Edge. Small Business Consulting | Financial service

Edge. Small Business Consulting

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25.01.2022 Further to our post last week regarding our small business network. We have a fantastic network of independent business professionals, taking a holistic approach to help our clients achieve business success.... Lets meet them, check out our web page for details! http://www.edgebc.com.au/ournetwork.html

25.01.2022 Great night tonight for our very first Business Edge panel event on Money Mistakes for small business. Great turn out, thanks to all the small business owners that came along. We will keep you all posted on when the next one will be.

22.01.2022 Providing an amazing Client/Customer experience is Vital during a downturn like this to keep people engaged with your product or service. This is obvious but an experience I had over the last couple of weeks with a company really hit home how important customer service is, especially during a down turn. Couple of obvious but important points to remember; - Keep the customer informed of where things are up to especially if there are delays/problems. Customer are much more rece...ptive to problems if they know in advance rather than afterwards. - Don't discount for the sake of discounting, value your product or service to what you think it is worth. However, doing some additional work or service at no charge builds some great 'Karma' during a time like this when people are struggling.... they will remember. - Create a customer 'experience'. Make it fun and enjoyable and above all as easy as possible. There is much more chance of them recommending you to friends/family if you are. - Get reviews where possible, incorporate it as part of the process, but don't hound them for it.

22.01.2022 Thought of the week; With the financial year coming to a close in a couple of weeks the importance of planning for 2020 once again comes to the forefront of most business owners mind. Planning is important. Whether that be in the form of a budget, a forecast or strategic overview. It will help you create and stick to goals, plan for growth and really take your business to the next level.... Where do you start? There are heaps of tools/ programs you can use. But an easy way would be figure out your desired profit for 2020. Then using your 2019 %s work backwards to build your forecasted P&L. As always if you want a hand with created a forecast for your business let us know.

19.01.2022 Thought of the week... Innovation In all industries, in all aspects of our lives whether it be private or business, innovation and change is happening all the time.... For the most part this is to make the way we do things easier, however for a lot of people this constant change can cause apprehension or even fear. I talk with small business owners everyday, who are trying to keep up when they in a lot of cases are already time, resource and cash flow poor. And a question I get asked is how do I keep up? Here are a few of tips I pass on to them; We have all heard it before, Innovation/change is inevitable. Embrace it! See it as an opportunity not a weakness. It will continue to impact every industry, whether you like it or not Learn about the new innovations for your industry and educate your customers. By becoming the expert, you can potentially use this to branch out into a whole different Niche market. Use it to your advantage, use these new tools to help systemise your business, make things more efficient, quicker & easier. Because if you don't your competitors will!

19.01.2022 Small business mindset Sometimes running a small business can be a lonely place, in particularly when things arent going well. Usually business fluctuates continuously, highs, lows and everything in between.... A couple of things to remember while you are riding the roller coaster that is small business ownership; - you are not alone! Talk to your peers and fellow business owners and you will find everyone is going through the same thoughts and feelings as you. - Ride the wave, you will have good days and bad days, its just about having more good than bad and dont focus on the negatives. - Remember why you started your small business. Whether that was to do something your passionate about, to spend more time with your family or get out of an office.

18.01.2022 Looking at Starting your own business or know someone who is? Check out our small business start ups page, we can provide customised start up checklists and business plans to help begin your journey. http://www.edgebc.com.au/businessstartups.html

18.01.2022 Thought of the week; Digital marketing is a vital part of the marketing strategy for most small business and if its not, it probably should be. But where do you start? Most of us have thrown some money at a few Facebook ads or google adwords with no real results, get frustrated with it and dont try it again.... Digital marketing isnt something we can ignore anymore and is here to stay. Below are a few quick tips to try and navigate the digital marketing landscape; - Educate yourself, learning how it all works and the best ways to use online marketing will save you money and give you more bang for your buck - Stick with It, give an online campaign a chance. Pulling it after a few days wont give you a big enough sample size. If its still not working mix it up. - Ask an expert, if you arent too strapped for cash there are heaps of digital marketing agencies out there that know what they are doing. Get them to help you out, which will save on time and usually hit the mark.

