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Why are business plans important for small businesses?
Some small business owners still seem a little confused about why business plans are important.

Well, our last two blogs discussed financial forecasting – in particular, how to get where you want to go and measure your progress along the way.

However, before you can start using them as a guide, there are two important things you need to know:

1. Where are you now?

2. Where do you want to be?

How do we answer these questions? We write a business plan.

Read more…

3 Reasons Your Business Needs a Budget Now

business budgeting

For many, the word 'budget' is about as appealing as the word 'diet'.

It seems to imply what you will go without, rather than what you will achieve.

To a successful business owner, however, the word 'budget' has a very different meaning.

It's more like a map than a diet. It's an outline of where you want to take the business, and what you need to achieve to get there.

Running a business without a budget is like a ship's captain setting off on a voyage without a map. Sounds ridiculous, doesn't it. Who would do that?

Yet this is, figuratively speaking, what many business owners do.

Successful business owners, on the other hand, not only set clear targets and budgets each year, they monitor them closely each month, even each week, and adjust them as they go throughout the year.

Read more…

personal-cash-flow-450pxMost people will quite literally earn millions of dollars in their lifetime. Yet many people struggle financially and live from one pay period to the next.

With the ageing population and many Baby Boomers now continuing to work-at least on a part-time basis-past the traditional  retirement age, people are working more years than ever. Even if a person works only 40 years, at average earnings, that's a lot of  money.

It is said, "Money talks", but for many, all it ever says is, "Hello, and Good-bye".

Have you ever found that the month lasts longer than the money? Or have you ever got your tax return and looked at all the money you have earned over the past 12 months and then thought, "Where has it all gone?"

You're not alone. And the good news is, now there's a simple solution. Read more…

How To Plan Your Exit Strategy

exit strategyStarting a business can be an exciting part of your life. From business planning, execution, to actual operation. But one day it will come to an end - you will need to retire and appoint someone to take the business, or close it down for good.

As trusted business advisors in Auckland, we help clients to create exit strategies for their businesses. Here are some of the things that you need to consider when planning an exit strategy:

1. Future funding

Just like your retirement plan, you should also set aside enough funding for your business after you are gone. If you own a big company, you should consider the hundreds of people that you employ. You can't just leave them behind if you decide to step down or close the business. But if you are a solopreneur, it is okay, since you only have yourself to consider. Your retirement plan is enough to cover you. Read more…

Tips To Better Understand Your Customers

understand your customersUnderstanding your customers is one of the major ingredients of a successful business. Business owners who truly know their customers and what they want are bound to flourish in whatever venture they undertake.

That is why, before starting a business, you need to know who your target market is and what they want. This needs to be included in your business planning and business strategy.

As an experienced business advisor in Auckland, here are some tips to help you achieve this.

Tip #1 - Know your customers

If you want to understand your customers, you first have to know who they are. This may seem a little difficult but in reality it is not. A simple way that you can know your customers is by looking at the foundation of your business. Read more…

Things that prevent you from getting richMost of us want to be rich - to buy the things that we want, to travel to different places, to perhaps build our own business and more. But for most getting rich is not that easy. Even though you work hard every day, the money you earn is still not enough to buy and do all the things that you want.

One of the reasons for this is due to our poor money habits.

As a trusted personal financial and business advisor in Auckland, we are sharing some of the common things that we notice people do that prevent them from building a strong financial position. So, what money traps can you fall into? Read more…

Ways To Improve Your Sales

ways to improve your businessOne of the main reasons for starting a business is to make money. But what if your business is not what you dreamed it would be? What if it is not earning enough? What if you have tried all kinds of marketing and sales strategies but your sales continue to drop and you are left with a negative cash flow?

What should you do?

As business advisors and chartered accountants in Auckland, we've seen many small and medium businesses struggle to increase their profit and business value. When this happens we assist them to get back on their feet and help them create a business strategy to improve their sales and performance.

So if you find yourself struggling to improve your sales, here are some tips that may help: Read more…

starting a businessThe year is just starting and there are many things you could do this year that could change your life - like perhaps starting a business.

Starting a business can be overwhelming. But the rewards are great once you know how to handle the responsibility and get the business planning right. To get you excited and inspired to start a new venture, here are some of the reasons you may decide to start a business this year.

1. Monetary success

The main reason why people launch their own business is to make money! A successful business should provide financial stability. You can earn a very decent income if you get things right. However, many established and experienced business owners would say that money should not be the sole purpose for starting a business. If it is you may end up failing. Read more…

Demystifying Income Tax

income taxTax is often a headache for business owners. As much as they want to avoid it, they can't because tax is part of their financial responsibilities. Many people find it daunting but once you understand some of the basic tax facts, you will be more prepared to deal with it.

As a dedicated tax accountant in Auckland, we are sharing this tax overview so you can better understand your tax obligations - which will also help you more effectively manage your business finances.

Income Tax

Income tax is payable on the net taxable income of the business. Broadly speaking it is computed based on the difference between your business income and your business expenses. However, there are some expenses that you need to adjust when calculating your taxable income - like entertainment expenditure. Talk to your accountant about these special rules.  Read more…

Sorting your financesUltimately business owners want to earn more and spend less to maximize their business profit. This is achievable if you know how to handle your finances and follow these simple tips.

1. Be honest and realistic when analysing your finances

Examine the funds in your business closely. Do you have enough money to sustain your operations for the next 3 or 6 months or the whole year? What is the status of your cashflow? Is money regularly coming in? Are you aware of your outgoings? Last year or in past years, were you spending more and gaining less?

Answer these questions as honestly as possible without any bias. Then, analyse your business finances. If you are spending more and gaining less, admit it. Be realistic about your finances. Track down the problems. And once you do, focus on how to solve them. Read more…

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