Starting a new business is an exciting time for many entrepreneurs. However, there are 5 common mistakes many new business owners make. By being aware of these mistakes, you will increase your chances of success and remove the risk of your new venture turning into a failure. Being unprepared:Organisation is key when it comes to…
Customer complaints are an inevitable part of running a business. How you handle negative feedback can help or hinder retaining existing customers. Complaints can be a great learning tool for businesses looking to improve their services, products, customer satisfaction and overall competitive edge. Poorly handled complaints can see customers withdraw their business and encourage others…
Professional help with accounting and financial decisions is useful at every stage of business. Accountants can assist with a variety of tasks during different periods of operation within your business to improve strategies for long term stability. Having a dedicated accountant gives you more freedom to concentrate on running other aspects of the company. Starting…
In a market that is full of entrepreneurs and small businesses, collaborating with a business that complements yours can be a powerful tool to share your marketing budget and be introduced to new audiences. Regardless of what industry you are in, combining resources and efforts with another business can enable you to easily reach goals…
The 2019 Federal Budget focuses on building a better tax system for Australian businesses in order to create a stronger economy. Instant asset write-off:The instant asset write-off threshold will be increased from $25,000 to $30,000 and be extended from businesses with an annual turnover of up to $10 million to medium-sized businesses with a turnover…
When an employer provides certain benefits for their staff, they are required to pay Fringe Benefits Tax (FBT). Employers pay FBT on the benefits they present to employees and their families or other associates. The benefit may be in addition to, or part of, an employee’s salary or wages package. FBT is separate from income…
Advancements in technology continue to digitise our world in many ways, including financially. In recent years, more businesses and events are turning to cashless systems. Whilst cash still remains popular in businesses dealing in small purchases such as cafes, if you run a business that handles larger transactions then changing to a cashless system could…
Raising capital is a step that every startup faces. When a business is brand new, the question of how to get money must be addressed. If you intend to launch a business that needs significant capital expenditure, such as a retail business or a company that employs several other people, then you won’t get far…
Deciding to move on from your business can impact a lot of different people. When selling your business, you will need to consider the effects on all areas of operation from the actual transfer of ownership to the impact on day to day operations. While it is easy to get caught up in the price…
Owning and running a small business comes with positives and negatives that maintain a balance. When the negative elements start to outweigh the positives, you have a problem. Every business will face challenges along the way, the trick is knowing what they are and how to deal with them. Clients and customer service:A business is…