Unlocking the Secrets to Business Growth

Are you a business owner looking to take your company to the next level? Unlocking the secrets to business growth can be a daunting task, but it doesn’t have to be. With the right tips and tricks, you can easily grow your business and achieve greater success.

The key to unlocking the secrets of business growth is to have a clear vision of what you want to achieve.

Before you can begin to grow your business, you need to know what you want to accomplish. Think about your goals and objectives and create a plan of action to reach them.

Once you have a plan in place, it’s time to start taking action. The best way to grow your business is to focus on improving customer service. Invest in training for your staff and make sure they are knowledgeable about your products and services. This will help you to build a loyal customer base and increase your revenues.

Another key to unlocking the secrets of business growth is to invest in marketing.

Develop an effective marketing strategy that includes both online and offline tactics. Utilise social media and build relationships with potential customers. You should also consider advertising in local newspapers or magazines and attending networking events.

Finally, you need to stay organised and be prepared to make changes.

Regularly review your goals and objectives and adjust your plan accordingly. Monitor your performance and make adjustments as needed. Don’t be afraid to take risks and try new ideas.

 

By following these tips, you can unlock the secrets to business growth and take your company to the next level. With the right plan and dedication, you can achieve success and make your business dreams a reality.

Article provided by Done Digital, a digital marketing agency based in Brisbane, Australia.

The Rise of Australian Businesses: How They’re Changing the Global Economy

The Rise of Australian Businesses: How They’re Changing the Global Economy

As the world economy continues to evolve, Australian businesses are becoming an increasingly important player in the global marketplace. With their innovative products, strong business acumen, and an entrepreneurial spirit, Australian businesses are making their mark on the global economy.

In recent years, Australian businesses have been making huge strides in the global economy. From the booming tech sector to the burgeoning tourism industry, Australian businesses are quickly becoming a major force in the global economy.

One of the most important factors driving the success of Australian businesses is the country’s strong economic fundamentals. Australia has a low unemployment rate, a strong currency, and a robust banking system, all of which have helped to create a strong business environment.

The country also has a strong culture of entrepreneurship. Australia is home to a number of successful startups, and many of these companies have gone on to become global successes. This entrepreneurial spirit has helped to drive innovation and create new opportunities for businesses in the country.

In addition, Australia has a number of advantages that make it attractive to foreign investors. The country’s strong legal system, low taxes, and well-developed infrastructure have all helped to make it an attractive destination for foreign investors.

Finally, Australia’s proximity to the Asian markets has also been a major factor in its success. Australia is well-positioned to take advantage of the rapid growth in the Asian markets, and this has helped to drive the success of its businesses.

As Australian businesses continue to make their mark on the global economy, business owners should take the time to understand the unique opportunities that the country offers. Here are a few tips for business owners looking to capitalize on the rise of Australian businesses:

1. Take advantage of the country’s strong legal system.

Australia has a well-developed legal system that can help to protect your business interests.

2. Take advantage of the country’s low taxes.

Australia has some of the lowest taxes in the world, which can help to boost your bottom line.

3. Take advantage of the country’s well-developed infrastructure.

Australia has a well-developed infrastructure, which can help to make it easier to do business in the country.

4. Take advantage of the country’s proximity to the Asian markets.

Australia is well-positioned to take advantage of the rapid growth in the Asian markets, which can provide a great opportunity for businesses.

 

By taking advantage of the unique opportunities that Australia offers, business owners can capitalize on the rise of Australian businesses and help to drive the global economy.

Article provided by Done Digital, a digital marketing agency based in Brisbane, Australia.

Overcoming Cash Flow Struggles And Getting Your Business Back on TrackPhoto by krakenimages

Overcoming Cash Flow Struggles And Getting Your Business Back on Track

Overcoming Cash Flow Struggles: Practical Tips for Business Owners

Cash flow is the lifeblood of any business, and it’s essential to keep it healthy. Unfortunately, cash flow struggles are all too common, and they can be incredibly stressful and damaging to a business. Fortunately, there are a number of practical steps that business owners can take to overcome cash flow struggles and get back on track.

