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Small Business Secrets: There Is Always Something To Learn

Posted by on Jul 26, 2017 in Blog

Small Business Secrets: There Is Always Something To Learn

Television is there to relax us, inspire us and even educate us. The business reality show Shark Tank continues to provide us with many interesting and entertaining moments. It is programs like this that prove dreamers and entrepreneurs are still alive and well in today’s business world. (But, of course, we knew that already!) Small Business Secrets Small Business Secrets is another offering featured on SBS. It was launched in July of last year and features behind the scenes glimpses of small to medium-sized businesses across Australia. Hosted by Ricardo Goncalves, Small Business Secrets covers stories on entrepreneurs, creatives, start-ups, and retailers in the hope to spark wannabes into action. Small businesses play a huge part in the Australian economy, and the diversity that makes up small and medium-sized businesses is incredible. The show does not pigeonhole, rather enlightens viewers, demonstrating that no business is alike. What might I expect to see? Previous episodes have covered such interesting topics as: An end of financial year forum Cash flow and franchising How good accounting software can cut down paperwork How online-only retailers can connect with customers You never know what part of someone’s story will spur you on to establishing...

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The Domino Effect of Late Payments on Australian Businesses

Posted by on Jul 19, 2017 in Blog

The Domino Effect of Late Payments on Australian Businesses

The subject of late invoice payments has dominated the news heavily during the last 12 months. And with good reason! Many large businesses are taking advantage of smaller organisations and not paying within the terms of their agreement. This can be frustrating for businesses who are struggling with debt and limited cash flow. Poor cash flow can limit growth A slow cash flow can limit business growth causing major problems to both the business and the staff. Kate Carnell, the Australian Small Business and Family Enterprise Ombudsman, has been extremely communicative on this subject and believes that something must be done to aid small businesses around Australia. The summary of findings from the Payment Times and Practices Inquiry states that 12% of firms lose more than 6 hours per week chasing late payments. The review also claims that based on an average 30-day payment term, one in two businesses report that 40% of their bills go beyond the invoice terms and 20% said they were paid beyond the two-month mark. Improving your cash flow As a small business owner, what can you do? Firstly, it is important that you negotiate the terms laid out by larger businesses. Endeavour to...

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Have You Made Your End of Financial Year Resolutions?

Posted by on Jul 12, 2017 in Blog

Have You Made Your End of Financial Year Resolutions?

There is always talk of New Year’s resolutions come the beginning of January. Some may relate to your personal goals while others are geared more specifically to your business. However, end of financial year resolutions are different altogether. They allow you to focus purely on your organisational goals and how your company will perform over the next twelve months. Coming up with a financial plan for your business is the best resolution you can make, especially while all the figures are still clear in your head from tax time. Armed with a solid twelve months of financials from the prior year, you can analyse your business performance and determine its financial health. Ask yourself these questions: How did your organisation fare from the previous financial year? What were your strong months? Did you see real growth? Were you profitable? Did you see a solid return on investments from your campaigns? What would you do again if the situation presented itself? What would you do differently? Build a budget Now before you go any further, it is important that you have a budget to guide your future movements. Are you planning any big purchases that your current level of cash flow...

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3 Simple Ways To Improve Your Cash Flow This Financial Year

Posted by on Jul 5, 2017 in Blog

3 Simple Ways To Improve Your Cash Flow This Financial Year

As we wave goodbye to the end of the financial year for 2016/2017 and move on to 2017/2018, it is easy to get excited. A new year provides so many opportunities for growth, change and development – what’s not to get excited about! The start of the new tax year is also a great time to plan ahead to maximise your cash flow. Here are three ways to help improve your cash flow this financial year. Change those payment terms to benefit your business Are there changes you can make to your policies to ensure that money comes through the door quicker? Can you ask clients to pay upfront or place a down payment in advance on large projects, so you are not out of pocket? Could you consider changing your terms for payment to ‘in full upon completion’ rather than extending them by another 30 or 60 days upon completion? Requests like this make smart business sense, particularly for small business owners whose cash flow may not be as fluid as they would like. Set up a plan to collect late payments sooner rather than later Naturally, you hope that everyone will pay their bills on time, but sometimes that...

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The Perils Of Underpricing As A Creative

Posted by on Jun 28, 2017 in Blog

The Perils Of Underpricing As A Creative

Pricing is a big issue for businesses of all shapes and sizes, and there are a lot of individual factors involved. You don’t want it to be too high or too low for obvious reasons. However, the real struggle comes when you price yourself too low. This is a huge issue with creatives in business, and it is very challenging to recover from underpricing. If you are a startup, you may be tempted to price things low – perhaps as an introductory offer to get people in the door. It is understandable – you’re new in business, you want to make people happy, and you are not quite sure how much people will actually pay for your services. You may even look to undercut the competition, again quite natural for startups and those new to business. Price is not always the most important aspect While some of your customers will be concerned with the price, others will be more interested in whether your product or service meets their needs. If you do, then the price will be less important. But if you price yourself too low, people may assume that you don’t have much to offer your clients. If...

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5 Great Reasons Your Business Should Outsource

Posted by on Jun 21, 2017 in Blog

5 Great Reasons Your Business Should Outsource

Outsourcing a certain function is a big decision for any organisation to make, especially as a small business owner. It should be part of your overall strategy to help direct your business towards its aims and goals. However, there are many advantages that come with outsourcing the assistance of a qualified individual. You can remain competitive Outsourcing part of your business such as HR, bookkeeping, IT or marketing will ensure you remain competitive. There is no doubt that competition is fierce within industries. Therefore choose to outsource to a knowledgeable individual to raise your profile. Becoming and remaining competitive is vital to the sustainability of your organisation. Taking deliberate steps to increase your efficiency will enable you to stay alert for new growth opportunities. You will save money This is one of the main reasons that organisation choose to outsource a specific role. By outsourcing certain tasks, you can save money on areas such as office space and technology. Ensuring quality service at a lower price is very attractive to small businesses, especially where cash is limited. These funds can then be used towards other areas which can help to grow your business. Your core business will remain strong...

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