Unlocking the secrets of small business cash flow

When it comes to running a small business, maintaining a healthy cash flow is essential for sustainability and growth. Your business can be incredibly profitable but still ultimately fail because of improper cash flow management. To prevent that from happening, here are some best practices that can help you better manage your cash flow and maintain the financial health of your small business. Remember, the key to success is to…  Read more

Business Update – 5 April 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australian house prices surge, but experts are divided over whether this is a real recovery The Australian housing market has surged in recent months, but experts are divided on whether it’s a “dead cat bounce” or the start of a real recovery. Lenders offer incentives to attract home loan…  Read more

Mastering the Art of Lean Inventory: A Small Business Guide to Just-In-Time Management

As a small business owner, it’s essential to find ways to manage your inventory effectively to reduce costs, optimise warehouse space and ensure customer satisfaction. How you manage your inventory affects your cash flow, your customer relationships, and your relationships with vendors. That’s why it’s vital you use a system and process that works best for your business. Among the many methods of managing your small business inventory is the…  Read more

Business Update – 29 March 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Changes to home-based business expenses Businesses operating from home can claim business-use expenses, including occupancy expenses and running expenses. They can now use the revised fixed rate method of 67 cents per hour for the 2022-23 income year. Find out more here. Get ready for STP Phase 2 Single…  Read more

Using financial reconciliation to keep your business on track

As a small business owner, you’re likely already aware of the importance of keeping your finances in order. Financial management goes deeper than paying your bills on time and collecting on invoices (although those are also important). It involves regularly checking up on your financial situation to make sure your accounts are in order, your records are up-to-date, and you’re spending within your budget. Among those activities, financial reconciliation plays…  Read more

Business Update – 22 March 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Why Australian banks will come out the other side of the global crisis According to Reserve Bank of Australia assistant governor Chris Kent, Australia’s banks are “unquestionably strong” and are equipped to handle a prolonged period of market strain. The banks are already well advanced on their bond issuance…  Read more

Avoiding bankruptcy: Top reasons it happens and ways to prevent it

Starting a business is not for the faint of heart. A certain level of stress comes with carrying the responsibility of ensuring your company’s success. If things go wrong, it all falls back on you. That said, the freedom and sense of accomplishment of running your own business make the challenges well worth it. With good planning and strong business practices, you can avoid the pitfalls and drive your business…  Read more

Business Update – 15 March 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australian markets take a hit after multiple US banks collapse Australian markets experienced a sharp decline on Tuesday after multiple banks collapsed in the United States. The ASX200 opened down 1.6% and fell a further 2%, wiping out all gains made this calendar year, with financials bearing the brunt.…  Read more

Differences between active and passive investing and why they matter

When you invest your money, it’s a given that you’re willing to take on some amount of risk. There are strategies you can employ to ensure the risk you’re taking is minimal, but it still exists. If you’re comfortable with a lot of risk to enjoy a greater reward, it’s important to understand that you could lose everything you put in. Of course, most of us aren’t putting our money…  Read more

Financially Savvy Women: 5 Strategies to Improve Your Financial Literacy

It is well established that financial literacy is a key component of financial independence. The more you know and understand about finance, the better equipped you are to make important decisions. Historically, women have had lower financial literacy scores than men for many reasons, including social norms, a lack of access to resources, and needing to focus on other issues. That said, women are living longer than men and studies…  Read more

Business Update – 8 March 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Inflation is still a concern as the economy slowly recovers Australia’s economy has recovered better than most from the COVID pandemic and is now 7% larger than before. But experts say that ongoing inflation is a continuing concern for everyday affordability. Mental health is a major concern as the…  Read more

Return on investment vs cost: how to weigh them when making business purchases

Deciding to purchase something to help your business is a big decision. It can be difficult to part with hard-earned money, especially in the early days. To understand the right time to invest by purchasing something for your business, you must calculate whether the Return on Investment (ROI) would be profitable. The cost is the amount of money you spend making the purchase, plus any indirect costs (such as training…  Read more

Business Update – 1 March 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Woolies half-year earnings reveal shoppers changing habits The supermarket chain says consumers are swapping red meat for more “affordable luxuries” such as exclusive cheese brands and ice creams. It’s believed to be part of a trend where people eat more at home instead of going out to deal with…  Read more

6 tips to paying down your personal debt in 2023

2023 is expensive. The cost of living is higher than ever, interest rates keep rising, and it keeps getting harder to stay afloat, let alone get ahead. As a result, carrying debt has become commonplace. But, with the challenges of the past few years, many of us have more debt than we’re comfortable with. How do you get ahead while you’re still trying to catch up? Here are some tips…  Read more

Business Update – 22 February 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. What to do if you can no longer afford your mortgage As rates continue to rise, many Australians find themselves unable to make payments on their home. Learn what to do if your mortgage payment obligations are becoming impossible to meet. Woolworths expands controversial surveillance tool Woolworths is expanding…  Read more

7 ways your trades business can market its services

When you go into business as a tradie, your focus is often on performing your trade to the best of your ability – as it should be. With time, the quality of your work will speak for itself, which is the most valuable testimonial of all. However, any tradie accountant or bookkeeper will tell you there’s more to it these days. While your good reputation preceding you is undoubtedly essential,…  Read more

Business Update – 15 February 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. RBA governor’s statement met with confusion Philip Lowe will appear before the senate this week to answer for the RBA’s rate hike strategy. Last week, he said that further interest rate hikes would be necessary to tame inflation, leaving observers confused as it seems to have already peaked. Faster…  Read more

What is a balance sheet and how does it help me manage my finances?

You’ve likely heard the phrase “in the black.” Your balance sheet is the tool that shows you whether your business is indeed “in the black.” Your balance sheet includes a section for your assets (things you own or will receive that have value), your liabilities (what you owe to others) and equity (retained earnings and funds from investors) at a specific time. The relationship between these three sections shows how…  Read more

Business Update – 8 February 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australian trade minister to meet Chinese counterpart next week as relationship thaws Australia and China’s top trade officials will meet to discuss their relationship. The meeting will take place online and will be the first between Australia’s trade minister and the Chinese counterpart in over three years. The hope…  Read more

Finding the right fit: How to choose the right financial planner for you

No matter what your financial goals are, consulting with a financial planner can help just about everybody. Not only will they help you refine your goals, they’ll guide you in creating strategies for your money, and keep you accountable to your plan. They’ll also help you navigate different saving and investment strategies, so you know your money is working for you. They’ll also make sure you have the information you…  Read more

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