1. Analyze Your Cash Flow

The first step to overcoming cash flow struggles is to analyze your current cash flow situation. Take a close look at your income and expenses to identify any potential problems. Are you spending too much on overhead costs? Do you have too much debt? Is your income not meeting your expenses? Once you’ve identified the problem areas, you can start to develop a plan to address them.

2. Track Your Expenses

It’s important to keep a close eye on your expenses. Make sure you’re tracking every penny you spend and categorizing your expenses to help you identify areas where you can cut back. This will help you stay on top of your cash flow and ensure that you’re not spending more than you can afford.

3. Develop a Budget

Creating a budget is one of the most effective ways to manage your cash flow. A budget will help you identify areas where you can reduce expenses, as well as areas where you can increase income. It will also provide a framework for you to stick to, ensuring that you’re staying within your means.

4. Utilize Cash Flow Forecasting

Cash flow forecasting is a powerful tool that can help you anticipate future cash flow issues and plan accordingly. By tracking your income and expenses, you can create a forecast of your cash flow over the next few months. This will help you plan for any potential cash flow issues and ensure that you’re always prepared.

5. Negotiate Payment Terms

If you’re having trouble collecting payments from customers, you may want to consider negotiating more favorable payment terms. This could mean offering discounts for early payment, or allowing customers to pay in installments. This will help you ensure that you’re getting paid on time and will help improve your cash flow.

6. Utilize Technology

Technology can be a powerful tool when it comes to managing your cash flow. There are a number of software solutions that can help you track your income and expenses, as well as create detailed cash flow forecasts. These solutions can save you time and help you stay on top of your cash flow.

7. Seek Professional Help

If your cash flow struggles are too much to handle on your own, don’t hesitate to seek professional help. A qualified accountant or financial advisor can help you analyze your cash flow, develop a budget, and create a plan to get back on track.

Cash flow struggles can be incredibly stressful, but they don’t have to be overwhelming. By taking the steps outlined above, you can get your cash flow back on track and ensure that your business is in the best possible financial health.

Article by Done Digital

for Beginner Marketers

Are you a beginner marketer? If so, you’ve come to the right place. In this article, we’ll discuss some tips and tricks to help you become a successful marketer. We’ll also provide some inspiring examples of successful marketers to help you stay motivated.

First, let’s talk about the basics of marketing. It’s important to understand the different types of marketing, such as digital, content, and social media marketing. Digital marketing involves using online tools such as search engine optimization (SEO) and pay-per-click (PPC) advertising to reach your target audience. Content marketing involves creating and sharing content that is valuable and relevant to your target audience. Social media marketing involves using platforms such as Facebook, Instagram, Twitter, and YouTube to engage with your target audience and build relationships.

Now that you understand the basics of marketing, let’s talk about practical tips for business owners. Here are some tips to help you get started:

1. Identify Your Target Audience:

One of the most important things you can do as a marketer is to identify your target audience. Who are you trying to reach? What are their interests and needs? Once you’ve identified your target audience, you can create content and campaigns that are tailored to their interests and needs.

2. Develop a Comprehensive Marketing Strategy:

Once you’ve identified your target audience, it’s important to develop a comprehensive marketing strategy. This should include a mix of digital, content, and social media marketing. Make sure to include goals, objectives, and a timeline for each of your marketing efforts.

3. Track Your Results:

Once you’ve implemented your marketing strategy, it’s important to track your results. This will help you determine what’s working and what’s not. You can use analytics tools such as Google Analytics to track your website traffic, leads, and conversions.

4. Stay Up-to-Date on Trends:

It’s important to stay up-to-date on marketing trends. Things are constantly changing in the world of marketing, so it’s important to keep up with the latest trends and technologies. This will help you stay ahead of the competition and ensure that you’re using the most effective marketing strategies.

