How to avoid estimating mistakes for large projects
Inaccurate estimations can cause drawbacks in the process of important projects. An electrical contractor who ends up buying more materials than is truly needed, for example, might waste a lot of money. And, inversely, an electrical contractor who purchases less than the job requires might miss lower prices offered by wholesale arrangements, and waste time procuring all the necessary items for the completion of the project.
Money musts before you die
It might be hard to imagine now but what if something were to happen to you? Would your loved ones be taken care of or would they face a tough financial future?
The greatest gift you can leave your family is having your affairs sorted out before you go.
If you have made plans, do your loved ones know where to find them? Would they know what assets you have, what insurance policies are in place or how to access your superannuation or life insurance?
Here are some simple steps you can take to protect the important people in your life.
Tackling China? Be prepared!
While New Zealand businesses are getting far more savvy about doing business in Asia, some are still learning the hard way that it can be tricky, particularly in China.
Getting your invoice right
Having well structured and timed invoices is essential to getting your invoices paid (and paid on time).
INFOGRAPHIC: How to stack the odds of getting paid on time in your favour
Running a business is a high stakes game, afterall it’s your livelihood… it’s you that has to pay the mortgage / rent and put food on the table. Getting invoices paid on time (or at all) is an ongoing challenge for many small businesses, especially in services where you’re often doing the work prior to getting paid.
Fortunately there’s a bunch of measures you can put in place to defend yourself from sharks, flakey customers and downright back luck. So we’ve put together a handy infographic that you can print out and keep nearby to remind you to stack the odds in your favour when it comes to getting paid. Enjoy!
New Zealand’s commodity obsession stands in the way of innovation success
The recent slump in dairy prices once again reminds us how vulnerable the New Zealand economy is to price fluctuations for commodity products. Of course animal protein is particularly susceptible because it is a renewable commodity that any farmer anywhere in the world can produce.
According to 3 successful business owners this is the one thing you need to succeed
According to the Small Business Association, about half of all new small businesses survive five years. And only about 33 percent survive ten years or more. Having a solid plan in place to manage cash flow is essential to ensuring that your business can survive.
Keeping your finances in shape
Having spent years as a fitness instructor and in financial services, there are many lessons I’ve learned from keeping in shape and living a healthy lifestyle that can be transferred to managing your finances.
Money tips for your next holiday
The cost of travelling overseas can quickly add up so it pays to know some tips and tricks so you can avoid being ripped off on exchange rates and unnecessary fees as well as get a better deal on your flights.
As someone who constantly has the travel bug, I’m always on the lookout for ways to get more out of my money so that I can afford to squeeze in more trips each year. Here are things that I’ve discovered from my travels over the years.
Capitalising on China’s e-commerce market by minimising risks
The recent New Balance case should be a big wake up call for Kiwi companies exporting to Asian markets, especially those capitalising on e-commerce to do so.
Online payment options
As a customer, you want the payment process to be easy and as a business, you naturally want to get paid. For this reason, it’s always a good idea to consider what options you give your customers.
Are late payments crippling small businesses?
Small businesses have it tough within their industries, especially in the months and years before they have gained a foothold in the marketplace with a dedicated customer base. They have to develop relationships with suppliers, advertise themselves and conduct their business perfectly with all outside parties in order to create a positive impression that will keep people coming back. However, even when they have succeeded in doing all of that, they will still be faced with one problem which is prevalent in small business dealings: getting paid on time.
U.S. Retailers: Here’s Why You Need to Switch to EMV ASAP
Over the past two years or so, retailers and payment processors in the United States have been buzzing about the country’s shift to EMV, a more secure payment standard for credit and debit cards. This new standard will replace the traditional magnetic stripe cards (AKA “swipe-and-sign”) with chip cards, a breed of debit and credit cards that’s considered more effective in preventing fraud.
Is it Legal to Charge Sales Tax on Shipping and Handling?
In a nutshell: It is legal and required in some states to charge sales tax on shipping and handling charges. Some states require sales tax on delivery charges only in special cases and some don’t require sales tax on shipping charges at all.
Debt doesn’t have to be a dirty word: leveraging debt in your business
In personal finance, debt is almost always the enemy. Sure, you might take on a loan for school or a house or vehicle. But even then the best policy is to pay it off as quickly as possible. This is such a truism that debt payment coaching is a thriving industry.
