The economy, in any part of the world, embarks on diversity and change. Thus, starting a small business is a significant risk to take, not to mention growing and maintaining one. Most startups make do of the resources they have and try to make the best of it. Many would bank on a product or on an idea. However, the most successful of them all possess a very basic tool in business – financial acumen. From a finance expert’s point of view, here are some helpful financial tips that will lead your business to the path of our success.
Setting up a home office is now inevitable. A home office is now a necessity, not just for corporate leaders or academic researchers. In an age where everyone owns at least one computer, a dedicated space for it is also essential. The proliferation of the internet has started the trend of virtual office work and home offices. Often, small businesses start from home and entrepreneurs take advantage of its mobility and cost-efficiency and set up home offices. Traditional corporations have also embraced the virtual office concept and give employees the option to work from home.
Teams and organisations are made up of people. People who are strangers, coming from different walks of life, with different values, personalities and backgrounds. For them to work as a team, you must first form a bond or a connection amongst everyone in the team. People who are amongst friends and people they are comfortable with are happier, will perform better and contribute more to the organisation. Here are easy action items that can help you and your team form stronger bonds and lasting relationships;
The online world has offered the perfect venue to make your business known to any part of the globe, allowing larger network, wider range of potential customers and suppliers, and less costly marketing promotions. However, exposing your business to the world also has its risks. Online business exposure could also mean exposure to hackers, scammers, and other risks that could threaten the business’ security and stability.
Understanding and knowing the significance of blockchain to the businesses of today will greatly help guide us how we can best adopt and put it to use. Blockchain is still waiting for a breakthrough that will trust it to the mainstream. If small businesses choose to play it safe, they will have to wait until the new system is fully accepted and recognised in the industry.
"So much to do, so little time."
We often hear that line from so many people especially when the month is about to end, and most are trying to beat the deadline, preparing month end reviews and reports. While there are instances when the time is really a constraint, facing this ordeal every day can be draining - mentally and physically. However, there are several things you can do to better manage your time and get things done and on time. Below are tips on how you can be more efficient and productive:
Taking out business loans is a sensible funding option for businesses. There are many reasons a business might need additional funding – expansion, start-up capital, or to fund an acquisition of costly assets. For some, taking out loans is also tax-strategic or a way to minimise taxes payable. In fact, adding loans or debts to the company’s capitalization structure is supported by Brisbane accountants and financial experts.
Lodgement or filing in the BAS or Business Activity Statement is a legal obligation for all businesses operating in the country. It is the country’s tax reporting and collecting tool and the Australian Taxation Office (ATO) have set specific rules and regulations on BAS and GST lodging. Non-compliance, inaccuracy and late lodgement can lead to penalties, fines and other sanctions
A bonded team is more in sync, more productive and happier working together. People who are friends are more motivated in achieving their common goals. Forward-thinking companies value relationships and camaraderie within the company. Management actively promotes and encourages goodwill and friendships among its employees. Here are some tips to effectively foster closer relationships within the company;