Clear Path Accounting in Blaxland, New South Wales | Accountant

Clear Path Accounting

Locality: Blaxland, New South Wales

Phone: +61 2 4739 2700

Address: Suite 1, 13 Hope Street 2774 Blaxland, NSW, Australia

Website: http://www.clearpathaccounting.com.au/

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25.01.2022 #tiptuesday Reaching your customers online at the right time... Of all the industries that have been disrupted by the digital age, marketing is one that has changed the most. Gone are the days when an advert in the phone book or local newspaper made the phone ring. The principles of marketing are still about understanding your customers and defining the problem you solve for them. The thing that has changed is how you reach them, and how they find you!... In fact, modern marketing is more granular. Using digital marketing you can be more targeted and more responsive. Traditional advertising such as billboards and direct marketing are still effective methods but if you are looking at a digital campaign, think about the following questions before you spend your precious marketing budget. Do they know they need your product yet? - If they are not actively searching for your product you want to make sure you can get your message in front of them in a way that motivates them to buy or find out more. At this stage, it might be positioning your product as the right choice when they are ready to buy. Youll want to reach your potential customers in the places they already are. Do they use Facebook, are they on Instagram or prefer LinkedIn? Or, you could advertise on their favourite websites, YouTube channel or apps? Are they already searching for the product or solution you offer? - Getting in front of these people is gold. If they are already searching for your product or service already, you can benefit from being there at the right time and right place. (Youll still need to convince them that you are the best solution for them of course) Advertising on search engines such as a Google Adwords campaign is a good place to start. Think about the types of words they are using in the search bar (keywords) and target these keywords in your advert copy.

25.01.2022 #mondaymotivation Sometimes it just takes a bit of hard work to get to where you want to go!

25.01.2022 #topictuesday Turning a profit will be high on your list of goals as a business owner. And if you want to generate the best margins, that means keeping an eye on the money that’s going out of the business, as well as what’s coming in. So, how can your accountant help with this?...Continue reading

25.01.2022 #mondaymotivation That moment when you go from working IN the business to ON the business is a huge leap forward!!

24.01.2022 Dont forget its JobKeeper reporting time for August!! https://loom.ly/KDlu0Pc

23.01.2022 Happy Fathers to all the hard working Dads out there...

23.01.2022 Do you have new employees who will now be eligible for the JobKeeper Payment? https://loom.ly/_BBsC18

23.01.2022 #smallbusinesssaturday The way we work has changed. Since the first restrictions due to the pandemic, working from home has become a new norm and for a while, it was embraced by workers and employers alike. The media was full of predictions that this new normal was the future of work. But along with the increased flexibility, there are downsides too. Not everyone has an office set up at home to escape to and our normal working days dont always replicate to the home of...fice. So how do you adapt and review the working day to suit a remote workforce? The best place to start is to ask employees for their feedback. The more involved they are in the process, the better the outcome will be. We may be remote but it is still possible to feel connected and supported. The following article has some things to watch out for and useful links on how to run virtual meetings. https://loom.ly/zFSarxs See more

22.01.2022 #tiptuesday We are living in uncertain times right now. The situation changes daily with new challenges to overcome. We are all feeling the strain. So what can we do to manage the stress and regain some much needed sense of wellbeing?... Research shows that doing something (no matter how small) is the best way to manage anxiety. There is a lot we cant control right now but there are also things you can do, and simply taking action can help us feel in control and therefore happier. Here are some ideas: Connect with others - Helping others is good for you. Solving a challenge for a customer, colleague, or friend not only gives them much needed assistance, but is also great for your own sense of well being. Achieve one thing on your to-do list - When youve ticked an item off your to-do list the satisfaction of achieving something is powerful. Sometimes the tasks that you put off arent so bad after you put your mind to it. Aim to achieve one thing each day to shorten that list and give you a sense of accomplishment. Time out - Do something you enjoy, whether its a really great cup of coffee, spending time outdoors, talking to friends, engaging in something constructive - even a jigsaw puzzle! (unlike so much of our normal work activities, a jigsaw rewards you with something to show for your efforts). Give yourself time to switch off and re-energise. Movement - Our bodies werent designed to sit at a desk all day. Being active for just 30 minutes a day improves your physical and mental health. Exercise not only gives you a welcome distraction from worries by forcing you to shift focus, it also prompts your brain to release chemicals that improve your mood. Routine helps - Our normal routines have changed and its easy to spend longer hours at your desk working and missing out on usual breaks. Try to stick to a routine each day so you control your working hours. And get a good nights sleep. Reflect - Take time to reflect on your achievements during the day. Those little mindful moments can all add up to a great sense of peace and accomplishment. Something we could do with a bit more of when were feeling pressure or stress. Anxiety and stress are a normal part of everyday life, but not when it takes over. If youd like more resources for yourself or someone you know, there is lots of information on websites like Beyond Blue

