In the world of small business, the changing nature of competition requires us to constantly adjust and adapt, succeed and remain grounded. Everyday business decisions can be a continuous battle between the urge to stand still and consolidate, or push to achieve more.
So how do you strike the right balance? Multi-medal winning swimmer Michael Klim shares four top tips.
No matter what type of business you start, while you’re getting up and running, you’ll have a number of expenses that you’ll need to pay for up front.
To help you invest more money in growing your business, you’re now able to claim back certain startup costs, sooner.
Change is a normal and essential part of business. It’s an important step in improving your staff performance, enhancing goods or services and expanding.
It’s been a huge year for M&A in the tech industry. For startups, there are many valuable insights that can be gleaned from this activity. By looking to organizations that have been around for a long time, entrepreneurs can learn what it takes to stay relevant in the coming years.
Ah, meetings. With their almost universally hated status, running one can be tough going. You can almost *hear* the groans as you schedule one in the team’s shared calendar (and heaven forbid you try and make it a regular weekly occurrence). Given the enormous amount of pressure you – as the brave meeting organiser – face, it’s easy to default to a boring Powerpoint deck and read off the slides word-for-word. Unfortunately it’s also a great way to send everyone to sleep or to seek solace in tea breaks and lunch.
All too often a brand will launch a new product or service that flops because of a poorly thought through marketing campaign – so here are 8 tips for a successful marketing campaign.
Xero was born to achieve a simple but bold purpose: to build powerful, relevant and beautiful cloud accounting software that would change the lives of its global accounting partners and small businesses.
That’s why we consider it our greatest achievement to know that small business owners and key decision makers have named Xero the most-loved accounting software for a second year in a row, beating MYOB and Intuit Quickbooks, through independent research.
If you haven’t heard already, there are some big changes around the corner for workers covered by modern awards, which are has kicked in at the start of August 2016. Importantly, there are some big changes in the way employees can cash out annual leave.
Being tired on the job is a health and safety issue many businesses have to grapple with, says a world authority on worker fatigue.
“Fatigue is just another hazard,” says Professor Drew Dawson, director of the Appleton Institute at the Central Queensland University.
Whether you’re an architect or a personal trainer, you’ll know the importance of using the right tools for the job. When it comes to running a thriving business, cloud-based apps are becoming an increasingly essential item in a small business’ toolkit.
Providing access to real-time information on the go, as well as reducing time spent on manual data-entry are just some of the benefits apps can provide busy small business owners.
How many times have you been on a road trip with children and heard that constant question that gratingly gets on your nerves: ‘Are we there yet?’
If you’re like me, you want to answer with, ‘Of course not or we’d be… there.’ Kids, knowing the potential fun to be had at the destination, get weary in the waiting of the journey itself.
Choosing a bank is one of the most important decisions when starting a small business.
It’s as important as choosing where you’ll set up a brick-and-mortar store, developing a business strategy or deciding who you’ll partner with.
Choosing a bank should be the start of a long and fruitful business relationship.
Research suggests it costs a business between 4-10 times more to acquire a new client than it does to retain a current client. As a business owner, you will do well to look for ways to nurture these clients who’ve used you once into not just returning, but spreading the word about your company.
Corporate espionage… A sinister plot to a movie or a real threat to your small business? You’d be surprised by what you don’t know about your company’s cyber security.
This week on Xero Gravity we are joined by our very own Felix Shi. Felix is the product security specialist at Xero and has seen it all when it comes to cyber breaches. On this week’s episode, we explore the holes hiding in your business’ cyber security systems and offer some valuable steps you can take to protect yourself.
They may stand alone on the podium, but gold-winning medallists always thank the team that made them. So how do you build the right team around you when you’re only just off the blocks – and why should you bother?
As the company owner, you have that entrepreneurial streak, that will to succeed. You can see the big picture and have a clear view of where you want the company to be in 5 years time.
The big problem comes when you can’t seem to translate that enthusiasm and drive to your team. They’re qualified and hardworking, but they just don’t really seem that fussed what happens to the company. You want them to be resilient, driven and – above all else – as motivated to succeed as you are.
