Being open to new possibilities is a positive trait shared by most entrepreneurs—but saying yes to all the people you meet and opportunities that come your way can get you into trouble. When we overcommit—especially when we take on projects that don’t actually benefit our business—our stress can hit the roof. It’s much hard to be productive when we’re feeling burned out and resentful. One of the most impactful changes… Read more
Many entrepreneurs believe that hard work and dogged determination are all it takes to build and sustain a successful business. But when you consider the pressures of running a company, it seems wise to add effective stress-management to the list. Left unchecked, stress can erode your passion and undermine performance – not to mention, take a serious toll on your health. Research compiled by Office Vibe reveals that over 70%… Read more
According to recent research, a staggering two thirds of US millionaire-owned businesses are operating without a succession plan—and even fewer small business owners around the globe are prepared for their CEO’s eventual exit. Recent stats from PWC Global show that family owned businesses are no more prepared: 43% don’t have a succession plan in place, and only 12% survive to the third generation. No matter whether your company has one… Read more
Cybersecurity Best Practices for Small and Medium-Sized Businesses In our digital age, cybersecurity is a crucial aspect of running any business. Cybersecurity breaches could lead to not only data theft but also reputational and financial loss. Hence, it’s imperative to establish robust cybersecurity measures to protect your business and customers’ sensitive information. Here are some cybersecurity practices that could help safeguard your online presence. 1. Invest in Security Software: One… Read more
Financial security, whether that’s for a business or an individual, requires planning. You need to know where you want to be, where you are now, and how to cross the gap between the two places. Having goals and a plan makes it more likely that you’ll achieve financial security–whatever that means to you. Here are some steps to setting your financial goals. 1. Be specific with what you want It’s… Read more
Hiring an accountant is widely considered best practice for small business owners. But delegating financial analysis and reporting doesn’t mean completely checking out of the process each month or quarter. On the contrary, it’s recommended that business owners work closely with their accountants throughout the year to better understand their financial position, and make smart plans for future growth. Want to increase your accounting knowledge so you can have more… Read more
Every business can benefit from dedicated financial management expertise, but very few small businesses have the means to hire someone full time—particularly in the lean early years. Unfortunately, it’s those first few years when a company is just starting up that establishing good habits with managing financial resources is so important, and, over time can even make or break a business. Hiring a virtual CFO is an affordable option for… Read more
A proactive accountant can provide small businesses with valuable insights and advice to help them make informed financial decisions. By regularly reviewing financial records, identifying potential issues, and offering proactive solutions, they can help businesses save money, improve cash flow, and achieve long-term success.
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
Xero Beautiful Business Fund applications are now open! Xero recently announced the launch of the Xero Beautiful Business Fund. Itʼs their new initiative, backing small businesses for the future. What does this mean? Xero is offering more than NZ$750,000 in funding to Xero small business customers across Australia, Canada (excluding Quebec), New Zealand, Singapore, South Africa, the UK and the US. Applications for the fund are open til Oct 6… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The dream of business ownership is drifting out of reach for young Aussies In the past, starting a business was a young person’s golden ticket to financial independence. Today, however, for many young Australians, this dream is drifting out of reach. August unemployment rate remains firm at 3.7% The… Read more
Even if you have outsourced your financial functions, as a small business owner, it is crucial to have a solid understanding of key financial concepts to work with your advisor and ‘speak their language”. This article outlines several important concepts that every small business owner should be familiar with. Basics of income and expenses As a small business owner, it’s important for you to understand how you generate and spend… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s nervous watch for any great fall of China Economic troubles in China could hit Australian jobs and growth. Treasurer Jim Chalmers said the slump in China’s economy painted a worrying picture. Intergenerational report 2023: six key points for Australian businesses The latest Intergenerational Report has arrived, projecting what the… Read more
It seems like the perfect storm has hit, with rising interest rates and inflation soaring. As a result, households are dealing with higher borrowing costs, leaving them with less disposable income to spend. And that means businesses are feeling the pinch. To make matters worse, staff shortages are adding to the pressure. Retail sales decline affects all businesses. Almost every sector is experiencing a downturn. Building companies, property companies, retailers,… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Stoking the engine room of the Australian economy The nation’s fleet of small to medium-sized businesses boosting economic growth has been one constant amid the technological and demographic transformation of the Australian economy. Enabling them to be more successful is the focus of ANZ’s new Group Executive, Australia Commercial Clare… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Another 1.3 billion consumers will shop online by 2027 Online retailers should be gearing up for the addition of a further 1.3 billion consumers worldwide joining the ranks of online shoppers by 2027, says market research firm Juniper Research. Not fair on consumers, not good for business’: Financial complaints… Read more
As a business owner, you know that the right people are crucial to your company’s success. The best employees can help you achieve your business goals, improve your productivity, and drive growth. But finding the people best suited to your team can be daunting, and sometimes it’s easy to hire someone who seems okay, rather than taking the time to find the best fit. Here are some steps you can… Read more
It’s hard to go a day without reading something in the news about the state of the economy. Whether it’s interest rates rising or the cost of living, there’s no getting around the fact that in 2023 there are many doing it tougher than a few years ago. But while there are some economic challenges for individuals and businesses, it’s important to not go too far down the rabbit hole.… Read more
How often do you feel like a superhero, taking on the world and tackling everything that comes your way? If you’re a small business owner, chances are it’s more often than not! The demands of running a small business can weigh heavy on our shoulders at times, and as business owners we often try to do everything ourselves. The success of your business depends not just on you, but also… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Electricity prices rising In May, the Australian Energy Regulator (AER) confirmed that energy prices would rise by 19.6 per cent and 23.9 per cent in NSW, SA and southeast Queensland. Electricity prices are set to increase by up to 25% from 1 July. Chinese travellers invited to Come and… Read more