Author: Kane Harnden

Effective inventory management can mean the difference between a thriving, profitable business and one that struggles to make ends meet. By fine-tuning your inventory processes, you can reduce unnecessary costs, meet customer demands efficiently, and put your resources to better use. Whether you’re running a small business or managing large-scale operations, the right strategies can help you achieve operational excellence and long-term success.  Here’s a look at some management techniques…  Read more

In the wake of the pandemic, many small business owners have become increasingly concerned about fraud. According to SAP Concur, a staggering 85% of businesses surveyed expect the risk of fraud to continue even after the pandemic. Making matters worse, many fraudulent acts originate from within businesses themselves. Below you will find some essential internal controls that you can implement to protect your business fraud and mitigate the risk of…  Read more

Starting a business is an exciting time. Maybe you’re launching a dream project with a close friend or teaming up with a few like-minded partners to bring an idea to life. But as thrilling as the early stages of running a company can be, it’s essential to think ahead, especially when it comes to setting up. In this article we explain why every small business needs a shareholders agreement. Wondering,…  Read more

Imagine receiving a call from what sounds like your boss, urgently requesting a fund transfer. Or maybe you’re asked to verify your identity using a government ID, except the person on the other end has a near-perfect AI-generated fake of your ID card. Scenarios like these aren’t far-fetched anymore. AI-powered fraud is growing rapidly, and both businesses and individuals need to understand the risks and how to defend themselves. The…  Read more

Managing cash flow is crucial for small business owners. Even if your business is profitable, poor cash flow management can create significant challenges. In this guide, we’ll share practical tips to help you avoid a cash flow crisis and ensure your business remains financially healthy. Understanding cash flow Cash flow refers to the money moving in and out of your business. Inflows of cash come from sales, interest earned, and…  Read more

In January 2025, Australia introduced ground breaking legislation to combat wage theft, significantly altering the legal landscape for employers. This article will detail the new wage theft legislation and your business. This new law criminalises the intentional underpayment of wages or entitlements, aiming to protect employees from exploitation and ensure fair compensation for their work. The legislation applies to all employers, including individuals and companies, and covers various employee entitlements…  Read more

Setting and tracking financial goals for your business may be one of your most important responsibilities as a leader and business owner. Your financial goals serve as far more than wishful projections, they form the backbone of your road map for success, internal and external. Financial goals are something that every single business should possess regardless of its market, model or size. Let’s explore how you can set and track…  Read more

Data is more accessible than ever. But how can small businesses leverage it effectively to drive growth? Let’s explore data-driven strategies that can help you make informed decisions, improve customer experiences, and ultimately, boost your bottom line. Why data-driven strategies matter Data-driven strategies are essential for businesses seeking to remain competitive and achieve sustainable growth. These strategies enable businesses to make informed decisions based on real-time insights rather than relying…  Read more

Ever felt like the term “current ratio” sounds like something straight out of a high school mathematics class that you’d rather forget? You’re not alone. But here’s the thing – understanding the current ratio can be a game-changer for managing your business’s financial health. Here’s a simple breakdown. What is the Current Ratio? In the simplest terms, this ratio measures your business’s ability to pay off its short-term obligations with…  Read more

If you’re a small business owner or a startup founder, you’ve probably heard about Cost of Goods Sold (COGS). But what does it really mean, and why is it crucial for your business’s success? Understanding COGS isn’t just about accounting—it’s about making smart decisions for profitability, pricing, and more.  This blog walks you through everything you need to know about COGS, from defining the term to showing you how to…  Read more

Managing a small business can feel like balancing countless tasks at once. In the midst of it all, one key metric stands out  – Gross Profit Margin. But what is Gross Profit Margin, and why does it matter for small business owners? Let’s look at how to calculate it, why it matters, and how you can use it to unlock your business’s full potential. What is Gross Profit Margin? At…  Read more

When it comes to determining a business’s true value, most people’s first thought is straightforward – profits. While financial success is undoubtedly a critical aspect, it’s far from the only factor determining a business’s true value. For small business owners and entrepreneurs, understanding the complexities of valuation can offer a clear roadmap for sustainable growth and long-term success. Here is a fresh perspective on what makes a business truly valuable.…  Read more

For small business owners, figuring out the difference between annual leave and long service leave can feel like trying to crack a secret code. Whether you’re trying to keep your business compliant, or foster a happy, productive team; this guide will break it all down so you’ll know exactly how Australia’s leave entitlements work, how they accrue, and how best to manage them in your business. What are annual leave and long service…  Read more

They both work with financial data; they’re both essential for managing a successful business. Yet the roles and duties of a bookkeeper and accountant rarely overlap. If you’re like many business owners, you may not be exactly sure of the differences between a bookkeeper and accountant. An established, growth focused company will employee the services of both an accountant and bookkeeper. The two professionals work in tandem, to ensure business…  Read more

What is a Three-Way Budget? A Three-Way Budget is a comprehensive financial planning tool that integrates three critical financial statements: the profit and loss statement, the cash flow statement, and the balance sheet. This budgeting approach allows business owners to project their financial performance and make informed decisions to ensure profitability and sustainability. The profit and loss statement, also known as the income statement, provides an overview of the business’s…  Read more

In a move that was widely anticipated by banks and markets, the RBA announced a reduction in the cash rate from 4.35% to 4.1%, a reduction of .25%. The RBA stated that a lower inflation rate and a tightening in private demand, provided justification for reducing the rate. However, the RBA noted that conflicting labour market signals may prevent further reductions in the near term. For the full RBA statement,…  Read more

If you’re like most small business owners, you spend the majority of your time managing daily operations, keeping customers happy, and looking for new ways to grow. Spreadsheets, cash flow analysis, and financial projections are probably not your first passion. However, measuring profitability, creating realistic budgets, and planning ahead for the future are crucial to your professional success. Follow these four tips to get a handle on the numbers, and…  Read more

Often in business, the focus is on increasing sales to boost profit. However, there are other ways to enhance profit without acquiring new clients or making extra sales. Improvements can always be made at the margin. Enhancing your systems and processes can significantly impact the bottom line. Here are 11 strategies to improve your profit: 1. Negotiate Better Prices with Your Suppliers Look along your entire value chain for opportunities…  Read more

Dealing with risk is an inherent aspect of business management. The way you prepare for risk is the most important factor in determining the longevity of your enterprise. Businesses of all sizes have to contest with the possibility of unexpected events occurring, but it’s how you plan for and react to such scenarios that influence your handling of them. These five methods of controlling risk will provide you with the…  Read more

It takes time, energy, and continuous effort to build a brand that attracts loyal customers and is rewarded by word of mouth referrals. Without a doubt, the good name you worked so hard to earn is one of your most valuable business assets; in addition to your solid customer base and positive employee relations, it is what is known in business as “goodwill.” If you’re like many small business owners,…  Read more