It’s the beginning of the new financial year which means it’s time to review, reset and plan for the year ahead.
Here are 7 steps to help your business start the new financial year out right.
You’ve got a beautiful business blog, full of white space and full bleed imagery. It’s responsive, a pleasure to scroll through and sure looks a whole lot snazzier than what your competitors are pushing out on a regular basis. You know you’re getting traffic because comments are surfacing every now and again, “likes” are trickling from your social feeds – but all in all it’s not really converting to new business or opportunities.
What are you doing wrong?
According to world-class athlete and Olympian Sally Gunnell, as well as adapting to change, sustaining excellence in a new business is one of the hardest parts of the journey. In both business and sport, people ask and expect you to consistently perform at a massively high level with challenging deadlines. Sally’s advice in this regard is to stay focused on your goals and remember that they can of course be tweaked when they’ve been achieved or part achieved.
While the similarities between olympians and entrepreneurs may be few and far between, they do share one unifying cause: both strive for gold. Seeing the dedication of the athletes at this year’s Olympic Games in Rio reminds us of the long and hard path they forged to get to the Olympic arena.
For former Olympic athlete Michelle Roark, the transition from freestyle skiing to business owner was a no-brainer. Roark started skin and haircare company, Phia Lab, and with this came the realization the skills she had developed as a professional athlete were more than transferrable. Her inspiration for the brand was even inspired during training.
Is your small business on social media yet? I’m sure you’ve heard of the great potential social media holds for marketing your company, so I won’t preach to the converted. Everyone knows about the 6 big players - Facebook, Twitter, Instagram, Pinterest, Google+ and LinkedIn - but trust me, not all of them are right for your small business.
When you own a business, it’s easy to get caught up in the day-to-day: from ensuring jobs get done, to checking employees and customers are happy. That’s before we even factor in our families, let alone ourselves.
But when we don’t take care of ourselves too, it can take a toll on the quality we operate at, affecting business productivity and ultimately profitability.
Having a good working relationship with your suppliers is vital to ensure your business runs smoothly. Although it’s likely you’ve taken the time to find the right suppliers for your business and build up a good supplier relationship with them, it’s still important to know what to do if any issues arise.
Where there’s business there’s brands.
Those succinct simple representations of an organisation carry enormous power and the task of making a business or cause memorable and enduring. Around the globe maybe millions of minds are beavering away on developing brands to drive their marketing, and cement their future prosperity.
No one likes late payments from their customers. Late payments have a negative effect on cash flow. Chasing customers for payment takes valuable time. Prevention is better than cure when it comes to getting your invoices paid on time. Here are some tips to make your invoices highly likely to get paid quickly.
Multinationals’ payment terms unfair say critics, as suppliers’ settlement dates push out to 120 days
Some Kiwi milk producers have to wait almost four months for payment from dairy giant Fonterra, as the milk giant aligns with “international best practice” and pushes its terms of payment out to up to four months.
Tax time is a prime period for scammers to target businesses. It’s important to be one step ahead by being aware of scams and knowing how to protect your business.
In light of the Philip Green pension scandal at BHS, we thought we’d take the opportunity to educate you on some of the most notorious business villains.
From revealing industry secrets to mistresses to throwing lavish parties funded by fraudulent loans, these anti heroes have committed some of most lucrative and luxurious (and rash) crimes ever recorded.
A robust rostering system is essential in any hospitality or retail business. Ensuring you have the right number of staff rostered on will keep your customers happy, and your wage cost looking great.
On the contrary, building rosters inefficiently can be a real time-waster. So, how do you get maximum results from your roster?
You put a lot of work into gaining your customers.
So once you have them, you don’t want them to simply buy from you once, and then leave you to go out acquiring new customers.
That’s exactly what might happen if your customer has a bad experience with your customer service.
However there's extra time and help available to you if you need it…
Most people now have EMV chip cards. Which is great, because their adoption marks an important step toward reducing credit card fraud in the United States. Magnetic-stripe cards are old (like 40+ years old). Their extremely outdated technology makes them particularly susceptible to counterfeiting, so it’s high time to sunset them. Chip cards, on the other hand, have more sophisticated security features to help catch fraudulent activity.
