FOOD FOR THOUGHT

How should I spend my net profit? This is a question most business owners grapple with when their business starts to run at a profit.

Contrary to popular belief, changing accountants doesn’t have to be difficult, expensive or awkward. With the right approach, it can actually be beneficial for all parties involved. We outline some pertinent tips to help you make a smooth transition.  

Deciding to change accountants can feel like a big step, but as your business grows it may become a very necessary one. So how do you know when it’s time to make the switch? Here are five questions to ask yourself before making this important decision.

A clear financial strategy is key to the success of any small business. It serves as a map for the future, outlining the practical steps you need to take in order to achieve your financial goals. Not to mention it gives you peace of mind that you’re on the right track. Follow these five simple steps to get started.

You know money is coming in, and it is also definitely going out – but for some reason you don’t feel like the business is actually running a profit. This could because there are cash blockages in your working capital cycle (WCC), and it is important that you identify these before they become a large burden on your daily business operations.

Most businesses will need bank funding at one time or another – whether it is to purchase new plant and equipment, move to larger premises, or employ more staff. Read on for tips that can help maximise your chances of success. 

The big guy in the red suit is not the only person who needs to be organised at this time of year. Businesses can’t afford to get too carried away over the silly season and should think about preparing a business plan to see them safely through. This is because there are a few things that, if not taken care of, could hurt them early on in the New Year.