Before you launch into the process of setting up your own business, read through the suggestions below for some vital steps to consider
It is important to consider the advantages and disadvantages of the various business medical structures available, and to choose the best structure to suit your circumstances.
Before you launch into the process of setting up your own business, read through the suggestions below for some vital steps to consider.
How do I know if I need to pay FBT? What is exempt from FBT? And what to be aware of come 1 April 2016.
The Government has announced the introduction of a separate grossed up cap of $5,000 for FBT salary packaged meal entertainment and entertainment facility leasing expenses.
With smartphones at our fingertips, customers are searching online more than anywhere else to research a product. As a small business owner, it’s critical that you have a website ready for customers who are looking you up. Understanding why it is important and figuring out where to start can be intimidating. Here’s what you need to know.
Customer retention is vital for the growth and sustainability of any eCommerce business. The cost of acquiring new customers means building loyalty within your current customer base should take precedence.
When business is booming and everything’s going well, it seems fair to cut back on your marketing efforts. More business means less spare time, so investing effort in marketing becomes difficult, and easy to neglect.
Social media. It’s big, it’s fast, and it’s growing. What can you do to make sure you’re using the right social channels to connect with your customers and market your brand?
In this episode of Xero Gravity, hosts Elizabeth Ü and Gene Marks are joined by Mychelle Mollot, CMO at Klipfolio, and Raheela Nanji, Director at Ree Consulting Inc., to discuss all the nitty gritty details of social media in business.
Cash is often referred to as the lifeblood of an organisation, a key factor that determines business success or failure. In many cases, cash is vital for daily survival; a small business that doesn’t have enough cash on hand to pay suppliers might not be able to open the next day.
As a small business owner, it’s quite likely you play both the role of salesperson and debt chaser. On one hand you want to keep the relationship positive so you can continue selling to that customer, but on the other hand you need your bills paid for your business to survive. Maintaining customer loyalty and satisfaction while keeping a credit control policy that’s abided by can (at times) put you in an awkward position.
When it comes to building rosters you want to be as accurate as possible when forecasting future staffing requirements. Time again, we’ve seen rosters being created based on instinct and manager experience.
The issue of bullying at school is well-known and reasonably well understood. But workplace bullying is just as big a problem. In the US, for example, 27% of employees have experienced bullying, and managers are the main cause.
Wherever you find people who are driven, ambitious and strong-willed, there’s potential for bullying. Unfortunately, there’s a good chance that some of the people reading this are workplace bullies.
We love curating list posts, especially list posts that feature apps and tools to help you work smarter. We recently published a post on handy browser extensions to improve productivity and get more done. This is one landscape that’s always changing however and we’re always looking to provide the most up-to-date and helpful information to help you achieve more. A conversation with a colleague sparked this particular post, and I hope you find it helpful – I certainly have.
Striking out on your own and starting a business is one of the hardest things you can do in your professional life, but the work isn’t over the second you open your shop. Once the business is up and running you constantly have to improve and optimize to stay ahead of the curve and, most importantly, to become — and stay — profitable.
Project Workflows should just…flow, right? Even Google Images represents ‘workflow’ as a series of harmonious shapes neatly connected with arrows... But in the real world things RARELY go according to plan. Remember that client who defaulted on payment, the tensions that arose within project teams and of course that one time the budget got blown out…?
When my brother-in-law started his landscaping business in 2007, he didn’t expect his part-time operation to escalate to 50 hours of work per week within two months. And it was a big commitment for him to employ his first staff member six months in, but was necessary for him to meet demand. As soon as he was aware of the demand for the service he was offering, he prepared himself for growth and this planning quickly paid dividends.
Determining the cost of a job accurately and efficiently can be challenging, overwhelming and fraught with risk. When you price a job right and win it, it can deliver instant improvements to your bottom line — but getting it wrong can be a very expensive mistake.
Inventory management has been around for as long as there have been businesses that stock and sell products. Even in the bygone era of having main street village shops and trades, some kind of inventory management was used, even if it was only a brief daily stock take followed by simple restocking, manufacture and acquisitions.
Keep up to date with the latest in the tech sector.
SEO. Many business owners make the mistake of thinking it’s a one-time thing. It turns out that investing in search engine optimization and content marketing is actually one of the most important facets of running your business. Long story short, if your business has a web presence, you need to know SEO.
This week on Xero Gravity, Rand Fishkin, SEO wizard and founder of Moz, talks about the importance of optimizing your website and how it’s changing with social and mobile.
