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5 ways to get in control of your business finances

Having proper control of your business finances is a big advantage. It helps you make well-informed business decisions and keeps your organisation profitable.With so many digital tools for managing your bookkeeping, accounting and management reporting, it's never been easier to manage, track and forecast your financial position.But what are the main tools you need? And how do you set up your financial systems, apps, processes and reporting to put yourself back in the finance driving seat?1. Brin...

Invest in your employees to get the maximum benefits from remote working

Remote work has become an increasingly popular way of working in recent years. Many companies now offer their employees the ability to work from home or other external locations. This is a giant shift for many companies and their workforces – so, to get the best from remote working its worthwhile reassessing your people strategy.Investing in your people and your remote strategyMaximising this new remote-working strategy can lead to increased employee engagement, as well as a reduced spend on r...

B corp companies: business as a force for good

B Corp companies are a new type of business model that aims to make business a force for good. This means putting sustainability and a positive social impact at the heart of your mission.In a world where capitalism is increasingly being seen as the root cause of many of the world’s problems, the B Corp concept aims to revitalise the idea of what a business can do, and the good that can come from running an ethical, socially conscious and green enterprise.Does this sound like the kind of idea y...

3 cloud accounting tips to save your business time and money

Keeping on top of your accounts is a big part of running a successful and profitable business. But you don’t want to spend ALL your time dealing with accounting tasks, especially when that time could be spent building customer relationships, or developing new products etc.So, how do you keep your finances in check, while also spending less time on your accounts?1. Bringing your accounting into the digital ageSwitching to cloud accounting can be a revolutionary step for many business owners, es...

10 ways to improve business performance

Here are ten ways to make sure that you continue to drive through each business quarter with purpose, vision and the courage to super-charge your business.1. Eliminate distractions: Time is the scarcest resource and biggest killer for most businesses. When we get busy we can also get distracted and focus too much time and energy on the wrong things. Be brave - slash standard meeting times, reduce unnecessary admin and delegate roles and responsibilities.2. Say goodbye to bad customers: ...

Now, where, how

For any sort of planning, whether it’s your Strategic Plan, Business Plan, or Personal Development Plan, you must first know your starting point to plan your journey to where you want to go.The Now, Where, How mindset helps us recognise where we are now, then clarify where we want to be in the future, and determine how we’re going to get there.NowTo establish your starting point, you must be brutally honest with where you are now. What is your current financial position? How many hours are y...

Identifying factors that may influence your Succession Plan

The world is evolving at an unprecedented pace. A changing landscape in your industry, global trends, and other environmental factors will influence the timing and strategy behind your succession.One thing is for sure, a successful and profitable business can’t afford to stand still.Change and disruption can eat away at the value of your business if not managed and mitigated; just consider online shopping and how that has changed retail.Businesses that ignore indicators of incoming disruption ...

Why employee onboarding is so important

Even before you start recruiting for a position, you should be prepared to make a new employee’s introduction to the business as smooth and comprehensive as possible.Onboarding (also known as induction) is a broad, structured process to provide a new team member with all the tools, information, and insight they need to quickly become an effective contributor, while at the same time integrating them with the company and its culture.Sure, you could set the person up with tools they need, give th...

How builders and tradies can survive and thrive in a downturn

The past few years have been extremely busy for builders and tradies across Aotearoa, with a booming renovation market and record numbers of new homes under construction.However, consents seem to have peaked and there’s been plenty of commentary around a slowdown in the sector. If you’re a builder or a tradie who’s worried about operating in a downturn, what can you do? Here are our top tips to help your business survive – and thrive – if demand drops away.Can you diversify?Looking clo...

5 ways to ensure you get paid on time

Worrying whether customers will pay you on time is a continual concern for business owners.Late payment can lead to cashflow issues, unpaid supplier bills and the need to dip into your own pocket to cover your operational expenses. If you can improve the speed and likelihood of customers paying on time, that's good news for your accounts receivable targets and the company's overall liquidity and cashflow position.Speeding up payment timesA sale is not a sale until the customer has actually paid ...

Understanding the Use of Money Interest (UOMI) System

Some taxpayers are subject to 'use of money interest' when they don’t pay their tax, pay late or underpay.When do you have to pay use of money interest to Inland Revenue?Taxpayers that must pay use of money interest are those who:have under-estimated their provisional taxhave earned income which has either not been taxed, or has not had enough tax deducted from it, and the end of year residual tax works out at $60,000 or morepay their taxes late.COVID-19 and other adverse events affecting prov...

Creating a landing page that converts prospects into leads

Global attention spans are narrowing, according to numerous studies. With more and more information online we tend to jump more quickly from one thing to another. So how do you capture the attention of people that visit your website or social channels and convert them into leads, customers or subscribers?A landing page is a standalone webpage that is created with the purpose of getting your audience to perform a specific action, such as filling out a form, signing up, downloading a guide, or reg...

Do you need to improve the cash flow position for your business?

