When we set out on a fishing trip or hike, we always check the weather forecast. It’s no different in business. The forecast tells us if there’s bad weather (poor cashflow) in store based on the direction we’re heading. Your forecast will tell you: Whether you have enough sales in the pipeline to give you the desired level of profit you want for the year. Whether your margins are appropriate. If you need to review your pricing or production processes. If your business is running as
Small and medium-sized businesses are spending on average 120 hours a year on admin tasks, according to recent research into productivity at UK SMBs. 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 automation Automation is an important way to ease your business workload, with a host of different business
With more choice than ever in consumer goods, brands are turning to individuals who will promote products to their large social media fan base. Each new trend is often an iteration of a previous way of doing things. Companies have long used celebrity endorsement to advertise their brands to customers, but influencer marketing is a bit different. Made possible through social media, the influencer is not necessarily famous, but they do have a huge online following, whether that’s on a blog or
You can no longer claim deductions for payments to workers if you have not met your pay as you go (PAYG) withholding obligations. This applies to income tax returns lodged for the 2020 income year onwards. Reminder if PAYG withholding rules require an amount to be withheld, you must: withhold the amount from the payment before you pay your worker report that amount to the ATO You will not lose your deduction if they withhold: an incorrect amount by mistake – to minimise penalties you
Most business owners know that every member of their team needs a job description, which should include: Clearly outlined responsibilities and tasks Some specific and measurable KPIs (Key Performance Indicators) A set of clear expectations around core competencies and behaviour When a job description is clearly documented, it’s much easier to monitor and measure performance. However, as logical as this seems, many business owners fail to do this for their own role as Director of the business. So, as Director, what should be in your
Paying tax is something you’re likely to see as a necessary (but not hugely enjoyable) part of running your business. But are you doing enough to plan your own personal tax liabilities? As a director, you’ll pay your income tax annually on a self-assessment basis. But there are plenty of ways to make this a less costly and onerous task to complete. Planning ahead when it comes to tax By taking a forward-looking approach to your own personal finances, and working with an
In the online, connected world that we now live in, it’s important for your business to be digital. Digital technology has revolutionised the options you have available as a small business, with a wealth of cloud-based solutions and apps helping to automate the admin, enhance your productivity, open up your business data and market the company online. Making the technology work for you Becoming a digital business isn’t about using technology for tech’s sake. It’s about seeing the huge value and potential of
LinkedIn can be a valuable networking tool for business owners and job seekers. Use the site to increase brand awareness, attract top talent, acquire new customers, promote events, and engage with influencers in your industry. Here are five basic ways to use LinkedIn to create a business advantage: 1. Create a company page.Help potential and existing customers and team members learn about your business, brand, products, services, and job opportunities. You’ll need a personal LinkedIn account and verified email address to get
Networking can get your business noticed. It can lead to referrals, valuable business opportunities and increased sales. But it can be daunting to put yourself out there, and tricky to get right. Remember that professional networking is a social activity. It’s about building relationships – so leave the hard sell behind. Instead, be open and get to know people. Here are 10 things you can do to get the most out of your networking experience: Aim to build relationships Make networking part of
Starting your own business is a BIG leap of faith. Will you find any customers? Will you make enough income? These are questions that any founder will ask themselves. But with the right planning, preparation and support, you can set the best possible foundations for your new enterprise, and take some of the guesswork out of becoming a business owner. Building the right foundations So, if you’ve got a great business idea and you’re eager to get your company off the ground, what