16.01.2022 Thought of the week; *Know your numbers* Regardless of your industry, regularly reviewing the key metrics of your business is really important.... Things like comparing to same period last year, comparing to the last few periods or even benchmarking across your competitors are all great ways to identify trends both good and bad and be able to correct any issues before they become a real problem. Depending on your industry, reviewing your numbers too regularly ie daily or weekly can also cause problems as the time period is not long enough and can skew results. Some basic metrics to review regularly in your business are; - Gross Profit % - Net Profit % - Total Sales - Net Profit - etc More specifically if you are a business that sells products continuously review the margin you are making off each product. Same with service businesses, make sure that each service you offer remains profitable. If you would like more info on how to calculate these numbers or set up a regular review process we can definitely help. [email protected]

16.01.2022 Money Myth #2 As a business owner I can do everything myself... Check out this short video I did with Glenn Dibley from Fairway Financial.

16.01.2022 What's your Exit Strategy for your Small Business? You need to ask yourself this constantly throughout your business journey; 'How am I going to exit my business when the time comes?'... This question needs to be asked for every major decision you make in your business. For example; If you are going to sell your business; - how can you get the best price? - How can I make myself as the business owner 'redundant' so it is easier to sell. If you are going to pass it onto family; - How can I make this transition easier? - What's the best business structure? If you are going to scale it down and walk away; - Whats the best best way to sell business assets? - How can I do this in a tax effective manner?

16.01.2022 Christmas Cash Flow for Businesses Its that time of year again when for some businesses there is a massive jump in cash coming through the door! Great.....go buy a jetski !!... Just kidding....Here are some of the more boring ways you can use it to get your business through the post Christmas slump; - Take a % of each dollar that hits your bank account and put it away to help the business cover its costs in Jan & Feb (ie Tax, employee wages, rent, etc) - If you have all ready provisioned for the quieter months, look at what you 2021 plans are and how you can reinvest in taking your business to the next step. - Pay off any outstanding debt you have, especially high interest debt We hear it all the time 'Cash is King' so make sure you plan your cash flow for the year ahead!

15.01.2022 As a small business owner the next 2 months are going to be critical in determining your success as we hopefully slowly start to come out of the Covid-19 shutdowns. Its time to get stuck into it, start to plan, innovate, train yourself and your staff, research & develop. No matter what your industry and if you have experienced a downturn or not, now is the time to get...stuff...done. One of the key areas to focus on and one that usually gets cut first when times are tough i...s ... Advertising. You don't have to spend a heap of money, its about ensuring your facebook, website, Instagram is working well. Ensuring your logo and branding message is clear and ensuring people don't forget that you are still around and keeping your networks up and running. If you do have some money to spend, look at overhauling your marketing message, creating a fresh start, start your paid advertising again so when everything is back up and running your business is still front of mind. Feel free to contact us for a free chat about your business, we have some great contacts that we can recommend for your branding and website as well.

14.01.2022 Thought of the week; Regularly reviewing your Business Most of us who are small business owners are right in the action on the front line all the time. Fixing problems, putting out , just getting everything done. With no time to do anything else.... But sometimes we need to stop, take a step back and have a look at the business in its entirety, how it is tracking on your long term goals. It might be just 1 day a month, where you take a step back, take yourself out of the business and focus on; - budgets and forecasting - strategic direction - other business opportunities - overall performance - completing trend analysis to see how you are tracking. - etc. By doing this you can help continually steer your business in the right direction and keeping on top of any minor corrections that need to be made.

14.01.2022 As small business owners we always need more time in the day to get everything done. This usually leads to working really long hours and forcing us to sacrifice doing something else.... usually time for ourselves. Namely our health and wellbeing. There have been countless studies done showing that things like sleep, exercise and just general downtime will help us perform at an optimal level, keep us fresh and energised.... A couple of things to consider to help you perform at your optimum; - sleep more! This is your bodys chance to recover, relax and repair. Whilst you might not get your 8hrs every night, maybe try for an extra 1hr every night, see how you feel! - Exercise! This doesnt have to be a full blown CrossFit workout or marathon. Even something as simple as a brisk walk most days will help you both physically and mentally. - Chill out! Find some time for you. Do something you really enjoy (thats not work) and relax! Just trying to do the above things more often you will find your performance will improve both mentally and physically.

