Understanding your revenue drivers
To ensure your business remains profitable, generating consistent revenue is essential. This income is derived from your core business activities, such as making sales, receiving payments on invoices, or collecting cash from customers. The more effectively you sell your products or services, the higher your revenue will be. But what influences these revenue levels, and […]
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 […]
The value of cashflow forecasting for your business
Forecasting your cashflow is crucial to ensuring the financial stability of your business. To effectively manage your cashflow over the coming months, it is imperative to undertake regular forecasting to establish a clear understanding of your future financial position. This proactive approach enables you to take the necessary steps to protect your cash reserves. Detailed […]
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 […]
Succession planning for small businesses
Starting a business requires courage, but succeeding in today’s challenging economic climate demands a strategic mindset. Business owners are accustomed to managing risk and uncertainty, but recent economic conditions have amplified these challenges. Many owners are now faced with the difficult task of revisiting carefully crafted succession plans and exit strategies, potentially needing to consider […]
Measuring the health of your business with ratio measures
When managing a business, it’s common to become absorbed in daily operations and overlook the broader financial landscape. Regularly evaluating the financial health of your business is crucial. Understanding your current financial position enables more effective planning, provides early warnings of potential issues, and allows for more strategic decision-making. There are key financial ratios that […]
Should you buy or lease your business assets?
When it comes to acquiring essential business assets—such as a delivery van for a home-delivery food service or a high-end digital printer for a print business—it’s crucial to determine whether purchasing or leasing is the most financially prudent option. Buying: Advantages and Disadvantages Advantages: Disadvantages: Leasing: Advantages and Disadvantages Advantages: Disadvantages: Consult with Us for […]
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 […]
New Migration Regulations – what you need to know
The Migration Amendment (Work-Related Visa Conditions) Regulations 2024 have introduced significant changes to Australia’s immigration policies, impacting employers and the constraints previously imposed on sponsored workers. Small business owners must understand these changes and their implications. Increased Worker Mobility The new regulations grant temporary migrants greater freedom in the labour market, specifically affecting holders of […]
How to accept payments online – and why it’s smart
One of the greatest benefits of online shopping is the ability to make instant, hassle-free payments. Just enter your details, click, and you’re done. When your customers can make instant online payments, they’re more likely to pay quickly and will appreciate the simplicity of the process. Payment Methods Online payment methods include credit and debit […]
