Most family business owners have a similar goal in mind – to grow the business and pass it on to the next generation of their family. While keeping the business in the family and getting to work with your parents, siblings, or children who share common goals can be a fun and rewarding experience, running and growing a family-owned business isn’t without its challenges. Conflicting views on business and family… Read more
Now is the perfect time to evaluate your financial position and come up with innovative ways to add revenue streams and generate cash. Here are five ways you might consider to improve your cash inflow: 1. Evaluate your current Company Assets Take a look at your assets, both fixed and human. Could you make slight pivots to create a new form of income? For instance, if you run a coffee… Read more
As any accountant will advise, it’s important for business owners to keep their personal and business banking separate. Separating your business expenses will make your annual tax preparation much easier, and ensure you claim all your deductions. But it’s also important to protect your personal assets should your business find itself in financial trouble. Another excellent reason to have a business bank account comes down to professionalism. As a small… Read more
It’s easy to believe that the key skill in giving a presentation is making sure you say the right thing, but studies have shown that 55% of your message comes from non-verbal cues and people remember more if they see something than if they just hear it. This article looks at the eight areas you need to focus on to make the most of that 55%. Your Natural Style Making… Read more
If you’re like most small business owners, there are never enough hours in the day to complete every task on your list. Often you’re faced with prioritizing what you need to do right now – deal with a customer, meet a deadline, attend an event – and the things you know you should do for the ongoing growth of your business. Scheduling time to attend to these business activities on… Read more
The recent statistics on employee theft is shocking. According to one US source, 75% of employees admit to having stolen at least once from their employer—and employee theft costs a company on average 7% of their annual revenues each year. As a business owner you may not be aware of the many ways employees can steal from you. Some common methods include: redirecting company checks to personal accounts and altering… Read more
Entrepreneurs want to have their hands on every aspect of their start-up. This is understandable, as many entrepreneurs come into their respective industries from a place of passion. Their passion will drive them to spend long nights at the office, working hard every hour of every day. Unknown to them, this kind of attitude can actually lead to some destructive outcomes. You must avoid these habits, despite the allure of… Read more
It has been extremely difficult for many to keep their businesses afloat amid the COVID-19 crisis. Throwing a lifeline to small businesses, the government has overhauled bankruptcy laws to save thousands of jobs and companies on the verge of collapse. What are the Changes? From the current ‘creditor-in-possession’ regime, Australia’s insolvency laws shifted to a ‘debtor-in-possession system’. Entities with liabilities below $1 million will be able to access the scheme.… Read more
Many entrepreneurs believe that hard work and dogged determination are all it takes to build and sustain a successful business. But when you consider the pressures of running a company, it seems wise to add effective stress-management to the list. Left unchecked, stress can erode your passion and undermine performance – not to mention, take a serious toll on your health. Research compiled by Office Vibe reveals that over 70%… Read more