Why the Balance Sheet is Important to your Business
Written by Sarah Riccio: Most small business owners tend to look at the Profit and Loss Statement for financial data about their business but when it comes to the balance sheet, they do not understand its importance and that it contains data that is not obvious in other financial reports. What is a balance sheet? […]
The Tax Implications of the Sharing Economy
Written by Nick Fedele: Are you thinking of renting a room in your home through Airbnb or becoming an Uber driver to earn additional income? If you are, then you will be entering into the sharing economy and you will need to be aware of the different tax implications. The following explores the implications for […]
Four inventory management strategies to save your business money
1) Make sure you are not holding more stock than you need Holding more stock than you need is never a good idea. Excess stock can literally be dead money taking up space and locking up your cash flow. As interest rates increase it can also be very expensive to fund. While funding has been […]
Financial Performance – How To Assess It For Your Business
One of the most common questions we get asked is “Am I making enough money” or to put it another way “How much profit should I be making”. This video shares a simple but powerful process to assess the financial performance of your business. So what is the financial performance of your business? Financial performance is […]
Product lines…how much profit is enough?
In my work advising business owners I’m often asked the following question – “how much profit should I be making?” Or to put it another way, “how much profit is enough?” Often a business owner will advise me that they’re making a certain gross profit margin (GP margin) or certain net profit. Sometimes, the GP […]
Two Proven Strategies to Increase Sales
In my work dealing with business owners, I’m often asked how to increase sales. Often, lifting sales can be viewed as too daunting, particularly if your current sales are already significant. I think this is because people don’t often break sales down into its component parts. Invariably I focus on two simple, yet effective processes […]
“If you don’t know where you’re going, any road will take you there”
This may have been a line out of Lewis Carroll’s, Alice’s Adventure in Wonderland but it applies equally to business. “Would you tell me, please, which way I ought to go from here” said Alice. “That depends a good deal on where you want to get to”, said the Cat. “I don’t much care where”, […]
Five Financial New Year’s Resolutions You Can Keep
If you didn’t keep to your New Year’s resolutions last year, you’re not alone. A national survey conducted by finder.com.au found that 58% of Australians – an estimated 11 million people – broke their New Year’s resolutions in 2015 . But, the good thing about setting yourself New Year’s resolutions is that we all get […]
Why do businesses fail – ego or ignorance?
The start of the new calendar year has brought with it a never-ending number of corporate collapses with the likes of Dick Smith, Laura Ashley and Australian Renewable Fuels all being reported in recent weeks. I was recently asked why this was the case. Was it the time of year? Was it that businesses are […]
Why does your business exist and why does it matter?
As business owners we all want to create a growing and thriving business. However the reality is that some of us manage to achieve this while others seem to potter on in a hard-earned but stagnant existence. I recently ran a workshop with 15 high growth businesses and we discussed just this. After much debate it became […]
