An elevator pitch is the short description you can give about your business in the time it takes to ride an elevator. Your elevator pitch must be brief. It must say enough about what you do so people can easily understand and remember you. And, ideally, you want your elevator pitch to make a positive…
The majority of businesses, whether they are only just starting up or have been in the market for a number of years, will need a bank loan at one time or another. However, actually applying for a bank loan requires more than just filling out the paperwork. Here are some questions business owners should ask…
It is important for businesses to maintain a good relationship with their bank in order to safeguard their future access to funds. Prepare a strong business plan This is one of the first steps to ensure that the bank will identify it as a low risk business and therefore someone they are willing to give…
Even high earners can make very stupid (and avoidable) money mistakes. Use the below examples as a way to look objectively at your money behaviour and how it might be limiting your wealth creation. Not having a budget Some people think nothing of spending $1500 on a weekend away, or $800 on a new outfit.…
Taking care of invoice and billing payments can often be an onerous task for many small businesses. However, very few things are more important in the business industry than getting paid on time, since delays in payments can disrupt a business’s cash flow quite seriously. Business owners looking for best practice tips to get paid…
It can only take one or two late payments from customers to turn a business’s positive cash flow into a negative one. Maintaining positive cash flow can be a struggle for many businesses, but setting realistic goals for cash flow management can help make a business profitable and generate enough cash to offset monthly expenses.…
Make sure any new financial year resolutions made to keep your business financially healthy don’t fall off the bandwagon now. Here are four tips to keeping it in tip-top financial shape. 1. Know your tax deductions Keep an eye out when lodging tax returns, so you don’t pay too much. If you work from home,…
Whether a business needs money for its initial start-up or to simply buy resources and equipment, there will always come a time when a business will require a loan to continue moving forward. Business owners can improve their chances of loan approval by showing the potential lender that they can support their business ideas and…
Small businesses can achieve real dollar savings by efficiently managing and calculating the Fringe Benefits Tax on meals and entertainment. However, the challenge is often finding the best calculation. Many organisations struggle to identify which calculation method is best for them and, as a result, have to pay more FBT than necessary. Here are five FBT…
Creating a budget for your business doesn’t necessarily mean watching every cent you spend. It is simply a list of expected income and expenses, which can then be used as a powerful tool to control finances. Budgets can help businesses know and track where their money goes. Once businesses know this, they can make conscious…