22.01.2022 #topictuesday Do you find yourself setting goals but struggle to achieve them? Need accountability? A bit like a personal trainer for your business, find someone independent who’ll hold you to account and ensure you reach your endgame! ... Get someone independent to hold you to account Have you ever set a New Year’s resolution and then reset the same one again the following year? It's widely recognised that approximately 80% of New Year's resolutions fail. How can we increase our chances of successfully achieving our goals? Accountability. The most foolproof way of ensuring you complete the actions you’ve committed to is to give someone nagging rights to follow you up. This may be your personal trainer at the gym who makes sure you show up at 6am, or it could be your accountant who checks in on you every 90 days to make sure you’re on track to completing your actions and achieving your business goals. A soft coach will encourage soft results. If you think about the type of coach a successful sports team would benefit from, would it be a hard coach or a soft coach? It’s no different in business. We all need someone with the backbone to hold us firmly to account and follow through on consequences for failure to act (‘give me 100 burpees!’). A soft coach, maybe a life partner or a friend, is likely to worry they’ll upset you if they nag about inaction. They’re likely to accept your excuses. Whereas a hard coach isn’t going to worry about hurting your feelings and they won’t accept excuses. That doesn’t mean they don’t have a heart. Great coaches have backbone and heart; they just care more about your results than your excuses. If you really want to achieve your goals, seek accountability from a coach who’ll console you after you’ve done the burpees, one who discourages inaction, and enables you to achieve. We can help.

22.01.2022 JobKeeper Extended Until March 2021 The government has announced further changes to the JobKeeper payment scheme, which will see it continue until March 2021. The current system will remain unchanged until 27th September 2020 as planned, providing $1,500 per fortnight for employees and eligible business participants....Continue reading

20.01.2022 #mondaymotivation Hard work coupled with hiccups along the way is what teaches us lifes valuable lessons!

20.01.2022 #topictuesday Building strong networks is essential for business success. What can you do for others in your network to help them succeed? Build strong networks to generate referrals:... Referrals are the easiest way to generate new business, and building strong networks is a great way to generate referrals. Networking and referrals are cost-effective ways to grow your business, as the return on investment can be huge. Think about the types of networking you can undertake and encourage your team to do the same. Five ways to maximise referrals from your networks: 1. Consider the lifetime value of a new customer. Calculate the revenue you’re likely to generate from a new customer, then consider ways you could reward them to show appreciation for their repeat business. For example, you could send them a bottle of wine, a voucher towards their next purchase, or cash back. They’re likely to spread the word. To calculate the lifetime value of a customer, use the below formula: Average transaction value x average number of transactions x gross profit margin x customer lifespan 2. Identify businesses that complement your services. What businesses have a mutual interest in your customers but aren’t your competitors? For example, a surveyor may work with lawyers, bankers, accountants, and tradies, and they can all refer business to each other. Create an informal group and commit to meeting regularly. At each meeting, be sociable and have fun but also discuss how you can work together more effectively! 3. Focus on referring more to your networks than you’re seeking in return. Giving work to others will encourage referrals in return - this is called The Law of Reciprocity. When you do something nice for someone, they’ll have a deep-rooted psychological urge to do something nice also. The more you refer, the more you’ll receive in return. And, be sure to thank your referrers! 4. Find out where your target clients hang out in the greatest numbers. There may be existing networks that you can join right away that will result in referrals, e.g. BNI, Rotary, Chamber of Commerce, etc. Find out which one is most relevant to your business and join. 5. Get involved with non-profit organisations. Choose an organisation that you or your team are passionate about, be that a sports club or a local community organisation. Avoid ‘peddling your wares’ when working with the organisations. Simply wear branded clothing and have signage where appropriate. Prospective customers need to know you, like you and trust you before they’ll buy from you. What can you do today to grow your network and maximise your referrals?

19.01.2022 #smallbusinesssaturday Do you need to lodge? You have until next week to make the deadline! https://loom.ly/dL-42Q0

17.01.2022 #mondaymotivation Dont let failure define you, it is the courage to continue that counts!