 

Now that you understand the basics of marketing and have some practical tips for business owners, let’s look at some inspiring examples of successful marketers.

One of the most successful marketers of all time is Gary Vaynerchuk. He’s a serial entrepreneur who has built multiple successful businesses. He’s also an author, speaker, and investor. He’s known for his innovative marketing strategies and his ability to leverage social media to reach a wide audience.

Another successful marketer is Seth Godin. He’s an author, entrepreneur, and public speaker. He’s known for his innovative marketing strategies and his ability to create content that resonates with his target audience.

Finally, let’s look at Neil Patel. He’s a digital marketing expert who has built multiple successful businesses. He’s known for his ability to leverage SEO and digital marketing to reach a wide audience.

These are just a few examples of successful marketers. As you can see, each of them has their own unique approach to marketing. They all have one thing in common, though: they’re successful because they understand the basics of marketing and they’re willing to stay up-to-date on trends and technologies.

As a beginner marketer, you can learn a lot from these successful marketers. Take the time to study their strategies and apply them to your own business. With the right approach, you can become a successful marketer, too.

Article by Done Digital

Stand Out Naturally As a Small Business OwnerEntrepreneur Network Australia

Stand Out Naturally As a Small Business Owner

I work with a lot of small business owners just like you. Many of you share a common problem: the belief that the only way to success is to follow the corporate model and “hide” your true self from clients. That you need to adopt a sterile, professional persona, and reserve the real you only for play.

Nothing could be further from the small business truth.

In order to be successful on your own terms, it’s vital that you forget everything you’ve learned in the corporate arena about how to present yourself as a business owner. Success is not one size fits all. It comes in as many different sizes as there are small business owners. Decide for yourself what success means to you and move toward that. Create a version that fits with your own values, dreams and lifestyle hopes.

Potential clients are most likely to work with you when they sense you are being your natural self. The product and price will take a back seat to the genuineness. Today more than ever, clients want to work with real people, people they can know, like and trust.

Try stepping into your client’s shoes. Can’t you tell right away when a business owner you’re considering working with seems artificial? Don’t you want to escape without signing on the dotted line?

Find true small business success by being yourself, by standing out as the natural star that you already are. Your brilliant light will attract clients who want to work with someone just like you!

Article by Giulietta Nardone

Small Business Owners: Your Leadership Style Can Increase 'Profits'Entrepreneur Network

Small Business Owners: Your Leadership Style Can Increase ‘Profits’

Covid-19 pandemic has forced a lot of business closures. Government leaders are issuing stay-at-home orders and the government is reopening in phases, which has limited customers sizes to 25%, 50% and 75% for the health safety of our community. How can you lead in constant changing environment? How do you motivate employees and simultaneously look for the next product to keep the doors open? How do you change your management style to be an effective leader in such a uncertain future and ‘doing more with less’ employees.

Leadership

I suggest send out a survey of what qualities they want to see in a CEO (then pledge to do everything you can to live up to these expectations)

Leaders need to provide coaching, because no one ever got to be the best without the constructive feedback, probing questions and active teaching. Be honest and positive in all communication messaging.

Search for opportunities to improve

  • What’s new?
  • What’s next?
  • What’s better? And not just for yourself but also for those around you.
  • Find a significant purpose for addressing your challenging and most difficult assignments.

Who you are and what your values are (then you give voice to those values)

Leader must affirm the shared values of the group.

Inspire a shared vision

    • Envision the future by imagining, exciting and enabling possibilities
    • Enlist others in a common vision by appealing to shared aspirations
      • Imagine the possibilities
      • Find a common purpose

 

Leaders who focus on the future attract followers more readily

  • Read trends
  • Listening to Podcasts
  • Watching documentaries

People regard most favorably those leaders who regularly talk about the ‘why’ of work and not just the ‘what’ of work

People who are leaders want to do something significant, accomplish something that no one else has yet to achieved.