13.01.2022 Thought of the week; The old saying goes something like; the only certainties in life are death and taxes Today I am going to focus on the taxes part. ... All the time we read how the ATOs data matching is becoming more and more sophisticated. With the introduction of STP among other data matching initiatives it is more important than ever for small business to have everything sorted and up to date. You need to make sure; - employees are paid accurately and in full on time. - Superannuation is paid accurately each quarter on time - your BASs are being competed correctly and lodged and paid on time. - Your books are kept accurately and up to date. You would be very surprised on what the ATO knows/ can find out. If you need help with any of the above requirements, get help. Yes there is a cost, and like everything most of the time you get what you pay for. But the cost of not meeting some of the above can be much greater.

13.01.2022 Know your numbers! Constantly knowing how well your business is performing regularly is a very important to help you as the owner make more informed decisions. Some key metrics to have always have a good handle on are; - Revenue, Gross Profit & Net Profit and any trends associated with these.... - Depending on your business, individual service or product line margins - Overheads and % they make up of overall revenue. Lastly, probably one of the most important is to track your progress when compared to your budget/ forecast for the year. This will tell you how you are aligned to your goals. At Edge. Small Business Consulting we use reporting packages that can help to understand the above trends and really map it out for business. If its something you are interested in for your business contact us to find out how.

13.01.2022 Was lucky enough to present my business at the Albany Creek BforB group yesterday morning. As a business owner, If the group is something that you would like to check out you can come along as a guest.to our next one on the 10th of March. Just let me know.

13.01.2022 Thought for the week; The ATO is introducing STP (Single Touch Payroll) and making it mandatory as at 30/6/19. STP requires employers to submit to the ATO information on PAYGW, Wages, Super at every payrun giving the ATO real-time access to this data.... Is this a good or a bad thing for business? I think it is only a good thing, because; - the additional work to lodge the information to the ATO is very minimal if you are using accounting software. - annual payment summaries will no longer be required. - it will help identify employers that arent paying employees correctly in real time. - by identifying these employers that arent paying correctly it will indirectly improve competition as they wont be able to undercut pricing based on reduced wages and super any more. - give employees real time access to their payroll information through my gov

12.01.2022 Thought for the week - Bank account set up. Everyone has a different process when setting up their business bank accounts and there is no single right way to do it, below are a few things to consider when setting them up; - bank fees, with the amount of banking options out there make sure you spend time choosing the best package for you. For more simple set ups you should be able to negotiate very low fees or even no fee accounts.... - set aside money for income tax, GST and PAYG Witholding, it is usually a good idea to have your tax and GST separated into a different bank account or savings account than your usual business account. This will prevent you spending it and to ensure you will have enough available when your quarterly or monthly obligations to the ATO are due. - Plan for downturns, if you know that a certain time of the year is slower than others, put money aside for this in a separate account to help manage your cash flow obligations. - Use a % of income instead of a fixed amount when allocating money to your separate accounts. By picking a % of your total income when allocating your money this allows you to put more away when the going is good and less when its not, with enough money left over to run your business.

11.01.2022 Thought of the week; *Getting your small business noticed online* This week I have met with a few professionals in this area around getting my own business to have more of an online presence and it is actually a lot more of a science behind it than you think.... For me, like most of us when I here the terms SEO or pay per click it sends my head into a spin. But after sitting down with some professionals over the past week has helped me gain a clearer understanding. Most small business owners dont have the time to look at this themselves or the money it takes to get to the top of the pile when it comes to their google listing or paid advertising. So heres a couple of things I learnt, to keep the costs low; - really look at the products or services you are offering and determine what online platform would be best to market them on (ie Facebook, LinkedIn, Google AdWords, etc) - Be specific and targeted with your advertising ensuring that it always has a call to action. Give them a reason to click. - organic SEO is really important in moving your business up in the google searches. And it takes time, sometimes months to really start moving up. - to improve your SEO, ensure your website explains what you do in text form, uses key search terms throughout the website and the file names of any pictures or logos include those search key words. - ensure your home page tells the user exactly what you do and what services you offer up the top you may only have a few seconds to get the message across. If you would like me to put you in contact with those SEO and website professionals I have been speaking with, just let us know.

09.01.2022 The one thing that you never have enough of when you run your own business is time! There is always too much to do with not enough time, unfortunately what this means is that areas of your business can go neglected for long periods of time causing there own problems. Below are a couple of strategies to help your time management; - compartmentalisation - break your day down into different tasks, have time limits and stick to them. This will hopefully stop you from dwelling on ...any one task for too long. - Get help! - whilst employing more people to give you a hand is great, but sometimes you cant afford that. Advances in technology allow us to use apps, software and outsourced labour to make doing business more efficient. - complete to do or achievement lists, spend 5 mins at the start of your day to map out what you would like to achieve to give you more focus for the day to help avoiding getting side tracked.