17.01.2022 Its always a great day to wear pyjamas right? Well for those of you still working from home, you have the best excuse in the world, its National Pyjama Day!! So jump into your favourite PJs and help raise vital funds for children in foster care. https://loom.ly/s6kM5Zc

17.01.2022 #smallbusinesssaturday Clarify and reset your goals in the pandemic world Locking down is tough for everyone; whether youre a parent juggling work and school from home, cant work at all, or are busier than ever as an essential worker. Whatever your situation, hopefully youre on your way to establishing a new normal.... If you havent yet sat down purposefully to reflect on your unique lockdown experience, now is a good time. Taking stock enables us to process new ideas and opportunities, resulting in clarity and improved goal setting. 12 questions for effective reflection: What was your biggest fear about heading into lockdown? What three words sum up the experience for you? Who were the most influential and supportive people for you? Why? What three things from this experience are you most grateful for? What do you wish youd done more of? What do you wish youd done less of? What new skills have you learned over lockdown that you intend to utilise moving forward? What skills should you develop or stretch? What will success look like to you this year? Have any goals or priorities changed since lockdown? What is the most valuable thing you learned about yourself? What are you most proud of from the last few months? You could also share these reflection questions with your team or family to help them reset their focus and goals for success in the coming year. If you need help clarifying and resetting your goals, get in touch.

17.01.2022 Yesterday, the Government announced it is extending the JobKeeper Payment until 28th March 2021, but with tighter access and reduced rates. From 28th September 2020, employers seeking to claim JobKeeper payments will need to reassess their eligibility and prove an actual decline in turnover in the relevant periods. The key elements of the new arrangements are:...Continue reading

17.01.2022 #smallbusinesssaturday The third way to grow your business is to increase your conversion of prospects to sales. This is relevant to all businesses, but particularly relevant to those who prepare proposals and quotes on a regular basis. What you can measure you can manage.... First, work out your current sales conversion rate for the past quarter by dividing the number of quotes converted into sales by the number of quotes prepared. For example, if you sent out 156 quotes, 85 of which were converted to sales, your conversion rate for that quarter is 54% (85 / 156 = 54%). Now you know your conversion rate, it's likely you're drawn to the revenue you're missing out on by not achieving a higher conversion rate. If the above business increased its conversion rate from 54% to 64%, and if the average sale is $6,500, that's additional sales of $405,600 over one year. In other words, it may be well worth the time, effort and some cash outlay to improve your systems and train your sales team to increase your conversion rate. Which of the below ways to increase your conversion rate are most relevant to your business? 1. Your sales system. Ensure your entire sales process is documented, step by step. Include your sales meetings, quoting and proposal processes. For example, how long after gaining conceptual agreement should a proposal be sent? What is the follow up process if a prospect doesn't respond to the proposal? The more comprehensive and effective your sales process, the better your conversion rate will be. 2. Your sales team. Every team member should be following the same system. If some team members consistently achieve a higher conversion rate, find out why and share those learnings with the rest of the team. 3. Follow up, follow up, follow up! Follow up every meeting, proposal or quote and you'll get better sales outcomes. If prospects don't respond to your follow up call, keep going until you get an official no. Did you know most business is won on the fifth and subsequent contact with prospects? 4. Offer a product or service guarantee. This might sound scary at first, however it's the easiest way to remove doubt. It's also a powerful way of demonstrating your absolute commitment to quality. Only guarantee what you can manage. 5. Proposals with options. Presenting a proposal with three service options increases your chances of having at least one of those options accepted. This sales technique is often referred to as 'the choice of yeses'. Make sure you keep it simple and limit the options to three or four, or your prospective customer will be overwhelmed by too much choice. These are just some of the ways to improve your sales conversion. Talk to us about creating an action plan to improve your results.

16.01.2022 Have you lodged your BAS for June- September quarter? If you have received the initial cash flow boosts, this will affect you... https://loom.ly/dpCdNMk

15.01.2022 The year 2020 so far has been challenging for many small businesses. A reminder that the ATO provides that extra help if you have been affected by bushfires, drought or the pandemic! https://loom.ly/XHWrZXo

15.01.2022 #ruokday Today is R U OK Day By starting a conversation and commenting on the changes youve noticed, you could help that family member, friend or workmate open up...