Motivating Employees

  • Cross Training Employees about each other roles/responsibilities
  • Mentoring
  • ‘how can I help you?’… walking around 30 minutes a week
  • Delegating responsibilities
  • Brown Bag lunches (training)
  • Praise and Work for work above normal day activities

Sending them to seminars

Have them to do presentations

Quarterly Corporate Town hall Meetings (teleconference)

Weekly recognition of outstanding performers

    • Email
    • Walking around
    • Must be based on ‘visible’ performance (daily if outstanding)
      • Monthly meeting (recognize your performers)

 

Social Media interaction with customers

    • Do you have a scalable website (WordPress)
    • Do you have LinkedIn profiles about employees and products
    • Engaging with customer markets about current happenings
      • Facebook
      • Instagram
      • Reddit
      • Twitter
      • Weibo (china)

 

Finally, some business owners will make the necessary changes to keep afloat and some will drown. Navigating in rough waters, takes a team effort, innovations and commitment to ride it out!!!!

Your job as a business leader is to communicate, communicate with honesty and positivity to build trust in customers, employees and shareholders.

Article by Vinson Primas

Small Business Marketing Plan - Increase Your Business Profit Without Breaking Your Marketing BudgetEntrepreneur Network Australia

Small Business Marketing Plan – Increase Your Business Profit Without Breaking Your Marketing Budget

Most small business owners fail when it comes to their small business marketing plans. They’ve got excellent technical skills in their line of work, but that just doesn’t translate to having effective marketing skills.

As a result, profitability of many small businesses has been declining over the years. Ever increasing competition is making it more challenging in many ways. For those businesses that aren’t losing money, most are not producing the profit they could be if they knew how to market themselves properly.

These business owners usually just copy what they see other businesses doing, or they follow the advice of some media sales person. The problem is they copy the wrong types of businesses, and the media sales people typically only know as much about effective marketing as the business owner does.

Without the right kind of marketing system in place, the success of any business is by pure chance. To help remedy this situation, below are seven things a small business can do to increase profits while spending less on marketing.

1. Use the power of free stuff

Everyone likes getting free stuff and you can use that to your advantage. If your business lends itself to giving away free samples of your product, do that. It helps get people hooked on it. Business profits have boomed on this marketing model.

As Chris Anderson author of the book titled, “Free: The Future of a Radical Price” says, “You can make make money giving things away.”  In his book he talks about how businesses are giving away products and services they used to charge for, and in return, a percentage of their customers are buying something else. As a result, they are making more money than ever.

When you give something away, you often activate a universal law called the “Law of Reciprocity.” It says that when people get something free, they feel obligated to do something for you. Obviously it doesn’t work every time, but it does work enough of the time.

But there is another way to give away free stuff that can greatly benefit your business. When you do it right you get something very valuable in return: customer contact info…which leads us to the next tip.

2. Start capturing customer contact info and use it

One of the biggest mistakes small business owners make is not tapping their current customer base. They let customers visit their business (online or offline) all day long without ever trying to capture their contact info so they can continue to market products or services to them.

You likely know how expensive it can be to get a new customer. But you can market to your current customers for little or no cost. Capturing and using customer contact info can mean the difference between a profitable business and one that barely gets by.

Your business has more customer value in it than a customer can possibly digest in a short visit so if you aren’t continually marketing to your customers, you are throwing money away!

You can make customer contact capture easier simply by using the power of free from tip number one. Simply start a monthly drawing to give away something free and print some registration slips visitors can fill out. Also have people register online on your website.

Tell customers they only have to register once for all drawings and you will contact them monthly via email to let them know who won. Of course you will always include an offer for a product or service!