Since the recession in 2008, there have been many complaints that the banks aren’t lending to SMEs. As a result businesses are increasingly seeking out alternative finance routes to access funding.
From freelancers to fencers, techies to electricians, if you issue invoices as part of your day-to-day business, you will have experienced the frustration of not having those invoices paid on time.
And the part that really blows? The cringing follow-up phone call where you try to coax payment out of the client while not damaging your relationship.
Think about the stars of Hollywood’s red carpets and you probably have in mind a certain sort of person. Someone who embodies the glamour of the silver screen, effortlessly suave, confident and full of panache… Or maybe you just see someone who’s made it lucky and never done a proper day’s work in their life.
Some customers are simply not worth having – they cost you more than the revenue they bring in. They consume a disproportionate share of time and money, and create stress by paying late. They disrespect your people, complain often, and expect the earth, yesterday, and all at a rock-bottom price.
Many years ago, I was on lunch with two other techs when one asked, 'Have you seen Tom around lately?'
Tom was a bit of a 'lone wolf' so it wasn’t too strange that we hadn’t run into him, but our manager had also requested a few times that we take his service calls.
I decided to call Tom to find out why he had been MIA for the past few weeks.
The major issues facing service businesses with a predominantly mobile workforce are universal. They tend to be all about controlling costs and effectively managing job schedules and staff.
The major issues facing service businesses with a predominantly mobile workforce are universal. They tend to be all about controlling costs and effectively managing job schedules and staff.
A recent US survey of 100 small- and medium-sized business managers showed that the biggest challenges when managing a mobile service workforce were keeping operational costs in line (25.7%), scheduling and dispatching (20.8%), managing workflow and processes (17.8%) and hiring and retention (11.9%).
It’s Saturday night and dozens of people are starting to stream into your restaurant for a bite to eat. Your staff are ready and everyone’s looking sharp… except Dave, who was supposed to be there 15 minutes ago. Turns out he didn’t realise he was meant to be working and is away for an epic skiing weekend. Awesome for him – not so much for you.
As a small business owner, could getting too embroiled in the day-to-day work of your business harm its overall development?
Often, your time is spent working in the business and not on the business.
Yet, in order to grow from a small outfit to a successful, profitable company, and to make the transition from owner-worker to managing director or CEO, you need to invest time managing your business.
Below are a few tips to help you make the transition.
If you are a small business in New Zealand there’s a good chance that you travel for business. In fact, it’s quite possible that you travel a lot (on average kiwi businesses book at least 30 trips per year). But how do you make sure that you’re getting real value for your travel spend and how do you make your travel budget go further?
If you go by the statistics, it’s a stunningly common problem: 115 million small businesses worldwide say they are struggling with the complexity and stress of managing delayed receivables.
Do you want to invest in a start-up? Or maybe you have an innovative idea that you need funding for?
Two new tax incentives designed to make investing in Australian start-ups more attractive started on 1 July 2016.
“A rose by any other name would smell as sweet.”
In one of Shakespeare's most famous lines, he reminds us that a name really is just... a name.
But is a name more when it comes to business?
Let’s for a moment look at some of the perks of a smart business name.
Winter bugs can hammer a small business’s productivity, so it pays to help your people stay healthy — and to understand sick leave rules.
Sick leave absences cost the country more than six million work days throughout 2014 — an average 4.7 days for each employee — at a cost of $1.4 billion, according to the annual Wellness in the Workplace survey.
Word of mouth is one of the most powerful drivers of traffic and sales for retailers. According to McKinsey, it’s the primary factor behind 20 – 50% of all buying decisions and can influence purchases in ways that traditional advertising can’t.
Word of mouth is like the holy grail of marketing. And to help you tap into it, we’ve compiled some tips that you can put into action in your store.
Every successful company, large or small, has a strong brand. In fact, the most important and valuable asset of some of the largest companies in the world – Apple, Google and Coca-Cola – is their brand.
