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

As a small business owner, juggling multiple responsibilities is the norm. With June 30 fast approaching, understanding superannuation can save you a lot of headaches and potentially a lot of money. Let’s dive into the key aspects of superannuation you need to be aware of before the end of the financial year. Annual contribution limits for superannuation Concessional Contributions Concessional contributions are pre-tax contributions such as employer contributions and salary-sacrificed…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Have you made payments to non-residents? If you make interest, dividend or royalty payments to non-residents, you may need to pay and report withholding tax. Lendlease abandoning offshore markets to recycle $4.5b into Australian opportunities Development and construction giant Lendlease Group has taken a major step to scale back…  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

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. ATO flags 3 key focus areas for this tax time As ‘tax time’ approaches, the Australian Taxation Office (ATO) has announced it will be taking a close look at 3 common errors being made by taxpayers: Incorrectly claiming work-related expenses; inflating claims for rental properties; failing to include all…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. 2024 Federal Budget – NAB Economic Commentary The NAB Economics team has responded to the 2024 Federal Budget, providing commentary on what it means for health, small and medium business, education and individuals. Victoria passes legislation to phase out stamp duty on commercial and industrial properties Victoria’s transition from…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. New report reveals concerning reality about superannuation accounts Two-thirds of Australians don’t feel that their superannuation is in a good position for their age, new research has revealed. Data from the Australian Retirement Trust (ART) found that only 37 per cent of Australians know how to manage their super investment…  Read more

If you’re a contractor, it can be challenging to manage a hectic schedule and complex projects, all while ensuring your paperwork, documents, and contracts are in order. It’s important to keep a paper trail of your work and practice due diligence. Keeping all your working documents in order shows that you treat your business, customers, and subcontractors responsibly. This is not only a mark of professionalism but can also help…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s economy ‘turned out stronger’ than expected AMP Chief Economist Shane Oliver says Australia’s economy has “turned out stronger” than expected. Annual inflation dipped to 3.6 per cent in the year to March.  It is down from 4.1 per cent in the 12 months to December. Economists say the result…  Read more

In the world of small businesses, positive cash flow is king. It’s the driving force that keeps your business engine running smoothly, covering all your liabilities. But what happens when outflow exceeds inflow? Cash flow problems ensue, threatening the survival and growth of your business. These cash flow problems can originate from a variety of sources including macroeconomic issues like recessions, natural disasters, and wars, as well as microeconomic issues…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Unemployment better than expected, dampening hopes of early rates cut Australia’s unemployment rate has risen slightly to 3.8 per cent after 6600 jobs were lost in March, a stronger-than-expected result that will likely end any chance of a mid-year interest rate cut. Macquarie Bank slapped with $10m fine after failing to…  Read more

The power of a well-crafted email signature is often underestimated by professionals and businesses alike. Your email signature is essentially your calling card: it’s where you can share information about yourself and your company, like your website and social media profile links.  It can also include the company logo and highlight current promotions or links to products you want to boost sales of. Here are 4 tips for creating your…  Read more

As a small business owner, one of your biggest concerns may be the threat of retail theft. It’s understandable that the thought of someone stealing from you could be both frustrating and disheartening, especially when you’ve poured so much effort into building your business.  Shoplifting can have a significant impact on your bottom line, making it essential to take steps to deter potential thieves and protect your merchandise. In this…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s economy: A mixed bag with signs of slowdown Amidst a backdrop of economic intricacies and evolving market dynamics, Australia’s fiscal landscape is both nuanced and volatile. As the Reserve Bank of Australia (RBA) maintains a cautious stance, retaining the cash rate in its recent deliberations, the nation’s economic…  Read more

If you’re like many business owners, you may find yourself struggling to understand what your finances mean or how you can use your financial information to make decisions for your business. Often we get into business because we love a product or service we want to provide. It’s not as common that we love managing the financial aspects of our business.  As a business owner, you have your best chances…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Startling images reveal the truth about who owns most major brands found in the big two supermarkets A compelling illustration by a graphic design enthusiast has revealed the sheer concentration of ownership of popular brands found in Australian supermarkets. Strolling through the aisles of a Woolworths or Coles, shoppers…  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

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s inflation rate comes in lower than expectations in February at 3.4% ABS data shows consumer price index is stabilising, which will feed into the RBA’s next interest rate decision in May. Inflation has held steady for the second month in a row, as cheaper meat and seafood helped offset…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s job boom sees unemployment rate fall Australia’s unemployment rate has fallen to 3.7% in February, according to data released by the Australian Bureau of Statistics (ABS), with around 116,000 people starting jobs in February. Resilience of Australian Households and Businesses In its latest Financial Stability Report released today, the…  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