Business Update – 06 December 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Jim Chalmers welcomes OECD prediction RBA has reached interest rate peak The treasurer, Jim Chalmers, has welcomed a projection by the OECD that the Reserve Bank has probably reached its interest rate peak but played down the prospect of the government posting a second successive budget surplus. $392 million Industry Growth…  Read more

Launching a business? Ask these 9 questions

Starting a new business can be incredibly exciting, but it’s important to thoroughly evaluate your business idea before taking the plunge to ensure you’re creating a sustainable and successful venture. To get started, here are 9 questions to consider as part of an overall evaluation process. Save yourself money, time, and heartache down the line by investing a little time now. What customer problem does your business solve? Your business…  Read more

Business Update – 29 November 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s unfair contract terms rules have changed: Here’s what you need to know Unfair contract terms in standard form consumer or small business contracts are now illegal after after new laws took effect on 9 November 2023.  Businesses are encouraged to review their standard form contracts and remove or…  Read more

Why online reviews matter

In today’s digital age, online reviews can make or break a small business. With the ease of access to social media and review websites, customers can easily voice their opinions and experiences with your business online. As a small business owner, it’s essential to understand the importance of online reviews as they will impact your brand image, sales, and customer loyalty. Boost your brand image Online reviews are the first…  Read more

Business Update – 22 November 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. How much Aussies plan to spend on Christmas presents this year Australians are set to spend more on Christmas presents this year despite high inflation, interest rate hikes and cost of living pressures on households. The Christmas Retail Trends Report, conducted by Monash Business School’s Australian Consumer and Retail Studies,…  Read more

Effective strategies for boosting your startup’s cash flow

In the unpredictable world of startups, maintaining a cash surplus can be a lifesaver. It provides a safety net in case sales don’t meet expectations or unexpected expenses arise. Aside from providing security, surplus cash also paves the way for expansion opportunities, handling large bills, or purchasing essential equipment. While injecting personal capital or taking out a loan can aid in creating a cash surplus, let’s explore some other effective…  Read more

Business Update – 15 November 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Are you providing entertainment this holiday season? Before you hire a restaurant or book an event, make sure you work out if the benefits you provide your employees are considered entertainment related, and therefore subject to fringe benefits tax (FBT). Income outlook warning for Aussie households Australians will not…  Read more

How to unlock cash within your business

As a business owner, have you ever been caught short of cash? What if I told you that the solution to your cash flow woes might be hiding in plain sight? Yes, you heard it right. Your business may already possess the funds you need, locked up in assets, stock, or your debtors. In this post, we’ll break down three areas you can check to free up funds within your…  Read more

Business Update – 8 November 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Cost of living rising faster than inflation for Aussie workers The cost of living for Australian workers is climbing faster than inflation as households around the country fall off the fixed-rate mortgage cliff and battle surging petrol prices. New data released by the Australian Bureau of Statistics (ABS) revealed living costs for workers…  Read more

Budgeting and cash flow forecasting: key to your business success

In the unpredictable world of business, finding a little certainty can make all the difference. While the future remains a mystery, tools such as budgeting and cash flow forecasting can significantly reduce the level of uncertainty, allowing you to anticipate challenges, learn from past events, and enhance your ability to navigate your business. Budget vs. Cash Flow: the crucial distinction A common misconception is that a budget and cash flow…  Read more

Business Update – 1 November 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s SMEs outshine global peers in latest Xero report Recent Xero data reveals the ongoing resilience of Australian small businesses despite a deceleration in sales and wages growth. Sales growth remains stronger compared to other XSBI markets. Experts say Australia at 1-in-3 risk of hitting recession next year A…  Read more

Understanding and improving working capital

When it comes to running a thriving business, understanding and effectively managing your working capital is crucial. Essentially, working capital is the cash readily available for the day-to-day running of operations. The more protracted the business cycle, the higher the working capital requirement tends to be. Your goal? To ensure you have enough working capital on hand to cover operational expenses, with a reasonable buffer in place. How to improve…  Read more

Essential bookkeeping practices for start-ups

Starting a new business is exciting, but it also comes with its fair share of responsibilities. One of the most critical responsibilities is maintaining accurate records of your business transactions. From saving receipts to processing employee payroll, every money-related detail should be documented. It’s not just about keeping things tidy; it’s about understanding the financial health of your business and meeting all your tax obligations. Don’t underestimate the basics Some…  Read more

Differences between BAS and IAS

Running a business comes with a lot of financial responsibilities, and as a business owner, you’ve probably come across terms like BAS (Business Activity Statement) and IAS (Instalment Activity Statement). While they may sound similar, understanding the differences between these two statements is crucial for maintaining compliance and staying on top of your tax obligations. In this article, we’ll break down the nuances of both BAS and IAS and provide…  Read more

Business Update – 25 October 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. LoanOptions.ai crosses the ditch to launch in NZ market A Sydney-headquartered fintech that allows users to apply for loans in under eight minutes is expanding its services with a market entry into New Zealand, following a year of major growth for its Australian operations where the LoanOptions.ai platform has…  Read more

Business Update – 18 October 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Concerns raised as small businesses suffer a spending ‘cold snap’ New data from MYOB reveals that small businesses are experiencing what is called a spending ‘cold snap’ with cash and EFT deposits on a decline since June this year. Atlassian acquires video messaging platform Loom for $1.5b In an…  Read more

How rising interest rates impact small businesses and ways to mitigate those effects

In the world of business, one constant factor you are likely to encounter is change, particularly in the financial landscape. One such change that can bear significant implications for small businesses is rising interest rates. Understanding how this impacts your business and identifying solutions to counteract these effects can be key to sustaining and growing your business. The implications of rising interest rates for small businesses Interest rates have a…  Read more

Business Update – 11 October 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. ‘No rate cuts’: Horror call on Aussie economy Since the Reserve Bank Australia (RBA) first began raising interest rates in May of last year, the volume of commentary on when they would be cut has become greater with each passing month. With mortgage rates having risen to the largest and fastest…  Read more

Business Update – 4 October 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australian house prices smash records, fully reversing 2022 lows Home buyers and sellers have expressed confidence in Australia’s housing market, leading to the full reversal of the most rapid decline in house prices in recent history. Five key changes to welfare and work rules in Labor’s employment white paper…  Read more

Decoding the language of financial ratios

As a small business owner, you’re likely already wearing many hats. But the hat of a financial analyst might seem a little oversized, particularly if your background isn’t in finance or accounting. However, understanding financial ratios can be a game-changer for your business, helping you assess your business’s financial health and make informed decisions. Financial ratios: what are they? Think of financial ratios as a thermometer for your business’s financial…  Read more

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