Managing your business’s customer debt effectively

manage customer debt effectively

Small business owners face a variety of challenges when it comes to managing their finances, and debt management is one of the toughest.

Customer debt can quickly spiral out of control if not managed effectively, which is why it’s important to follow effective debt management guidelines so that you can stay in control of your finances. Continue reading

When is the Right Time to Increase Prices for a Service or Product

how to communicate a price increase to customers

Do You Ever Wonder If And When It’s Time To Raise Your Prices?

When to raise prices is a topic many of my clients struggle with.

Typically, you should raise your prices anywhere between 5%-10% every year or year and a half. That sounds like a lot, and it can be.

You have to take into consideration your demographic, your expenses, your brand, your investment in education, the demand for your services, and how far you are scheduled out in advance. Continue reading

How To Draft an Effective Business Plan

Before starting a new business or expanding an existing one, you may want to create a business plan that outlines your current business model and future growth. The plan can give you a detailed map of where you are, how far you’ve come and where you want to be with your business. It’s important to be thorough when creating your business plan. Since your business plan is a formal document that serves many purposes, it’s necessary to organize it so it’s detailed and easy to read. To properly detail your plan, you can include several sections of information, as outlined below: Continue reading

Looking to Employ Someone? What You Need to Know

Australian Government rules around hiring a new employee

Before hiring a new employee, it is important to know your legal responsibilities and obligations relating to pay, tax, superannuation, hours, entitlements, etc. Employees have different entitlements depending on their type of employment: full-time, part-time, or casual. These entitlements can be found in detail on the Fair Work website. Continue reading

Benefits of Using a Bookkeeper for Your Business

These days there are numerous software programs which can help you to manage your business finances and submit your tax information to the Australian Tax Office (ATO). So, if you can do it yourself, do you need a bookkeeper? In fact, there are many good reasons why a bookkeeper is a valuable asset to you and your business.

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How to Reduce Bookkeeping Costs

The obvious aim of every business is to make money and the key is to maximise the income while minimising the costs. In the wake of the 2020 pandemic, this has become so much harder for many businesses to achieve.

Bookkeeping is an essential area of all businesses as they are required by law to provide details of their financial status to the ATO each year. The good news is that there are ways to reduce those bookkeeping costs. Continue reading

The Role of a Virtual CFO and the benefits to Your Business

Today’s market is constantly changing and evolving, and competition is fierce. Start-ups and small businesses have to work hard to gain and keep their competitive advantage. To know if your business is doing this effectively, you must keep on top of your finances.

When you start your small business, having a bookkeeper or accountant to manage your tax may be enough. However, as your business becomes established and grows, your finances become more complicated. You can find yourself in a situation where your sales seem to be good but you are struggling to maintain profitability and you don’t really understand why. This is where a CFO comes in. Continue reading

How to Get Customers to Pay on Time – Solve Your Cash Flow Problems

One of the difficulties of running your own business is getting just rewards for work from your own customers. Often the problem is that some customers do not pay or if they do, they do not pay on time. The good news is all is not lost and there are strategies that can be employed to ensure prompt payment for the mutual benefit of both you and your customers. Continue reading

Key Points to Consider when Hiring Employees

In light of the revised Australian Tax Budget of 2015, which is dedicated to stimulating the economy by improving the overall state of the small business sector, it is the perfect time for people with entrepreneurial inclinations to make their first jump into the world of business.

One of the first few hurdles a first-time entrepreneur would face is the whole process of employment, which can be costly, time-consuming, and stressful when done incorrectly regardless of whether you’re in Brisbane, Sunshine Coast, or Gold Coast.

Here are 6 questions you should ponder on to improve the probability of getting good employees: Continue reading

Contractor Or Employee – What’s The Difference?

Hiring staff is a complex, costly, and time-intensive task that hinges on numerous factors, including determining whether to hire an independent contractor or an employee. Many business owners struggle with understanding the options of independent contractor vs employee; how the two differ in regards to obligations, costs and benefits; and which one is the best option for both their business and the specific role being filled. Determining whether to engage staff as contractors or employees is a crucial decision that not only impacts your business’s success but also affects the rights and protections of the individuals involved. Before making such an important decision, seeking legal advice is essential to ensure compliance with laws and regulations.

Deciding if a worker should be classified as a contractor or an employee is of significant importance, as it influences their entitlements, rights, and duties, including the assurance of receiving an equitable wage. This classification is a vital decision that profoundly impacts their overall work experience, ensuring they receive the appropriate protection and benefits.

Whilst engaging a contractor to do the work required may seem the simplest and most convenient way to get a specific role filled as opposed to hiring an employee, there are a number of differences that business owners must be aware of and regulations that must be adhered to in order to avoid hefty penalties and avoid potential legal claims being made against them. Let’s take a look at the key differences, the benefits associated with each and how to decide which is the best fit for your business.

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