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What's in the forecast?

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 efficiently a...

October 23, 2019

Are you playing in the growth game?

What’s your business growth looking like and where were you 12 months ago compared to today?If you haven’t given it much thought it is probably because you’re always stuck in the day-to-day operations. But it is worth spending some dedicated time to do some reflecting and planning.Growth doesn’t need to mean more risk, more hours and more headaches. To be successful, you first need to identify where the opportunities for growth are in your business and industry. Then establish what you a...

October 23, 2019

Understanding Your Balance Sheet

To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be called the statement of financial position. Together with the Profit and Loss Statement, and possibly other reports such as the Statement of Cash-flow, these reports provide a complete understanding of the financial position and business performance.So what’s involved? - The balance sheet has three sections: assets, liabilities and equity.What are Assets...

October 23, 2019

Choosing a new business bank account?

A business bank account is an essential requirement for any business. But with so many banking providers out there, how do you know which business account to choose?The key is to know what you require from a bank account, and to choose a bank that understands the banking, financial and funding needs of your business.Choosing an account that fits your business needsWhether you’re a new sole trader or an established limited company, it’s advisable to maintain a clear divide between your person...

October 8, 2019

Provisional Tax explained

If you are employed, your employer deducts income tax from your regular pay and pays it to the IRD.But if you get your income from other sources such as self-employment, rental income or shareholder income, then you need to pay your income tax to the IRD in other ways.Generally, after your first year in business, your accountant will finalise your accounts and determine your tax position. If your business has made a profit you will have income tax to pay on that profit. This is also called termi...

October 8, 2019

Building a Better Business in 10 Steps

You’re in business, congratulations, that takes courage and commitment.It’s not easy, and at times you might find yourself questioning why you’re even doing it, but you’re here because you had a vision. You decided being in business was a better way to achieve that vision than working for someone else. And, you’re right; you just have to work on it. Good things come to people who hustle.You’re likely an expert in what you do… maybe you’re a mechanic and know the inside of a ...

August 23, 2019

5 key things to get right when starting a business

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 are the key fo...

July 26, 2019

Supercharge Your Business and 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. Owners get distracted and focus too much time and energy on the wrong things. Be brave - slash standard meeting times, reduce unnecessary admin, delegate and cull.2. Saying goodbye to bad customers: If possible in your business, get rid o...

June 10, 2019

Taking the pain out of pricing - how much should you charge?

Figuring out how much to charge is a big learning curve for any business owner. The answer to how to approach it will fluctuate as circumstances and markets change. It is important to revisit the question throughout the lifecycle of your business.There is no magic formulaAll businesses are unique, with an individual offering of products and services. Before you set your pricing, It’s important to look at the whole picture. This will help to ensure you are being strategic and not just following...

May 28, 2019

End of financial year 2019

The new financial year is just around the corner! So what should you be doing to prepare for the end of the 2019 financial year?See below for our top 7 tips:...

March 24, 2019 Posts 1-10 of 10 | Page