Keep tabs on your business relationships without fuss. Connect and collaborate seamlessly with your contacts. That’s what you get from the tighter integration of Xero and Google Apps for Work announced today.
As an employer, it's important you understand the difference between employees and contractors. You're responsible for getting it right!
We’re excited to announce another development in our long-running global partnership with Square. Square is launching Square Reader in Australia, enabling business owners to quickly and securely accept card payments directly on smartphones and tablet devices.
Doing your timesheets can be a time consuming task. But now they’re a breeze with the long-anticipated addition of Timesheets to Xero Me.
It’s another big step towards bringing payroll out of the back office – and we’re really excited to have made it happen for Xero Australia.
Engaged employees are the secret weapon of successful organisations of any size. If your people are happy, committed and empowered, they’ll stay with your business. Your customers will get a better experience, you spend less on recruitment and re-training, productivity soars and absenteeism plummets.
“We selected our 12 best managers and we psychometrically profiled them. From that profile we were then able to build what we saw was an ideal person that would fit our culture.” - Angus Kennard, non executive director and third generation leader of Kennards Hire.
Even though managing your financial affairs should be a year round activity, the start of a new year is a perfect opportunity to get your financial house in order.
The ATO is targeting those who rent out their property for a few weeks during the year but claim a full year’s worth of tax deductions. The tax office will be paying close attention to rental property owners, especially those who own a holiday home, who incorrectly claim for initial repairs to recently acquired rental properties.
While most of us will hopefully accumulate enough superannuation throughout our working lives to have a comfortable retirement, many of us simply won’t have the funds there to splurge on something nice every now and then.
Cash flow is the single most important aspect of financial management for any small — or large — business. Running out of cash is the major reason businesses fail.
As a business owner, making sure you have cash available (or at least the potential to generate cash) to meet your obligations is not only essential for survival, but is in many cases a legal obligation.
One of the most frustrating things in life is when you get all fired up and decide to make some big improvements in your results.
So you set goals to get in great physical shape, improve your business results, spend a lot more time with your family etc.
We all know by now that it’s essential for a business to have an internet presence; a company website is the mainstay for anyone doing business in the 21st century.
But what about a company Facebook page, Twitter account or LinkedIn profile? Are you losing out on potential customers by ignoring these social networking heavies? Do you panic when you think about how your lack of social media savvy has caused you to miss out on reaching your sales goals?
Mobile-friendly simply means that your website is compatible with a range of devices that aren’t desktop or laptop computers. This includes smartphones and tablets, which in themselves cover a wide range of screen sizes and resolutions. These smaller devices, especially smartphones, need a website to be attractive and brand-relevant while being functional and easy to use with one hand, a thumb, or several fingers. Multi-touch technology means that users often have a range of ways they interact with the screen, and your site must make it simple to navigate and interact to cover all bases.
With many products and services you can increase sales and attract large numbers of new clients by using personalisation.
Personalisation just means you modify what you are selling so that it has more value to a particular type of customer.
Reading a book, finishing a project. Baking a cake. Playing with your kids, throwing a stick with your dog, discussing eastern philosophy with your cat, raising money for charity, writing that novel, painting the house, building your own boat, learning a language, Netflix & chill, making your own jam, mowing the lawn, playing Tetris on your cellphone, discovering an ancient Mayan treasure ...
Change. It is the one crucial element an organization needs to be able to execute if it wants to remain relevant and profitable in an increasingly dynamic and challenging global economy. It is also the one vital element that generates the greatest amount of resistance, and throws up the largest number of obstacles to success, than any other business necessity.
A strong service culture within your business leads to improvements in customer experience and can give your business a competitive advantage in your industry.
Because customers now have more choice than ever — making it even easier to switch suppliers or service providers — field service businesses must work harder and smarter to build relationships with customers and sustain long-term loyalty. Building a service culture within a company is an extremely valuable way to do this, as it leads to opportunities for higher growth and revenue and helps create strong relationships with your customers.
Procrastinators act as though they have all the time in the world. The truth is, the tasks we put off become the roadblocks that prevent us from moving forward. Breaking this behaviour is as simple as following a few practical tips that will put your time back under your control.
Apple’s recent release of the iPad Pro has brought up the question again, can you replace your laptop with a tablet? For some early adopters, the answer is yes.
Xero CEO, Rod Drury, is among those early adopters. He recently made the switch and decided to stick with it. His motivations for doing so:
Why small businesses should switch to inventory management software. How much is spreadsheet-based inventory management costing your business? Chances are more than you think.
