For many small business owners, continuing to do business as we recover from the effects of COVID-19-related restrictions will require fresh thinking and reinvention, writes Tony Wall, Head of Design at Intuit QuickBooks Australia. The challenge of deciding what’s worth keeping, what’s worth changing and what’s worth throwing out entirely can seem daunting. We use… Read more »
The government’s $130 billion JobKeeper Payment scheme was initially greeted with a sigh of relief by many businesses who are struggling with paying staff wages as part of the financial challenges caused by coronavirus (COVID-19). However, the initial relief has turned to worry, as cashflow becomes an issue as businesses struggle to pay their eligible… Read more »
The holiday season is always a stressful time for small business owners. Many are concerned with how they will have the funds to get through the first quarter of the year as the nation slows down over Christmas and summer. Last January, finance company Scottish Pacific saw a spike in enquiries from business owners hoping… Read more »
Research by small business lender Prospa has found small business owners are sacrificing health and well being as they struggle to make time to relax due to business pressures. One in four business owners reported working seven days a week to keep their business afloat. While three quarters suggest running their business impacts their ability… Read more »
Business confidence is rising but cash flow continues to remain an issue for Australia’s small businesses according to a Scottish Pacific’s SME Growth Index. The report which is released twice yearly, began in September 2014 to examine the pain points and growth aspirations of the nation’s small business owners. Scottish Pacific CEO Peter Langham said… Read more »
Mid-sized Australian businesses owe $8 billion in outstanding payments to suppliers, with more than $2 billion currently overdue, according to new research released by American Express. Here are 9 key findings: Issue of late payments Late payment is not only an issue in the highest ranks of enterprise, but found within the mid-market. Invoices 30% of mid-sized… Read more »
A survey of more than 500 Australian small business owners and managers found nearly four in five (79%) of those polled support a government-backed policy to shorten the time it takes big businesses to pay small businesses. Late payments can cause major strain on small businesses, who are unable to hire more people, purchase more… Read more »
When engaging new business clients this very issue is one that gets reviewed straight off the bat. So, how do I best advise small business owners to maximise cashflow, minimise tax and draw a wage all at the same time? Just as you personally need cash to put food on the table and pay the… Read more »
Cashflow is the lifeblood of any small business and slow paying debtors are a common frustration that cause undue stress. This is something I see all the time and it is the low hanging fruit of improving your business cashflow. It just takes a little discipline. If your terms of business are say 30 days (meaning a… Read more »
The end of the calendar year brings warm weather, Christmas celebrations, school holidays and seasonal cashflow. A little Christmas time cashflow planning now, even just an awareness, could help get you through without any surprises. Service based businesses such as lawyers and real estate agents experience a slowing of revenue in the Christmas period as Australian’s generally… Read more »
NAB will soon launch a new loan for small businesses, in response to the large portion of aspiring entrepreneurs in the country.
Peter Strong, CEO of COSBOA, said it is time that politicians and businesses commit to a voluntary code of conduct that sets out prompt payment terms to guarantee a better, more accountable payment culture.