5 ways to improve the governance of your family business
Running any business is a challenging endeavour. However, when you add the complexities of a family business, matters can become even more intricate – and often personal. In a family business, you’re managing more than just professional relationships. You must also navigate close, personal connections alongside the unique dynamics that come with multiple family members […]
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 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 […]
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 […]
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 […]
Business success: The Ideal Customer
Since the inception of businesses, one question has perplexed most owners: Who is my ideal customer? 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 Zealand’s most […]
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 […]