But you don’t need a massive marketing budget to build a successful brand. It can be done with just a few simple changes to the way you think about and operate your business.
If you’re seeking to achieve business growth and expansion, it’s likely you’ll look to leverage the passion and talent of your employees. This might mean looking to your star performers, and it might mean looking for new hires.
The ultimate outcome here is to create autonomy within your workforce – you’re seeking to create a capability that works as if you were controlling it but with little need for your input. Think about that for a moment.
Great employees are made up of two foundational elements: enthusiasm and teachability.
The former denotes a passionate individual, while the latter is one who wants to develop and progress, who is hungry to learn, and who evidences the trait of humility.
If you can find an individual with these two traits as well as highly developed skills, then you’re on to a winner. And, even if the skill levels are less than required, their rise to skill mastery will be much faster if they already have these two foundational traits.
The world of business has entered the Age of Data. (It’s like the Age of Aquarius, except instead of a catchy song we have a smartphone app). Now, business owners can record, track, and report on every facet of their company.
Starting and sustaining a small business requires a lot of time and dedication. It also requires money. For many people, the one thing holding them back is the capital required to start a business and endure a lean period when it is getting up and running. People fall into debt or end up giving up on their dream and returning to full-time work for a steady income.
However, it is possible to prevent this heartache by hanging on to your full-time job while your business gets off the ground. It will mean long hours that don’t end once you get home from work and the sacrifice of every minute of free time, but it can be the difference between having the security to forge ahead with your dream, or having to abandon it when you can’t sustain it any longer.
Whiteboards took up half of Wendy Fallow’s office. The operations manager of Clear Concepts, a customised glass design business, said her working life consisted of sticking cellotaped magnets on pieces of paper and talking on the phone to her seven mobile installers and sales reps.
Close to one million businesses in Australia are home-based – a significant portion of the nation’s business community.
Running a home-based business offers a number of advantages including flexibility, convenience, freedom and cost savings. And when it comes to tax time, operating a business at or from your home means you may be eligible for a number of tax deductions.
Earlier this week, Square and Startup Week 2016 presented Ladies Who Launch: a panel featuring some of Australia’s inspiring business owners – who just happen to be women.
Around 200 of us gathered at 524 Flinders Street to hear from four successful founders: Sarah Hamilton ofBellabox, Simone Clark of Butterbing Cookie Sandwiches, Sheryl Thai of Cupcake Central + the League of Extraordinary Women, and Jacqui Bull of Sidekicker.
The panel was hosted Josh McNicol, Head of Marketing and Communications for Square Australia.
We’ve recently added an ABN search feature to the new business.gov.au. This feature is similar to the ABN search feature you may have used on our site previously.
Your business website costs may be claimed as a tax deduction...
It's tax time again. Follow our top tax tips to make tax time a breeze.
I believe that a useful goal in marketing is to have people remember us positively. In other words we want them to be thinking and saying good things about our business as often as possible.
A recent High Court case shows companies need to take extra care when claiming their products are New Zealand made, an intellectual property expert says.
“The cheapest trainer in the world is too expensive if the client isn’t yet sold on your value” – Jon Goodman, Ignite the Fire.
Discrimination can happen in any area of the business, whether it be during the interviewing process or with current staff. This article aims to help employers and employees understand discrimination, how to identify it, and how to avoid it.
There were few surprises for small businesses in the 2016 Budget, but there were still things to smile about. The biggest of these were aimed at boosting innovation and simplifying taxes. Here’s what you need to know:
60% of SME businesses (defined as businesses with between 0 and 249 employees) sought some form of external funding in the last three years, says a British Business Bank Survey published in February 2016. Businesses need finance for a variety of different purposes, but there are some common reasons why businesses apply for funding. This can include loans for working capital, to buy machinery, to hire more staff, or even re-finance existing loans to reduce monthly costs. Read on to discover the 5 most common reasons that most businesses apply for finance.
Whatever your sector, there is one rule of thumb which could save you some serious money when instructing a lawyer. This insight may not sound revolutionary, it may not sound groundbreaking, but your wallet will thank you.
