Small to medium business owners are diligent when it comes to meeting their superannuation obligations to staff but growing their personal super is ‘not top of mind’, according to Tim Reed, CEO of cloud accounting provider MYOB. He told Dynamic Business that government and big business must play a role in eliminating barriers to owners making super contributions. […]
If you’ve effectively taught a client that they have 60 to 90 days in which to pay you, it is then very difficult to get them to start paying on time. To avoid this, make sure you and your client both agree to the credit terms when you set a new account up. This may […]
While it’s a vital part of good cashflow management, chasing late payments is not something that most business owners enjoy. What can you do to get your clients to pay on time? And what can you do when you’re stuck with a customer who won’t settle their debt? Prevention is cure The first way to […]
When you start a business, it isn’t just about what you do well that ensures your path to success, but your customers. Don’t fall into the trap of accepting any client because you’re desperate for business: if you are careful and patient at the beginning, it will pay dividends for your business and your reputation […]
Many successful business owners look back on their first year of trading and often wonder how they got through those early days and created an established business out of the chaos and confusion that can sometimes engulf you during this embryonic time. From juggling your cashflow to maybe even dealing with TAC claims, there are […]
Business owners can be cautious thinkers, looking out for every possible roadblock their business may encounter. It is a both a blessing and a curse, as there are situations when it can serve a business owner well and other times, being ultra conservative can be a hindrance. Being over cautious is often the case when it comes […]
For all of the well-known entrepreneurs, there are many who take too great a risk, only to fade into insignificance, never to be heard of again.
Everyone has the same frustrations – it’s always about being exhausted with no time, having no team or a dysfunctional one, and seeing no profit. But did you know that turning your business around starts with you?
A business with good systems in place will know when a cash crunch is coming and will be ready for it. Unfortunately, most SMEs are not as well organised and, when a problem occurs, it tends to hit them right between the eyes.
Your organisation may be making sales left and right, but if you’re not collecting funds from these transactions, you may find yourself with insufficient cash during critical periods.