15.01.2022 #tiptuesday Managing Debt Running a small business requires taking some risks. Debt is one of those risks, but it is also a positive tool for small business that is usually necessary in order to fund your growth.... However, when circumstances change and your debt levels grow, it can keep you up at night. It is important to act early and put a plan in place to manage it. We can help you assess the situation and create a payment plan. This will include your business priorities and your obligations such as payroll, suppliers, tax, insurance and other bills. Start with the numbers The more informed you are, the easier it will be to manage your outstanding debt and regular payments. Using your accounting software, you can get a clear picture of money coming in and going out and then you can make decisions based on this. The strategies you put in place will depend on your business. They could include negotiating with lenders and suppliers; reducing costs through your business operations; increasing revenue via sales or other options, and seeking more funding. Talk to us about your business and your debt repayment plan. We are here to help.

14.01.2022 #mondaymotivation An oldie but a goodie, a daily dose of motivation is always good for the mind and body!

14.01.2022 #smallbusinesssaturday Just a reminder, if you are trying to access the ATO online services, they are down for system maintenance until Sunday evening! https://loom.ly/5dFWd7c

14.01.2022 #smallbusinesssaturday Its human nature to be influenced by the people in your inner circle. In fact, the odds of being successful are a lot higher if youre surrounding yourself with people who are also successful. In a business context, consider very carefully the people and friends you associate with. Who plays a role in influencing your life? Who are your role models, mentors, and supporters?... Youre the average of the five people you spend most of your time with. It really pays to think about who your top five are. These people play a part in determining how you think, how you act, and ultimately how successful you will become. As entrepreneurs, youre responsible for yourself. Being around the right people can help success come more naturally to you, instead of being around those who exhibit certain behaviours that hold you back. Keep an eye out for people who have the following traits: 1. People with an unbeatable work ethic Perhaps this is you! People with the best work ethic will motivate and inspire you. True passion and commitment will breed a successful business. 2. Positive attitudes If you are working with people who only see the negative or the problem, it will bring you down. It can get very tiring being around people who dont have a winning attitude. People who are constantly pessimistic are in every business, so they can be hard to avoid, but you can balance the impact they have on you by finding positive people who look for opportunities and will take you higher. 3. Curious people These people have an insatiable curiosity for business and life. Theyre the ones who are always asking why or how and genuinely keen to know more. These people will push you to be better thinkers, to ask better questions and ultimately to demand better results. Take some time to think about your top five people in your life, or set up a regular catch up with people who help you and your business grow it might be a monthly breakfast. It will be a positive experience for all members. If youre not surrounding yourself with champions, start thinking about how you could be!

13.01.2022 #smallbusinesssaturday Have you ever looked up any of your suppliers ABN's? This is a very simple step to follow, just to know who you are dealing with and whether they are registered for GST. https://loom.ly/zgzmcDg

12.01.2022 A business budget is one of the essential tools in managing your business finances and actively building your business. A budget shows what you plan to do with your cash over the next year. For a complete picture of your business health, you need to review the profit and loss statement, the balance sheet, the cash flow forecast and the budget. Taken together, these reports allow you to make informed business decisions and monitor performance. Why have a Budget?... Forecast sales and expenses according to monthly or quarterly variations. Evaluate performance over time, including changes or patterns. Get really familiar with where your money goes and where it comes from. Clarify targets and goals and use the budget to help you focus and achieve those goals. Comparing actual figures to budgeted figures allows you to see potential problems early and plan for unexpected costs. A budget will help you to see the big picture and stay motivated over the long term. Where to start: A basic budget takes known income and expenses, then makes certain assumptions about the timing of income and planned expenditure. The basic budget is based on cash in and out of the business. Over time, as you start to see the benefits of using a budget, your budget should evolve into a more sophisticated version that includes non-cash elements such as provisions and depreciation. Most businesses will start with one budget but soon move to having three budgets. Business as usual the next years budget is based on current year income and expenses, with perhaps a small adjustment for consumer price index increases. Worst case budget is based on a pessimistic view of next years performance. Best case budget is based on an optimistic view of performance over the next year. A budget is usually for a financial year, but you can also set up budgets for two to five years. Once you have one budget (or more) set up, you can then run your current financial reports against the budget to see how you are tracking. This allows you to make rational business decisions in real-time to adjust accordingly. You can run your financial reports monthly and adjust your budget as needed. What Next? Now is a great time to put a budget into place for the coming financial year. Book a time with us to help you create a meaningful budget in your accounting software so that you can use it as a proactive part of your business management, strategy and your success