What do you give away? Anything with a perceived value makes a great free item. Free items do not have to be expensive. Buy something on sale at WalMart or at eBay and offer it. You can also offer free informational reports that help people solve their problems. People are always looking for ways to solve problems they are having.

Of course, once you capture this information you have to do something with it. If you’re too busy to take on any more work, then the next tip will help you out.

3. Use automated tools to keep in touch with customers

Once you have a customer list, I recommend you send a minimum of 25 “messages” a year to it. A message could be an email, direct mail piece, an SMS, or phone call.

If you don’t use an automated tool to do the work for you, you’ll likely be too busy to get the job done. When you automate your emails and other messages, they go out regardless of how busy you get (the more messages that go out, the busier you’ll get).

One tool you can use is an email autoresponder, which is a web-based system that sends out emails when someone signs up. It sends out emails at intervals you set up. You can also set it up to send an email on a specific day, such as a holiday.

The great thing about an autoresponder tool is that you enter your messages in the autoresponder one time, then it automatically sends emails to your list. You can also broadcast messages any time you want.

Using this tool, keeping in touch with your customers is easy and it will help keep the competition from creeping in and stealing your customers because they’ve forgotten about you and the services you provide.

These timeless strategies are also called “Evergreen Marketing”. If you would like to learn more about set-and-forget marketing, check our David Lee-Schneider’s work, founder of Done Digital, an Australian marketing agency specialising in evergreen marketing.

4. Stop marketing like you’re a big business.

Marketing a small business like it’s a big business is something almost every small business owner does. They just copy the marketing they see being done at large companies with big brands. This kind of marketing is called “brand identity,” “brand building,” or “image” marketing.

This is a HUGE waste of advertising money for a small business. You simply don’t have the resources you need to support a successful branding campaign.

Brand advertising typically has no “call to action,” (they don’t ask you to do anything). They just give you features of the product or service, or they entertain you without asking you to do anything.

Brand advertising is usually benefit free. The viewer has to determine if there is a benefit to them. It may contain a list of features and the user will have to assign their own benefit to each feature. It is usually focused on the product or provider of the product instead if the customer.

A successful marketing campaign for a small business is created around direct response marketing techniques.

5. Use old fashioned direct response techniques in new ways

The kind of marketing plan that works for a small business is direct response marketing. It doesn’t require a huge marketing budget to use effectively. It can be used for all types of products and services.

And the good news is that you don’t even have to hire an advertising agency to do it since it doesn’t require creativity. All you have to do is learn the basic structure of direct response marketing and you can easily increase the sales your business makes.

Direct response sales copy always asks the reader or viewer to take some sort of action i.e. “Call in the next 5 minutes, and we’ll include a free set of Ginzu steak knives!”.

It may ask for the sale directly if a full “sales presentation” was done (one-step advertising), or it may ask them to request more information (two-step advertising). It will at a minimum, ask the reader to take some form of “traceable” action so you know if it is working or not.

There should always be a headline for written advertisements! Never put your company logo at the top of a direct response advertisement. That’s brand advertising.

Whenever you create an advertisement in any form always look at them from the customer point of view. Look it and ask “Who gives a crap?” about everything in it. Do you think the customer cares about your logo. No! They care about what you can do for them. Put in benefits and not features. Let the customer know what’s in it for them. A successful direct response ad for a small business includes several things:

  • An offer to buy something
  • Sufficient information for the consumer to make a decision to act now (or directions on how to get more info)
  • An explicit “call to action” sooner rather than later
  • A clear way to respond such as a telephone number or web page
  • A means of tracking the response.

Direct response advertising is not just used for mail campaigns. You use it in all forms of media: print, web, mail, and broadcast. Take a look at all the advertising you are currently doing no matter where it is and start making the change now.

6. Use the Internet to advertise for free

Even though websites as we know them have existed since around the early 90s, only 49%* of small businesses currently have a website. It’s surprising how many businesses do not understand how powerful this marketing tool is. If you don’t have a website, get one because there is no better source of free advertising!

