If you are seeking wise start-up advice for a new business, you might well wonder what the headline for this blog is talking about. Bear with us while you consider these two possibilities…
– Should you start up a business doing something you’re good at?
– Should you start up a business doing something you enjoy?
We’ve been looking at how visualising your business numbers can help you make strategic decisions in your business. In this article we’re looking at how to decide where you should grow your sales.
For many businesses, the two major costs they experience are: Cost of Sales and Wages. Understanding how each of these main costs impact your business means that you can make better decisions to move your business to the next level.
Every business transitions through phases of insufficiency and surplus. Keeping consistent and accurate records help in gauging the status of your business. However, once you realise your business is not following your laid out plan, craft a restoration plan as soon as possible. Here are four tips to help you reclaim the situation.
Starting and running a small business can be exhilarating and daunting. In the excitement of launching a revolutionary product or service, the complexities of running a business can be overlooked. But don’t despair, a business consultant can help you plan, manage and organise your business, so you can focus on what you do best.
Single Touch Payroll (STP) works by sending tax and super information from your payroll software to the ATO as you process each pay-run. Once set up, your payroll processing continues as normal, however the ATO will receive information on salaries, wages, PAYGW and super for your employees.
If you’re currently in ‘tax-planning’ mode, your accountant has likely mentioned ‘instant asset write-off’ to you. Accountants got a bit excited in early April when the asset threshold for this measure was increased to $30,000 as it extends the types of asset purchases clients can make and fully write-off in the current financial year.
Free cashflow is the lifeblood of business, not only is it a sign of profitability but also provides a resource to help you grow your business into the future. Free cashflow is what’s left after all your expenses – think rent, wages, finance repayments, taxes. Having enough free cashflow in your business eliminates one of the most common business owner headaches – and taking control is not so difficult – it just requires a little planning, enlightenment and system changes.