11.01.2022 #smallbusinesssaturday Did you know the JobKeeper Payment criteria will be changing? For further details, click below https://loom.ly/P2t5rus

11.01.2022 Do you have any missed or unpaid super amounts? This will affect you! https://loom.ly/67wX23E

10.01.2022 Minimum Wage Staggered Increases and Award Changes The national minimum wage increased on 1 July by 1.75% to $19.84 per hour (or $753.80 per week). The minimum wage increase applies to employees on JobKeeper if their pay rate is defined by an award rate or the national minimum wage. This means the amount of JobKeeper top-up payment may reduce in alignment with the wage increase. This year, the Fair Work Ombudsman has implemented minimum wage increases to awards in a sta...ggered approach by grouping awards into three categories: Group one awards increase from 1 July 2020. Group two awards increase from 1 November 2020. Group three awards increase from 1 February 2021. There have also been some changes made to allowances, penalty rates and loadings in several awards; visit the Fairwork Ombudsman webpage; https://loom.ly/q5BPnTc webpage for details. Affected awards are Social and Community Services Award, Aged Care Award, Building and Construction Award, Joinery Award, Mobile Crane Award and the Miscellaneous Award. Changes to Parental Leave Pay From 1 July, eligible employees can now split their paid parental leave into two periods within two years of the birth of the child, rather than having to take it as one continuous period of 18 weeks. The new plan allows more flexibility with how and when the leave can be taken: One initial fixed period of 12 weeks to be taken within 12 months of the birth or adoption. One flexible period of 6 weeks (or 30 working days) to be taken within 24 months of the birth or adoption. This period can be negotiated to suit both employer and employee. For example, the employee may return to work half-time and take the flexible leave period over 12 weeks. The two periods can be taken together to provide 18 weeks of unbroken leave if desired. Payment of parental leave remains the same, with the system administered by Services Australia https://loom.ly/Kj7VgOM From 1 July, the amount of parental leave pay is $753.80 in line with the minimum wage increase. Review Your Payroll Systems The start of the financial year is a great time to review your payroll setup, policies and procedures. Talk to us if you need to implement practical parental leave policies that are beneficial for both employer and employees and allow for smooth transition between leaving and returning to work! We can also review your pay categories and adjust award rates where needed.

10.01.2022 In a slower-moving economy, its more important than ever to stay on top of your debt collection. Establishing how long it takes you to get paid is the first step, but how can you measure this? Debtor days measures, on average, how long your customers take to pay you. While there are many complex formulas to accurately calculate this, a nice easy formula is: current debtors owing/annual sales * 365.... For example, if you have annual sales of $450,000 and debtors owing of $80,000, your debtor days are 65 ($80,000 / $450,000 * 365). If, in this example, your payment terms specify payment is expected within 14 days, then you have a real problem and your cash is locked up in your debtors much longer than it should be. Reducing your debtor days will immediately free up cash. So, how can you reduce your debtor days? Review your Terms of Trade. Payments should be made within 7 days of the customer receiving the invoice, not on the 20th of the month following. Have statements with only two columns. One for current and one for overdue. Columns showing 90 days and/or 120 days overdue let people think this is acceptable. Ask for a deposit before you start work. Invoice progressively so you can see youre not getting paid early on. Get on the phone early to your overdue debtors. Use an outsourced debt collector, or at least a different member of your team to follow up payments. Dont keep working for non-payers. Offer a discount for upfront payment. Offer payment options - credit card, direct debit or automatic payment. To see the impact of reducing your debtor days, even by only 1 day, simply divide your annual sales by 365 to establish your daily sales level. You can then use this figure to calculate the impact or reducing your debtor days by different amounts. To demonstrate with the above example, if you reduced your debtor days from 65 to 40 - still well beyond your payment terms - youd have over $30,000 more cash ((65-40) / 365 * $450,000 = $30,822). Dont let your customers treat you as their bank! Ensure youre getting paid as soon as possible. Get in touch to find out how we can help you reduce your debtor days, so you have more cash available in your business!

10.01.2022 Welcome to 2021 everyone! We are back bright and early Monday 11th January, ready and raring to tackle the New Year ahead!

09.01.2022 #mondaymotivation Don't let that little "pebble" slow you down. Strive for greatness!