Mobile devices give us convenience and efficiency. Like taking a quick photo of a receipt and submitting an expense claim while on a business trip.
But there are still times when you need the convenience of a larger screen. Sometimes you need to look at multiple things at once. Closing Xero to open a browser, your banking app, Dropbox, then jumping back into Xero does the job, but it’s not efficient.
A phone call or email 'out of the blue' offering you a not-to-be-missed investment opportunity could be a turning point in your life. If you say 'yes' to the deal and the offer is a scam, you could lose thousands of dollars or end up with enormous debts.
Investment scams are often so professional, slick and believable that it is hard to tell them apart from genuine investment opportunities. Our tips break down how investment scams work.
As the saying goes, the definition of insanity is doing the same thing over and over again, but expecting different results. So if 2015 was a busy, challenging or downright insane year, it might be time to re-think a few workplace habits as we tear another page off the calendar and hurtle headfirst into 2016.
Writing a fantastic blog is just the first part in the process of channeling more traffic to your site. To be of any value, it needs to be read and shared by your audience and beyond. Below are five of the most common and effective ways to give your content exposure.
Welcome to 2016!
To help your business start 2016 off on the right foot, we’ve put together a list of changes for business that came into effect from 1 January 2016.
Effective and supportive management is a key ingredient in making sure your employees love their jobs. And one of the most important aspects of being a good manager is giving clear feedback to your team members. This is something you should be doing consistently throughout the year. But yearly performance reviews are the perfect opportunity to reflect holistically on what went well and what could use some work. Here are some tips for how to conduct constructive and effective yearly performance reviews.
Businesses that boost the technical skills of their employees lift their productivity and profits, as well as improve worker satisfaction. Despite knowing this, most firms still suffer from skill gaps.
A recent survey in the UK found that while most companies accepted the business benefits that would flow from improving their staff’s digital skills, only 14 percent felt their staff training was adequate.
Surveys are great. They often provide you the down and dirty data needed to develop or validate a hypothesis.
Market research is another fantastic tool. It provides the broad net needed to understand the intricacies of who your target customer is, and what their pain points and needs are.
Does your business have a story? The kind of story that demonstrates your business is committed to upholding its values? This may be key in retaining staff and making them happy.
Here’s ten ways to make sure that you start 2016 with purpose, vision and the courage to super-charge your firm!
If you’re a busy business owner with lots on your plate, it can sometimes be overwhelming knowing where to begin. But if you try and do it all, things will undoubtedly get neglected, or you’ll find yourself dreading those painful hours when you have to trawl through hundreds of unread mails.
Every business wants to make each year better than the last, and at Vend, we’re all for helping retailers do exactly that. So for this post, we’ve put together some action steps that you can implement to help make 2016 your best year yet.
Whether last year’s performance could use a lot of improvement, or you did extremely well and want to break your own record, the pointers below will help you kick off the year strong:
It could be one of the most asked questions by trade contractors: should I be focusing on my cash flow or my profits? It can be a difficult question to answer, as cash flow and profit both play critical roles.
If you are a business owner, moving your accounting software from “on-premise” to “the cloud” can bring huge benefits. Not only could you save bucket loads of time, but cloud accounting software is cheaper, more secure and accessible anywhere.
What do Elizabeth Holmes, Sara Blakely, Linda Avey and Arianna Huffington have in common? They are all female entrepreneurs who have successfully built billion dollar businesses. But what does differ dramatically is their age.
Blogging is one of the most valuable tools that a business has to engage with customers; it’s a direct communication channel to share timely and relevant information, plus, it fuels SEO for your business website.
One of my favourite marketing experts is my good friend Troy White in Calgary Canada. 7 years ago Troy had an epiphany. He realized that the best marketing promotions he had done for his clients involved some wacky themes.
When you sell an expensive or high priced service there are three marketing challenges you need to solve…
I received some excellent marketing advice recently from Lori Nash Byron the founder of Famous in Your Field. Lori was talking about the power of content marketing. And here a few of the tips she shared with me about content marketing.
One of the biggest troubles small business owners face is access to capital. So activities like theft or fraud can cripple a small business in a heartbeat.
We all know that cash flow is king. But just how much sway does it have? Well, you might want to ask the nine out of 10 small businesses that have failed because of cash flow problems. That’s, right, according to D&B, 90% of small businesses close their doors because of poor cash flow management.
