing, agriculture, and construction, exceeded the national average productivity of $100.30 per hour. Western Australia was the most productive state at $102.50 […]
DIY accounting vs hiring an accountant: make the right choice for your business
When starting a small business, it’s tempting to manage your own accounting to save money. Hiring a professional accountant or tax adviser can be seen as an avoidable expense. But is handling your own financial management really the best choice for your business? Let’s examine why partnering with an experienced accountant might be a smart […]
Budgeting for success: the importance of good financial management
Effective cash management is vital for small businesses with limited financial resources. Clear budgets and spending limits are essential for maintaining financial stability. Four Key Budgeting Strategies 1. Adopt a Comprehensive Budget A detailed budget is the foundation of financial stability. Even a simple Excel spreadsheet can track income and expenses. Steps to Implement: 2. […]