Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Unemployment is better than expected, dampening hopes of an early rate cut Australia’s unemployment rate has risen slightly to 3.8 per cent after 6600 jobs were lost in March, a stronger-than-expected result that will likely end any chance of a mid-year interest rate cut. Macquarie Bank slapped with $10m fine after… Read more
Depending on the nature of your business, you may have workers who are employees or contractors, or you may have both. Each has its merits, but it’s important to review which are which to meet your tax obligations. When you have an employee, you must withhold income tax as well as report on additional benefits. Contractors generally look after their tax obligations. It’s against the law to treat an employee… Read more
If you’re like many business owners, you may find yourself struggling to understand what your finances mean or how you can use your financial information to make decisions for your business. Often we get into business because we love a product or service we want to provide. It’s not as common that we love managing the financial aspects of our business. As a business owner, you have the best chances… Read more
You can be great in your job but the hard truth is that without customers there won’t be any work. Many tradie businesses experience hard times or fail before they even start not because there is a lack of clients looking for the service, but simply because clients do not even know the business exists. In this blog, we look at simple marketing strategies to get more tradie jobs. 1.… Read more
Team alignment – one aspect of running a successful business that keeps all its moving parts working together. Aligning every member of your team to a common cause keeps everyone in stride together, motivated by each other and working towards the same goal, confident in how their day-to-day impacts the big picture. And this alignment doesn’t happen by accident. The magic lies in rallying your team around a common cause… Read more
Steady, reliable cash flow is crucial for the survival of your construction business – so taking steps to ensure your customers pay promptly is a key priority. Debtor days refers to the length of time it takes clients, on average, to pay you for the work you’ve done. A higher number of debtor days means clients are taking longer to pay you. A lower number of debtor days means clients… Read more
Whether your small business is business-to-business (B2B) or business-to-consumer (B2C), you likely deal with some level of customer churn, especially given the COVID-19 pandemic. Even customers who love your business and your products may have lapsed for a variety of reasons. Whatever their reasons for leaving, it’s still a great idea to try to win them back. Why? Mainly because winning back a lost customer still has a higher success… Read more
When it comes to the financial management of any business, it’s often said that Cash Is King! Whether your business is growing or struggling, managing the flow of cash in your business effectively is absolutely essential, and for many, it’s the key to business survival. You’ve probably heard the statistic that over 60% of businesses that fair is still profitable, but just ran out of cash. If you’ve used a… Read more