4 signs you need a bookkeeper for your Trade business

Running a small business can be less complicated when you have a few clients, and everything is easily manageable including job scheduling and making payments for raw materials and tools. However, keeping track of these small daily transactions will start requiring more of your time as your business grows.

In growing your business, Marketing, Profit and Loss, small business, tips, consulting

New Requirements for Employee Payments - Are You Ready for STP?

From 1 July 2019, tax and super information needs to be sent to the ATO each time payroll is run and employees are paid. The new reporting requirement is called Single Touch Payroll (STP) and is currently available through most payroll, accounting and business software.

In Accounting, ATO compliance, Bookkeeping, Payroll, small business, Compliance, New Legislation

Credit Insurance – A backup plan for Tradies

Credit Insurance

It is common in business that clients may sometimes delay in paying what they owe you or even fail to pay up. The question then is, what can a tradie do in a situation where a customer fails to pay. One way to protect your business is to demand payment up front which can work for some clients but then you might end up losing business to other businesses that offer better payment terms. However, another means of protecting your business against bad debts is to get credit insurance. Credit insurance covers your business, so that you still get paid even if they go under or fail to pay you.

In growing your business, Risk Management, small business, finance, success, business advice, strategy, consulting

How Tradies can learn from their competition

Learning from your competition

As your business grows, one asset that can add value to how you operate and achieve your goals is continuous learning. Change is inevitable and continuous learning, for a business owner, is a strategic approach that can ensure your business survives in turbulent times and thrives in stable times.

In growing your business, Profit, small business, success, business advice, strategy, consulting

Marketing: What your trade business needs to make more profit

What is your marketing strategy for 2019?

Strategy is an important aspect for any business, including Tradies. Knowing where you are coming from, where you want to be by a certain time and how to get there separates successful and failed businesses.

In business growth strategies, Marketing, small business, tips, business advice, strategy, consulting

How to go from Break-even to Profit

Break-even: Part 2

In the first part of the Break-even series, we discussed what the break-even point is, how to calculate it and the 3 important elements you need to employ to achieve that position. As a quick recap, new businesses might not generate expected income in the short term but can make enough revenue which puts them in a position of not making a loss but not making a profit either. At this point the business can still survive, however, the most preferable outcome is that of making a profit as soon as possible.

In business growth strategies, Expenses, growing your business, small business, tips, business advice, profit margin, consulting