We’ve all heard the saying that ‘cash is king’, but despite the popularity of this phrase cash flow is an area of business that is often neglected. Being able to effectively manage your cash flow is key to the long term survival of your business. It will also allow you to maintain enough working capital to operate through quiet periods. Your cash...
Small business owners with a business tax debt are encouraged to work with the Australian Taxation Office (ATO) to help manage it through a mutually acceptable plan. Dealing with financial stress while running a business can be difficult, and a tax debt notification from the ATO can be something you’d prefer to ignore. While it is often tempting to...
Made a purchase for your business that doesn’t work? Here’s what to do. In small business every dollar counts, and making smart purchasing decisions is crucial to keeping your business running smoothly and profitably. However, even with the best intentions, problems can arise with products or services you've purchased. We outline how to address any...
Ensuring every aspect of their operation is as energy efficient as possible is the commitment of an award winning South West linen and laundry business. Baythe Linen and Laundry in Vasse, on the outskirts of the City of Busselton, is setting benchmarks for sustainability and environmental responsibility by continually seeking out and investing in...
Buying a franchise can be a great pathway to running your own business. Before signing on, make sure you’ve sought advice and considered these seven key areas.
Withholding retention payments in construction can affect subcontractors’ cash flow and profitability. Often used in the construction industry, retention is a fixed percentage of the total payment due for a contract, withheld for a period after the work is completed. It’s there to make sure that the contractor or subcontractor properly completes...
Small business owners wear many hats. From customer service and sales, to bookkeeping and recruitment — when you run a small enterprise, the buck stops with you. There’s no doubt that owning a small business has many rewards. However, it’s important to acknowledge that this lifestyle also comes with its fair share of challenges. There is the...
The way you’re feeling can often be aligned with how well your business is doing. The thought of whether you can pay the bills or wages, or whether your business can actually continue, are burdens that can weigh heavily on any business owner. There are a number of ways you can manage any stress and anxiety you are feeling. Unfortunately due to...
Find out more about the pros and cons of short term leases and one could be right for your business.
Tax time can be a stressful time for many business owners. It can be confusing keeping on top of deadlines, changing rules and deductions. The best place to start with your taxes is by enlisting the help of a tax professional to make sure you’re on track with your deductions and tax obligations. You don’t want to claim for deductions you later find...
The Australian Taxation Office (ATO) has recently announced changes to how your employees can calculate tax deductions if they work from home. Here’s your guide to the changes. Millions of Australians work from home for some or all of their working week. If your business is structured to have your employees working from home at some stage, they...
There’s a fine line between being a business contractor with an Australian Business Number (ABN) and being an employee. If you’re a contractor with your own ABN, read these tips to help make sure you’re being treated fairly and meeting your obligations. In some industries, for example in the construction industry, it’s common for businesses to...
