Individuals may want to consider creating an emergency fund to prepare for unexpected financial shortfalls such as accidents and disasters. While an emergency fund is a great asset to have, building one up can seem be quite intimidating for those who feel their current circumstances limit how much they can save for future unforeseen events.…
Seasonal businesses can confront many cash flow problems if it is not accurately forecasted and monitored. The cyclical nature of seasonal businesses makes them prone to cash shortfalls as they rely on sales to peak at a certain time of the year. The basic operating expenses still remain in their off-season so it is crucial…
When you are self-employed or run a home-based business, it is vital that you have a business plan that outlines your goals and financial information. Unfortunately, statistics show that many home-based businesses often fail due to poor financial planning. Therefore, for small business owners should not only develop a financial plan, but also consider developing…
When it comes to your money, whether it includes loans, insurance, savings or superannuation, nothing about it is ‘set and forget’. From time to time, it is quite important to consider looking at the different aspects that make up your finances to see if they need a freshen up. Here are some tips on to…
Working out the right cash management strategy for a self-managed super fund (SMSF) is a critical component of its success. Retirees usually spend more in the first few years of retirement because they are doing all the things that they couldn’t while they were still working. Therefore, a smart way to determine cash flow needs…
Maintaining healthy cash flow can be challenging; between ongoing expenses and bills, poor cash flow can severely impact your customers, staff and bottom line. Business owners need to understand the differences between short and long-term financing when developing a cash flow strategy. There are various sources of finance available and each source of finance is…
The sale of a business is a complex process; there are often unforeseeable issues that may arise between buyers and sellers, along with financial and tax implications to take into account. Here are a few things to keep in mind when preparing for the sale of your business: TimingThe timing of the transaction is one…
Business owners now have a variety of financing resources they can utilise to build their business. But what one is the best option? Sources of funding sources are usually divided into two categories; debt and equity. Debt financing involves borrowing money from an outside source and paying back the borrowed amount plus the interest at…
There are a few aspects of running a small business are as intimidating as actually making sales calls. Nevertheless, making sales is a vital part of any business. Regardless of whether or not a business has a salesperson or sales team it is important for the business owner, to make sales from time to time…
Managing debtors is often a cause of frustration for many small business owners. Unpaid invoices can seriously disrupt cash flow. Between chasing late payments and keeping track of invoices, debt collection can be a headache. Fortunately, there are ways to speed up your payments with a few simple adjustments to your invoicing system you can…