How to get paid faster
Invoicing clients should be fun - it’s the final step between your hard work and hard cash! But often it’s a stressful process filled with friction and sometimes fiction!
Float - The simple cashflow forecasting tool for businesses
Float is an online cash management and forecasting tool that helps you manage your business and keep on top of your cash flow. By projecting your future cash in the bank it’s easier to make the right decisions for your business.
How to Discount in Retail: 5 Tips for Running Sales Without Killing Your Profits
Discounting is one of the most popular (and arguably among the most effective) ways to drive sales.
How to reduce your risk of bad debtors, starting today
Talk to any credit control expert and they’ll tell you the sooner you follow up an overdue invoice the better. You’ll not only get paid sooner, but you’ll also send a clear signal to your customer that you take your payment terms seriously.
Don’t panic! Timely advice on China’s $ 3.2 trillion stock market crash
The sudden decline in stock values in China is alarming, but the outcome may not be as hard on New Zealand as some people fear. Johnathan Chen, Head of James & Wells' Asia Division, explains.
Are You Selling All The Hours You're Paying For?
If you employ people to provide services to customers, it’s vital to manage the hours invoiced to customers compared to those you pay to staff. Reason being, the differential is potential lost income to your business and precious profit.
How to boost profits using behavioural science
Setting a price for your product or service can be difficult to get right. We think we’re rational when we assess the value of something. But there’s actually a lot of factors, including the prices of competitors and our own emotions. Understanding behavioural science is key to setting the right prices and improving your profitability.
Summer Budget: What it means for UK small business
Chancellor George Osborne announced a tough Summer Budget yesterday in an effort to turn the UK’s whopping £70 billion deficit into surplus. But what does it all mean for UK small businesses?
Xero UK MD Gary Turner shares his thoughts on the pros and cons of this year’s Summer Budget.
Creating a Cash Flow Forecast
A cash flow forecast is a key management tool for businesses. This video will show you how you can use the Cash Summary report in Xero to quickly create a cash flow forecast in Excel for your business.
3 Ways to Help Your Small Business Get Cash Flow Positive Fast
No matter how innovative, sought after or profitable your small business may be, without cash in the bank, you’re going to face some serious struggles.
Is Revenue A True Predictor Of Success?
“Success.”
Typically defined as: ‘the accomplishment of an aim or purpose.’ (1)
Success means a lot of different things to different people. Success may mean wealth, or it may mean happiness. It may mean fame, and for others it may mean power. But can revenue be a true predictor of success?
Are your savings going backwards?
Have you ever thought you were doing something good for yourself only to find out it was having the reverse effect? Like having a caffeine-hit only to end up in an even bigger slump, or dry-cleaning that expensive jacket and having it returned ruined. Unfortunately the same can be said for many Australians who keep their savings in a high-interest bank account.
Your alternative options to the First Home Saver Account (FHSA)
The end of the first home saver accounts (FHSA) scheme means Australians who have put their money into the FHSA have lost a great vehicle to build up their savings.
To KiwiSaver or Not To KiwiSaver: How Investing Now Can Be Good For Your Future
New Zealand’s Consumers Price Index for the March 2015 quarter fell 0.3% compared with last quarter, but the prices for fruit, rental housing, and newly built housing all went up. With the basic costs of living and housing all consistently rising, saving money for your retirement becomes less of a focus, and seemingly less achieveable.
How to Price Across Multiple Channels: What Retailers Need to Know About Modern Pricing Policies
Back in the day, retail pricing was relatively straightforward. Customers would walk into a store, browse products, look at their price tags, and if they like what they see, they would move on to checkout.
Pricing it Right
When deciding how to price your products, you need to understand how – and where – your business fits into the economy.
What Australian small businesses need to know about the budget
The government has high hopes for Australian small businesses and is banking on them to boost the country’s economic growth over the next few years.
What does the NZ Budget Mean for Small Business?
The Government this month handed down the 2015 NZ Budget with a few surprises in store. This Budget continues to deliver on National Government’s pattern of fiscal responsibility. This is a positive thing for New Zealand business as it creates an environment of certainty and stability for businesses to invest.
What does the new Government mean for UK small businesses?
