iKeep Bookkeeping

 

Six Secrets That You Need To Know For Growing Your Small Business In 2021


The size of your business might be small, but your dreams are not! You will surely like to expand your business, right? So how about you plan it and structure it beforehand? Go through this article to know all the secrets to boom your business.

Boost Your Customer Connection

You can always give a boost to your connections with the existing customer base by selling more of their favoured stuff. It would be best if you focused on selling what is best for the customer, and for this, you can rely on their feedbacks.

Another trick that you should always have on your sleeve is selling enhanced stuff to your existing customers. Follow their feedbacks and see what modifications are in demand.

 Calculate Your Risks

It takes a lot to expand your business. The risks are higher when it’s a small business, and some hard decisions are always on the way. It will require you to move out of your comfort zone and not depend on mere good luck.

So you must focus on the ultimate goal and take only those risks which are necessary. Think before you leap, and you will surely pave your way to success.

Keep Your Records Up-To-Date

Bookkeeping for small business is crucial because it can help you keep track of your day-to-day transactions. It will also benefit when the hassle of producing monthly financial reports kick in at the end of the month.

Bookkeeping services in Australia are best provided by iKeep, and they will help you track all the records easily. Cloud Bookkeeping services is one popular option in recent times. This is a faster and better way to manage your documents.

Make Your Investments On The Necessary Items

Your small business can be pretty hectic if you try to do everything on your own. So you can try to make investments in systems. These commerce software work to find the essential sections of growth in your business. These operations will help you see precisely the repetitive aspects of your business and make it monotonous. This software makes your goals easier.

Another section where you should put your investment is the staff. You should include more efficient employees or even freelancers and use their area of expertise to boom your business. This will definitely be profitable in the long run.

Keep A Watch On The Bottom-line Of Your Finance

To make your business successful, you should be aware of your finances. There are certain things that we often overlook in our budget, which later derails the entire budget. You must make sure that all your investments are strictly within your budget.

If you are not confident that you can manage the accounts yourself, you can take help from an accounting firm. Accountants and Bookkeepers are always ready to help you.

Understand Your Core Strengths

One last secret is that you must play to your strengths. Simple and easy, right? Keep focussed on what you do best. You can always hire extra staff to manage the rest for you!

As a Xero Platinum Partner, we are one of the largest and most experienced bookkeeping teams in Australia with national resources to serve your growing business. Our team of certified professionals will provide you with timely financial reports you can trust and the confidence that you are meeting government obligations. 


Comments

Post a Comment

Popular posts from this blog

It’s 2024 fringe benefits tax (FBT) time!

  As the 2024 fringe benefits tax (FBT) period approaches, it’s essential to note key dates and obligations. Employers who have provided fringe benefits to their employees or their associates between April 1, 2023, and March 31, 2024, are required to lodge and pay their 2024 FBT returns promptly.  Notable dates to remember include: The conclusion of the 2024 FBT year on March 31, 2024. The deadline for lodging FBT returns and settling any outstanding liabilities to avoid penalties and interest is May 21. For electronic lodgments through tax practitioners, the due date for lodging and payment is June 25. Employers new to lodging with a tax practitioner must ensure inclusion on their FBT client list by May 21 to be eligible for the June lodgment and payment timeline. Even if no FBT return is necessary, registered employers must inform the Australian Taxation crucial, the ATO recognizes exceptional circumstances and encourages proactive communication for those experie...
Read more

Managing Cashflow for Small Business

  Any business owner will tell you that managing business cashflow can be a real juggling act. Cashflow is one of the most common problems that cause business owners to lose sleep. Gaining control of your small business’ cashflow will go a long way to improving your peace of mind and reducing stress. So  how Can a Business Improve its Cashflow ? Identify Identifying certain triggers in particular sales and payments will make a significant difference to cashflow management. Analysing outgoing payments and noting when they regularly occur will go a long way to ensure strong cashflow. Some of the key areas to consider are: Payroll for staff Supplier payment terms and conditions Australian Tax Office Utilities Finance including bank fees and loans Rent Payment to suppliers Customer payments including refund policies There are number of business costs that must be accounted for to help create better cashflow management for your small business. Becoming aw...
Read more

Federal Court Decision on Employer’s Failure to Pay Annual Leave Entitlements

  The Federal Court of Australia recently ruled on a case involving an employer’s failure to pay a worker’s accrued annual leave entitlements upon termination, underscoring the importance of compliance with the Fair Work Act 2009 (Cth) and the severe repercussions of non-compliance. Case Background The case focused on the worker’s claims that the employer had dismissed him for exercising his “workplace rights,” imposed unreasonable working hours, and failed to pay his accrued entitlements upon termination. The court found the employer in breach of section 90(2) of the Fair Work Act for not paying the worker the amount equivalent to his accrued but untaken annual leave when his employment ended on December 9, 2021. The owed amount of $8,022.82 was paid only on March 30, 2022, nearly three months after the termination. Seriousness of Breaching the NES The court emphasized the seriousness of breaching the National Employment Standards (NES), stating that “any breach of the NES...
Read more