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
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