Are you considering what the legal implications might be for your business if Britain does vote to leave?
Several areas we see businesses concerned with are adjusting business contacts, managing your workforce, and intellectual property rights.
It’s important to realise though that changes will not happen immediately. There will be a period of time when the United Kingdom can negotiate its future relationship with the European Union (EU). The process is regulated by law by Article 50 of the Lisbon Treaty.
There comes a time in every growing business where an entrepreneur has to make some key hires to ensure the health and longevity of their operations.
Our survey of 2000 small business owners showed successful small business owners don’t pretend to have all the answers. Instead, they establish a strong network of family, advisors, and mentors, including an accountant or financial advisor.
If you’re a small business owner, it’s likely that time is one of your most precious commodities, especially if you’re taking on multiple roles within your business. You may be the CEO, bookkeeper, financial controller, chief marketing officer and sales manager all rolled into one.
Andrew Smith and neighbour Shane Dryden founded Yuppiechef, South Africa’s most loved online store, in 2006. The pair had been working on a couple ideas, including a business selling flags and bug zappers, but decided to run with Yuppiechef.
Do you spend a lot of time entering invoices? At Xero, they're committed to helping you shave hours off your invoicing workflow. Here’s a grab-bag of ways you can use Xero to speed up your invoicing. Some ways might not suit you, it’s a case of picking the ones that make sense for your business.
“This is our breakout area. As you can see, we’ve got a pool table, an ironic Space Invaders machine, several broken Apple Macs hanging on the exposed brick wall, craft beer on tap, though I think the keg’s empty… Oh, and that khaki tent in the corner is for meetings. Of course, there’s nobody in here at the moment as we’re all so busy working.”
You may walk the walk, but can you talk the talk? Public speaking, pitching, talking, listening. Communication is integral to every aspect of business ownership and is a skill that directly impacts success.
Dolphins can stay continuously alert for over two weeks at a time. They only sleep with half their brains turned off at a time. This helps prevent them being eaten by sharks. Entrepreneurs will no doubt find this fact hauntingly familiar.
It’s an issue a lot of our customers face: being priced out of work by newer, shinier and yes, cheaper competition. If your business is losing clients this way, it’s time to assess what’s going on.
As any business grows, one of the biggest challenges is keeping costs to a minimum while bringing in more revenue and staying profitable. In others words: achieving business efficiency. So how can you go about doing this?
Businesses in the professional services space come in all shapes and sizes. From creatives and consultants to accountants and engineers they all have one thing in common; they are all selling their time and expertise. In this industry, more than any other, people and skills are the product.
Some company names have interesting stories behind them. For example, Nike is named after the Greek goddess of victory. Yahoo! Is short for “Yet Another Hierarchical Officious Oracle.” Steve Jobs came up with the name Apple after a trip to an apple farm. He thought the name sounded “fun, spirited and not intimidating.”
If you want a quick and low-cost strategy to get more jobs quickly, then email marketing is a must do. But how do you make it work?
It goes without saying that shoplifting is a major problem in retail. A 2014 study by the National Retail Federation found that shoplifting accounts for 38% of shrinkage, and was costing retailers $32 billion a year. That’s a huge chunk of revenue. To help you keep the income you deserve, we’ve put together some tips for preventing and dealing with shoplifting.
There are fundamental shifts taking place in HR. In these times of critical skills shortages, everyone has woken up to the fact that employees are the most important company asset. And using the right HR Tech will help you get the best out of them.
It seems, nowadays, that everywhere you look you’ll see something related to ‘culture’ and the benefits of a good company culture — and of course the disadvantages of a bad one. So what is this ‘culture’ I speak of?
“The people that embrace technology of course are the ones who are going ahead. The ones who see disruption not as disruption but as a challenge to develop new processes and new products.”
– Steve Vamos, non executive director, Telstra and Fletcher Building
Every seven years, renowned graphic designer Stefan Sagmeister takes a year off. Unencumbered, unrestricted by the demands of his high-profile career, he has an opportunity to work for himself. The result is surprising, beautiful, provocative (check it out in his TED talk here) and comes from a place of authenticity and complete creative freedom.
