If you asked me what the single most important factor differentiating a successful business from one that’s struggling, I’d shout, “cashflow!” Having positive cash flow enables your business to meet its obligations every month, while still having the funds available to grow and take advantage of opportunities.
The goal of any small business owner or entrepreneur is to create a profitable business. One of the best ways to do this is through growth – by scaling the business up, you’ll be able to bring your ideas, products, or services to more people, all while increasing your profits.
Congratulations, you’re ready to start a remarkable journey! You’re joining the ranks of thousands of other New Zealanders who run their own small business and provide for their families.
One of the biggest hurdles small business owners deal with is when and how much to pay in tax. Under our current system, you need to pay provisional tax in instalments throughout the year, based on an estimation of what you will earn (taken from your earnings from the previous year).
Many of my favourite clients run successful family businesses, where several generations are involved in the day-to-day running or big-picture thinking for a company.
Family businesses are awesome – you get to create and build on something that can be an asset for decades to come, and help each generation
of your family learn new skills and get a head start in life.
However, there is a flip-side. Family businesses that are deeply entrenched in a family dynamic can run into all kinds of problems. I’ve seen it several times in my years as a bookkeeper. Here are some of the pitfalls to avoid.
“It takes money to make money” is one of those maxims that are touted about in business circles, mostly because it’s true. An idea usually won’t create a business – not without the funds to create a product, start marketing, or reach those first customers.
Here at Bookbird, we’re proud to work with both small business owners and entrepreneurs. We love following the success of our clients as they grow their companies and take the world by storm.
While many business owners are happy with the status quo, being an entrepreneur means focusing on growth. If 2018 is the year you’re going to grow your business, you need to figure out what it’s going to take to get from where you are to where you want to be.
New Zealand has seen our share of natural disasters over the last ten years. The devastating Christchurch and Kaikoura earthquakes saw hundreds of casualties, condemned buildings, and thriving cities and towns brought to a standstill.
Of course, you don’t get an advance warning of a natural disaster, but you can prepare and put plans in place in case such a thing occurs. Here are some of the things we’ve done – and encourage our clients to do – to ensure that if disaster strikes, your business will survive.
Often, we enter into business for ourselves because we’re looking for a change from the mundane, everyday life. We want to shake up the routine, get out of the nine-to-five, and pursue our dreams.
After a few years of slogging away getting the business up-and-running, it can really start to feel as if you’re back in the mundane again. You’re working nine-to-five (probably eight-to-six, if you’re like most of my clients!), following a routine, and it can all start to feel a little too much like … work.