Customers. Without them, you wouldn't be in business. But sometimes they are the sole cause of all our stress and woe. That's especially true during busy times of the year, which for many industries is the leadup to the holiday season.
Where to in 2016?
In a competitive market, customer loyalty is everything. Keep your customers coming back for more and encourage them to become loyal brand advocates, and profitable growth is a given.
When building a business, it is important to learn as much as possible from industry leaders and people with experience. Fortunately, many of these people have written about their experiences and distilled their most influential and successful ideas into books. There are thousands of business books, each claiming to teach you something vital to your success. Below are some of our favourites and ones we find genuinely enlightening.
If January 2016 mirrors the years that have gone before, it will be the busiest month in the calendar for people starting a business. Returning from Christmas to an unfulfilling job and a burning idea to turn a hobby or passion into a way of making a living, people in their droves will take steps to become their own boss. Will you be one of them?
So you’ve made a New Year's Resolution. Several in fact. You’ve declared next year is YOUR year. Your business is going to triple, you’re going to be more productive, manage your teams better, nail time tracking on its head, and finally learn all those collaboration tools and apps you’ve been meaning to. You’ve got it sussed...or so you think until February rolls around, you’ve started none of the above and the year is about to slip past as it’s always done.
In today’s competitive marketplace, there is little room for error for owners and operators in the field services industry. Businesses are under more pressure than ever to deliver an exceptional service that aligns with what customers expect.
The latest you need to know.
Christmas is a great opportunity to relax and recharge, but if you’re like us, you might find it hard to just drop everything and take it easy.
Instead, you are just as likely to spend the first half of your long-anticipated break worrying about an unfinished project, checking your emails, and stuck with your brain in the office while your body is on leave.
Social media isn’t just about viral videos or selfies. For consumers, sites and apps such as Facebook, Instagram, and Twitter are playing an increasingly large role in their path to purchase.
This is why it’s so important for retailers to invest in social media marketing. Having a strong presence in relevant social networks not only gives you an avenue to communicate with your audience, it also allows you to stay in the radars of your customers. This in turn, increases the likelihood of a shopper choosing your brand when they’re ready to buy.
Instagram is one of the big four social networks, alongside Twitter, Facebook and LinkedIn. It took what people loved most about Facebook, sharing photos, and turned it into a global phenomenon. An average of 55 million photos are uploaded to the platform every day, which means a lot of users and a big opportunity for brands that can harness Instagram’s power.
The results are in. If you’re not proactively listening to business online reviews, you might be missing out on key insights into how to grow an online business.
This consumer review survey by BrightLocal highlights how customer reviews play a vital role in helping businesses build trust with their audience.
A gift guide is one of the most powerful tools you can have during the holidays. It allows you to showcase your products, inspire shoppers, and stay top of mind throughout the season.
But it’s important to note that creating a winning gift guide takes more than just rounding up your products and putting them in a catalogue. Releasing gift guides is a tradition in the retail world, so you have to be creative with how you craft and market them.
Developing product and brand names that become iconic is an art, with a whole range of factors that need to come together at the right time. These include things that are in your control, such as the words themselves, and other societal elements that no one can predict. To give your new name the best chance of success, consider the following when creating a moniker for your business or latest product.
Branding is the emotional response your business evokes in its audience. It is more than a logo or a series of advertisements, it encompasses all the accumulated interactions your business has with customers. A brand is the core identity of your business and can be a powerful tool in ensuring your customers return, as well as recommend you to their friends and family. Successful branding is about capturing the hearts and minds of customers and turning them from people who use your product to advocates who go out of their way to choose you over a competitor. This loyalty is the foundation of many successful companies, from Apple to McDonalds, Coca Cola and many more.
As a small business owner, you should take any edge you can get when it comes to being successful. You never know what piece of advice is going to be the key to breaking your business wide open.
That’s why we launched our Make or Break? report,which looks into what makes businesses more likely to succeed or fail, in honor of Global Entrepreneurship Week. We want to give you all the information you need to make an informed decision about your business.
Here’s a quick flow chart to help you decide how to take the next steps in your business.
In honor of Women’s Entrepreneurship Day, we want to celebrate women who are out there working hard on their businesses. We know starting and running your own business presents new challenges everyday. From getting funding, to keeping on top of your cash flow, to trying to be more productive. Every day it’s something new.
We asked 500 small business owners about how the run their business and the things they think about every day. We found that the women in our survey are constantly hustling for their business. Not only that, they tend to only turn to their accountant during tax times. We know that having a great advisor can be the key to maintaining a healthy business.