09.01.2022 #mondaymotivation Such a valuable asset, a "personal trainer" for your business! Someone to hold you accountable and to push you to achieve those goals!

09.01.2022 Its tax time!! So as you are running your own business you need to keep your records accurate and up to date... https://loom.ly/sQ5XSJI

09.01.2022 #smallbusinesssaturday For those who are receiving JobKeeper payments, it reporting time again! https://loom.ly/_buuPVw

08.01.2022 #mondaymotivation As with anything in life, do what you do and do it well!

08.01.2022 #mondaymotivation Whether in life or business having a good plan is a great motivator!

08.01.2022 #tiptuesday Do you use heavy vehicles and machinery in your business? Check out these current fuel tax credit rates that could affect you... https://loom.ly/NK_qEKY

07.01.2022 Your monthly activity statement is due by the 21st of this month. Use the following checklist to make sure you are ready for lodgement day: Have you allocated all bank transactions to the correct accounts?... Have you verified that the bank balance listed in your accounting software matches the balance in your bank account? Do you have tax invoices and receipts for all business-related transactions? Have you checked the GST tax codes for all transactions? Have you checked tricky transactions like agency arrangements, insurance or overseas purchases for GST tax code accuracy? Have you got the paperwork for asset purchases or new finance arrangements? If you have to report PAYG withholding for employees, you also need to check that your payroll categories and tax calculations are correct for the quarter, (or last month for employers who lodge a monthly IAS). Checking the figures at each of the BAS reporting labels means your statements are more likely to be accurate and less likely to need GST adjustments at the end of the financial year. This results in you having a more accurate picture of your liabilities throughout the year and being able to plan accordingly. Any questions? Talk to us. We can help you set up the processes to make this area of your business easy - and you can focus on your business.

07.01.2022 How quickly do you sell your stock? The longer it takes, the longer your cash is tied up & the more likely it is to be discounted! In a slow-moving economy, managing your stock is essential! If you sell stock or inventory, its essential you understand stock turn and how to increase it. Obsolete, or dead stock will harm your cash flow and your ability to increase profit, particularly in a slower-moving economy. The longer stock takes to sell, the longer you have your c...ash tied up in the stock before it can be sold for a profit. The older the stock, the less likely it is that youll be able to sell it for its original retail price. Use the below formulas to calculate your stock turn: Stock turn = cost of sales / average stock held To calculate the cost of sales: opening stock + annual purchases - closing stock (where purchases include all variable costs that show in your trading account). To calculate your average stock:(opening stock + closing stock) / 2. For example, where your cost of sales is $150,000 and average stock is $45,000, your stock turn will be 1.33 ($150,000 / $45,000). This means that on average, you sell each item of stock 3.3 times per year. So, how do you increase your stock turn to sell items faster, free up cash flow and increase your profit, particularly in the current economy? 1. Reduce your stock levels. In the above example, if the stock was reduced by $10,000, stock turn would increase to 4.3, you would free up $10,000 of cash, and increase your margin. 2. Buy stock on consignment. This means you only pay for it when it sells. 3. Order just in time. For example, if it takes two days to receive an item after the order is placed, and you sell an average of five items per day, only hold a maximum of 10 of that item in stock. 4. Use display stock. If a customer wants to buy the item, have it delivered straight from your supplier to the customer instead of holding multiple items in store. 5. Use a catalogue. Reduce the stock held in-store and provide customers with a catalogue to order from. 6. Reduce ordering levels. Ideally, calculate the stock turn per item (use the above formula for each item). Youll then be able to identify the slow-moving stock so you can reduce how often you re-order it. 7. Stop stocking slow-moving stock altogether. Its just tying up your cash for longer. Reassess whether you should be selling these items at all. 8. Encourage your sales team. Tell them which items sell more quickly and encourage them to sell more of these items. 9. Get rid of obsolete or dead stock. Youre better off to have cash from a discounted sale reinvested in faster-moving stock. 10. Ask us for 10 more ideas! There are numerous ways to increase your turnover, get in touch and well help you identify the best ways for your business.

06.01.2022 Are you paying contractors in your business? You may need to lodge a taxable payments annual report.. https://loom.ly/p8oqSMM

05.01.2022 The NSW 2020-2021 budget is out and there is some good news for small business owners! https://loom.ly/D386evo

05.01.2022 Just a courtesy reminder that your December 2020 quarter Superannuation payment needs to be received by your employee’s Superannuation Fund by 28th January 2021.

