#Debt
Renovation loans, debt roll-ups, and the Bank of Mum and Dad: the March credit data explained
From 56-year-olds consolidating debt to first home buyers leaning on Mum and Dad, March credit trends reveal a lot about what’s coming. Here’s the SME read-between-the-lines version.
How to manage cash flow, late payments and risk: Patrick Coghlan
Have you ever struggled with cash flow as a result of late payments to your small business? We know this is an ongoing issue for small business owners, and so in today’s podcast that’s really what we are focussed on. We are going through the top tips to achieve a healthy cash flow and healthy […]
Dominique Grubisa: The entrepreneur that bounced back from serious debt
In three years Dominique Grubisa went from being millions of dollars in financial debt to having a turnover of $12 million dollars in the 2017-2018 financial year with her company DG Institute. Prior to 2008, Dominique and her husband Kevin were thriving with a seven figure business in renovating and selling property. The global financial crisis […]
Employers can help stamp out predatory lending
This year we have seen a significant power shift for consumers, with the government investing heavily in heightened financial protections. Through thorough reviews of bank reforms and consumer lending policies, control is slowly being readjusted back into the hands of the Aussie public. In fact, the 2019 Coalition government’s budget pledged $640 million to continue […]
Queensland director jailed on fraud charges
Former company director, Christopher Edward Eric Skelly, of Lark Hill, Queensland, has been sentenced to imprisonment on one charge of fraud after an investigation by ASIC. Mr Skelly was sentenced to three years and six months imprisonment, to be eligible for parole after 21 months. Mr Skelly, a former director of C & G Group […]
How to survive the Christmas blackout period
The Christmas Blackout period can bring Australian small businesses to a halt as wage bills take priority and payments begin to dry up. With everybody looking to preserve the cash they have available, business to business transactions begin to slow down from November through to February, leaving some business owners scrambling or tying themselves up […]
Toys “R” Us bankruptcy: lessons for retailers
Hard to believe but Toys “R” Us has sought bankruptcy protection. It’s interesting to hear the Australian operations remain unaffected, it’s hard to believe as we’ve heard and seen for so many years the success of Toys “R” Us. As the old adage goes…learn from failure. Here are five things every retailer needs to learn […]
Brace for a potential business downturn now because WHEN (not if) one hits, it’ll be too late
Would your business survive if a recession hit? While I don’t believe Australia is facing an impending recession in the immediate future, it’s not a question of “if” but “when” and there’s no better time to start planning than right now. Small business owners are often too busy to think about contingency planning, but to […]
Securing your SME’s future through capital
The mantra of many successful entrepreneurs is the idea that you must spend money to make money. It is also one of the biggest reasons that some people fail to act on their business aspirations, because they believe that they don’t have the money required to take their business to the next level. I believe […]
Long-time customers can become bad debtors if credit checks are neglected, businesses warned
Nearly one in two Australian businesses are leaving themselves vulnerable to bad debt by not performing credit checks on their existing customers, new research shows. In a survey conducted by Australian credit bureau CreditorWatch, business owners, accountants and credit professionals from small to large-scale businesses were asked questions in relation to their credit management responsibilities. […]
How a debt detox could help your small to medium business in the new financial year
Many SMB owners think that that debt management is frustrating, repetitive and even awkward, but it doesn’t have to be. When approached with professionalism and a clear plan of attack, the right debt strategy could save weeks’ worth of work per year, while also doubling or tripling working capital. So, why isn’t everyone doing a […]
Debt recovery: what to do and when to do it
Are you struggling to make ends meet? Do some customers take liberties and pay you weeks or months after you finish the work? Do you have a large outstanding debtor balance that just doesn’t seem to reduce? If you answer ‘yes’ to any of these questions then more often than not the answer to your […]
Simple ways to improve cash flow this EOFY
With the end of the financial year almost upon us, now is the time to make the most of your tax planning. If you are like most business owners, chances are you are putting off thinking about your tax until after 30 June. However, you MUST act now. If you wait until after 30 June, […]
Prepare or fall prey to the tax man: how to make sure your business is ready for 30 June
Are you across all of the changes and how they will affect your business before this financial year ends? As an owner of an SME, the onus is on you to make sure that your business is prepared. Here are my top tips to ensure you end the year on a positive note, rather than […]
Why banks are rejecting small business loans
When it comes to acquiring finance for your business either to get started or expand, traditionally banks have been the popular option; however, with more than half of SME loan applications being rejected by banks every year, banks are proving to be yet another hurdle for small businesses. Whether it is to fund start-up costs, […]
‘Act like a large company’ and other tips to help SMEs avoid the sting of late payments
Last week, the Australian Small Business and Family Enterprise Ombudsman released the findings of the Inquiry into Payment Times and Practices in Australia. The results were startling but, for many small businesses across Australia, they were not surprising. The inquiry revealed almost half of small business are owed more than $20,000 from late payments, and […]
Raising capital – what are your options?
Building and growing a business requires a lot of effort + a little luck + investment capital. Effort is hard work over a period of time and luck is often a by-product of effort. This leave’s investment capital: deciding how to raise investment capital is not an easy decision. There is no one-size-fits-all approach to […]
The high-risk countries for budding exporters
Too many Australian businesses are jumping into exporting without fully understanding and researching the risks involved, resulting in business losses and unnecessary expenses. There are a lot of country-specific details that businesses should be aware of before they consider exporting. For example, Turkey, Brazil, Indonesia, and India are currently viewed as high-risk areas because of […]
Keeping a tight leash will discipline debtors
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 […]
Why good record keeping is essential to your debt collection
What you may not know, however, is that the revised guidelines issued in 2014 by ASIC and the ACCC stress the importance of good record keeping. Here’s how…
Debt collector advice for consumers in ACCC and ASIC guide
The Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) have released a guide to help customers deal with debt collectors and creditors.
The good news about bad debts
Bad debts can be bad news for small business. Chris Ridd, managing director of small business accounting software provider Xero Australia, explains how you can deduct them from your tax – and how you can avoid them.
Fight back in cashflow battle
Cashflow has once again rated as the chief concern for SMEs in a new report released today.
Back from the brink: From administration to million-dollar profits
When Rob Dallimore returned to Worldwide Printing Solutions as CEO in 2010, the business was in bad shape. Dynamic Business sat down with the CEO to find out how the business was turned around.