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
Financial models are invaluable tools designed to help you understand and project the financial health of your business. By simulating different scenarios and examining potential outcomes based on various inputs like sales growth, margins, and cash flow, these models provide a comprehensive picture that aids in informed decision-making. Practical steps for leveraging financial models: 1. Planning and forecasting Start by creating a base financial model incorporating your current financial data.… Read more
What you believe about money and how you relate and interact with it affects every aspect of your life and business. A belief is simply a story that you have told yourself so many times that you think it’s the truth. So, for us all to live a vital, vibrant, and thriving life, the story we’re telling ourselves and choosing to believe about money needs to be uncovered, understood, and… Read more
Have you ever found yourself struggling to achieve your goals because you just don’t have enough time to commit to them? Chances are, you’re doing things back to front. Rocks, Pebbles and Sand is a simple, yet crucial, planning concept depicting that we’ll achieve more if we set our annual goals (or ‘rocks’) first, then our 90-day goals (‘pebbles’) and actions (‘sand’). If we had a jar and first put… Read more
We believe our clients all deserve the three freedoms: Financial Freedom; Time Freedom; and Mind Freedom. In other words, more money and time to spend on important things outside of their business, along with less stress. Is your business stifling your freedom? Being in business is tough. At times, you might be worried about whether you’ll have enough cash in the bank to pay your team and suppliers. Perhaps you’re… Read more
Ever felt like the term “current ratio” sounds like something straight out of a high school mathematics class that you’d rather forget? You’re not alone. But here’s the thing – understanding the current ratio can be a game-changer for managing your business’s financial health. Here’s a simple breakdown. What is the Current Ratio? In the simplest terms, the current ratio measures your business’s ability to pay off its short-term obligations… Read more
Most businesses understand that customer satisfaction is crucial to their success. Happy customers are more likely to remain loyal, refer others, and leave positive reviews. This trend has only been amplified by social media and online review sites, where negative feedback can spread quickly and damage a company’s reputation. In an increasingly competitive marketplace, having an effective customer service system is no longer enough: you need to be able to… Read more