09.01.2022 Checkout the new episode on our small business start up podcast with Courtney Cooper from Fairway Financial around some of the key aspects of starting your own business in particular from a personal insurance perspective. https://edgbc.podbean.com

08.01.2022 Short collaborative video I did with Glenn from Fairway Financial around money myths in particular super and should you rely on your sale of your business being your only retirement strategy. Have a watch.

07.01.2022 Thought of the week; We have all heard it before change is inevitable. And this is as true in business as it is in life. You generally have 2 options when it comes to change;... - embrace it - fight it Unfortunately, the risk you take in business by not embracing change can sometimes far out weigh the cost of implementing it. See change as an opportunity not a threat. Now I am not saying go out and change your business every time a new trend comes through your industry, but definitely be aware of it, see if it applies and how it effects your business. Below are a few key points when deciding whether to implement a particular change or trend; - dont be too quick to jump in, if you arent the first mover let others iron out any kinks before you do so you can potentially launch a far superior product or service. - when you are implementing change involve your staff in the decision, this makes them aware of the end goal by implementing and stops them worrying that this change will cause them to lose there job. - as said above treat any change as an opportunity not a threat. Try not to get bogged down in the negativity of how it will effect your business. Embrace it, dont put your head in the sand and come up with solutions to manage or implement it.

07.01.2022 2020 - what do we do now? What an unprecedented start to 2020, as business owners how do we proceed? What are the areas we need to focus on? And most importantly how is our business going to survive? These are just some if the questions we are all asking. Keeping it simple her are the 3 stages you can break it down into;... - Know your numbers, to know your numbers is to know where you business currently sits and to ensure they are up to date and accurate. This will also help you access any govt stimulus if available. - make a plan, Its really important to make a plan for the next 3-6months and map your cash flows. This will allow you to make decisions in a more accurately and time effective manner. - get set for the recovery, Building a solid base during a downturn is vital to ensure you are ready for the recovery when it comes. Innovate and streamline the way you do things to ensure success. We can help with all the above, if you would like a free chat to run through how it would look in your business let us know.

07.01.2022 Wow, what a great first meeting of our newly formed small business network. This meeting definitely exceeded my expectations and generated a real buzz for what we can do as a collective for SMEs. We have put together a group of like minded business professionals that I will introduce you to over the next couple of weeks with the purpose of helping small businesses succeed and grow. Watch this space, we have some fantastic initiatives in the pipeline!

07.01.2022 If you are starting a small business or are planning to in the future make sure that you check out our small business start up hub. With heaps of info and links to help you kick things off, even access to a free small business start up checklist. Check it out at https://www.edgebc.com.au/businessstartups.html

06.01.2022 Looking for a mobile glazing solution? One of our clients Glassline is launching in Brisbane on October 7th. Great people, locally owned and premium service! Check out their website; www.glassline.com.au

06.01.2022 Cash is King.... For small businesses during this time it is really important to not only get the sale, but also collect the cash! Below are a few quick tips to ensure your giving your business the best chance to get cash in the door; - Ensure you give customers multiple options to pay whether that be bank transfer, credit card, zip pay, direct debit, etc and allow them to pay immediately through the use of an online portal.... - Ensure you have rock solid payment terms that are clear, encourage either upfront payments or an initial deposit. Don't be afraid to either stop work or not provide the product or service until payment is made. - Always chase debtors once their debt is due, set automatic reminders to go to them as soon as it becomes is overdue. Try not to set a precedent where clients 'feel' they can get away with paying you late each month. - Lastly, separate the duties between the person trying to make the sale and the person chasing debts. Try and make this different people where possible, so it doesn't sour the relationship. 'good cop, bad cop' concept.

