If you’re going to grow your company in the right way, pinning down your goals and having a clear vision for the business from the outset is vital. You may want to increase profits and create an income that supports your lifestyle, or you are looking to increase market share and aim for hypergrowth. You […]
09
Apr
Apr
Most business owners know that every member of their team needs a job description, which should include: Clearly outlined responsibilities and tasks Some specific and measurable KPIs (Key Performance Indicators) A set of clear expectations around core competencies and behaviour When a job description is clearly documented, it’s much easier to monitor and measure performance. […]
05
Apr
Apr
Tax cuts and infrastructure spending are the headline items in this year’s Budget, but remember, there is an election just around the corner. The plans within this Budget will only happen if the Coalition is re-elected in the upcoming election. Small businesses earning less than $50 million a year will benefit from a fall in […]
02
Apr
Apr
Gains can always be made at the margins. These small incremental gains over a month or a year can have a significant impact on your bottom line. This could be additional profit you make from a single project, a single product or service, a particular geographic area, or a certain type of customer. Drilling down into […]
26
Mar
Mar
The biggest challenge in business stems from TLT – Too Little Time. A great solution to TLT is to delegate more – either to existing team members or outsourcing. Look at the number of hats you’re wearing and see if you can delegate any of them. A reminder of the 10 departments, or hats, in […]
19
Mar
Mar
Bank reconciliation is a vital financial task – but one that eats into your business time. Matching your financial transactions to the relevant lines on your bank statement can be a tedious and time-consuming task. So wouldn’t it be great if you could automate that whole bank reconciliation (bank rec) process? If you’re using Xero, […]
12
Mar
Mar
When you’re employed, your employer makes compulsory contributions to your superannuation. When you work for yourself as a sole trader, or you’re in a partnership, making super payments isn’t mandatory. But, it’s still an important thing to consider. Retirement savings contributions are there to set you up in retirement. Generally, investing money into super will […]
05
Mar
Mar
Knowing your numbers is vital to business success. The Balance Sheet is arguably the most important report, as it measures whether your business’s worth is increasing or decreasing. It illustrates the overall financial health of your business; whether it is funded appropriately, if there’s enough cash to pay the bills, and what the owners would have left […]
26
Feb
Feb
There are 10 departments in every business, no matter how small. These are: Shareholder. Director. Leadership. Product / Service Development. Operations. Marketing. Sales. Finance. Admin / IT. HR. Many business owners control multiple departments. Now imagine each department has a hat – worn by the single leader of each department. Many business owners wear multiple […]
19
Feb
Feb
There are 1,440 minutes in a day and each of us have the same allocated amount. Some people manage to achieve much more than others. So, how can we free up time to help lead a better business and ultimately a happier life? The top 10 time wasters: 1. Lack of clear goals. Planning and setting […]