Signs it’s time to upgrade systems

Most small business owners can’t afford to think small. They always need to keep their mind on growth strategies to help them achieve long-term profitability. But becoming profitable in the first place often requires business owners to work long hours on a shoe-string budget. They don’t always have time to implement systems that will support them when they’re ready to scale. It’s not uncommon for entrepreneurs to use free or…  Read more

How to ask the right questions of customers

  Business success is about addressing your customers’ needs and problems. By understanding the issues clients face, you can show them how your solution solves their problem. Here are some tips for asking the right questions to better understand and help your customers. Don’t jump into sales questions right away Business isn’t just about making a sale, although that’s certainly part of it. It is about building relationships. That’s how…  Read more

myGovID to replace AUSkey

From the first of April 2020 the new myGovID will replace AUSkey and businesses will be required to use this myGovID to interact with the ATO. The first thing to note is that myGovID is not connected with the existing myGov system. The use of a similar name is confusing but the new system is an improvement on the clunky and outdated AUSkey. Security The two-step authentication used by myGovID…  Read more

Tips for improving your credit score

At some point in the life of your business, you’ll likely need to borrow capital. That’s why it’s important to build and maintain a solid credit score now – so when the time comes to apply for financing you’ll be able to prove to a lender you’re a good risk. Here’s some simple steps you can take today to raise your credit score. Know your numbers A quick online search…  Read more

Update your business plan for a new year

As another year winds down, it’s a good time to reflect on your recent business successes – and consider what you’d like to achieve in the coming twelve to fifteen months. These tips can help you with the process of making plans to help guide your business to greater success. Set priorities Entrepreneurs are typically highly creative and optimistic; as a result, they often have difficulty narrowing down their ideas…  Read more

The Number 1 Thing You Need to Know About Your Business

When you own a small business, it’s vital you understand how money flows into and out of it. At a basic level, you need to know where your income comes from and what your expenses are. At a deeper level, knowing how money moves through your business can help you make strategic decisions about growth, invoicing, and debt management. The consequences of not understanding money can be drastic—poor financial management…  Read more

Creative Gift Ideas for the Small Business Owner

Christmas is a demanding time for many people, but for the small business owner it can be downright stressful. Often you’re dealing with end-of-year deadlines, tying up loose ends if you’re closing for a few days, and dealing with all the ins and outs of planning a staff Christmas party. On top of all that, you’re likely worried about buying gifts for your loved ones and your employees. Often, business…  Read more

How to set payment terms and getting paid faster if you’re a small business

Following up on late or non-paying customers is no small business owner’s favorite task. Which is precisely why you need to set payment terms up front – and in writing – before you work with a new client or customer. By communicating and agreeing on the non-negotiables for doing business with you, you’ll avoid awkward misunderstandings, frustrating disputes, and in most cases, the ugly hassle of debt collection. These tips…  Read more

ATO targeting what they call the “black economy”

The black economy refers to both dishonest and criminal activities that take place outside of, or involve misuse or abuse of, the tax and regulatory systems. Examples of black economy activities include: not declaring all income over-reporting deductions demanding (or paying for) work cash in hand to avoid obligations other illegal activities, such as illicit tobacco, sham contracting and ABN fraud. According to the ATO Assistant Commissioner Peter Holt, “The…  Read more

Benefits of Money Mindfulness

If you’re like most people you’ve probably gone for periods of time without really thinking about how you spent your money. Maybe you even avoided looking at your bank statement so you wouldn’t see how much money you spent and how little you saved. It’s something a lot of people do, especially nowadays when we can spend our money so easily without handing over cash. If you’ve ever looked at…  Read more

You Should Be Using Two Factor Authentication

For small business owners, the risk of data breaches and fraud is high, so taking all the necessary steps to protect your sensitive data is a must. Unfortunately for many entrepreneurs the decision to increase their company’s data protection comes too late – after they’ve been victimized by a malicious hacker. The good news is, simple and inexpensive steps can be taken to avoid being hacked. According to a recent…  Read more

Tax Tips for New Business Owners

Want to avoid paying more than you should come tax time? Or a frantic last minute search for missing financial records? New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data needed to submit their return. Organization is key when preparing for tax time. As is taking advantage of the many tools and resources out there to support…  Read more

Avoid These 5 Costly Accounting Mistakes

A Canadian bank recently surveyed over 500 small business owners about what they love and hate most about owning their own business. Unsurprisingly, flexibility and feeling in control ranked first in the “love” category. Meanwhile, almost 60% said bookkeeping was hands-down their most hated task. Most business owners understand that effective financial management is key to their success. But lack of knowledge, frustration, and even avoidance can add up to…  Read more

4 Tips for Getting Your Business Through Tough Times

If you’re a small business owner whose company hasn’t gone through hard times, that’s great but it’s likely to happen at some point. As much as we dream about being brilliant enough at business that we’ll never face slow times, there are many things beyond our control that can negatively affect our business. Here are four tips for getting your business through difficult periods so you can look forward to…  Read more

Three ways to speed up invoicing

Everyone likes making money, especially small business owners. Invoicing, however, is typically one of the tasks that small business owners like the least. Chores like creating and sending invoices get set aside for other duties that are seen as more enjoyable or even more urgent. You tell yourself you’ll get around to it tomorrow, but tomorrow becomes next week, next week becomes next month, and suddenly you realise your client…  Read more

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