The 2015 UK election results are in and the Conservatives are back in charge, this time governing alone. So what does the new government mean for UK small businesses?
3 Tips to Streamline Monthly Invoice Management
Invoices are a necessary evil. It’s what your agency needs to get paid! As your agency’s financial manager, ownership of this monthly responsibility falls to you.
Intellectual Property – the Swiss army knife of business tools
The traditional argument about Intellectual Property has always been whether it is a sword or a shield
3 Monetary Basics You Should Continuously Be Reviewing
Do you know who an incredible advocate for hard work was? Mary Poppins.
Five rules for managing small business cashflow
Cashflow management is vital for a growing business. We spoke to Ed Castaño of BlueVine, a provider of working capital to small businesses, to find out how to manage cashflow. Here are his thoughts.
This Week in Retail: Beating customer expectations, increasing per-ticket sales, and more
What do modern customers expect from retailers? How can you increase revenues per transaction? How can you ramp up word-of-mouth for your business? Our latest retail roundup answers these questions and then some.
4 Smart Investments Retailers Can Make in 2015 (and How to Minimize Risk)
There’s some truth to the saying “You have to spend money to make money.” When you’re running a business, shelling out without seeing an immediate return is part of the territory.
How ASIC Registry makes doing business easier
Just what are we talking about when we refer to ASIC's Registry?
How much diversification is too much?
When it comes to investing, one of the basic pieces of advice given to investors – large and small – is to ensure their portfolio is well diversified to help protect their investments against volatile markets.
Why You Need to Stop Feeling Guilty About Charging For Your Time
I had a conversation with a good friend last week that got me thinking. She has recently started some contract work after having a baby. She’s working from home; juggling motherhood and meetings, feeding and phone calls, and managing suppliers in between managing nap times.
What is unbundling and how much can it save me?
f you subscribe to the financial industry trade press or keep an eye on Australian SMSF news you’ve probably come across the term “unbundling.” Unbundling refers to the surgical destruction of vertically integrated products and services that have been pushed by the big banks for decades.
How to Improve Revenue at your Agency Without Taking on More Clients
You’ve got a little creative agency, and it’s doing quite well. You’ve landed a few high profile clients, and your reputation in the community is growing. You’re even in line for a couple of awards this year.
Ten Tools & Tips for Working in the Amazon Jungle
One of the things our clients love the most about WorkflowMax is the fact that, since it's cloud-based, you can be practically anywhere in the world and still be able to check in on your business.
Everything You Need to Know About Value-Based Pricing
One of the most difficult decisions for any business owner – professional service or otherwise – is how best to effectively price his or her product or service. And with good reason, too.
Penalties Change for Restaurant Industry
The change to Sunday loadings in the Restaurant Industry: what does it all mean?
Many of you would have already seen news reports that a Full Bench of the Fair Work Commission has decided to reduce Sunday penalties for casuals covered by the Restaurant Industry Award. But what exactly does it mean, what impact will it have on your business now and in the future, and does it suggest similar changes to other modern awards moving forward?
Should you stop charging by the hour?
A recent article came to our attention which got us thinking. This article was written by Ryan Lazanis of Xen Accounting, a virtual accounting firm based in Quebec, Canada.
As a business owner, Lazanis understands the importance of providing exceptional service. He has also seen the frustration of his clients when faced with paying for his services at an hourly rate. If providing the best customer experience is important, then why not apply customer-first thinking to pricing?
Expenses of an oligarch…
Welcome to the world of the super rich…
From superyachts to champagne – get inspiration from the oligarchs on how to submit your receipts this summer!
How Do You Expensify: Forming Habits with Expense Reporting
Whether you work at a startup, a large corporation, or something in between, the end of the month always means one thing: it’s time to get those expense reports in! People often consider expense reporting to be a pain in the elbow, and that’s why we’ve made it our mission to make expense reports suck less.
Forecast Frequency - Daily, Weekly, Monthly or Quarterly?
One of the frequent requests we get at Float is for daily cash flow forecasting. A lot of businesses are interested in more granular forecasts to get better insights into how their available cash changes day by day. And with good reason: Even if you have a big invoice being paid to you in a couple of days, if you reach your overdraft limit today, you may still be in trouble. It’s worth keeping on top of your cash flow!
