Many complex moving parts are involved in operating a profitable company, but at its core, business success hinges on just one thing: customer relationships. Which is why customer relationship management software is vital for entrepreneurs who want to grow their businesses. A CRM solution helps your company nurture and improve customer relationships by maintaining centralized data on all your leads and existing clients. With access to a history of customer… Read more
When you run a small business, you’re involved in your company’s sales, accounting, marketing, and human resources, among other things. Being responsible for human resources isn’t just about hiring and firing people, although those are large parts of the role. It’s also about managing the people who work for you while they work for you. Conducting regular employee performance reviews is part of managing your workers. While performance reviews may… Read more
Depending on the current state of your finances, financial freedom might seem a long way away. For many people, financial freedom—when you don’t have to worry about how to pay the bills and your money is invested and making money for you—is a far off dream. What they don’t understand is how close financial planning can get them to that dream. Financial planning isn’t all staring at ledgers and creating… Read more
Very few business owners have the means to operate without borrowing at start up, or later on when it’s time to invest in growth. Borrowing, however, is only a temporary solution to a lack of funds. Without a repayment plan debt can grow into an unmanageable problem that costs much more than the initial loan. These strategies will help you re-pay your debt faster, so you can invest the cash… Read more
Steady, reliable cash flow is crucial for the survival of any small business – so taking steps to ensure your customers pay promptly should be a key priority. When your clients consistently pay on time, you’ll avoid the dreaded “feast or famine” cycle. You’ll be able to pay your vendors, suppliers, and employees on time – and not least of all, yourself. Implement these ten tips now to start getting… Read more
From 29 March 2018, the bright-line test that is used to determine if you have tax to pay on the sale of residential property has changed. If you entered into an agreement to purchase residential property on or after 29 March 2018 and sell it within 5 years, you’ll need to consider if it is taxable under the bright-line test. If a property was purchased on or after 1 October… Read more
As cryptocurrencies gather momentum, it is no surprise that Inland Revenue has released some much-awaited guidance in the form of Q & A regarding cryptocurrency related taxes. What is Cryptocurrency? In simplest terms, cryptocurrency is money that only exists digitally or virtually. Cryptocurrency uses cryptography and blockchain technology to regulate its generation and verify fund transfers. Cryptocurrencies can be transferred between people without using an intermediary, like a bank. Cryptocurrencies can be bought peer… Read more
Preparing for tax season is really a year-round endeavor. Tip number one for business owners is to update financials on a monthly basis, using a streamlined software or cloud-based system. This way, come tax time, everything you need is all in one place. And well organized businesses are better positioned to minimize their tax bill while avoiding penalties associated with missing or inaccurate information. Here are four more ways to… Read more
AIM – NEW Provisional Tax Option for Small Businesses Small businesses that have turnover of less than $5 million a year can work out their provisional tax using the accounting income method (AIM). AIM uses new functionality included in approved accounting software to work out payments. You can continue to use another provisional tax option if you think your business won’t suit AIM. It will suit your business if: •… Read more
If you’re a small business owner with a modest marketing budget, every dollar you spend has to be worth the investment. For decades—before the web, Google, and social media transformed the nature of marketing—buying an ad in the local Yellow Pages was a reliable way for people to find a business. The fact is, these days most consumers across the globe use the web and review sites like Yelp, TripAdvisor,… Read more
“Mentoring is a brain to pick, an ear to listen, and a push in the right direction.” — John Crosby The opportunity to learn from a mentor can do more for a small business owner than any course, educational program, or degree. Being a mentee means you get the benefit of first-hand experience, without having to make all the mistakes yourself. There are, in fact, a host of reasons why a… Read more
A new year is the perfect time for business owners to set goals to improve profitability. If you aren’t yet familiar with digital wallets and the latest mobile payment technologies, you might be interested in the benefits they afford small businesses, such as: instant access to funds and real time financial data cost savings on third party transaction fees and POS systems competitive edge—making it easy for customers to pay… Read more