A focus on digital Driving a digital economy is a top priority for this year’s budget and there will be associated benefits for small businesses. A $12.7 million boost to the Digital Solutions – Australian Small Business Advisory Services (ASBAS) program is set to help 17,000 businesses access free or subsidised advice on ecommerce, social media, data security and business software as well as wider business issues such as continuity planning and post-pandemic recovery. Electronic invoicing received a $15.3 million boost with the aim of […]

Tips to successfully run your small business from home How can you set yourself up for success when running a small business from home? Here are some tips. Many businesses have been forced to close the doors of their physical stores due to lockdowns. Fortunately, business doesn’t have to come to a standstill as a result. The digital age means it’s possible to fire up your laptop and work from just about anywhere. But that convenience doesn’t mean working from home is without challenges. “Working […]

The unpredictable nature of 2020 means diversifying your business might be a smart thing to do. When the COVID-19 pandemic began to shut down economies around the world, businesses were forced to deal with unimagined challenges. This was bad news for businesses that liked the certainty of having all their eggs in one basket. But as so many of us worked our way through the first stages of a world that was adapting rapidly to phrases like “lockdown”, “quarantine” and “social distancing”, diverse income streams […]

Good debt vs bad debt In Australia, debt is often considered a dirty word. But for many businesses, debt is a healthy way to grow and flourish. Here’s how to distinguish good debt from bad debt. One way to think about debt is like fat in a diet. There are types of debt that can make your business healthier, and debt you want to limit. Likewise, used incorrectly and in excess, debt can bloat and hamstring your business. But used wisely, good debt has the […]

How to deal with unpaid invoices at the end of the year. The end-of-year period is a busy time of year for everyone, which means that making sure you’re paid on time can be particularly fraught. Invoice too late or don’t follow up a client promptly, and an invoice that could have been paid in mid-December might not hit your business’s bank account until February. In fact, Xero research confirms that invoice payments are slowest in January. That can lead to cash flow issues that can cause […]

“Strike while the iron is hot” – it’s an old adage, but holds a lot of truth. So, how do you make the most of the ups of seasonal business? And what can you do during the down times to set you up for peak success? Know what’s coming For anyone who’s been in business for more than a year, your seasonal fluctuations shouldn’t come as too much of a surprise. So, analyse the data, look at what happened last year and get ready to […]

Whether your business is slowing down or gearing up as this year comes to a close, it’s smart to get those loose ends tied up and some plans in place, so you’re entering the new year ready to go.Here are six things you can do pre-2020 that could help you reap dividends next year. 1. Buy new stock Plan ahead and invest in the right stock – both product-wise and volume-wise. This is a particularly crucial move for those industries that experience a rush in […]

Is your business and personal finance wrapped up together? If so, now might be the time to consider ‘decoupling’. Access to funding is critical for many small businesses. And, the reality is that traditional lenders don’t typically lend to businesses who don’t have an extensive trading history. As a consequence, many businesses have resorted to using their personal mortgage, a personal loan or credit card to fund their business, with the belief that doing so is a viable and cost effective alternative. “Using personal credit […]