An ever-changing business landscape can present unforeseen challenges for any business at any time. Identifying risks and opportunities in your business model and creating a Business Plan will help you prepare for difficulties or adversities and provide clarity in the event of a crisis in the future. Now is an ideal time to document a clear Business Plan: Defining what you, as business owners, want from the business; this includes… Read more
Remember to provide all the relevant documents we will need to put together your financial statements for the year. Have you got yours ready? Here is our checklist for information we need – most of which is automatically available for us if you use Xero. Income: Sales Commission received Interest received (if the investment is under the business name) Professional fees Rent received (business) Expenses: ACC Accounting fees Advertising Cellphone… Read more
As a brand, you want to be seen as professional, trustworthy and capable. But there’s also a strong argument for letting down the professional facade occasionally to use a little humour in your marketing, your communications and the company’s brand personality. Are we joking? Making gags in professional marketing? We’re totally sincere about this. In fact, humour is actually what your customers want, according to the latest consumer research. So,… Read more
When you run your small business, you have a lot on your plate. That makes it tempting to let some tasks slide, especially tasks that are related to finances, which can be challenging and is often outside your preferred skill set or experience. There are some tips you can follow that keep your finances healthy and enable you to thrive. Here are some financial best practices for managing your business,… Read more
If you’re considering selling your business, the process should begin long before you put the ‘For Sale’ sign up. Selling a business is not just a major financial decision but a life-changing one that requires meticulous planning and a strategic approach. In order to get the maximum return on your investment, you need to understand what potential buyers are looking for and make your business as attractive as possible. Step… Read more
Where has the time all gone to? The end of the financial year is almost on us. How’s it looking for you? Know what you need to do? To help make the information-gathering process hassle-free, we’ve put together an end of tax year checklist. So, to avoid scrambling this time next month – take a breath, take note, and take action. Being prepared is the key to avoiding end-of-year financial… Read more
2tppwx1fagfgf1iflsdltw Marc Olivier Jodoin Nqoinj Ttqm Unsplash In a tough business environment, the right digital tools can give your business the edge over your rivals and take you to the next level. Innovative apps in nearly every industry have emerged over the past few years to help companies save time and become more resilient. Six reasons to jump onto the Xero App Store Xero customers can access more than 1,000… Read more
As of 10 March, the coalition government has confirmed the return of interest deductibility for property investors, with the phased-in changes taking effect from the next financial year. As a result, legislation is expected to be passed allowing you to deduct 80% of your interest expenses on property investments in the year to 31 March 2025 (ie from 1 April 2024). Note that the previously proposed 60% allowance for the… Read more
Customer service is the heartbeat of any successful business. It’s the unsung hero that transforms a potential disaster into an opportunity, and a mere transaction into a lifelong relationship. In the narrative of customer loyalty and retention, service is the protagonist. Your approach to customer service has the power to attract and retain customers. Why stellar customer service is key The importance of customer service for loyalty and retention cannot… Read more
Marketing can feel like a daunting task for small business owners. If you’re new to the game, or maybe you’ve been in business for a while and just haven’t quite cracked the code, navigating the world of marketing can be overwhelming. But it doesn’t have to be. Your business deserves to be seen, heard, and thriving – and with the right guidance, you can make marketing work for you. Let’s… Read more
Running an online business has become a reality for a huge number of business owners in recent years. There are an estimated 12 million-24 million eCommerce sites across the globe and those numbers have risen sharply since the pandemic. But although online shopping may be convenient, there’s still a real desire for physical shops and in-person retail. So, if you’ve been running a successful eCommerce business or online side hustle,… Read more
At this stage, there are still many unknowns as ministers assess new legislation and review existing policies. One key area to watch is the tax treatment of property investors. It’s been widely discussed that National plans to shorten the bright-line test for property investors to two years from 10 years, returning the law to its 2015 setting from 1 July 2024. New builds will not be exempt from the two-year… Read more
Here are some of the major changes businesses should watch out for: 1. Reintroduction of 90-day employment trial periods The government has extended the availability of 90-day employment trial periods for all businesses, reversing changes made in 2018, which scrapped 90-day trials for businesses with more than 20 employees. 2. Clean car discount and ‘ute tax’ to end The clean car discount, allowing people to claim back up to $8,625… Read more
Let’s talk about your phone habits. It may not be a pleasant topic to discuss, but it does matter. How you use your phone can have a huge impact on your life and on your business. Sounds dramatic? Not at all. These mini pocket-sized computers are with us all the time and the constant flow of notifications can interrupt our workflow incessantly. Your mobile habits significantly impact your concentration span.… Read more
As a business owner, you’re the architect of your business’s vision and culture. But in the hustle to develop products, chase sales, and keep the lights on, some of the foundation often gets lost in the mix. Core values—those guiding principles that shape your company’s identity—are more than just words on a wall or a statement in a handbook. These aren’t just buzzwords to sprinkle throughout your website – your… Read more
When was the last time you felt that you had a week’s worth of energy to pour into just four days of work? As COVID-19 has reshaped our work-life balance and continues to redefine what is essential in our professional world, the concept of a shorter workweek is gaining traction. With proposed legislation in various states and countries, and the ongoing conversation among professionals, it’s evident that the discussion around… Read more
You’re running a business, so you know the legal requirements around producing accounts and submitting tax returns. But do you truly know WHY you’ve engaged an accountant? And do you understand the value that a good accountant and business adviser can add to your company? As a business owner, managing director or CEO, there are three main areas of the accounting proposition that you’re probably most interested in: –… Read more
Goods and services tax (GST) is a tax on most goods and services in New Zealand, at a rate of 15%. As a business owner, you’re likely familiar with how this works. Your customers pay it when buying your goods and services and you collect GST on behalf of the government. Your business is a ‘taxable activity’. The goods and services you supply to consumers are taxable and the government… Read more
When it comes to repairs and maintenance on a rental property knowing what can and can’t be claimed can be tricky. Example scenario: Sam owns a rental property that was rented out for 33 weeks of the 2023 financial year. The tenants moved out in October 2022 and Sam found that the kitchen needed some repairs before it could be rented again. Sam decided to move into the property in… Read more
For a business to thrive and grow, it essentially needs two things: a strategic plan and an ability to continually find new customers and tap into promising markets. Here’s how you can do that. The untapped potential in existing markets Start by re-evaluating your existing customer base. Profiling them will help you to more accurately define who your target consumers are. Explore different distribution channels that could be more effective… Read more