Unravelling the mystery of missing profits: A guide for new business owners

Starting a business is a wild ride with its fair share of ups and downs. One hurdle many new entrepreneurs encounter is the difference between the profits they expected and the hard cash available at the financial year-end. This guide aims to alleviate these concerns by shedding light on where your missing revenue might be hiding. Possible causes of missing profits There may be several reasons why your business has…  Read more

How rising interest rates impact small businesses and ways to mitigate those effects

In the world of business, one constant factor you are likely to encounter is change, particularly in the financial landscape. One such change that can bear significant implications for small businesses is rising interest rates. Understanding how this impacts your business and identifying solutions to counteract these effects can be key to sustaining and growing your business. The implications of rising interest rates for small businesses Interest rates have a…  Read more

The pros and cons of selling your business to an employee

As a business owner, the thought of selling your company can be quite daunting. You’ve poured your heart and soul into building it, and it’s crucial the company continues to grow even after your departure. An attractive option could be selling your business to your employees, those who know your business inside and out and have a vested interest in its success. The upside of employee acquisition Selling your business…  Read more

Unlocking the potential of remote teams: Things to consider when your staff are spread out

As a small business owner, you may be considering enabling a remote work environment. With the rise of technology and the pandemic shifting the way we work, managing a remote team has become a popular option for business owners looking for new and unique ways to grow their business.  However, there are both benefits and drawbacks to consider before making the switch. We’ll start with the benefits. A larger talent…  Read more

Superannuation Guarantee Increase – 1 July 2023

For small business owners and payroll managers, staying up-to-date on the latest superannuation changes is essential. And, with the Australian Superannuation Guarantee (SG) set to increase from 10.5% to 11% from 1st July 2023, it’s important to understand what this means and how it could affect your business. As an employer, this increase, and subsequent increases, will have an impact on your payroll management and accounting systems. Here’s what you…  Read more

Crafting the ideal successor for your business

Crafting the ideal successor for your business When you’re busy running and growing your business, it’s generally not a priority to think about who will take over when you can’t or don’t want to be so involved. Transitioning leadership can be a challenging task. It demands an insightful and systematic approach to ensure that the process runs smoothly. Achieving a successful handover requires detailed and strategic planning that will benefit…  Read more

Unlocking the secrets of small business cash flow

When it comes to running a small business, maintaining a healthy cash flow is essential for sustainability and growth. Your business can be incredibly profitable but still ultimately fail because of improper cash flow management. To prevent that from happening, here are some best practices that can help you better manage your cash flow and maintain the financial health of your small business. Remember, the key to success is to…  Read more

6 tips to paying down your debt in 2023

2023 is expensive. The cost of living is higher than ever, interest rates keep rising, and it keeps getting harder to stay afloat, let alone get ahead. As a result, carrying debt has become commonplace. But, with the challenges of the past few years, many of us have more debt than we’re comfortable with. How do you get ahead while you’re still trying to catch up? Here are some tips…  Read more

7 tips to help your small business adjust for inflation

Inflation has ballooned worldwide in recent months, and there’s no question that small businesses are feeling the pinch. Supplies cost more, employees are hard to find, and your profits are shrinking. It’s undoubtedly challenging, but you can weather the storm with the following tips. 1. Study your data Your numbers are always helpful, but in times of rapid inflation, you’ll be especially thankful that you keep a nice, clean set…  Read more

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