COVID-19 Business Update – 16 September 2020

Hello again – welcome to the latest edition of our Weekly Digest. Read on for this week’s update. Restrictions to be Lifted in Most of Country on Sep 21 COVID-19 restrictions will be lifted across the country on September 21, except in Auckland, which has been the centre of the second wave of infections. However, cabinet will review the current rules for Auckland at its September 21 meeting, potentially increasing…  Read more

What’s the difference between a quote and an estimate?

The nature of some types of businesses make it challenging to come up with a standard price list. For tradespeople and some freelancers, for instance, what’s required in terms of time, skill, labour, and materials frequently vary from job to job. Offering an estimate or quote provides potential clients with a customised figure for what they can expect to pay, based on what will be required to complete a specific…  Read more

Improving cash flow: How to get paid faster

Maintaining positive cash flow can be challenging for small businesses, whether you’re just starting out or have been running your company for years. The difficulty often comes down to waiting for clients to pay their invoices. One or two chronic late payers cost valuable time and money when you have to chase them down; if reliable clients also fall behind one month, the result can be devastating. These tips will…  Read more

Essential Tips to Grow Your Family Business

Most family business owners have a similar goal in mind – to grow the business and pass it on to the next generation of their family. While keeping the business in the family and getting to work with your parents, siblings, or children who share common goals can be a fun and rewarding experience, running and growing a family-owned business isn’t without its challenges. Conflicting views on business and family…  Read more

COVID-19 Business Update – 9 September 2020

Hello again – welcome to the latest edition of our Weekly Digest. Read on for this week’s update. Keeping Auckland at Alert Level 2.5 Mayor Phil Goff says keeping Auckland at Alert Level 2.5 is the right decision and is asking residents to continue playing their part. Moving too early can cause further resurgence of the virus, so everyone is urged to stay the course. At Alert Level 2.5, social…  Read more

Investment Basics – Understanding Your Gains And Losses

When you’re reviewing your investments, it’s important to remember that income and returns come from two main sources, Capital Gains and Interim Income.   Capital gain (or loss) This is the difference in the overall value of your investment between when you purchased it and now (or the date that you sold it.) You can work it out as: ((Current or sale price per unit – purchase price) * number…  Read more

Growth hacks for your small business

Deciding on an online marketing plan can be overwhelming for small business owners looking for affordable ways to nurture steady, sustainable growth. With time in short supply, the key is to find one or two growth strategies that will get results at minimal cost. These proven growth hacks offer business owners a few simple, cost-effective ideas for attracting new customers, increasing brand awareness, and ultimately, getting more sales. Build your…  Read more

Business dashboard – why should you have it?

Business dashboards are a valuable business intelligence tool, offering an “at-a-glance” big picture view of a company’s performance. Some business owners use a dashboard to track KPIs relevant to just one aspect of their business, such as sales growth, marketing, or financial data. Others rely on an executive dashboard for an overview of data culled from various sources (e.g. their accounting software, CRM tools, and website analytics). The great advantage…  Read more

COVID-19 Business Update – 3 September 2020

Hello again – welcome to the latest edition of our Weekly Digest. Read on for this week’s update. Auckland Lockdown Lifted While schools and businesses reopened this week in Auckland after the lifting of the recently imposed lockdown, face masks were made mandatory on public transport across the country. This move is intended to contain the resurgence of COVID-19. Limits on social gatherings in Auckland also remain, while the rest…  Read more

How to Avoid Costly Inventory Problems

Inventory is the lifeblood of your business. It is the largest asset on your balance sheet and your company’s biggest revenue-generator. It goes without saying that poorly managed inventory can do serious damage to your bottom line. Businesses without clear strategies for streamlining the in and out flow of goods will have trouble meeting their customer’s demands and will see mismanaged stock corrode their profits. Follow these tips to ensure…  Read more

Nine Ways to Become a Better Investor

Everyone would like to become a better investor. People get into a twist trying this method and that only to abandon them for the next new thing. There’s an easier way, and it involves following a few simple suggestions.   Stop watching the market and start your watching stocks Just because the market is frothy doesn’t mean your stock’s price is. Just because the market is sinking doesn’t mean your…  Read more

Beyond COVID-19 – How to build value in your business

We’ve said it before and we’ll say it again – this has been an extremely difficult few months for all of us, but there is no better time to think seriously about your business. In this article, we have compiled a few tips to create value in your business. The key to building value in your business is to plan the process in a systematic way, whether you’re aiming to…  Read more

COVID19 – Work from home reimbursements

During the COVID-19 pandemic period of lockdown some employers made payments to employees to reimburse costs incurred by those employees as a result of the employees having to work from home. Inland Revenue was asked to clarify the tax treatment of such payments. Inland Revenue issued a statement which outlined the tax treatment but it only applied to payments made by employers during the six month period from 17 March…  Read more

COVID-19 Business Update – 26 August 2020

Hello again – welcome to the latest edition of our Weekly Digest. Read on for this week’s update. 4-Day Extension of Auckland Lockdown The lockdown in Auckland, which had been originally scheduled to end on Wednesday, will be extended until Sunday night. The city has been gradually going to Alert Level 2 restrictions from Monday. Together with this extension is the introduction of mandatory mask wearing on public transport across…  Read more

How to build a cash reserve when money is tight

Your ‘cash reserve’ is the financial reserve your business has built up so you can take advantage of an opportunity or cover unexpected costs or emergencies. Building a cash reserve when finances are tight, however, can be difficult. You need money to continue running your business but, if at all possible, you want to keep your reserve account healthy. Here are some ways to build—or preserve—a cash war chest during…  Read more

Ways to benchmark your business

  For many business owners, determining the success of a business comes down to how much profit the company makes. Of course, finances are an important measure of a company’s overall success. If you don’t bring in more than you spend you won’t be in business for long. Profit, however, isn’t the only important benchmark by which to measure your business. There are other important factors business owners can and…  Read more

A Guide to Business Recovery in the pandemic world

As you know, the COVID-19 pandemic is not just a public health issue, it’s also caused lockdowns and financial worries on a global scale. Small businesses are not strangers to the impacts of the pandemic. In a survey by the International Trade Centre (ITC) among 1,200 businesses in 109 countries between 20 April and 4 May, the pandemic has strongly affected 60% of the businesses. The results of the survey…  Read more

COVID-19 Business Update – 19 August 2020

Hello – welcome to the latest edition of our Weekly Update. Read on for this week’s update. COVID-19 Outbreak After 102 days without community transmission, we’ve all been a little shaken by the return of the coronavirus. According to health officials, COVID-19 may have been circulating in Auckland for weeks, as 13 new community cases were confirmed. All these are linked to the initial four cases announced last week. We…  Read more

3 tips to build a successful online business

  More and more people are leaving their office jobs and setting up an online business these days. Running an online business offers a way for you to work from home and be your own boss. It may sound like an overwhelming process, but many entrepreneurs find it fulfilling. Here are some tips to increase the chances your small online business will be a success, and you’ll be happy with…  Read more

COVID-19 Resurgence Wage Subsidy

A 2-week COVID-19 Resurgence Wage Subsidy payment will be available nationally for employers, including self-employed people, who are financially impacted by the resurgence of COVID-19 and changes to COVID Alert Levels. Your 2-week payment will run from the date you apply. Applications can be made from 1pm on 21 August 2020 to 3 September 2020. It is open to employers throughout New Zealand. Who can get it New Zealand employers…  Read more

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