Business Update – 23 June 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. NSW Records 16 New Local Cases, New Restrictions Reimposed NSW recorded 16 new cases of COVID-19 since the last time health officials spoke at 11 am on Tuesday. There’s also one mystery case where authorities still haven’t identified the source of COVID-19 detected in a nine-year-old child from Sydney’s…  Read more

3 Consequences of Avoiding Your Bookkeeping

If you ask 100 business owners what they like least about running a business, chances are good that bookkeeping will rank high on the list. It’s an annoying and frustrating chore that takes up a lot of time and is easy to put off until tomorrow. Avoiding your bookkeeping is dangerous, however. Not knowing your company’s financial situation can result in a series of missteps that could ultimately cost you…  Read more

Business Update – 16 June 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Melbourne’s Lockdown Lifted Lockdown in Melbourne was lifted on 11 June, but restrictions remain in place including a mandate to wear face masks at all times outside the home, limiting travel to within 25 km, and preventing some businesses from operating. Although restrictions have been eased further in regional…  Read more

Tips for more productive meetings

Increasing efficiency and minimizing costs are essential to running a profitable business. Yet many small business owners waste countless hours on meetings that lack focus, run on too long, and pull staff away from more productive tasks. Follow these seven tips to make your meetings more efficient and cost-effective. What’s your goal? Every meeting should have a clear objective, and a reason the meeting is needed (versus an email or…  Read more

Business Update – 9 June 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Melbourne’s 2-Week Lockdown to ease on 10 June with some restrictions to remain Melbourne will emerge from a two-week lockdown at 11:59 pm on 10 June, after only two new infections arose in Victoria on Tuesday. Victoria was plunged into a one-week “circuit breaker” lockdown on 27 May, but…  Read more

How to find a good niche

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

Business Update – 2 June 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Melbourne to Stay in Lockdown For Another Week Melbourne’s lockdown has been extended for another seven days, but stay-at-home measures will be lifted in regional Victoria. Residents of Greater Melbourne will only have five reasons to leave home: shopping for food and supplies, authorised work and education, care and…  Read more

The advantages of a business dashboard

Business dashboards are a valuable business intelligence tool, offering an “at-a-glance” big picture view of a company’s performance. Some business owners use a dashboard to track KPIs relevant to just one aspect of their business, such as sales growth, marketing, or financial data. Others rely on an executive dashboard for an overview of data culled from various sources (e.g. their accounting software, CRM tools, and website analytics). The great advantage…  Read more

Business Update – 26 May 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. VIC: Melbourne’s Lockdown Fate Hangs in the Balance Authorities are locked in emergency talks about placing Melbourne in a five-day lockdown. A fresh cluster of COVID-19 cases in Victoria has grown to 15 in three days, and the next 24 hours are particularly critical as some of the infected…  Read more

Ways to benchmark your business

For many business owners, determining the success of a business comes down to how much profit the company makes. Of course, finances are an important measure of an company’s overall success. If you don’t bring in more than you spend you won’t be in business for long. Profit, however, isn’t the only important benchmark by which to measure your business. There are other important factors business owners can and should…  Read more

Business Update – 19 May 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. JobMaker Hiring Credit’s Second Claim Period Now Open The second claim period of the JobMaker Hiring Credit is now open. So if you’ve taken on additional young employees between 7 January and 6 April 2021, you may claim the following payments: up to $10,400 over a year for each…  Read more

8 things your invoice needs in order to get paid faster

So you’ve set up your business and sold some products and services. Now, you have to send an invoice to collect your payment. But what should you include on your invoices in order to get paid faster? Even if you’ve been running your business for a while, you might be missing other information that you should include. So here is a step-by-step guide on what to include on your invoices.…  Read more

Federal Budget 2021: What it means for you

Treasurer Josh Frydenberg has released the 2021 Federal Budget and confirmed Australia’s economy is performing more strongly than was expected six months ago. This article has a summary of the “Winners and Losers” of the Budget and we’ve compiled a recap of the key points below. Get in touch with us if you have any questions.  A Quick Overview This budget assumes our international borders won’t reopen until mid-2022. $1.9…  Read more

Business Update – 12 May 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australia to Reopen Doors to India Australia will lift a ban on its citizens returning from COVID-ravaged India next week, as state officials reported that an outbreak in Sydney appeared to be contained. The Prime Minister stood by his decision to impose a biosecurity order last month barring all…  Read more

5 Most Common Accounting Mistakes That Could Hurt Your Business

Many small business owners tend to handle their own accounting and bookkeeping, especially when they’ve just started out. However, keeping track of the finance-side of the business– everything from income to expenses to tax compliance– can be overwhelming. Mistakes can happen quite easily and can have costly consequences to your business. Below are five of the most common DIY accounting errors that you should avoid. Unorganised Records It takes excellent…  Read more

Business Update – 5 May 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Perth Dodges New Lockdown West Australian Premier Mark McGowan announced on Sunday that there will be no second snap-lockdown in Perth, but COVID-19 restrictions will still be imposed after reports that a hotel quarantine security guard and two of his housemates tested positive for the virus. Nightclubs will be…  Read more

5 Xero Mistakes Business Owners Make and How To Avoid Them

If you’ve just started working with Xero, it is normal to make a few mistakes while you’re learning. We see mistakes that are quite common – and unfortunately costly – so you should be aware of them if you want to get the most out of Xero’s powerful cloud accounting system. 1. Not connecting all the bank and credit card accounts dedicated for your business Make sure that you keep…  Read more

COVID-19 Business Update – 28 April 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. WA lockdown restrictions easing WA Premier Mark McGowan has announced the easing of COVID-19 restrictions will apply until Saturday 1st May, following the 3 day lockdown of the Peth and Peel regions. During this transition out of lockdown, there are a few things you can and can’t do. The…  Read more

A Beginner’s Guide to Cash Flow Forecasting

Nobody wants their business to fail. Although it’s impossible to predict the future with 100% accuracy, a cash flow forecast is a tool that will help you prepare for different possible scenarios in the future. In a nutshell, cash flow forecasting involves estimating how much cash will be coming in and out of your business within a certain period and gives you a clearer picture of your business’ financial health…  Read more

COVID-19 Business Update – 21 April 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australia- New Zealand Travel Bubble Now Open The long-anticipated travel bubble between Australia and New Zealand started on Monday, marking the first step towards the gradual reopening to the rest of the world. Since October, Australia allows New Zealanders to arrive without going into quarantine, but New Zealand has…  Read more

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