05.01.2022 #smallbusinesssaturday Small business is all about relationships. But when these go wrong, it is devastating. Ensure you have the systems in place to routinely look at where your money’s going in order to safeguard your business and your relationships. Being able to trust your team is gold standard but introducing a few simple processes ensures that is much harder for someone to abuse your trust.... Think about these tips to safeguard your business and keep your trusted relationships strong. Housekeeping Good systems make it easy to understand and hard to hide things. If you have a system, make sure it’s documented. They don’t have to be complicated. For instance, when you refund a customer, make sure it’s signed off by a manager or yourself and recorded somewhere central. Checklists can make a system easier for staff to understand and work with too. Have systems in place to routinely look at where your money’s going or that require you to sign off on key transactions. Monitoring Do you have regular reporting? Things to look for are unusual customer refunds or credits, a spike in new suppliers or payments to existing ones. Do your sales look right? Is there a dip in cash sales? Know what benchmarks other businesses in your industry are hitting. Compare your profit to overhead ratios with theirs and question inconsistencies. Buddy systems Red flag any of your systems where only one signatory is required or only one person oversights income and expenses. Make it part of the monthly routine to run the bank statements by more than one pair of eyes. Consider whether training up ‘buddies’ to share key financial responsibilities might make it harder to siphon off funds unseen. Buddy systems can strengthen your succession plans as well as taking the pressure off when a signatory takes holidays. Ironically, it seems that people engaging in suspect activity tend not to take holidays for fear of being found out as they know someone else is performing their duties. We can help you with risk assessment for your business and help you strengthen your systems if needed.

05.01.2022 #mondaymotivation Don't be afraid to dream big!! Put in the hard work and you will reap the rewards!

04.01.2022 Having a positive mental attitude can go a long way to being successful in all aspects of life!

04.01.2022 "They went with songs to the battle, they were young, Straight of limb, true of eyes, steady and aglow" Lest we Forget...

04.01.2022 #topictuesday Step 2 of Building a Better Business... Be open to change and new learning... It’s amazing what we, as humans, don’t even know that we don’t know. New learning opportunities are everywhere, and in this digital world, there’s simply no excuse to avoid new learning. Consider how many new things a five-year-old learns each day. Children enthusiastically embrace the world of possibility and the desire to learn. Why is it that, the older we get, the more likely we are to close our minds to new learning? We’re all busy, and sometimes we feel like we just don’t have the time to sit down and read a book. We need to make the time. Set yourself targets and share these with someone who will hold you accountable to achieving these. Here are five ways to learn more, positioning yourself to run a better business: 1. Read more. If you struggle to find time to read, set a reminder on your phone to read before bed each night. Start with reading 10 pages, then increase this each week. Mix it up with recreational books and business books. As a bonus, it will help you sleep better! 2. Resist the urge to hang out on your phone. Unless you’re learning something new. By the way, you’re unlikely to learn on Facebook! Try an eBook, audiobook, podcast, or learning app instead! 3. Enrol in courses or workshops. These can be online or in person. Choose topics that interest you and will help you in your business. 4. Turn off your TV. Unless you’re viewing TED talks on YouTube or content that is useful learning. 5. Keep a journal of your learnings. Review your journal of learnings regularly. Remember, you don’t really know something until you can teach it to someone else. So, what areas should you be learning more about? It could be leadership, management, sales, or writing skills. Find out the best ways to develop your knowledge and set aside time to learn. Don’t forget to ask someone to hold you accountable. Maybe you could buddy up with someone and meet regularly to share your learnings? Once you begin learning, your hunger to learn will grow. We can help you take steps to improve your business and ensure it reaches its true potential. Get in touch!

04.01.2022 #motivationalmonday Be the leader, adjust your sails to get where you want to go!

