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 To Check the Financial Health Of Your Trade Business

Understanding every aspect of your business not only ensures that you are in control of your business but also enables you to forecast and prepare it for the future. Tradies that are hands on usually focus on getting the actual work done, however, the financial side of the business needs equal attention.

In Financial Reporting, Financials, growing your business, Profit and Loss, small business, success, strategy, consulting

4 reasons why your Trade business needs a bookkeeper

When business is booming

You have started receiving calls from potential clients that are interested in your service, soon you are busy getting work done and the money starts coming in and you are set for life! Well, not quite. As your Trade business grows, there are certain obligations such as tax, licensing and employment laws that come with it.

In Marketing, Planning, small business, success, 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

5 strategies that can make your trade business more profitable

Making your trade business profitable

You might have just started your trade business or have been in business for a while now, but one of the things that any business owner looks for is profit. Profit is why most people start their own businesses because it comes with early retirement or peace of mind knowing your income is secure.

In growing your business, Profit and Loss, success, business advice, strategy, profit margin, consulting

What is break-even: Part 1

Understanding The Three Elements Of Break Even

Making the decision to start your own business is a bold move that involves risk but can also come with greater rewards. As a potential entrepreneur you need to conduct your market research in order to estimate the size of the potential market, competition and potential sales, as these are some of the factors that will determine your business’ success.

In Profit and Loss, small business, tips, success, business advice, consulting