The Internet has hundreds of “Web 2.0” websites where you post “content” for free. The content can be text, videos, or audios you create and it can lead people to your business. Plus, it helps establish you as an expert in your field.

You can put links in the “author resource” section, to drive traffic to a page on your website. Good articles you share online can rank extremely well in Google search results with a little help from you.

You also want to get your business listed in places like Google Maps if you do local business. Once again this is absolutely free. Download this free step-by-step guide on how to get the most of your Google listing.

Once you learn how to do use the Internet for promotion you’ll have a head start on the future of advertising and you get customers for free!

7. Outsource routine marketing tasks so you can work on the growing your business

One of the biggest problems small business owners have is that they get so consumed by working IN their business, they don’t have time to work ON their business. So no growth can occur.

When it comes to marketing yourself on the Internet, there are ways to use “virtual assistants” to do most of the work for you. A virtual assistant is someone you hire on a full or part-time basis who does the work for you.

But a virtual assistant is not a direct employee so you don’t provide benefits or have the normal hassles of an employee. They are usually located somewhere in the world that has low-cost wages so they are very affordable. That’s the beauty of the Internet and the communication it provides.

Virtual assistants aren’t just confined to small business marketing plan tasks though. They can do almost anything for you: reservations, schedule appointments, answer phones, customer service, send flowers, buy a present for your spouse, find someone to fix your car, website development, accounting, software development, writing, graphics, or anything you need.

There are lots of resources on the Internet that can help you find a virtual assistant.

Create Your Small Business Marketing Plan Now!

Use these seven marketing tips to start building your small business marketing plan right now. If you procrastinate, your busy life will get in the way of business growth. Even if you only take a little of the advice you’ve been given, you’ll find it can have a big impact on the profitability of your business.

Article by Tim Bruxvoort

Supporting Small Business: Why It's a Smart Move for Contractors to Buy Local Vs Large Box StoresEntrepreneur Network Australia

Supporting Small Business: Why It’s a Smart Move for Contractors to Buy Local Vs Large Box Stores

Every builder has been there. You visit a big box store to purchase an item for a few dollars less than your local construction supply store. It breaks immediately or is deficient in some way and you want to return it. This is where the headache begins. Often lines are very long at the customer service desk. When you finally reach the counter, the employee tells you that the window of opportunity to return the product has closed. The store offers a credit rather than a refund. You call the customer complaint line and are greeted with an endless series of automated prompts that may not even ultimately connect you to a human. You have to ask yourself: “Was saving a couple bucks really worth it?”

Small businesses are different than large multinational chains in a number of ways. First and foremost, customer service is a major priority. Small businesses are eager to help and often form lasting personal relationships with loyal customers. From knowing the regulars’ names to asking how the project is coming along, small family-owned businesses care about their customers. They do not have tens of thousands of patrons and so must impress visitors with extraordinary customer service. Unlike employees at large box stores, small business owners take pride in the products they offer and are highly knowledgeable. They know the construction business and provide accurate recommendations for products that work best for specific job site needs. Many businesses provide samples and follow up with customers to make sure products are working well. When problems arise, it is not uncommon for small business owners to go above and beyond helping customers solve problems.

From an economic perspective, supporting small businesses helps communities by stimulating the local economy. Greater demand for local goods and services means more jobs and a more robust economic climate. According to several studies, when people buy from small businesses there is a much greater investment into the local economy than if they purchased from large box stores. The increased demand for local goods and services serves as a reinvestment in the community that may result in more jobs, higher wages, and fewer small business closures.

There is also something to be said about the quality of supplies purchased from local stores vs. large box stores. In many instances and with many products, large box stores buy in bulk from China or other countries and secure highly discounted, lower quality products than small businesses. Small business owners know where to source for the highest quality inventory and are committed to selling products that will last longer than a cheaply made comparable product. This discrepancy can be found at local businesses throughout the country. Even though a large box store may be less expensive in the short-term, in the long run an inferior product can end up costing builders more.

