The simplest and most cost-effective way to grow your business is to retain your customers by keeping them happy. Unfortunately, we often take customers for granted and overlook this strategy. Did you know it’s six times easier and cheaper to sell to existing customers than new ones?  

Putting strategy at the heart of your business activity will not only give your business greater direction and focus but lead to stimulating, profitable opportunities too. What is a business strategy? 

Getting your head around the basics of bookkeeping, accounting and good financial practice may not come naturally to all business owners. But the better you understand the numbers, the more control you’ll have over your business and your decision-making.

Everyone knows a business needs to stay in the black. It’s not a new idea. So, it can be hard to imagine why a business would lose sight of cash flow. Until you’re in business yourself and you realise tracking small business cash flow isn’t as easy as it seems.

Business is not all work and no play. The “play” is part of running a business – keeping your team happy, building your business contacts and promoting your business. But Entertainment is not that straight forward when it comes to tax deductibility.  

As business owners, we generally pay ourselves last. Common business practice is that business owner take a drawing instead of a salary. The rationale is that the business owner is not certain of their cashflow position, so they pay themselves last and take generally a small amount out of cashflow – as there may not be excessive cashflow to take more.  

Tracking stock levels, costs and profit on every product you sell can get pretty complex – no wonder so many businesses have a fuzzy understanding of their inventory. But inventory accounting is too important to ignore.  

Most jobs have some sort of dress code – whether you wear suits and heels or overalls and steel-capped boots. Work clothes can be a significant expense for any business owner or employee. You only buy these clothes for your job, so it feels as though they should be business expenses, right? Well, not quite. What types of clothing can you claim as a business expense? 

Do you have a home office? Do you park your work-related vehicle in your home garage? A business owner who uses part of their home as a home office to further conduct business, may be entitled to a deduction for the part of the outgoings that relate to the use of the home for the work-related activity. 

Feel like too much of your hard earned income is spent on Tax? Paying tax is an inevitable part of doing business.
The more your income grows, the more tax you’re liable to pay. It may seem that you’re rewarded for your success with a bigger tax bill – the irony is that paying tax is a good thing – it means you’re making a profit.  

Every business needs finance to get the initial enterprise off the ground. You may well have entered into finance arrangements to fund the initial stages of the business, taking out loans to purchase equipment, lease premises or take on staff.

It’s important to stay on top of your debt collection to free up cash. Establishing how long it takes you to get paid is the first step, but how can you measure this?

As a business owner, it’s never been more important to have a good grasp on your finances. For many businesses, priorities have changed, customer behaviours have mutated and revenue streams have had to evolve and pivot in order to create a viable business model.

It’s easier to manage your startup’s sales and finances when you have access to the best possible information and data about your performance. Tracking specific metrics and key performance indicators (KPIs) allows you to see how you’re performing against your targets – so you can take action to improve performance, sales, growth and profitability.

Inventory is anything you buy to on-sell, including fully-completed items to sell in your store, products that you install in people’s homes or businesses or materials used to manufacture products.

Did you know that your subscriptions can be tax deductible That’s right, you can not only enjoy your favorite magazines, streaming services, and other subscriptions, but also save some money during tax season. In this video, we’ll break down the details on how to get the most out of your subscription expenses.

Supercharge your business with some simple tips. Here are ten ways to make sure that you continue to drive through each business quarter with purpose, vision and the courage to super-charge your business.

Price elasticity is an economic concept that you should get to know. It is instrumental in understanding demand for your product and the price you can set for it.

Cashflow forecasting is an increasingly important tool for any finance team. With a better view of your future cashflow position, you can make well-informed decisions about your finances. But how does cashflow forecasting work? And how does it help you maintain a positive cashflow position throughout the year?

To fund the growth of your business, you’ll almost certainly need to take out a business loan at some point. But many lenders will ask you to provide a personal guarantee against this business loan – and there’s a risk element to consider when taking out finance. So, what does offering a personal guarantee on a secured loan actually entail? And what are the principal risks of becoming a guarantor?