business planning
Hobby vs Business A hobby is an activity you enjoy in your free time-whether for relaxation, skill-building, or pure enjoyment. However, what starts as a passion project can evolve into a business as you grow. Hobbies That Can Become Businesses Many hobbies have the potential to generate income, such as: Creative pursuits – photography, painting, …
Business Liability Running a business in Australia comes with many responsibilities, and one of the most important aspects is understanding your liability. Business liability refers to the legal responsibilities that a business owner or company faces for their actions, employees, products, or services. Knowing your liabilities can help protect you from legal risks and financial …
Business Valuation Valuing your business is crucial for understanding its worth and making informed decisions. But when is the right time to do it? Selling or Merging: A valuation is critical if you plan to sell or merge your business. In addition to helping to determine a fair price, it gives potential buyers and partners …
Business Valuations Understanding how a business valuation works is essential for anyone looking to buy, sell, or simply understand the value of their business. A business valuation is a comprehensive process determining a company’s economic value, providing a clear picture of its worth. Various factors can influence this valuation, some of which can enhance the …
How Does an Accountant Help in Running a Business? Running a small business is an exciting and rewarding endeavour, but it also comes with a fair share of responsibilities. Among the most important are the financial obligations that keep your business compliant and financially healthy. That’s where an accountant can be your best ally. With …
When Does Product Diversification Work? As a business owner, you’re always on the lookout for ways to grow and adapt in an ever-changing market. One strategy that many businesses consider is product diversification. Simply put, this means expanding your product line or offering new products that complement your existing ones. But like any business strategy, …
Business Strategies for Success Your business advisor is a reliable source of guidance in high-stakes situations, covering goal and performance alignment, tax responsibilities, strategic planning, operational efficiency, and compliance. This new financial year, consider the following four areas: 1. Compare the financial performance of the company with its goals At the beginning of the current …
Impacts of Ecommerce on Your Business As the Australian e-commerce landscape evolves, the 2024-25 financial year is set to be a year of significant innovation and adaptation. With 24 million smartphone users and an expected 24.2 million online shoppers by 2029, retail businesses must stay ahead of consumer expectations to capitalise on this growth. Here …
How to Manage Cash Flow and Plan for Growth: A Guide for Small Businesses In The Lead Up To EOFY Effective cash flow management is essential for the success and growth of any small business. Proper budgeting, forecasting, and managing finances ensure that your business remains solvent and can seize growth opportunities when they arise. …
Strategic Planning for Business Resilience: The Importance of Disaster Management, Crisis, and Continuity Plans Strategic planning for businesses ensures resilience and continuity in adversity. While businesses often focus on growth and expansion, preparing for potential disruptions and emergencies that could threaten operations is equally essential. This is where disaster management, crisis, and continuity plans come …
Cutting Costs without Sacrificing Core Values or Ethical Principles For businesses, maintaining profitability and financial stability is essential for long-term success. At times, this can lead to costs needing to be cut. However, cost-cutting initiatives often evoke concerns about compromising values, employee well-being, and corporate social responsibility. Fortunately, there are several strategies that businesses can …
Employer Tips and Strategies Good credit management is an important business strategy to maintain cash flow and stable finances. A cornerstone of managing credit is not only making sure an invoice gets paid, but gets paid on time. With the holiday season quickly approaching, some industries may find delays occurring in settling customer debts. Efficient …