Using a scorecard

Introduce a scorecard to give you an early warning system that all is not well.
Businesses of all sizes, be they large corporations or a newly-established small business, spend a considerable amount of time and effort developing well-thought out strategic plans that work to pave the way for their business’s success.  Yet, many of them fail to [...]

Stop playing Santa- you’re in the business to make money

Words like “corporate responsibility” and “business conscience” have become quite the buzz of late.  Many people think that businesses have become too selfish and that, in their pursuit for profits, they should also give something back to society.  Now that all sounds good if you’re Bill Gates or Sir Richard Branson and can afford that [...]

Stick to the knitting – focus on your core business

Small business owners who are looking to grow their business are often tempted by the idea of diversifying into other products or services.  However, a countless number of business ventures fail utterly when their owners decided to diversify away from the core of the original business.  Expanding into other product lines or services takes a [...]

Broaden your marketing efforts

This is another important concept. If you currently run one radio commercial or use only your business cards to market your business, you’ll have limited the number of customers you can reach.
By broadening your marketing efforts in several directions, you’ll be able to reach more potential customers – and be able to convince them that [...]

Business ratio

Learn 3 simple business ratios to identify negative trends in your business in less time than it takes to read your favourite newspaper.
Business ratios are tools that help you in evaluating the current performance of your business.  They are also very effective in helping you detect problem areas within your business before they get out [...]

Why you should become a company

The New Zealand company tax rate was reduced from 33 to 30 percent from the beginning of the 2008/2009 income year – usually 1 April 2008 for companies with a standard 31 March balance date.
This applies to companies and other entities defined as companies by the Income Tax Act, including incorporated societies and unit trusts.
You’ll [...]

Use your home as a genuine business deduction

Your home office is likely to be one of your biggest business deductions.
Ask any proactive tax accountant or business person and they’ll likely agree with me.  Recorded properly, this is one of the all around best deductions dollar for dollar.
Since you probably work at home, quite a bit, you’ll be saving big money just by [...]

Why your bank account may not reflect the sales that you have made

If you are just starting out with your small business, it could be that you are not too comfortable with the “ins” and “outs” of financial management. You may have been misled into thinking that your bank account is a good way to measure the sales that your business has made in a certain period [...]