Should you borrow money from your family? Questions to ask yourself before getting loved ones involved.
If you supply goods or services for less than $1 million to the WA Government, new guidelines mean you will now receive payment within 20 days. From 1 October 2020, WA State Government agencies must ensure that all payments of less than $1 million for goods or services, excluding construction works, are made within 20 calendar days of: receiving a...
Grant funding could provide your small business with an opportunity to invest in new equipment or projects, launch a new product or service or expand your operations. With many business grants being competitive, it’s good to know how to give your application a competitive advantage. If you’re looking for ways to finance your business growth, grant...
One silver lining of the COVID-19 pandemic and recent supply chain shortages impacting many industries, has been an increased appreciation of the significance of small businesses to local communities all around the world. The concept of localism (supporting the local production and consumption of goods) as opposed to globalism has really taken...
How can you impact your profit as a small business owner? For most small businesses, making a profit is one of the most important goals. Profitability relies on a simple accounting equation: Income – Expenditure = Net Profit In other words, net profit is your business's profit after all business expenses have been deducted from your revenue...
Supply contracting is common in a number of industries, particularly in the construction, information and communications technology, manufacturing, government and professional services sectors. We asked Lisa Legena, manager of our Advisory Services team, to share her top tips on the factors to consider before you agree to a supply contract...
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...
Cheaper prices can certainly make your products and services attractive to some customers – but are they are a sustainable business strategy? We’ve spoken with a pricing expert to debunk some common pricing myths. If you’re like most small business owners, setting your prices can be difficult. While you want your products or services to appeal to...
Do you have a plan for managing disputes that may arise in business? If not, we explain why it’s worth considering and how to get started. Whether it’s an issue with invoicing, a potentially problematic customer, a dispute with your business partner, or a conflict about a tenancy agreement, managing disputes in your business can be stressful...
Food trucks have become a popular feature at many outdoor events. What do you need to know before starting a food truck business?
When you first develop an idea you may decide to test it as a hobby but it’s important for tax purposes to know when an activity becomes a business
Buying an established business can represent a huge challenge – and a huge opportunity. Dr Vanessa Atienza-Hipolito bought a long-standing health business eight years ago and has discovered there is always more to learn. While many business stories begin as an idea that sparks a start-up, small business success stories can take other forms too. In...
