Make your savings work for you

Make your savings work for you

If you work hard to save your money, you should be making sure your money works just as hard for you. Here are some strategies for taxpayers to get the most from their savings to reduce debt, create an emergency fund or even start an investment portfolio. Check your goals The first step in every…

Cash flow statements

Cash flow statements

Contrary to what some business owners may assume, a cash flow forecast is different from a cash flow statement Cash flow forecasts look forward while cash flow statements look at the past to report cash generated. Cash flow statements are critical financial statements and are very useful in determining the short-term viability of a business;…

The importance of keeping track

The importance of keeping track

Make sure you don’t ever have the wool pulled over your eyes by staying organised, up-to-date, and keeping track of all your paperwork. As some small businesses may have experienced, it can be easy to fall victim to scams and dangers when the business paperwork is out of order. For example, some businesses last year…

Keeping track of your stock

Stocktakes are essential to stock control and are the best way to keep track of your business’s merchandise. Implementing an ongoing system for tracking stock and items that have been bought and sold is also an efficient way to keep track of when you need to reorder stock. Performing a stocktake involves making a list…

Choosing the right bank account for your business

Choosing the right bank account for your business

There are many advantages associated with having a specialised business banking account. It allows you to keep track of your cash flow accurately, easily produce proof of expenses in the event of an audit and can be helpful when making business decisions. Unfortunately, it is hard to avoid fees on small business banking accounts. It…

Why your cash flow is out of control

Why your cash flow is out of control

Cash flow is one of the biggest obstacles facing small businesses trying to secure funds for their growth. On top of ongoing expenses and bills, poor cash flow strategies can negatively impact a business’s customers, staff and clients. Here are some of the potential reasons why your business’s cash flow may be out of control,…

Strategies to improve profit

Strategies to improve profit

To make a business more profitable, owners and managers need to look into ways to increase sales revenue, decrease costs and benchmark the business to see where money can be saved. Strategies to increase revenue Increase the productivity levels of your staff by recognising and rewarding staff contributions with performance reviews. Teach staff sales skills…

What are profit drivers

What are profit drivers?

Profit drivers are determinants that have a significant impact on a business’s bottom line. They are often categorised as financial and non-financial drivers. Financial profit drivers are directly connected with dollar figures and are most commonly considered in relation to profit. Examples of financial profit drivers include: price fixed and variable costs sales volume inventory…

Tips for managing cash flow

Tips for managing cash flow

Cash flow is essentially the lifeblood of your business, and it is about much more than being successful. In addition to raising revenue, a healthy cash flow is determined by organisation and planning. Here are some tips for managing your cashflow: Set targetsSet yourself realistic targets that will meet your business’s needs for the next…

Tips to achieving business loans

Tips to achieving business loans

Applying for a bank loan can be a difficult process. But despite the borrowing challenges facing small business owners, it is possible to have your loan approved. Bankers are not in the risk business, protecting their capital is paramount. Their careful examination of the integrity of a business has made it a priority for businesses…