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Understanding Fixed, Variable, and Semi-Variable Business Costs

Running a business involves managing various types of costs. Understanding these costs is crucial for effective financial planning, budgeting, and decision-making. Business costs can generally be classified into three categories: fixed, variable, and semi-variable. Each type has its own characteristics and implications. In this blog, we will explore these categories in detail to help you […]

DIY Bookkeeping – What are the Risks?

The Hidden Costs of Managing Your Own Books Bookkeeping is a crucial aspect of managing any business, yet many small business owners and entrepreneurs attempt to handle it themselves to save money. While the do-it-yourself (DIY) approach may seem cost-effective initially, it carries several risks that can have long-term detrimental effects on your business. In […]

How to create a simple financial plan for your business

A simple financial plan outlines your income, expenses and financial goals. It provides a clear picture of where your business stands and what it needs to achieve. This guide will walk you through the key steps in creating an effective financial plan for your business. Step one – Create a basic strategic plan Before focusing […]

Five Tips to Start 2025 on the Right Foot with Fresh Ideas

Embrace the New Year with Innovation and Inspiration As we step into 2025, it’s the perfect time to embrace the potential for new beginnings and fresh ideas. The start of a new year offers a unique opportunity to reflect on past experiences and set the stage for future success. Here are five tips to help […]

15 ways to grow your business in 2025

Growing your business is a continual process that requires focus and strategic thinking. Here are 15 practical ideas to help you grow your business successfully in 2025. 1. Make your website faster Did you know that approximately 53% of users will leave a website if it takes more than three seconds to load? Your website […]

How small businesses can navigate the holiday season amid economic uncertainty

With the 2024 festive season around the corner, many Australian small businesses are facing several challenges, including cost of living pressures, high operating costs and changing consumer behaviour. However, among the hurdles, the holiday period also offers opportunities. Here are some key strategies and insights for small businesses looking to maximise this potentially critical season […]

Why good budgeting is crucial for small businesses – and how to create one

Business failures are at their highest rates since January 2021 as low levels of consumer spending, high inflation and interest rate increases put companies under increasing pressure, according to CreditorWatch. Considering 97.2% (2.59 million) of Australia’s businesses are classified as small businesses, it stands to reason that they are most at risk. The commercial credit reporting bureau’s August […]

The difference between cash flow and profit

Cash flow and profit are financial terms often used interchangeably by small business owners but measure very different parts of a company’s financial health. Let’s take a closer look. What is cash flow? Cash flow is the movement of money in and out of a business. There are three main types of cash flow: operating, […]

How does the unemployment rate affect my business?

Unemployment and underemployment are key economic factors that impact small businesses from consumer spending to hiring challenges. Understanding these concepts can help business owners make informed decisions in an uncertain economy. Currently, Australia’s unemployment rate is 4.2%. High unemployment reduces disposable income, leading to lower sales and revenue for small businesses. Conversely, when more people are employed, […]
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