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The first cause of poor cashflow - Your cash lockup

There’s a massive difference between profit and cashflow. Profit increases when you create an invoice for work you’ve done or goods you’ve sold; cash increases when you bank the money.Your lockup equals the cash that isn’t in your bank account because it’s either in work in progress (you’ve done some work but you haven’t yet billed for it) or you have billed your customer but are waiting to be paid.There are two key processes that need to be improved to reduce the cash that's stuck...

Is your team as diverse as it could be?

Having a focus on diversity, equity and inclusion (DEI) is a vital part of being a forward-thinking, 21st century business. Having a diverse and inclusive team is not just a 'box-ticking exercise’ to impress your shareholders or investors. It's a proven strategy for making your business more flexible and attuned to a modern way of doing business.Recent research by Gartner found that inclusive teams unlock diversity benefits by improving team performance by up to 30% in high diversity envi...

The fifth way to grow your business - Increase transaction value

The fifth way to grow your business is to encourage your customers to spend more each time they buy.There are hundreds of ways to do this. The key is to develop strategies that add value to the transaction instead of simply increasing the price.Here are some universal ways to encourage a higher spend:1. Upskill your team.Teach them how to articulate the value of your products or services. The first sale is to yourself. They need to be able to readily identify the right upsells for customers and ...

Simple things your sales team must avoid

There are certain selling faux pas which your sales team must avoid in order to improve their results:1. Chasing unsubstantiated leads.You must earn the right to sell to someone. Carefully consider who you target and how to build trust before pitching. You only get one chance to start a relationship; make sure you make a great first impression.2. Being unprepared.If unprepared, you’ll instantly be on the back foot and prospective customers will sense it. Create scripts and email templates to p...

The five stages of brand experience

A great brand takes time and energy to develop, but there are many benefits:Projecting a trustworthy, established and reputable image; implying qualityAttracting the right fit customers (and team members!) – who share your vision and valuesCohesively linking products and services as you expand your offering or marketsSo, how do you get people to discover your brand, let alone develop a connection to it? It’s important to consider what you can do along the Brand Experience Journey.There are f...

P is for purpose, not profit

Why does your business exist?Your purpose is three to seven words explaining why your business exists for your customers; it should be about them, not you. It is a small statement with immense power - your reason for being.EXAMPLES:Tesla: To accelerate the world's transition to sustainable energy.Netflix: To entertain the world.Zoom: To make video communications frictionless and secure.These may be big company examples, but a clear purpose statement is just as important for small and medium size...

Managing pay increases and pay conversations

Conversations with employees about pay and pay raises can be tricky, as it’s an emotional subject for most people and there can be a lot riding on it when economic conditions are tough.If the employment relationship is healthy and based on open dialogue, respect, and trust, there is less chance discussions about money will get heated. Having a solid remuneration system that your people understand will also mean pay decisions are easily understood and communicated, which will reduce the chances...

Are You Suffering from Business Burnout?

The last two years have been demanding and exhausting for many business owners. Are you one of them?The challenges have been relentless, and we know many small business owners have had to navigate unprecedented demands because of the pandemic and related government regulations.Burnout results from long-term stress and can manifest in emotional and physical exhaustion, which may affect your enthusiasm for running the business you once loved.So, What Can You Do About it?We understand that as a bus...

Creating your initial Succession Plan

A Succession Plan is about maximising the value of your business so you can achieve a better outcome when it's time to exit. Many business owners don't think about a Succession Plan until they're ready to sell the business. However, it takes 3-5 years (minimum) to define and execute an effective Succession Plan.1. Start by clarifying your business and personal goals.Establish what you want the business to deliver to you personally. Then, set business goals that will allow you to achieve your per...

Business tips - Learning to make good business decisions

Making good business decisions is easier to do when you have excellent information at your fingertips – and that’s the value of having great reporting at the heart of your startup.Any cloud accounting software worth its salt will offer you straightforward ways to run your financial reports and track your important metrics. That’s standard in the new digital world. And this level of reporting gives you real, tangible data on which to base your decision-making. But good decision-making isn�...

Understanding your numbers to improve your results

Understanding your financial reports, or knowing your numbers, is critical to business success. It allows you to make better business decisions, measure the impact of those decisions, take corrective action where necessary and, ultimately, enjoy better results.By understanding your financial reports, you’ll:Know if your business is growing or shrinkingDiscover trends in your business and be able to respond accordinglyCompare your actual results to your expectationsIdentify areas of strength an...

Are you in control of your staff expenses?