Take a look at some of the other findings from our survey:
Entrepreneurs will often say you’ve got to fail fast and learn faster if you want to succeed. It’s these learnings which not only make you a better business owner but also increase your chances of establishing a successful business.
There is never enough time in the day to do everything, which is why it is important to make the most of the time you do have. The biggest hurdle to efficient time use is a lack of planning and structure. Follow these tips and you will find yourself being more productive and less stressed.
Are you thinking of starting a retail business? Do you already have a brick and mortar store and have been thinking of making a switch to ecommerce? Operating an online-only store has many advantages, and if you can learn the fundamentals of online marketing for retail, it can be a very fulfilling and liberating endeavour. Let’s consider some of the advantages of trading purely online:
Technology has changed business as we once knew it… And it’s not stopping either. The changes are quickly advancing. In order to thrive and succeed in today’s fast paced environment, your business not only needs to able to adapt, it needs to remain one step ahead.
The promise of free-shipping can seem too good to be true, and often it is suspected that the shipping costs have been absorbed into the price of the goods. This can sometimes be true, but with products that are available online direct from the manufacturer, it makes it harder for retailers to add their own mark-up. Competing on price becomes impossible and retailers have to find other ways to set themselves apart. Free shipping becomes the next logical step.
Want to succeed as a small business owner? Have a mentor or an accountant. Our recent Make or Break? report shows that asking for help from mentors and advisors, and having a good relationship with your accountant, means you have a leg up. The research was timed to coincide with Global Entrepreneurship Week which kicks-off today.
At Xero, we use the power of technology to foster innovation, connection and entrepreneurialism. To create beautiful work that makes a difference. This is why each month, we speak to business leaders within our like-minded community – to see how they apply similar values to shape their businesses, and their futures.
This month, we speak to Ted Gethen – founder of The Black Label Tailoring. Together with his business partner, Brendan, Ted has built a strong supply chain and opened four stores which give men the opportunity to dress with style and comfort, at a price point they can afford.
Ted tells us in his words why personal customer service has become the cornerstone of their success. And also how, in a world of internet shopping, their bricks-and-mortar business continues to thrive.
Does your business use telemarketing or fax marketing to promote goods or services?
If so, you need to be aware of your obligations under the Do Not Call Register Act External Site.
As a business owner, you can generally decide who you want to do business with, but in some circumstances you could be breaking the law if you refuse.
Whether you’re a supplier, manufacturer, wholesaler, or distributor, it’s a good idea to understand when refusing to supply is allowed and when it’s against the law.
Do you a run a business and express ideas or information in your own unique way? You should understand if your work is protected under the Copyright Act 1968 (the Copyright Act).
I bet we can all agree that we don’t need anything else to be stressed out about. Unfortunately, new research shows that being stressed can affect your health.
We’ve known for a long time that stress and health are closely correlated and it’s easy to put one above the other, but now it seems that they are both of equal importance for day-to-day health.
If your company is project-based, you probably have a framework or system in place for how you manage each project within your team. But even the most robust project management system will occasionally encounter a snafu.
A key area of business directly affects the overall health of a business is how accurate its inventory levels are. For businesses who fail to maintain a finger on the pulse of inventory as it flows through their operation the consequences can be dire – perhaps even fatal.
One of the biggest and most important challenges many businesses will face is how to successfully manage and control their inventory. It is usually one of their biggest ongoing costs, and often one of the biggest overall investments.
Why not too much, not too little, but just the right amount of inventory is crucial to your business.
You’re a business manager or owner, sitting in a room with 10 employees. Have a good look at them. What do you see? Do they all look like people who are happy and keen to show their talents and make a difference to your bottom line?
Chances are that this is unlikely. Alarmingly, statistics show that six of those 10 aren’t engaged in the business at all and another one, maybe two, are “actively disengaged”. If you’re lucky, two or three of them will understand what you and your business are really trying to achieve.
So, what’s the real reason the Holiday season is considered so difficult for hospitality businesses down under?
With the end of the year nearing, it won’t be long now until most Australian and New Zealand companies begin winding down, planning their summer holidays and organising what they’re going to do over the long break. However, while most people are winding down, hospitality businesses are gearing up for their busiest period of the year.
Employers know the importance of keeping their teams engaged. Engaged staff are more motivated. They collaborate more effectively, driving your business to success. Combined with work-life balance, engagement is the path to retention, productivity and, ultimately, competitive advantage.