The quality of customer service, beneficial impact on the local economy, and superior product quality are just a few reasons to consider purchasing construction supplies from small businesses.

Article by Heather Ley

Ten Simple Rules For Self-Employed Small Business Owners That Make Winning An ATO Tax Audit EasyEntrepreneur Network

10 Simple Rules For Self-Employed Small Business Owners That Make Winning An A.T.O. Tax Audit Easy

Every Australian business owner fears the words tax audit.

A letter from the Australian Tax Office, especially one ordering a tax audit, will unnerve even the calmest person. But, for a small business owner who does all of their own record-keeping it’s not just scary, it could spell disaster.

If you receive an A.T.O. audit letter, call your tax accountant and set an immediate appointment; representing clients at tax audits is part of a tax professional’s job. It will be your job to locate and furnish all of the documents needed to win that audit. If you have kept audit-proof records, that will be easy.

Because most small business owners have no bookkeeping training, few realise how easy it is to keep audit-proof records. Some end up turning recordkeeping into a complicated computer-driven chore, and many simply ignore everything until tax time.

Business recordkeeping doesn’t have to be complicated or time consuming. There are only two things you need to do to make beating a tax audit easy. The first is to adopt a record-keeping system that is super simple; the second is to learn exactly what the A.T.O. expects from the small business owner at tax time.

Record-keeping for a one or two-person business is done primarily to satisfy the A.T.O., so why not keep audit-winning records. Follow these ten simple rules during the tax year, and you’ll not only be ready for a tax audit, but you’ll simplify your record-keeping duties as well.

Rule # 1 – Document Income

Absolutely all business income, including all cash & tips, must be deposited into a separate checking account used only for business funds. Do this and all you’ll need at tax time are 12 bank statements to total your income.

Rule #2 – Keep a Paper Trail

Every penny spent or charged for your business needs a paper trail. If a receipt is not provided you can make your own; be sure to include all of the necessary details. Working from expense receipts simplifies the record-keeping process for a small business owner.

Rule #3 – Record Barter Exchanges

Every business barter exchange requires a paper trail assigning value to your time, or the product that you traded. The value of a barter exchange is the same amount you would charge if it had been a cash sale.

Rule #4 – Track Every Expense

Sorting expense receipts is easy, when you use the business expense alphabet. From advertising to Ziploc bags, if you use it in your business there’s a place on your tax return to deduct that expense. Your bookkeeper will be able to assist you with setting up your chart of accounts in Xero, MYOB or similar accounting software to make tracking your expenses a breeze. You might also like this article on how to grow your business without breaking the bank.

Rule #5 – Depreciate Equipment

Any equipment purchased that has an expected life of 2+ years must be depreciated or expensed at tax time. It is important to keep a list of all business equipment purchased, the date you bought it and the price paid, with your tax records.

Rule #6 – Log Your Miles

Unless your car is used only for business, keep a small notebook in your car for tracking business miles. If you don’t keep a mileage log, and are asked to furnish one for a tax audit, you will fail the audit.

Rule #7 – Track Inventory

The A.T.O. considers all items that you make or buy for resale to be inventory; inventory costs cannot be deducted until that inventory is sold. Inventory expensing is easy once you learn how to calculate the cost per item value.

Rule #8 – Get Educated

No matter how good your tax professional is, if you don’t provide all of the necessary information and figures your tax return will be wrong. Understanding the basics of accounting will also ensure you understand what your accountant or bookkeeper communicates with you.

Rule #9 – Plan Ahead

Tax laws change every year. During your annual tax visit ask if there are any new changes that affect you, what tax laws are in the works, how those will affect your business, and what you can do now to lower future taxes. The better you know your numbers, the better you’ll be able to predict the future of your business finances.

