All business owners should be aware of their break-even point — that is, the number of units you need to sell in order to cover your operating costs. Once you’ve reached your break-even point, it’s time to celebrate: your business [read more...]
Ever heard the story about the engineer who fixed the broken machine with a single tap of his hammer? He sent his clients an itemised bill for his work: Tapping with hammer: $5 Knowing where to tap hammer: $95. This [read more...]
Following up on late or non-paying customers is no freelancer or contractor’s favourite task. Which is precisely why you need to set payment terms up front – and in writing – before you work with a new client or customer. [read more...]
At this time of year many people are looking forward to a holiday ahead, but also thinking about how they can make their work work for them better than it did in the past. Some people will be thinking nervously [read more...]
Ever dreamed of starting a family business? Investing in a franchise opportunity with friends? Businesses owned and operated by families can have incredible staying power. Volkswagen, Samsung, and Nike – all family-owned companies – are among the world’s most successful, [read more...]
No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by Inland Revenue to review your accounts and confirm your taxes have [read more...]
For business owners who want financial security now and freedom in retirement, having a financial planner on the team is a must. A financial planner will create a customized, strategic action plan to help you achieve your personal financial goals. [read more...]
It’s been said that a business partnership is a lot like a marriage, and the comparison holds true when things go awry: the end of a partnership is a lot like divorce. Lawyers will be involved and assets will need [read more...]
UPDATE 11 April 2023 If you have a growing businesses or find cash flow difficult to manage under the standard provisional tax system, you may like to consider moving to the AIM system for provisional tax. We first tried this [read more...]
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, [read more...]
