Yesterday I was asked about our integrity as bookkeepers – it’s actually a question I really like being asked, thanks Derek! As a registered BAS Agent we have certain requirements we must meet to maintain our registration, and any good bookkeeper will be not only meeting but exceeding them. In practical terms, what this means for our clients is that they can have confidence and assurance that we are doing their bookkeeping completely above-board.  We are not allowing any of our clients to do anything dodgy – if a client was audited and it was found that we had knowingly done some incorrec ..read more

As climate change approaches a tipping point, businesses should continually work towards more environmentally sustainable business models. Even if climate change weren’t an issue, as some still believe, it just doesn’t make sense to continue to consume non-renewable resources. When you switch to renewables, you help to reduce the problems of scarcity and environmental destruction. Many businesses still view ‘going green’ as an unnecessary headache that only adds to their expenses. That’s certainly not the case and is an extremely short-term view. Every business has their own reasons and motiva ..read more

Innovation and digital disruption have become popular topics for political discourse lately as the need to create growth opportunities is on the rise for Australian small businesses. It requires a genuine understanding of your customers to successfully innovate and small-business owners, with their intimate knowledge of their customers, are well-positioned to do this. This close customer connection provides them with a great opportunity. Connecting with your customers to truly understand them, and by paying close attention to the problems they actually have, rather than the problems you think ..read more

Risk management planning is an extremely important but sometimes overlooked part of running a successful business. It’s one of those things that gets put to one side to be dealt with when you’re not so busy. But no matter the size or what it does, every business has a range of potential risks that require close attention and the creation of a risk management plan. The type of risks will depend on the industry and exactly what the business does. To create a risk management plan that’s appropriate to your business, you need to identify the risks, and decide how likely they are to occur. Some wil ..read more

Every month and quarter we submit many Business Activity Statements to the Australian Taxation Office on behalf of our clients. We take great care to make sure that all the calculations are correct, that items are entered at the correct labels, and that they are submitted on time. It would seem that not everyone takes as much care as us, because the ATO still receives countless business activity statements each year that contain errors, even though the Goods and Services Tax has been in operation since the year 2000. The most common are: transposing figures between GST sales and GST purchases ..read more

Something I hear quite often from business owners I meet is how much time and energy they spend looking for new clients. It seems to me that they might be spending too much of their time chasing the sale and not enough on keeping their existing clients happy. Consumers these days are more aware, empowered and better connected than ever before and with competitors only a mouse click away, it’s increasingly important for businesses to attract and then retain long-term clients. By creating a great initial experience, demonstrating integrity and addressing your clients changing interests and needs ..read more

In some industries it’s absolutely vital to know how your business compares to others, while in others it’s not so crucial. Business Benchmarking provides a way to compare your business against others and identify areas where you can improve and stay competitive. It involves measuring the performance of your business against a similar-sized competitor in your industry and is a useful way of better understanding your business potential. It gives you essential information about reducing costs and improving operating efficiency. It allows you to assess the productivity of your business based on h ..read more

For small business owners who are busy getting work done, it can be a struggle to find the time to physically get out there and connect with others. Many time-poor business owners simply don’t have the capacity for time consuming marketing strategies such as cold calling, letter dropping or attending regular networking events. But actively marketing your business is crucial for its success even if you don’t have the time for it. With marketing there are no short cuts, but there are some fast and effective methods to consider, especially if you’re time-poor. Social media This can be one of the ..read more

In our last blog we discussed why it’s okay to increase prices, and because it’s such an important issue, I’d like to now discuss how to communicate price increases to your clients once you have a new pricing strategy worked out. You need to explain it to them properly so they’ll understand, if you don’t do this and simply raise prices without warning, it’s a sure way to alienate them. No loyal client wants to pay more for a product or service without understanding why, so communicating your price increase is more about how you go about telling them rather than the price rise itself. The logic ..read more

Clients have said to me in the past that they worry about raising prices and potentially loosing sales, but at the same time, feel that they can’t afford not to. Many businesses fail because they don’t sell their products and services at high enough prices and are then forced to operate on the slimmest of margins. Your business needs increased margins to expand and service clients properly, and raising your prices is the best way to do it. The decision about whether to raise your prices is a difficult one, but trying to continually match or beat competitors on price alone is unsustainable. It ..read more