As your business grows and evolves, you may need to change your business structure to improve efficiency, reduce risk, or meet financial goals. Transitioning from one business structure to another can have legal and tax implications, so it’s important to understand the process before you get started. Reasons to change your business structure There are […]
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Falling behind on your business’s taxes can be stressful, so it’s important to understand the consequences and the steps you can take to resolve the issue. The Australian Taxation Office (ATO) has various measures to help businesses manage their tax debts. The longer you delay addressing your debt, the more severe the repercussions become. Immediate
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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
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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
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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
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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
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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
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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
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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
Why good budgeting is crucial for small businesses – and how to create one Read More »
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,
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