Understanding financial statements might sound daunting, but it’s crucial for small business owners to stay on top of their game. … Read more ..read more

Procrastination can be a formidable foe for small business owners. With endless responsibilities, it’s easy to fall into the trap … Read more ..read more

Starting a business without a plan is like setting sail without a compass. While you might eventually reach your destination, the journey will likely be longer and more challenging. A well-constructed business plan is essential for guiding your business towards success.  Here’s why: It Clarifies Your Vision A business plan helps you articulate the vision for your enterprise. It forces you to think through every aspect of your business, including what you want to achieve and how you plan to get there. This clarity is crucial not only for yourself but also for communicating your vision to p ..read more

Running a small business comes with its own unique set of challenges, and dealing with toxic employees is undoubtedly one of the trickiest. A single troublesome team member can disrupt productivity, affect team morale, and ultimately harm your business’s success. Knowing how to handle such situations effectively can turn things around. Let’s look at the types of toxic actions, how to address them, and provide practical steps to manage these challenging situations. Read on to transform your workplace into a harmonious and productive environment. Understanding troublesome conduct Intentional vs ..read more

From terrorism to fire, from extreme weather or earthquakes to cyber-attacks – how would your business cope if it was affected?  Would your staff know what to do? Would you be able to keep trading? Having a contingency plan is not just a precaution; it’s a necessity. Small businesses need to be prepared for a range of scenarios. Without a solid contingency plan, your business could face significant setbacks or even closure. Why contingency planning is crucial Contingency planning is about foreseeing potential risks and creating a strategic approach to mitigate their impact. For small busi ..read more

Selecting the right accounting software is a crucial decision for your small business’s financial health and accuracy. With numerous options available, this process can seem daunting, but making an informed choice is essential to streamline operations and mitigate risks such as financial fraud and regulatory non-compliance. Introduction The challenge of choosing appropriate accounting software stems from the need to balance functionality, ease of use, and cost-effectiveness. As cloud computing continues to evolve, small business owners must adapt to these changes to stay competitive and compli ..read more

Navigating the current economic environment can feel like an uphill battle, especially in relation to your pricing strategy. Globally, economies are experiencing an inflationary environment. In the US, for example, average prices have surged by over 20% since the start of the pandemic, significantly influencing consumer price sensitivity. With inflation becoming a part of our daily lives, your potential clients—regardless of industry—are likely to take more time to invest and make purchasing decisions. This means that now, more than ever, maintaining transparency in your pricing is crucial. Co ..read more

In the world of small businesses, positive cash flow is king. It’s the driving force that keeps your business engine running smoothly, covering all your liabilities. But what happens when outflow exceeds inflow? Cash flow problems ensue, threatening the survival and growth of your business. These cash flow problems can originate from a variety of sources including macroeconomic issues like recessions, natural disasters, and wars, as well as microeconomic issues like business decisions and performance. However, with careful planning and smart accounting practices, you can cushion or even avoid ..read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Fruit and vege prices fall 9 per cent in last year as food price inflation continues to ease Fruit and vege prices have fallen 9.3 per cent in the past 12 months driven down by tomatoes, broccoli, and lettuce, new Stats NZ data shows. Overall food price inflation was just 2.1 per cent for the year to February – the lowest it has been since the year to May 2021. Doing it tough: What households are dropping to cut costs Times are tough – even for those on average and above-average ..read more

Understanding the Impact of Easter Day on New Zealand Payroll Easter Day, a significant religious holiday observed by many around the world, has a unique impact on New Zealand’s payroll system. This is due to the country’s specific legislation regarding public holidays, which includes Easter Day. Understanding the intricacies of this impact is crucial for both employers and employees to ensure compliance with the law and fair compensation. In New Zealand, Easter Day is considered a public holiday. As per the Holidays Act 2003, employees who work on a public holiday are entitled to be paid at t ..read more