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...
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...
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...
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...
With prime position in the lobby of a busy inner-city building, Viaje Coffee was thriving under the management of Hugh Nguyen and his business partner Wayne Kang. “Before the pandemic, our business was going well,” said Hugh. “Viaje Coffee had a very loyal customer base and our business was growing. Then, COVID had a massive impact. The building...
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...
Food trucks have become a popular feature at many outdoor events. What do you need to know before starting a food truck 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...
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
Before you buy a business, it’s important to complete a risk assessment to make sure you’re not about to get into a risky business. Buying an established business can be an exciting way to make money, be your own boss and enjoy new challenges as a small business owner. It only takes a quick online search to find hundreds of 'business for sale' ads...
Government agencies play an important role in our economy when procuring products and services. While big business is often in the headlines, small businesses account for most of the businesses in Western Australia — 97 per cent. They are major contributors to the economy, generating more than $50.1 billion in private sector activity each year. You...
