Running Your Business from Home
The technology available to us today means that business activities can be performed from just about anywhere. Some of Australia’s most successful and well- known brands were started from someone’s kitchen, spare room or garage. Running a business from home is certainly a popular starting point especially for a small business that is starting out […]
Single Touch Payroll – What is it and does it affect me?
Written by Stephanie Hulme: Single Touch Payroll (STP) is a government initiative to streamline reporting requirements for businesses. If you employ 20 or more employees, this obligation will be compulsory from 1 July 2018. However, employers with less than 20 employees have the choice to implement STP. STP simplifies reporting because at the end of […]
Making a Payment Plan with the Australian Taxation Office
Written by Adam Taylor: There may be times when cash flow is tight and paying your tax bills on time may be difficult. In times like these, a payment plan with the Australian Taxation Office (ATO) to pay your debt over instalments may be an option. A payment plan can be set up online via […]
Why the Balance Sheet is Important to your Business
Written by Sarah Riccio: Most small business owners tend to look at the Profit and Loss Statement for financial data about their business but when it comes to the balance sheet, they do not understand its importance and that it contains data that is not obvious in other financial reports. What is a balance sheet? […]
The Tax Implications of the Sharing Economy
Written by Nick Fedele: Are you thinking of renting a room in your home through Airbnb or becoming an Uber driver to earn additional income? If you are, then you will be entering into the sharing economy and you will need to be aware of the different tax implications. The following explores the implications for […]
Four inventory management strategies to save your business money
1) Make sure you are not holding more stock than you need Holding more stock than you need is never a good idea. Excess stock can literally be dead money taking up space and locking up your cash flow. As interest rates increase it can also be very expensive to fund. While funding has been […]
Financial Performance – How To Assess It For Your Business
One of the most common questions we get asked is “Am I making enough money” or to put it another way “How much profit should I be making”. This video shares a simple but powerful process to assess the financial performance of your business. So what is the financial performance of your business? Financial performance is […]
Product lines…how much profit is enough?
In my work advising business owners I’m often asked the following question – “how much profit should I be making?” Or to put it another way, “how much profit is enough?” Often a business owner will advise me that they’re making a certain gross profit margin (GP margin) or certain net profit. Sometimes, the GP […]
Two Proven Strategies to Increase Sales
In my work dealing with business owners, I’m often asked how to increase sales. Often, lifting sales can be viewed as too daunting, particularly if your current sales are already significant. I think this is because people don’t often break sales down into its component parts. Invariably I focus on two simple, yet effective processes […]
“If you don’t know where you’re going, any road will take you there”
This may have been a line out of Lewis Carroll’s, Alice’s Adventure in Wonderland but it applies equally to business. “Would you tell me, please, which way I ought to go from here” said Alice. “That depends a good deal on where you want to get to”, said the Cat. “I don’t much care where”, […]