06.01.2022 Thought of the week; I have spoken to a few clients/peers/friends over the last few weeks and an underlying tone seems to be taking place and that is that customers are expecting more value for money. More bang for their buck. In such a highly competitive environment it is more important than ever to differentiate yourself through exceptional customer service, and not just meeting but exceeding expectations. Let me give you an example that I came across during the week;... A client of mine met with their accountant, who has been there accountant for quite a few years. They are currently going through a restructure and were talking about tax planning etc. This is the first time in those years that the accountant has actually seen my client outside of year end tax time. My client called them out on this and said this is something that should happen every year, not just when they request a meeting. To which the accountant still remained non-committal. To say the least my client is actively looking for a new accountant. The point here is; If the accountant had of been more proactive with their service and gone above and beyond to service their client better, even built it in as part of their fees/package. The client wouldnt be looking around. We are all guilty of going after new clients and sometimes not servicing the ones we have properly. Remember the competition is always out there ready to help them out.

05.01.2022 With the end of the 2019 financial year fast approaching, it is time to start the planning process for 2020 and beyond. Budgets and forecasting are very important for small business to help give direction and set goals going forward. Below is a great article from Xero with regards to budgeting and forecasting, have a read, and if you would like to have a chat about how you can create your own budget and forecast for your business let us know.

05.01.2022 If you have staff, tomorrows webinar will be a great opportunity to listen to a HR expert around the dos and donts during Covid-19 and also have the chance to ask any other HR issues you may be facing. Contact us if you are interested in attending. [email protected]

04.01.2022 Checkout our new small business start up HUB on our website. Great for anyone who is starting their own business with useful links & insights, you can download a FREE business start up checklist and also have a listen to our small business start up podcast! https://www.edgebc.com.au/businessstartups.html

03.01.2022 As most of you have probably seen we have changed our name to; Edge. Small Business Consulting Main reason for this was that it better reflects what we currently do for our clients by offering them a total bookkeeping and business consulting solution.... The website got a facelift, but our contact information and service remains the exact same. https://www.edgebc.com.au

02.01.2022 Thought of the week; Small Business Technology We live in an age where technology is the cornerstone of a lot of our businesses. Whether that be to reach customers online, perform tasks more efficiently or use it as a marketing tool it is a very important tool to grow our business.... The question is though how do we stay across all of the developing technologies in small business where resources, money and spare time are just not always available? My answer is you cant. Its just not possible, however below are a few strategies to help to the best job you can; - Outsource, get an expert to manage some of your technology (social media is a popular one) yes it will cost you but does that cost our way the benefit you will receive in new customers. - Upskill yourself, go to training and courses that help you learn whats the next thing coming out so you can stay in touch. - Automate, there are heaps of apps and things that you can use to schedule and automate online content without you having to give up the time. All this being said, we are still human and the best form of contact is face to face relationship building, it takes a lot longer but you will be much more likely to retain the customer going forward through quality service.

02.01.2022 Thought of the week; *Contracts* As small business owners we sign contracts all the time whether that be for a lease, IT support, cleaning or anything in between.... As you have probably all seen in the news lately there have been some big companies that have been taken to task over their terms in the contracts they are getting small business owners to sign. What has this taught us?.... be careful!!! Below are a few tips when signing a contract; - READ IT, seems basic but a lot of us just accept what they are saying. If time is of the essence focus on the important things like duration, cost, ability to get out of it and important clauses. - UNDERSTAND IT, this is quite important for bigger contracts like lease agreements, if you dont understand it get a lawyer/ business involved to explain it to you. There is obviously an additional cost to this but it could be much more expensive if you dont. - NEGOTIATE, if you are not happy with the terms say so, see if you can negotiate for better ones. Do your research, with competition as high as it is these days chances are there is another business willing to give you more favourable terms. Hope this helps small business owners out there. Trust me, I understand that it is hard to find time to read through these things but you will be better in the long run if you do.

02.01.2022 Thought of the week; Employees Employees are an integral part of any small business, however they can also be one of the riskiest as well. This is why it is so important to ensure that all the is dotted and ts are crossed. Below is a list of items that need to be considered when dealing with employees;... - have an employment contract in place that is signed and agreed to by the employee. - ensure minimum wage and award conditions are met and constantly reviewed - during any disputes, utilise Fairwork Australia to ensure you are doing the right thing. - be wary of Fixed price package HR services to help you with your employees. They have been known to rip small businesss off with long contracts and high monthly fixed fees. - be aware of the differences between an employee and a subcontractor. If incorrectly classified it can be very costly.

02.01.2022 Was my turn this morning to present at the Albany Creek BforB networking brekkie, great group to be involved with, lots of great business owners.