04.01.2022 #topictuesday The second way to grow your business is to generate more leads. A lead is someone who has responded to your marketing in some way; they have some level of interest in your product. When it comes to generating more leads, consider:... Who is your target market? Where are they in the highest numbers? How will you reach them? How will you attract them so that they move from suspect to lead? There are hundreds of ways to generate more leads. Some will be highly relevant and others completely irrelevant to your business. Generating leads is both art and science, so don't be afraid to experiment. Here are some ideas to get you thinking: 1. Your website. Is it an effective lead generation tool? Do you have content of value that leads can download after submitting their contact details? Is it clear who you are, what you do and how you can be contacted? 2. What advertising channels do you use? How effective is your current advertising spend? Remember, the purpose of marketing is to generate leads. 3. How powerful is your marketing collateral? Things like your brochures, product catalogues, educational eBooks, even your branded team uniforms. 4. Do you have strong referral networks? Do you have a referral system? Do you reward referrers? 5. Have you built strategic alliances? These should be with other businesses who serve the same market but aren't competitors. For example, a retail fashion store building an alliance with a beauty therapy business, or a builder working closely with an architect. 6. Are you on social media? Do your customers hang out on LinkedIn, Facebook, Instagram, Twitter? How can you add content of value, earning you the right to do some cheeky lead marketing? 7. Do you host events? For product launches, fundraisers, to educate, or simply for fun? Marketing is sometimes defined as the communication of education. There are so many ways to generate leads. Experiment, have fun, and always measure your campaign results.

03.01.2022 #mondaymotivation Knowing what you want and having that clear goal in sight is key!

03.01.2022 #mondaymotivation As we venture into this New Year, don't be afraid to put yourself out there! Sharing your knowledge can be one of the most powerful tools in your armoury.

03.01.2022 Understanding your financial reports, or knowing your numbers, is critical to business success. It allows you to make better business decisions, measure the impact of those decisions, take corrective action where necessary and, ultimately, enjoy better results. By understanding your financial reports, youll: Know if your business is growing or shrinking Discover trends in your business and be able to respond accordingly... Compare your actual results to your expectations Identify areas of strength and weakness in your business Understand the value of your business Make better decisions How to maximise results from your reports: 1. Ask yourself, is the data clean? This means that all transactions have been coded correctly and bank statements have been reconciled. Do you have monthly procedures to ensure your data is clean? 2. Inspect what you expect. You must have goals for your business or targets you expect to achieve. Inspect your financial reports each month to see if youre on track to achieve your expected targets. 3. Know which reports to use. Each report tells you a different story. Your Profit and Loss Statement measures your income and expenses; the Balance Sheet measures your assets, liabilities and net worth. 4. Conduct both horizontal and vertical analysis. This means comparing the current period with previous periods (horizontal analysis) and calculating each item as a percentage of a base item (vertical analysis). For example, comparing this years Balance Sheet with last years and calculating each expense item as a percentage of Sales on your Profit and Loss Statement. 5. Understand the difference between as at or for the period ending. An as at report, such as the Balance Sheet, shows the balances at the end of a specific period. A for the period ending report, such as the Profit and Loss Statement, shows the results over a period of time. 6. Choose the correct date range. Ensure you correctly specify the start and end dates for the period you want to measure. Choose a month-end date, such as 30th June instead of 15th June, to ensure all income and expenses have been coded and reconciled for the period. By understanding the fundamentals behind your financial reports, youll know more about your numbers and be able to use that information to make better decisions. Whether you want to grow your business or increase efficiency to free up your time, we can help you interpret your financial reports and set goals for improvement.

03.01.2022 #mondaymotivation Its the hard work that puts you in a good position for that success!

01.01.2022 #topictuesday Step 1 of Building a Better Business... Define what success looks like for you.... What exactly does your better business look like? Be crystal clear on what you want from your business; it's there to serve you, not the other way around. The average person spends 40,000 hours at work over their lifetime and life is simply too short to be stuck doing things we don’t enjoy. Make the most of your time and do what you love doing. To build the vision of where you want to be in the next 12 months, answer the following questions on a piece of paper. 1. Who do you need to be right now? Stop having a mindset of ‘when I have this, I will do that, and I will be this’. Instead, think about who you need to be right now and start acting in a way that’s consistent with that person - doing what you need to do to get what you want to have. 2. What do you love doing outside of work and at work? Define the things that you love doing most. We all have tasks we don’t enjoy doing and put off for as long as possible. Determine which tasks can be delegated to free up more time to do the things you love. 3. How many hours will you commit to the things you love doing? Write down how many hours a week you’ll spend doing what you love. Commit to doing this - tell someone so they can hold you accountable and block out time in your calendar. Setting aside time to do things you love doing is a great way to start taking back control of your life. 4. What holidays do you want to have? Write down where you want to go and when. Be specific so the image is implanted in your mind. Block out the time in your calendar now. 5. How much income do you need to deliver on this new life? Write down a figure. Don’t worry about how you’ll achieve this right now, just write it down. You now have your own personal plan for what you want to get out of your business. Make this visible and start working towards it now.