When your managers and employees have their own budgets to utilise and spend, it's important to keep in control of these staff expenses.It used to be standard practice to have a firm-wide company credit card that staff could use to make ad-hoc and recurring payments. But a company card can easily be misused and doesn't help you keep your spending in check.Today's expense management systems, like Soldo, Pleo or Weel, all give you far greater control over your staff spending �...

The basics of invoicing – what you need to know

Invoicing plays a key role in all businesses (it’s how you get paid) so understanding how they work, what to put on them and the different types is crucial. Here’s what you need to know:What is an invoice?In a nutshell, an invoice is a request for payment. It’ll usually cover the following details:Exactly what services or products were suppliedDate of issueUnique invoice code for tracking purposesCost breakdown or amount duePayment due date.Aside from a payment request, invoices are also a...

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...

Top tips for getting your financial year end work completed quicker

A new financial year is upon us and that means that it’s time to check the accuracy of your financial information in your accounting software for the past financial year, and to gather the documentation that we, as your accountant, will need to finalise your accounts and file your tax returns.The sooner we have this information the sooner we can complete your accounts and notify you of your tax position. It’s a good idea to have this information as soon as possible so that you can make infor...

Automation can ease your business workload

Small and medium-sized businesses are spending on average 120 hours a year on admin tasks, according to recent research.If your people are spending 120 hours wading through tedious and unproductive admin, that’s bad for the business and for your overall efficiency. Fortunately, technology and software automation can go a long way towards automating the low-level admin tasks.Better productivity through automationAutomation is an important way to ease your business workload, with a host of diffe...

Small business bookkeeping – Here's how

While software has replaced the leather-bound ledgers of the past, bookkeeping is still an essential task for modern business owners.Here’s how it works – and why it’s so important.Bookkeeping benefitsAccurate, up-to-date financial records are vital for running a small business. They let you keep tabs on spending, help you plan and budget, avoid cash-flow issues and identify payment issues that could be costing you money.Even more important, well-kept books are a must when it comes to comp...

New rules on GST invoicing

New rules modernising GST invoicing and record-keeping requirements apply from 1 April 2023.The key change removes the requirement to issue and hold a “tax invoice” document (which meets certain prescribed requirements on details required). Instead GST requirements are met provided specific GST information is held through various business records, for example commercial invoices or agreements."Tax invoices" are replaced by "taxable supply information" (TSI). This is a set list of information...

Top tips for getting your financial year end work completed quicker

A new financial year is upon us and that means that it’s time to check the accuracy of your financial information in your accounting software for the past financial year, and to gather the documentation that we, as your accountant, will need to finalise your accounts and file your tax returns.The sooner we have this information the sooner we can complete your accounts and notify you of your tax position. It’s a good idea to have this information as soon as possible so that you can make infor...

What is bank reconciliation – and why should you be automating this process?

Good bookkeeping is all about recording and matching your financial transactions. Over the course of a usual week of trading, you’ll have a range of payments being deposited into your bank account and a host of operational expenses being withdrawn from that same account.To keep on top of this, you must match each line on your bank statement with the transactions recorded in your accounting software. This process of matching the incoming (or outgoing) transaction with the relevant receipt, invo...

Be, Do, Have

Our success in life depends largely on our mindset. Those who wait until conditions are perfect are unlikely to achieve their goals as they’re always waiting for the right time and never take that first step.There are three small words whose order can heavily influence the outcomes we achieve: be, do, and have. After deciding on your goals, the next step is to consider who you need to be in order to achieve your goals, rather than what you need to do.Compare the following sentences:“When I h...

Why your business needs a Facebook page

Facebook is one of the longest established social platforms out there. But it's not only for posting family photos and sharing the latest memes.A Facebook Business page is a useful tool for your business, and an excellent way to expand the reach and scope of your marketing. With 2.9bn users on the Facebook platform, there’s a huge potential audience for you to target.Creating an engaging social media presenceA Facebook presence is an excellent way to promote your products and/or services, with...

Making your business attractive to Gen Z talent

Workplace values are changing. We’re seeing first-hand the impact of a multi-generational workforce across the business world. And as Baby Boomer and Gen X workers have begun to retire, we’ve seen a shift in company cultures that reflects the large number of Millennials now in senior roles – with Millennials now making up 35% of the workforce.But Generation Z employees – those born in the late 90s and early 00s – are now thought to make up 24% of the workforce. And that means you need ...

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...

Business tips: Selling up and moving on – what happens next?

Once you've sold your business and have received the funds from the sale, you're then faced with a big question: what happens next?After guiding the helm of your company, it will be tough to let go. But if the circumstances are right, there’s no reason why exiting the business should be a sad occasion. You’ve built a stable business and personal legacy. You’ve employed a team of talented people and helped them drive their careers. And you’ve brought your products and/or services to a sat...