When you’re reviewing your investments, it’s important to remember that income and returns come from two main sources, Capital Gains and Interim Income. Capital gain (or loss) This is the difference in the overall value of your investment between when you purchased it and now (or the date that you sold it.) You can work it out as: ((Current or sale price per unit – purchase price) * number of… Read more
The words ‘personal brand’ are still somewhat controversial, and carry an unfortunate cast of self-promotion and vanity. The truth is that personal branding is more important than ever in the job market, and those without a clear personal brand or mission to create one are lagging behind the competition. What is a personal brand? How you present yourself has always been important in the workplace. In the corporate heyday, it… Read more
Being an entrepreneur is often about getting the most value out of your resources. That means spending only on the necessities, and nothing more. Unfortunately, things you consider to be a waste of your capital may actually be what your start-up needs to survive. Some of them are expensive, especially for a new company, but they’re worthwhile. Data Analysis Successful entrepreneurs are usually well informed. They don’t make decisions solely… Read more
There are all kinds of groups dedicated to networking. Some are highly structured with performance requirements, exclusive membership, and the payment of dues. Others are free form, come as you please and no charge. Not every group is right for every kind of business. You will find that some groups may simply not have connections in the market you are seeking to attract. You will find some groups have rules… Read more
Moving your file from the classic version of MYOB to the new version of AccountRight 2018 is like buying the latest model of your favourite brand of car. Everything is familiar but holy cow the improved engine design driving you further, the extra features helping you get there faster and the world-class data storage and security giving you peace of mind safety all add up pretty quickly! Add to that… Read more
Have you had a potential investor turn away from your business for seemingly no reason? Investors don’t usually turn away from good opportunities so was there something that made your company or business plan unappealing? Here are six reason businesses makes themselves unattractive to investors. 1. There’s No Proof of Concept You can find good ideas everywhere but only a few of those ideas will actually end up profitable for everyone… Read more
On Friday 21 September at Hi-Sense Arena, Melbourne in front of a crowd of my some of my closest friends and colleagues, I was honoured, humbled and totally overwhelmed to be announced as MYOB Certified Consultants of the Year for 2018 along with my dear friend Debra Anderson from Anderson Tax & Consulting. Firstly, I need to make mention of 3 very special people in my life who have been… Read more
The key performance indicators (KPIs) for one company will invariably be different from the KPIs of another firm. What both hypothetical companies share, however, is the challenge of selecting which KPIs are best suited for measuring the goals and progress of their particular business model. Indeed, entrepreneurs have a vast array of reports and data sets from which to choose and select from, but that data needs to target those… Read more
It takes time, energy, and continuous effort to build a brand that attracts loyal customers and is rewarded by word of mouth referrals. Without a doubt, the good name you worked so hard to earn is one of your most valuable business assets; in addition to your solid customer base and positive employee relations, it is what is known in business as “goodwill.” If you’re like many small business owners,… Read more
Understanding and controlling your debtor days is the key to ensure a steady, reliable cash flow which is crucial for the survival of your business – so taking steps to ensure your customers pay promptly should be a priority. When your clients consistently pay on time, you’ll avoid the dreaded “feast or famine” cycle. You’ll be able to pay your vendors, suppliers, and employees on time – and not least… Read more
Good news for small business owners: according to the US Small Business Administration, nearly 80% of small businesses survive their first year. However, that number begins to drop as time rolls on. Only half of small businesses pass the five year mark, and a mere third celebrate their tenth anniversary. Taking steps to create a good foundation in the early days of your business is essential for a sustainable and… Read more
Our business plan diagnostic is an easy-to-use tool designed to assess how well developed your business plan is to help you succeed in your business. It won’t take long to complete (as little as 10 minutes) and at the end of the process, we will prepare a downloadable list of recommended actions for you to take. This includes plenty of information to help you implement the recommended changes. If you… Read more
Most small business owners can’t afford to think small. They always need to keep their mind on growth strategies to help them achieve long-term profitability. But becoming profitable in the first place often requires business owners to work long hours on a shoe-string budget. They don’t always have time to implement systems that will support them when they’re ready to scale. It’s not uncommon for entrepreneurs to use free or… Read more
Few business owners have extra time to devote to a lengthy business planning process. But every entrepreneur needs a solid blueprint to get their business successfully up and running. The Lean Canvas—designed by Sparks59 CEO and Running Lean author, Ash Maurya—is a simple, effective planning tool that helps entrepreneurs assess and test their ideas before investing too deeply in building a product. For the small business owner, the Lean Canvas… Read more
If growth is your primary goal, take note of these two essential sales strategies: cross-selling and upselling. Why? Because it’s much easier to sell to existing customers than to acquire new ones. According to Marketing Metrics, the probability of selling to an existing customer is 60 to 70 percent, while the likelihood you’ll sell to a new prospect is just 5 to 20 percent. Some entrepreneurs use the terms “upselling”… Read more
In business, finding a niche that can supply enough revenue is important. More entrepreneurs than ever are realising the importance of finding a narrow set of customers and catering their product or service to them. This allows you to focus your efforts on being great at a few things, rather than mediocre at many. But how do you find your ideal target market? This article will get you started by… Read more
Taking out a business loan may be your first plan of action for financing business growth. But there are excellent reasons to consider other options for finding capital to expand your business. For one, it can be very difficult for a small business to secure financing, especially in the early days. You’ll need to prove to a lender that you aren’t a high risk, with financial documentation that shows your… Read more
7 Steps to increasing your profit and keeping more cash in your business Gaining larger profits depends on accomplishing all the little things better – rather than making one huge change. You’ll need to focus on every little detail to reduce your expenses and increase your sales turnover. Sign up to our course and explore our tips on how to increase profits and keep more cash in your business. *Includes FREE… Read more
Our brand new site is now live! Welcome to our new website! We’re really excited to launch this site and we hope you like the fresh look. After a few months of planning and editing, we are really proud to reveal the results. This site has been designed to make it easy for you to navigate, find out more about us and get in touch. Under the shiny exterior you’ll… Read more
Most small businesses experience cash flow problems from time to time and urgently need working capital. Many business owners immediately think of the bank or loans when they’re short of money. But there are other resources you can tap before you ask for that expensive overdraft or overdraft extension. The money you need might already be there—locked up in inventory, assets or your debtors’ book. You can often free up… Read more