Contractor or employee? How to get it right

When is a worker an independent contractor or an employee? Plenty of people ask this question as it can expose businesses and individuals to significant risk and costs under tax and employment law. Sometimes, a person might seek a contracting relationship for perceived tax benefits or the company might want to keep employment flexible. However, by law, it is the nature of the employment relationship that defines whether someone is…  Read more

Superannuation for Women: What you need to know

Superannuation is actually quite straightforward, but many people struggle with understanding how it works and why it’s important. We hear lots of clients claiming they don’t really need super – because they’ll just use the aged pension when they retire. While the aged pension does provide that support, many Australians value a broad range of leisure and recreational activities and having super saved up is a good way to ensure…  Read more

Staying afloat and thriving through a downturn

When the future looks uncertain, what can you do to prepare and strengthen your business? Recent times have certainly shown us that the future path of your business can change in an instant – usually, due to influences that are far beyond our own control. The Covid-19 pandemic and the ongoing global economic recession have both had a negative economic impact on the business world. So, when a downturn strikes,…  Read more

COVID-19 Business Update – 17 February 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Victoria lockdown to end Victoria’s five-day lockdown is due to end at midnight Wednesday 17th February as no new local COVID-19 cases were announced. While most restrictions will cease, some will continue. For example, face masks are required in most circumstances and five visitors are allowed to homes. Public…  Read more

5 Xero Mistakes Business Owners Make and How To Avoid Them

If you’ve just started working with Xero, it is normal to make a few mistakes while you’re learning. We see mistakes that are quite common – and unfortunately costly – so you should be aware of them if you want to get the most out of Xero’s powerful cloud accounting system. 1. Not connecting all the bank and credit card accounts dedicated for your business Make sure that you keep…  Read more

Five reasons to consider white-label loans

A white-label loan is essentially a home-branded loan, much like the home-branded products you see in the supermarket aisles. Like these products, white-label loans aim to deliver many of the same great features as bank-branded home loans, but for a lower cost to you: the customer.  A trend seen in supermarkets over recent years has been not only an increase in the range of white-label options on offer, but also…  Read more

COVID-19 Business Update – 10 February 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Active COVID-19 Cases at Near 2-Month Low Australia only has 46 active cases of COVID-19, the lowest number in nearly two months. However, authorities warned against complacency. New South Wales, which has now gone 23 days without detecting any local cases of COVID-19, also warned of a drop-off in…  Read more

Using social media to amplify your business

  Social media is an amplifier. It’s also an extremely cost-effective method of marketing. Social media is an extension of your voice, personality, values, and aligned connections. It enables you to grow your reach and entertain your existing customers and their connections. It’s common for customers and prospective customers to use social media to source products and services. Platforms vary, so consider the most appropriate social platforms for your business and…  Read more

What is debt consolidation?

Debt consolidation, also known as refinancing, is rolling multiple debts and loans in to one joined loan. There are many benefits to this – however, there are some risks that you need to be aware of.   Consider: Unrealistic Promises It’s unrealistic to believe that a company is able to completely free you from debt. Don’t trust a company that promises you this, and look out for ones that: Are…  Read more

COVID-19 Business Update – 3 February 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australia Aims to Vaccinate Entire Population by End of 2021 Australia will spend more than $1.9 billion on equipping hospitals and health centres to administer COVID-19 vaccines that will see 26 million Australians vaccinated by the end of the year, according to Prime Minister Scott Morrison. Morrison said a…  Read more

Three tips for managing construction industry cashflow

Owning a small business in the construction industry can be incredibly stressful. In addition to the long days and difficult working conditions, you have to worry about cash flow issues. It can take a long time to collect on payment from your clients or contractors who hired your business, and in the meantime you have to pay employees, cover fixed expenses, buy supplies and pay your own subcontractors. Here are…  Read more

What are non-bank lenders?

Deciding where to go for your home loan is one of the most important decisions you’ll make. While many prospective property owners will choose to use a mainstream lender, non-bank lenders also have their advantages. What are non-bank lenders? Essentially, a non-bank lender is a lender that’s not a bank, credit union or building society. It has its own source of funds, which it lends out with a margin for…  Read more

COVID-19 Business Update – 27 January 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australia Set for 10th Day of No Local COVID-19 Cases Australia is on track for its 10th consecutive day of no new local COVID-19 cases, with NSW hoping to ease restrictions this week after controlling a fast-spreading cluster. Meanwhile Victoria, which is hosting the Australian Open tennis tournament, has…  Read more

Pricing strategies and how to set the best price

What’s the best way to establish a price for your products or services? Getting your pricing right is crucial. Put your prices too high and your customers may desert you; put them too low and you’ll generate sales but won’t have a large enough profit margin to create healthy revenues and cashflow for the business. Whether you’re a new startup, or an established business, choosing the right pricing strategy is…  Read more

Finding a home loan when you’re self-employed

There are many perks to working for yourself, but when it comes to applying for a home loan, it seems being your own boss sends up a red flag to banks and other lenders. Why? A salaried employee has a regular, steady income and is less likely to experience the cash flow volatility of a small business owner, contractor, entrepreneur, tradesperson or freelancer. Yet by being proactive and accessing specialist…  Read more

COVID-19 Business Update – 20 January 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australian Consumer Confidence Clouded by COVID-19 in January Survey The Westpac-Melbourne Institute index of consumer sentiment released today fell 4.5% in January, from December, when it rose 4.1%. This is due to new outbreaks of COVID-19 in Sydney and Brisbane, though the spread has now been contained with relatively…  Read more

4 Common Sense Financial Tips To Make Your Money Work For You

Good personal finance skills are important in life, but this seemingly simple concept can be difficult to master. Without having a good grasp of how to manage your money effectively, you run the risk of making financial mistakes that could significantly impact your life. Avoid money traps and manage your finances better with the following common sense financial tips. 1. Not all ‘tax effective’ investments are good investments. The term…  Read more

Life Lessons to Teach Your Kids If You Want Them To Be Rich

Everyone wants the best for their children, and this includes being rich. Being rich is not just about money– it is about wealth in all aspects of life. In this article, we will share some life lessons you must teach your kids while they’re young to help them grow into adults who can build financial wealth, meaningful relationships, and an overall happy life. Lead by example Children learn from their…  Read more

How to turn your hobby into a business

Thinking about turning your passion into a paying gig? These steps will help you avoid some common mistakes as you set out to earn an income from your favorite pastime. Do you have what it takes? Unless you’ve run a business before, it’s easy to get carried away with the idea of how perfect it will be to get paid for doing what you love. Reality check: the stress of…  Read more

Planning the year ahead

The turn of the year usually prompts most people to think about some business planning for the year ahead. Here are some tips to make the planning more productive. Get your team involved Business planning works best when it’s a team effort. Involve your key staff and your advisors, such as your accountant, your mentor (if you have one), and others who can contribute meaningfully to the planning, such as…  Read more

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