One of the inescapable realities of running a small business is your impact on the environment. The carbon footprint of your delivery vans, the effect of your packaging on the natural world, or the amount of energy you consume as a company all add up over time. The good news is that the Energy Efficiency & Conservation Authority (EECA) is making it easier for your small business to navigate energy… Read more
In today’s digital times, you’re probably used to having unrivalled access to your financial numbers, key performance indicators (KPIs) and cashflow metrics. Without good bookkeeping, the speed and quality of your reporting can quickly fall down. So, why is fast and accurate bookkeeping so important? And what are the main bookkeeping tasks that your business should be getting right? The financial importance of good bookkeeping Bookkeeping is a fundamental part… Read more
Small and medium-sized enterprises (SMEs) make up 97% of all businesses in New Zealand. As the owner of an SME, you’re doing your bit to provide employment, aid the economy and put Aotearoa on the map in an increasingly globalised world. But running your own business can be incredibly stressful! New research from RFI Global research, commissioned by Prospa, shows that seven in ten New Zealand SMEs are feeling stressed… Read more
Leadership development and lifesaving skills? Consider both for your business. One of New Zealand’s top business training providers, the Icehouse’s Leadership Development Programme aims at professionals wanting to become more effective leaders with: Techniques to improve leadership, communication and management skills. A better understanding of challenges for owner-managers. How to think strategically to grow your business. A better understanding of business functions including marketing, finance, and operations. How to execute… Read more
Business confidence soared in August, rising 23 points to +51, the highest level in a decade! Against the backdrop of dire economic outlooks and the ’Survive to ’25’ mantra that’s been so prevalent in business circles, this jump in New Zealand business confidence is a genuine boost for small business owners and the economy in general. But with tough times potentially still ahead, what can your business do to ride… Read more
Three steps to ensuring data is meaningful for your business Raw data describes the facts and figures that a business processes every day. Over time, every business hoards a certain amount of data and it only becomes meaningful to a business after it has been processed to add context, relevance and purpose. For example, in a restaurant, every order will be recorded. However, a restaurant won’t learn much by looking… Read more
In this series, we’ve been looking at how three questions for business success are approached and provide some practical tools and techniques for the SME owner to answer them. Since businesses have been in existence, these questions have perplexed most of their owners. Before AI, before the internet and even before electricity. Who is my ideal customer? What makes my product or service attractive? How should I be pricing my… Read more
Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits. Understand your deductions Before you start, it’s essential to understand what expenses you can and can’t claim. This means you’ll keep the right… Read more
About the standards. The healthy homes standards, which became law on 1 July 2019, introduced minimum standards for heating, insulation, ventilation, moisture ingress and drainage, and draught stopping in rental properties. Landlords are responsible for ensuring their properties meet the standards and continue to do so over time. When you need to meet the standards. All rental properties will need to comply with the healthy homes standards by 1 July… Read more
What makes my product or service attractive – my Purpose Statement? What makes your product or service attractive and how do you communicate that to your customers? A great purpose statement should: Be easy to understand for your target audience, something that resonates with them. Communicate specific results that the target customer will get. Explain how you’re different from an alternative they might be considering. A good purpose statement has… Read more
In a business, human capital is all the intangibles that people bring to the business, without which the business would be so much poorer. It’s the knowledge, skills, experience, attitudes, creativity, training and judgement that help a business grow and succeed. Human capital is the total capacity of the people in the business. It is another form of wealth directed to accomplish the business’ goals. Assess what risks might arise… Read more
The Government is making changes to personal income tax thresholds from 31 July, 2024. These changes may affect your business if you employ people. If you use payroll software. If you use payroll software and the provider makes the updates by 31 July, then you shouldn’t have to do a thing. Your software provider will let you know if you do. If you are unsure if the changes have been… Read more
Are you due to pay provisional tax in August? For many businesses, this will be their first instalment of provisional tax for the 2025 tax year. It’s important to stump up what you owe on this date. Inland Revenue (IR) won’t hesitate to charge steep interest and late payment penalties if you don’t. If you’re a business owner or operator, here are five useful tips to ensure you’re ready… Read more
In this series, we will see how three questions for business success are approached and provide some practical tools and techniques for the SME owner to answer them. Since businesses have been in existence, these questions have perplexed most of their owners. Before AI, before the internet and even before electricity. Who is my ideal customer? What makes my product or service attractive? How should I be pricing my product… Read more
If you provide employees with mobile phones, laptops, or devices for work, which are used solely for work, you can claim the devices and usage plans as business expenses. Where employees who do not work from home use their own phones or devices for both work and private use, you may choose to reimburse them or provide reimbursing allowances for the business use portion of the devices and usage plans.… Read more
Logbooks are useful records of business expenses relating to work vehicles and this is important when calculating what tax deductions you can claim. Depending on your business entity type, different tax rules apply when you use motor vehicles to earn income, and you might use a logbook to track expenses in different ways. Sole traders and partnerships can claim income tax deductions for motor vehicle expenses if the vehicle is… Read more
Success in sport is all about playing your ‘A game’. Being the best you can be through preparation and training leading up to the game, as well as through your actions during and after the game – showing modesty and humility in success and graciousness in defeat. If everyone on the team plays their ‘A game’ the results are impressive. So, how do we apply the ‘A game’ mindset from… Read more
Like everyone, business owners are always looking for ways to save time. Every minute spent on admin or fixing mistakes is a minute that could be spent on business-building work. When time really is money, it’s worth finding ways to reduce those tedious and repetitive tasks – and technology is the answer. Better billing – Billing can be a huge time-waster. Using a digital accounting system to extract data from… Read more
At the end of the day, negative attitudes often mask a lack of energy to ‘just do it’. Negativity can be habit-forming, providing endless excuses to under-perform and becoming a self-fulfilling prophecy. But you can change the way your day’s going and increase your success by being aware of negativity in your career and personal life and turning it around. Try these tips and see. Practise these simple tricks if… Read more
Here’s our Plain English guide to profit and loss and what this report reveals about your finances. What is profit and loss? Your profit and loss statement (P&L), also known as the income statement or statement of earnings, is like your financial compass. It points you toward profit paradise! Here’s the breakdown: Revenue (The Inflow): This is where the action happens. Sales, income – all the good stuff that brings… Read more