Rule #10 – Keep Everything

Without receipts you will fail a tax audit. Box or bag all of your tax receipts each year, and keep them for a minimum of six years. If you get an audit letter from the A.T.O., simply take the box or bag containing receipts for the year being audited with you when you meet with your tax professional.

I can’t tell you not to worry about a tax audit, we all do. But, if you’ve followed these ten rules, the receipts and the audit should be in the bag!

Article by KiKi Canniff

Business Plans For Small Business - Simple Is Better

Business Plans For Small Business – Simple Is Better

There are some very compelling reasons for writing a business plan for small businesses. The challenge is that the misconceptions about what needs to go into a small business plan scare most owners and entrepreneurs away.

If you are like most small business owners or managers, you are incredibly busy, if not borderline overwhelmed. The idea of taking hours of valuable time to write a plan for your business may not seem worth it. But the data proves differently.

When writing a business plan for small business, focus on what really needs to be done, and what really needs to be measured. The plan does not have to be a 15 or 20 page document. In fact, it should only be one or two pages maximum. You should also have a yearly budget or financial plan as well. You really do not need to go overboard and do tons and tons of research about the market, and the opportunity, especially if you are already in business!

To write your plan, you will need a few things to get started. If you can assemble any of your sales and financial information for the past couple of years, that would be a bonus. You will need a notebook and writing instrument, possibly a laptop or a computer, and yourself. Then, basically find a quiet place to sit down for about an hour, and think about your business, and where you want it to go, and how you think you can get it there.

Let’s start with where you want your business to go. This is just a fluffy way of saying your vision for your business. Set a timeline for your vision; say 18 months or up to 5 years out. Then think about what your sales would be if everything goes as planned. What are your primary products or markets, and where will you do it.

Here’s an example: Within the next 3 years, grow MS Cut to $750,000.00 in sales providing industrial routing and cutting services to manufacturers and distributors in the Indianapolis market.

Or how about this: In the next 18 months, launch Tim’s Lunch & Deli, growing to $250,000 in sales. We will provide delicious sandwiches, soups and salads using all locally grown vegetables and products to the public in downtown St. Paul.

By writing out where you want your business to go in this fashion, you can clearly imagine the end result of your vision.

In terms of how you are going to get there, this is the strategy and tactics section of your plan. Again, what are the ways you are going to do the things you need to do? This could be everything from the methods you will use to attract customers, to the way that you will approach pricing your products or services. It can also address your marketing strategy and advertising plans.

The main thing to keep in mind when it comes to your strategies and tactics, is to make them realistic. If you are going to need a lot of specialty skills (that you don’t currently have…) or technologies or a lot of money to do them, then chances are they won’t get used. Write this section of your plan so that you can actually do everything you need to do.

Next, you need to create a few measurables for your business. These are things like monthly sales revenues, profit percentages, labor hours to sales, number of returns per month, number of employee hours each month, etc.. These are all things that you can keep track of so that you will know if your plan is working, or if you need to address something quickly.

Each business, and each industry can have it’s own set of unique metrics. You may have one statistic you can keep that is a telling symbol for your business. Keep track of it, and see how it effects other areas of your business.

You should be able to track anywhere from 3 to 9 different measurables. Any more than that and you will not get much from it, and you are less likely to actually collect the information anyway. If you are using software like QuickBooks, Peachtree Accounting or another accounting app, there are several measurables you can pull and use to track your success.

All of the above information will fit nicely on one or two pages. Once you have that information, and you have written your business plan for your small business, the number one thing you can do is to use it, and use it often. Make a monthly (or weekly) appointment with yourself, your business partner, or your senior staff to review the plan, and make sure it still relevant. If something changes (and it will!), change your plan. It should be a living, dynamic document that you use on a regular basis to run your business.

By writing a business plan for your small business, you are creating a better opportunity for your business, and giving it a better chance of success.

Article by Robert Trube