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Why your drawings are not what you've earned this year

“I pay tax on my drawings, right?” “I don’t have to pay any tax because I’ve only taken drawings” “Isn’t drawings the same as a salary?” Drawings is one of the most confusing areas for business owners and it’s not surprising. Google “What are drawings” and you’ll find a huge range of answers using a bunch of technical words. It’s almost guaranteed to give you a migraine. If you not entirely sure about drawings or other accountanty terms like shareholder current accoun...

September 10, 2020

Numbers don't have to be scary

Many people find money & finances, particularly business finance a mystical and scary topic. It’s not surprising as our relationship with both numbers and money comes with a lot of baggage. But here’s the thing… numbers just like words are simply a way of communicating and conveying information. Numbers on letterboxes tell us if we’re at the right house. Numbers on road-signs tell us how fast we should take a corner. And numbers on a profit and loss report tell us whether all the ha...

July 16, 2020

What to do with bad debts

If you’ve been chasing unpaid invoices and its looking highly unlikely that you will ever receive payment then perhaps it’s time to consider whether you should write it off as a bad debt. Under normal circumstances, you have to physically record the invoice as a bad debt in Xero before the end of the financial year. However, due to Covid, Inland Revenue have extended the deadline for writing off bad debts until 30 June 2020....

June 24, 2020

How to pay yourself as a business owner

As a business owner, you’re usually the last to get paid. Simon Sinek's book, Leaders Eat Last is a fantastic book on leadership but paying yourself the “left-overs” isn’t ideal especially given the blood, sweat and tears you pour into your business. So how much should you pay yourself? And what’s the best way to do it?...

June 17, 2020

Managing stress and worry as a business owner

For most business owners and entrepreneurs, worry is a fact of life. You’ve been there with the 3am wake-up call when you’re sweating over cashflow or how you’re going to handle a poorly performing team member. Worry and stress normally ebbs and flows. But lately it seems like worry moved in over lockdown, has taken up permanent residence on the couch and is showing no signs of moving out.  While you can’t always control external forces like a global pandemic or a recession, you can...

June 10, 2020

How much will your accounting fees cost?

One of the biggest questions in your mind when you start talking to an accountant is likely to be how much does it cost to do my accounts? And it’s a perfectly reasonable question. Your time is short, your money is precious and you don’t want to waste either talking with a prospective accountant only to find that you’re miles apart when it comes to price. Unfortunately there is no simple answer. Which I know is incredibly unhelpful. However, the reality is that every business is different ...

June 2, 2020

Considering the Small Business Cashflow Loan?

The Government’s Small Business Cashflow Loan Scheme (SBCS) is designed to help small businesses with funding to pay their operating expenses. With up to $100,000 of funding per business and much lower interest rates than you’d get from the bank on the surface it seems like a no-brainer for businesses to apply. While things seem quite straightforward on the surface, before you rush off to lodge an application it is essential that you take the time to understand the eligibility criteria, the ...

May 13, 2020

8 Alternatives to Discounting

If you're feeling the pressure to offer discounts, you're not alone. Maybe your business desperately needs the cash to survive and you feel like there are no other options. Maybe you feel like it’s expected because ‘everyone’ around you has a sale on. Or maybe you are worried that if you don’t offer a discount you’ll be perceived as heartless or money-grabbing. "What kind of discount should I offer" is one of the most frequent questions I'm being asked at the moment and there isn't a r...

May 12, 2020

3 critical factors in managing your team remotely

Managing a remote team is quite different to managing a team in an office, especially if your team is not used to working remotely. With so many small businesses planning on enabling remote working in response to Covid 19, I thought I’d share some of my experiences leading a team where remote working and flexi hours are part of the company’s DNA....

March 18, 2020

Covid-19... how we can help you

I've been speaking to lots of groups over the past few days and sharing practical tips on how to manage in the incredibly challenging and rapidly evolving situation we find ourselves in.  Difficult as things are, there are always options. Out of adversity comes opportunity...  not to profiteer, but to be creative, innovative, pivot, evolve, create new products or services, and to build customer loyalty through continuing to deliver value and great service. ...

March 17, 2020

Managing your mindset in a crisis

When a crisis hits, our bodies automatically go into fight, flight or freeze mode. Which is great if you're being chased by a hungry lion but it's not overly helpful right now - even if it is a totally normal and understandable response to our current situation.  As we navigate the fear and uncertainty in today's rapidly changing and unpredictable environment we have a phenomenally powerful resource at our disposal... our mind. Why? Because our thoughts have a direct impact o...

March 16, 2020 Posts 1-11 of 11 | Page