As a small business owner, you’re going to have good days and bad days. Some days will be worse than others.
Part of coping with the darker days that come with managing your own operation is being primed and ready to handle them when they arrive.
This involves building a network of advisors around you, hiring the right team and implementing the right technology so you have all the resources to push through and come out the other side with a healthy and stable business.
Sheryl Sandberg told startup founders to fail fast, she didn’t tell you to fail. It’s a subtle difference I’m calling out because there’s a trend starting to emerge, particularly in the Bay Area, that flat out failing is completely acceptable.
Do you want to expand your business, be more competitive in your industry and achieve certain goals?
If you answered yes to any of the above, you need a business plan!
Whether you’ve just started out or you’ve been running your business for years, business planning can be the key to your success.
We’ve laid out three key reasons why you need to get started on your business plan today.
The first year in business is often both the toughest and most rewarding time. It’s when you start to figure out who you are as a business owner, and whether there really are people out there who will pay for your product or service.
More people than ever work remotely, at least part of the week. Here at WorkflowMax, many of our users – and even some of our team – work remotely all across the globe. I myself work from my off-grid eco-home in rural New Zealand. Usually, this is a wonderful arrangement enabling staff the freedom to live and work wherever they want, and to facilitate a great work/life balance. But it comes at a cost.
This week on Xero Gravity, Xero’s very own Rod Drury joins us to divulge what inspires him as a leader. Rod knows all about the importance of thinking globally. A Hi-Tech New Zealand Entrepreneur of the Year winner and stand-up paddleboard enthusiast, he joins Elizabeth Ü in studio to discuss the parallels between Tesla’s plan to make the world better, and how small businesses can innovate and grow beyond their community.
A few years ago, who would have thought you could be watching your kids play sports while keeping on top of your business’s finances? All from a phone in the palm of your hand? Or that you could be travelling – across town or across the world – and be able to login to your accounting software and see where your business stands at that precise moment in time?
When starting a business, one of the things you’ll need to work out is where you’ll operate.
Each business has different requirements, so it’s important to consider what will work for you when deciding on a location for your business.
During the 2015 federal budget, the Australian Government labelled small businesses as the ‘engine room of the Australian economy’ – driving growth and creating jobs.
A year on, the federal government solidified that moniker. They handed further tax cuts to small business owners and increased the revenue threshold to include a further 60,000 businesses not previously eligible for lower taxes and asset deductions.
Staff scheduling is the heartbeat of any SME, and should never be taken on half-heartedly.
Every year you pay levies to ACC to cover injuries suffered in and out of work — and vehicle regos help cover injuries suffered in road accidents.
The eighth budget from Minister of Finance, Bill English, was another “steady as she goes” affair, with many of the major policies being announced in the run-up to the actual Budget release.
Helping New Zealand’s small businesses grow would benefit our economy — but many lack the time, confidence or both to set their sights higher.
You may be surprised to learn that the worst culprits for consistent late payment are not actually the massive corporate juggernauts or the mini mom-and-pop businesses out there… the latest payers are actually high street retailers.
Corporate social responsibility (CSR) is becoming an increasingly popular concept in the retail world. More and more merchants are realizing that giving back doesn’t just make the world a better place, it’s also good for business.
One of the easiest ways to drive sales for your business is to have repeat and referral customers. But if you want a customer to keep coming back, or to refer you to their friends, you have to keep them engaged. This doesn’t mean hammering them with emails or making sure they’re following all your social media accounts. It means interacting with them in a meaningful way, a way that makes an impact.
Over the last few years we’ve been able to get a pretty good handle on your biggest pain points as a business.
Understanding your target audience is vital for developing a marketing strategy that works. Without a particular ideal customer in mind, your efforts amount to little more than wishful thinking. There are very few niches where a business will be unopposed, and if you aren’t making efforts to refine your marketing focus to build better leads, you can be sure that your competition is. Having a great product is only part of the equation. Getting it in front of the right faces is as, if not more, important.