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
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
According to recent research, a staggering two thirds of US millionaire-owned businesses are operating without a succession plan—and even fewer small business owners around the globe are prepared for their CEO’s eventual exit. No matter whether your company has one employee, a hundred or a thousand, a succession plan is essential to minimiz\se the risk of financial loss. Read on to help prepare for a stress-free transition when it’s time… Read more