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10 Books for Business Owners

One of the best pieces of advice I received in my early years as an accountant and before starting my own business, was to read regularly. In business, it can be said that no problem or challenge is truly original. Any problem you face as a business owner has likely been experienced by someone else.

Opportunity

Right now, we are becoming more aware of the many opportunities available to us. How we respond depends on our mindset and how we’re going to approach them. If we’re going to capitalise on them, we need to have the right mindset and we need to equip ourselves with the right tools and resources to give ourselves the best chance of success when we do grab hold of these opportunities and run with them.

Business owners: Is your lack of an effective inventory management system hiding the truth?

The importance of an inventory management system often only becomes apparent to a business when it starts going through a number of ‘unexplained’ problems. In reality, they’re not unexplained. The problems start because the business owner does not have an efficient system for tracking inventory and materials on hand.

How to kick-start your small business – 10 ways to convert ideas into action

You’ve finally got some time to sit back, put your feet up and think about nothing…But it’s a busy, high tech world. So your quiet moment quickly moves to active contemplation of your inbox, skips ahead to worry about next week’s meeting, then flips into full-out panic mode as you look at the year ahead.

Document processes & procedures – so it won’t matter when Joe doesn’t turn up for work

“Sorry! We can’t help you! Joe didn’t turn up for work today and we don’t know how to do his job.” Imagine what your customer would be thinking if this was your response! Unfortunately, it’s a far too common story for small businesses everywhere. But you can make sure this won’t happen.

Grow your business the smart way: 4 steps to achieve sales growth for profit…

Often sales advice focuses on the mechanism of how to sell, or exhorts you to sell more, grow bigger, and always be selling. But growing sales without growing profit at the same time is a waste of everyone’s time and energy. Follow these 4 steps…

Is a positive tax return hiding bad news in your business?

A positive tax return? It may be no cause for celebration. Find out why a positive tax return could be negative for your business. If you are stuck in the day-to-day slog of running your business, you could be missing key information about the health of your business.

Managing change in a small business: Why you need to be proactive – not reactive!

Without a purposeful direction for your business, you become controlled by those daily demands, and your response to them often lacks power or purpose. It can also get very stressful as you’re constantly ‘putting out fires’. Find a better way to manage change – before it manages you!

7 steps to build a successful business & join the 39%

Why is it that only 39 percent of businesses make a profit over their lifetime? It’s such a low figure not because most business owners don’t work hard. It’s down to of a lack of focus. Without focus, there is no defined purpose. And without defined purpose there is no strategic plan.

Stop waiting for another tax break to fix your underlying business issues!

A tax break is NOT the answer. It won’t fix the underlying business issues that are threatening to derail your business. All companies face problems from time to time – the successful ones don’t try to apply a little pain relief to more serious chronic problems; they get to the underlying issues.

Business Owners: Help your employees grow your business – not cripple it

Whether employees are going to help grow or cripple your business starts with your hiring policy and extends to their onboarding, training and development. As a business owner, you are ultimately responsible for the success – or otherwise – of the employee hiring and onboarding system you set up.

Why a positive tax return could be negative for your business

Just because you receive a positive tax return doesn’t mean that your business is tracking well. In fact, your tax situation is only one small but important aspect of your business that a good accountant will help you assess.

The 4 best ways to grow a business profitably

Every business owner would like to make more profit, but many are held back by focusing on the wrong things. The secret to increasing your profit is: don’t focus on profit. Focus on the factors that drive profit. With that in mind, we take a look at the four best ways to grow a business profitably…

3 steps to ensure your new year business resolutions stay on track

Like any other kind of new year resolution, the majority of resolutions for a new business year will not be successful.
For many people, a new year is the chance to start over, to do new things, to improve. But initial excitement and momentum very quickly give way to previous bad habits…

Lead vs Lag Indicators: Why you won’t win in business while looking at the scoreboard

Lead and lag indicators are both vital measures of how your business is doing. But by looking after the lead indicators you’ll be keeping your eye on the ball when it really matters, rather than looking at the scoreboard of what has already happened.

12 things that can go wrong when selecting a business structure

When selecting a business structure for a small business, there is a cheap way and an expensive way. The cheap way is to do it right first time – by getting advice from an experienced professional.

Get the right small business advice or risk running completely off track…

There is absolutely no point being more efficient and getting to your destination quicker if you are going the wrong way. This applies equally when following small business advice as it does in sporting events.

Your business, government grants and tax incentives. Are you cashing in?

Thomas Edison once said that “Genius is one percent inspiration and 99 percent perspiration”. Unfortunately, going from that inspirational idea to the finished product takes a lot more than hard work. And R&D doesn’t come cheap. Fortunately the Federal Government helps business in two ways: Grants and Tax Incentives.

Business Owners – Is your growth killing your business?

Rapid and outstanding growth can be intoxicating for business owners. A start-up business experiencing rocketing sales can cause envious glances from others, who may wonder what they are doing wrong. Well, it’s important not to get swept along by it. Sustainable business growth is more important than simply rapid growth.

Business Owners: Are you an entrepreneur? Or just a technician?

“You need to work on your business, not just in your business.” Made popular by The E-Myth Revisited author Michael Gerber, it’s advice I’m sure you’ve heard dozens of times over the years. But despite being told over and over again, many small business owners still don’t seem to truly understand what it means.

Before you start your new business, think about your exit strategy

Planning a new start-up puts you in an exciting frame of mind that’s all about creating new beginnings. When you’re just starting out, thinking about the end is probably the last thing on your mind. What you need to realise is that a good business plan is a long-term plan, with both a start and a finish.

Tax planning vs. Business health check

If you’re like most Australian business owners, your tax planning starts just before the end of the financial year. You probably contact your accountant at most twice per year. Find out why a business health check can supplement end-of-year tax planning by answering the real questions that need to be asked.

The top reasons why your business is losing customers – and what you should do about it

For most businesses it takes considerable time, money, and hard work to win new customers. Yet I find some business owners literally throwing customers away by not coming to grips with why the business is losing customers in the first place.

Intellectual Property: Valuing your creative effort

Is your business making the most of its intangible assets? Intellectual property or IP refers to the products of your intellectual sweat and creative effort. What can you do to safeguard your IP and increase its value?

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