Choosing a new business bank account?

A business bank account is an essential requirement for any business. But with so many banking providers out there, how do you know which business account to choose? The key is to know what you require from a bank account, and to choose a bank that understands the banking, financial and funding needs of your business. Choosing an account that fits your business needs Whether you’re a new sole trader…  Read more

Review your expenses – and save yourself money

Running a business will always mean incurring certain expenses, or ‘spend’. There are always costs, overheads and supplier bills that mount up – and these expenses will gradually chip away at your cash position, making it more difficult to grow and make a profit. So, what can you do to reduce your spend levels? And what impact will this have on your overall margins, profits and ability to fund the…  Read more

New Super Carry Forward Rules – Maximise Your Contributions

If your superannuation fund balance is less than $500,000, a new rule means you are now able to carry forward any unused concessional contribution from prior years into following years. This allows you to maximise the tax benefits of contributing the upper limit concessional amount. It also gives you some flexibility with being able to contribute more in years that you have the cash flow to do so. This is…  Read more

Getting a Foot in the Door: What you need to know about the new HomeBuilder grant

As part of the economic response to the COVID-19 pandemic, the federal government’s HomeBuilder program provides eligible owner-occupiers – including first home buyers – with a grant of $25,000 to build a new home or substantially renovate an existing home before the end of 2020. It can pay to check if you’re eligible and what you’ll need to do to apply if you are. HomeBuilder is designed to complement existing…  Read more

Remember the banking royal commission? Changes are coming your way

Had it not been for COVID-19, a number of royal commission-led changes to the banking and finance industry would already have been in place – with more to come in December. Here’s what that means for brokers and for you. In May, Treasurer Josh Frydenberg made an important announcement to the country as we began to seriously batten down the hatches in the face of the growing COVID-19 pandemic. The…  Read more

Back in Action: How long-term low interest rates could benefit your business

In late June, during an online panel discussion hosted by ANU’s Crawford School of Public Policy, RBA Governor Philip Lowe said what many had already assumed: “I think it’s likely we’re going to see interest rates at their current level for years”. So it was no surprise that rates have been held at 0.25% for July – where it looks they’ll be staying for quite a while. Let’s look at…  Read more

Surround yourself with champions

It’s human nature to be influenced by the people in your inner circle. In fact, the odds of being successful are a lot higher if you’re surrounding yourself with people who are also successful. In a business context, consider very carefully the people and friends you associate with. Who plays a role in influencing your life? Who are your role models, mentors, and supporters? “You’re the average of the five…  Read more

6 Reasons To Look at Your Financial Reports

Making time to look over your financial reports each month is an important task for any business owner. If you are not taking the time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense to you, then here are 6 reasons we recommend that you should start to. But before we get our 6 reasons, let’s…  Read more

What to do if you get audited

No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare. These four steps will help you get through the process with minimal stress and the best possible outcome. Respond promptly If…  Read more

Encouraging word of mouth

If you have any doubt that word of mouth referrals are important, consider these recent stats: According to Neilson, 92% of shoppers trust recommendations from friends and family more than traditional advertising 20% to 50% of consumer purchases are made because of a word of mouth recommendation 81% of buyers are influenced by their friends’ social media posts. So how can you encourage positive word of mouth for your small…  Read more

Eight Characteristics of successful small businesses

We now look at eight characteristics important to successful businesses. International researchers who have studied many small businesses have found that these characteristics consistently play a part in the success of small companies. The eight characteristics are: Owners leading by Example Having a simple business structure Information sharing among employees Staff are carefully chosen Staff commitment and loyalty A unique product or service A specific Customer focus Prompt follow up…  Read more

Documenting your sales process

Businesses that follow a documented sales process generate more revenue. Prospective customers should receive the same service no matter which member of your sales team they deal with. A documented sales process ensures your sales team knows the correct process to follow; providing prospective customers a consistent experience. It’s important to include your sales team in the development of your sales process to gain valuable insights and ensure they’re on…  Read more

Becoming a Better Leader by Developing Communication Skills

Perhaps you have noticed that it is not always the smartest or most capable person that gets a promotion or has management roles seemingly thrust at them. Studies have shown that a person with better communication skills can typically achieve a higher level of success than someone who simply has the highest qualifications on paper. This is good news for anyone looking to develop the skills it takes to stand…  Read more

5 Tips to Improve the Conversion Rate on Your Site

If you want to increase sales on your e-commerce site, you should not only focus on traffic but also on your conversion rate. The higher your conversion rate, the more money you can make with the same number of visitors. Here are five tactics to help you increase your conversion rate. Test Testing is an important part of improving your conversion rate. Split testing can help you determine what aspects…  Read more

5 Environmental Conservation Tips for Small Businesses

While major companies create powerful green initiatives, many small businesses use the excuse of “no resources” to do nothing. However, everyone plays an important role in protecting the environment, and small businesses have a unique opportunity to involve their community of employees and customers. The most effective environmental conservation projects need not cost much more than a collective effort. If you own or work in a small business, here are…  Read more

Investment Basics – Understanding Your Gains And Losses

When you’re reviewing your investments, it’s important to remember that income and returns come from two main sources, Capital Gains and Interim Income. Capital gain (or loss) This is the difference in the overall value of your investment between when you purchased it and now (or the date that you sold it.) You can work it out as: ((Current or sale price per unit – purchase price) * number of…  Read more

Top 8 things to outsource in your business

If you’re looking to scale your business, you’ll need to spend more time working on it than in it. Finding ways to leverage your time is critical, and outsourcing your least favourite tasks is a great way to do this. Things you should consider outsourcing in your business: Digital marketing. From your content strategy to your social media accounts, if this is not a strength of yours, outsource it! There…  Read more

Your brand: the most powerful management tool

Your brand is the master plan of your customer experience. A strong brand projects a trustworthy, established, and repubtable image, and implies a quality service. Following the below steps will help you build a stronger brand. 1. Identify your target market. Your brand must resonate with your target audience; reflecting their values, preferences, and lifestyle. Consider your target audience – their age, gender, location, profession, social preferences, pain points, average…  Read more

Achieving financial freedom

When you started in business, what did you imagine your lifestyle would be? How does your current lifestyle compare? Many business owners assume that after a few years in business they should be able to achieve another financial milestone such as buying a house, upgrading the car or taking the family on an epic holiday. Reality may be different. Is financial stress common in your business? You invested a significant…  Read more

Your critical numbers

The Covid-19 crisis has created a “new normal” for businesses. Traditional ways of working are being challenged and we now need to innovate, adapt, re-engineer, and reinvent the way we work. Lockdown gave us time to consider our options, but two important questions often remain unanswered: How will we know if we are on track or not? Are our new plans actually working? It goes without saying that our success…  Read more

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