Blog & Resources
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Is your business model as solid and future-proof as you think it is? Small businesses face a number of challenges in 2024, with the business environment, globalisation, technological change, and difficult economic conditions all playing a part. However, with challenges come opportunities. Is your business prepared to adapt and thrive in this evolving landscape? How will […]
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How should I be pricing my product or service? We’ve all heard the stories about the person that worked in the retail store, misheard an instruction from the owner about pricing a clearance product, mistakenly priced it double and sold them all in a day. Pricing touches everything from your business finances to your product’s […]
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What makes my product or service attractive – my Value Proposition? Borrowing from the world of advertising, Rosser Reeves of US agency Ted Bates was the first to coin the single minded proposition phrase in his book Reality In Advertising back in 1961. He concluded that unless an ad (or any communication) had a core […]
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When you’re starting out as a small business owner, the temptation is to go DIY with your accounting. Hiring a professional accountant or tax adviser costs money and that’s an overhead that you can remove by doing all the financial management yourself, right? But is DIY accounting the most sensible option for your business? And […]
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Budget 2024 is here, and it’s packed with tax relief measures to help you keep more of what you earn. If you have children, you’ll see an average benefit of $78 per fortnight. In total, around 1.9 million households will benefit by $60 per fortnight on average. The tax bracket thresholds have not changed in […]
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When you’re operating and managing a small business, you have a finite pot of cash to work with. Because of this, it’s incredibly important to manage your cash well and to have clear budgets and spending limits for every area of your business operations. Let’s take a look at why budgeting is such a vital […]
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Investing in rental properties can be a great way to grow your wealth over the long term. But it’s not a passive investment – you need to maintain your properties and take care of your tenants. You can do that work yourself, or you can employ a property manager who can do the job for […]
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Being the boss means you get to make all the big decisions about your business – including how much to pay yourself in wages, salary or drawings. As the owner, you might need to underpay yourself in the early stages of building your business, so you can reinvest the profits. But your time is valuable […]
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Understanding tax payments can feel tricky so we’ve broken down the basics of Provisional Tax and Terminal Tax. These two tax types are essential to managing your business finances and understanding them can help you avoid the infamous ‘second year tax shock’ that many new business owners face. Provisional Tax is an advance payment on […]
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Regular bank reconciliations are an important part of managing your finances. They are the process of matching the transactions in your financial records with those recorded on your bank statement. This is a critical process that helps identify and rectify any discrepancies or errors between your software and the transactions recorded by your bank. Bank […]
