Tips for choosing a small business bank

Finding the right bank to serve your small business needs can be a daunting task. With so many competing financial institutions to choose from, business owners simply don’t have the time for the in-depth research required to carefully weigh all the options. This guide to choosing a small business bank will help you narrow down your choices so you find the best fit for you. Small, medium, or large? You…  Read more

Alternatives to Skype for online meetings

Looking into affordable video chat and voice calling options for your small business? These four popular, user-friendly alternatives to Skype will help you connect seamlessly with staff, colleagues, and customers. Read on for a breakdown of each app’s features to decide on the best fit for you. WhatsApp With more than 1 billion users worldwide, WhatsApp is currently the most popular multi-media messaging app for mobile in existence – and…  Read more

Encouraging word of mouth

If you have any doubt that word of mouth referrals are important, consider these stats: According to Neilson, 92% of shoppers trust recommendations from friends and family more than traditional advertising 20% to 50% of consumer purchases are made because of a word of mouth recommendation 81% of buyers are influenced by their friends’ social media posts. So how can you encourage positive word of mouth for your small business?…  Read more

Surprisingly Destructive Habits You Should Avoid as an Entrepreneur

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

Five Effective Risk Control Strategies

Dealing with risk is an inherent aspect of business management.  The way you prepare for risk is the most important factor in determining the longevity of your enterprise. Businesses of all sizes have to contest with the possibility of unexpected events occurring, but it’s how you plan for and react to such scenarios that influence your handling of them. These five methods of controlling risk will provide you with the…  Read more

Do you know your break-even point?

  All business owners need to be aware of their break-even point — that is, the number of units they need to sell in order to cover their operating costs. Once you’ve reached your break-even point, it’s time to celebrate: your business is no longer in the red, and you are officially earning a profit. This article will show you how to calculate your break-even point so you can make…  Read more

What’s new in the world of tax?

Payday filing We have mentioned this in the past, but don’t forget payday filing for employers is compulsory from 1 April 2019. Please contact us if you need any help with complying with the new process and rules. No more cheques for IRD Do you send post-dated cheques for tax payments?  It’s time to go digital! From now on you’ll need to use online banking to make future-dated payments as…  Read more

10 Smart Year-End Tax Tips

1:  Fill your drawers Can you stock up on stationery, postage and courier bags before 31 March?  Claim now and save. 2:  Staff expenses If you owe employees holiday pay, bonuses, long service leave or redundancy payments, you can claim for these now — as long as they are paid within 63 days of the balance date. 3.  Can you fix it? If you’ve got any significant maintenance or repairs on the cards, do it before year-end…  Read more

Five Undesirable Customer Types

  Every business must deal with a variety of customers.  But there are certain types of customers who do more harm than good to your business – they drain your resources while adding little to your revenue. Here are five undesirable customer types that every businessperson should learn to recognise: The customer who returns most of their purchases.  Return policies are intended to offer customers a reasonable period of time…  Read more

4 questions you should ask your accountant

Ideally, you and your accountant are more than just “adviser” and “client”. With your combined skills, expertise, and shared mission to support a thriving business, you’re more like strategic partners. The key to achieving success in any partnership is, of course, strong communication.  At your next meeting, be sure to ask your accountant these four important questions. 1. What’s my best strategy for increasing revenue? Every business owner strives to…  Read more

Business health check

Six ways to ‘do good’ by your staff Celebrate!  Write down one thing you’ll do in the next six months to reward your team. Book in staff performance meetings now because setting and revisiting KPIs ensures everyone’s on track. Lock in 30-minutes to revisit your strategic plan this month.  List three things you can do as a team to stay competitive and grow your business. Write the steps you’ll take…  Read more

Hiring? Look for traits not talent

Soft skills are the personal qualities that make people easy to work with and they’re key for business success. Here are six important soft skills and the best open-ended interview questions you can ask to help find out whether a candidate is right for your business. Communication:  Give me an example of when you had to deal with a difficult team member.  What did you do to communicate properly? Adaptability:  Tell…  Read more

Payroll Pain Relievers

With New Zealand ranking as one of the most complex payroll environments in the world, it’s no wonder many Kiwi employers choose to offload payroll headaches to bookkeepers, accountants, or payroll intermediaries. This trend is picking up steam: with Inland Revenue’s “Payday Filing” scheme kicking off 1 April 2019, instead of reporting PAYE to Inland Revenue on the 20th of the following month, you’ll need to report every payday (though…  Read more

It’s time to gear up for payday filing

Hundreds of Kiwi business owners are enjoying the benefits of payday filing – are you? If not, you’ll need to be by 1 April when payday filing becomes compulsory.  Now’s the time to work out how you’re going to integrate it into your payroll processes and save time on your tax obligations. Payday filing means you need to: File employment information every payday instead of an Employer monthly schedule (IR348).…  Read more

Heard about the new Domestic Violence – Victims’ Protection Bill?

Here’s what it means for you. #FACT New Zealand police respond to 270 domestic violence incidents every day and it’s estimated that’s only the tip of the iceberg – with 80% of incidents going unreported. #FACT Did you know domestic violence already costs New Zealand workplaces at least $368 million a year due to higher turnover and lost productivity?  Addressing the problem directly will be better for business and victims…  Read more

10 Daily Habits of the Rich and Powerful

  It’s the little things that make up the big things. Here’s a list of ten traits of some of the movers and shakers in the world today (and from the past).   1. They Stay Healthy Health is make-or-break.  If you have it, your life will take on meaning like you couldn’t otherwise know; but if you don’t have it, you will only accomplish a comparatively small percentage of…  Read more

Protect Yourself and Your Data – Proactive Steps for Living Safely in the Digital Age

These days your personal data is everywhere, and that information is valuable to marketers, hackers and everyone in between.  If you want to prevent the unauthorized use of your personal information, you need to take a proactive approach to protecting yourself and your identity. You can no longer afford to be blasé about your data security – if you are not taking proactive measures to prevent the use of your…  Read more

10 tips to reduce debtor days for small business owners

Steady, reliable cash flow is crucial for the survival of any small business – so taking steps to ensure your customers pay promptly should be a key priority. When your clients consistently pay on time, you’ll avoid the dreaded “feast or famine” cycle.  You’ll be able to pay your vendors, suppliers, and employees on time – and not least of all, yourself. Implement these ten tips now to start getting…  Read more

What to do if you get audited

No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic.  Prepare. These four steps will help you get through the process with minimal stress and the best possible outcome. Respond promptly If…  Read more

3 Mistakes That Strangle Growing Businesses

Businesses want to grow and help a larger audience, but too many make mistakes that cripple their growth.  Even worse, they keep repeating them!  Don’t do the same; avoid the blunders outlined below. Hiring Toxic Personalities Businesses hire more staff as they grow.  But if they expand too quickly, they will feel pressure to fill positions on their team, even if the job candidates have a few personality flaws.  While…  Read more

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