Keeping on top of the financial management of your business can be hard work. It's possible to have a profitable business that is struggling to find the cash flow to pay expenses and fund growth. Likewise, you could have positive cash flow but are not turning a profit, particularly if you are scaling.Turning a profit is at the heart of running any successful company But without an even and predictable flow of cash into the company, you can't cover your overheads, you can't pay your employees and...

June’s Key Tax Dates - and Tax Relief for Businesses hit by Adverse Weather

Remembering the filing and payment deadlines for your business can be challenging. And forgetting about tax payments coming up can seriously disrupt your cash flow planning.We have summarised tax deadlines coming up in June for you to prevent you from missing any deadlines and facing a penalty.Note: the provisional tax due dates apply to those clients who have a May balance date. Different dates will apply for those clients who have different balance dates.Hit by the weather? Get some tax relief...

Health and safety compliance for your small business

We know our clients are committed to being excellent employers – taking care of their team and themselves. That includes being compliant with health and safety regulations. But these can be confusing for small businesses, so how can you get started?Your health and safety responsibilitiesIf you are responsible for health and safety in your business, you have obligations under the Health and Safety Workplace Act 2015. It’s important to understand the risks in your business and have a...

Leading your business

Times of crisis are defining moments for great leaders. Consider the contrasting results that different countries experienced with Covid-19, based on the approach their respective leaders have taken.Great leadership is effectively guiding or influencing your team to work towards achieving your goals. Leadership is always on; there is no place to hide in a time of crisis.Consider the four quadrants of great leadership:1. Vision. Clarity of what you want, what the future looks like for the bu...

Overcoming your leadership roadblocks

We all have improvement opportunities and face roadblocks in our roles - it’s no different for leaders. By recognising these, we can implement strategies to become a more effective leader.Potential leadership roadblocks include:1. No formal leadership training.Many leaders fall into a role with no formal training. Leadership skills must be learned and practised.2. Lack of clarity or alignment.A leader that’s not aligned with the company vision, or able to clearly articulate this, will create...

Could your business survive without you?

Would your business still thrive, or would it suffer a catastrophic failure if you suddenly stepped away?It’s tough to remove yourself from the day-to-day operations when you’re passionate and busy. However sudden accidents, illnesses, or family emergencies can – and will – happen and you need to be able to step back knowing your systems are robust enough to cope.For your business to work for you, you need to make yourself replaceable. Large corporations have plans in place to mitigate w...

Managing change in your business

Successfully implement change in your businessResearch by Kotter International found that more than 70% of change projects within a business fail. Why is this?The research findings show that employee engagement is the biggest factor. Whether it is a small change to one or two processes, or a company-wide change, it's common for staff to feel intimidated by it.So what can you do for successful implementation of change? Here are the principals from Kotter’s 8-Step Program:1. Get the team onboard...

Goodwill: What’s it worth?

Goodwill is one of your business assets – but you can’t measure it and it’s very tricky to put a price on it. When you sell your business, goodwill is the intangibles in your business that add value beyond the physical assets and guaranteed income stream.Goodwill includes:Your brand’s great reputationYour loyal customer baseYour positive customer relationshipsYour happy employees who want to stayProprietary data and intellectual propertyThe great systems that make your business run smoot...

10 ways to improve business performance

Here are ten ways to make sure that you continue to drive through each business quarter with purpose, vision and the courage to super-charge your business.1. Eliminate distractions: Time is the scarcest resource and biggest killer for most businesses. When we get busy we can also get distracted and focus too much time and energy on the wrong things. Be brave - slash standard meeting times, reduce unnecessary admin and delegate roles and responsibilities.2. Say goodbye to bad customers: ...

Minimise team turnover and time spent recruiting

How to minimise team turnover and time spent recruiting.Recruiting is a hard and often frustrating journey. It takes you away from other important, and productive, business activities. It leads you down dead-ends; that awesome applicant who’d accepted a new position before you offered them yours!Not to mention those awkward interviews, where you realise within twenty seconds that the person is not suitable, but you still have to go through the motions. Ultimately, all roads lead you to you tak...

Leadership lessons: JUST FOR ME

There are thousands of books written about leadership. We’ve distilled some lessons from some of them into the acronym JUST FOR ME - nine things within your control to help you become a more effective leader.1. Just do it.So often we get in our own way of implementing our ideas. Stop limiting the business’s potential and prioritise your time to ensure the important things get done.2. United vision and values.Your vision is where you want the business to be in the future; your values are the ...

10 steps to Business Continuity Planning

‘Business continuity’ is the process of planning out how your company can continue trading – when disaster hits. In essence, it’s your Plan B for how to set up a means of trading, when you don’t have access to your usual offices, workspaces or equipment.10 key elements to include for your ongoing business continuity planDigital communication and cloud technology have given us the ability to access company information, applications and communication channels. For many businesses this wi...

Why your accountant is the mentor you didn’t know you needed

A business mentor can provide guidance and support, so you make the right decisions and stay focused on the end goal as a business owner. They can also help you move forward in your career by providing advice and feedback on what steps to take to reach the pinnacle of success.But have you ever thought of your accountant as a mentor?Why your accountant is the ideal mentorHaving someone who understands your business journey is incredibly important. You might see an accountant as someone who files ...