Do you know that the wages you pay your employee is not all that your employee costs?
You understand the phrase, “Time is money” better when you are in the labour market.
Tax Day is just right around the corner
Facebook started in 2005 as a small networking site at Harvard University.
What is really happening in the life of our small business?
China is currently developing a kind of social credit system, not dissimilar to a financial credit system, designed to reward people for doing good deeds and demonstrating honesty and integrity while punishing people for committing untrustworthy acts.
The concept of search engine optimisation (SEO) is literally everywhere. It is so important now, and every webmaster needs its knowledge, so content marketing is as effective as it is supposed to be.
There’s a reason “The Room Where It Happens” is one of Broadway hit Hamilton’s standout songs: the track’s theme -- longing to be included among key decision-makers in the place in which decisions are made -- is timeless.
Bank feeds are a core component of Xero, giving you an up to date view of your cash position so you know how your business is performing.
If it’s going to survive, a startup needs to grow.
In today’s competitive environment, businesses can survive and thrive when managers or owners implement measures that encourage their employees to share new ideas and innovations to improve the workplace. As a temp administrative assistant, I have observed many innovations that work - and don't work- on the job.
TIP: All leaders that are good need to focus on days to come. You have to know what's next and how to prepare for it.
Make it a point to look for hidden talent in your teammates. It should be easy to determine who benefits you the most, when you are looking for helpers.
As part of the Beautiful Business Talks hosted by Xero at this year’s Accounting Business Expo, I was given the opportunity to present on how accountants and bookkeepers can provide advisory services to their clients.
Accounts receivable is the money you’re owed by customers. Once you send an invoice (or bill), it becomes part of your accounts receivable – until it’s paid.
Ever heard about SSL Certificates?
You probably have.
When it comes to businesses and the publicity they involve, losing one customer can cause a chain reaction that makes you lose several other customers; existing and potential.
Benefits have evolved. Once upon a time, “word-of-mouth” adverts was what worked, later on, if you couldn’t get your business to be on the television or radio, you were not dreaming big enough.
The cloud – what is it and why is it important? Like the name suggests, the idea of the cloud feels lofty and hard to grasp. Simply put, cloud computing is the practice of using a network hosted on the Internet, or “the cloud,” to store, manage, and process data. This means you won’t have to maintain or own any hosting equipment.
So you didn’t follow the Elon Musk path of creating a computer game at age 12 or cold-calling a corporate banking maven to snag a paying internship? You can still become a compelling, talked-about entrepreneur if you follow a few best practices.
When was the last time you stopped to think?
I mean really stopped.
One of the biggest mistakes made by new business owners is not to engage startup legal services to handle possible issues for their new venture.
The difference between cash basis and accrual basis accounting comes down to timing. When do you record revenue or expenses?
For hundreds of years, paper was the gold standard of written communication.
Anything you needed to record or remember, from love letters to receipts, was printed on paper.
Business negotiation is a world of contradictions. You’ve got to be firm but flexible open and sharing, but a little cagey. There’s a lot to get your head around. But your state of mind might be the most important thing. Aim for a mutually beneficial outcome, and you’ll find the whole exercise more comfortable. Follow these five tips to prepare for your next negotiation.
For most of us the internet is an intrinsic part of our lives. We rely on it to get us where we are going, connect us to friends and family and answer all of our questions, no matter how banal. It has also quickly become an integral part of most businesses, enabling them to complete business transactions in mere minutes as well as connect to their customers and a global network.
Effective job scheduling is one of the most important but least understood disciplines of business management.
UX (User Experience) is at the heart of every good design. It’s the difference between your customers groaning in wretched frustration, or grinning with enjoyment; with them shaking a defeated fist at your site and hastily clicking away from it, or completing a satisfying purchase and wanting to return for more.
Ten years ago, the accounting industry looked very different but new technology is evolving. Cloud-based software is becoming more prevalent everywhere you look; accountants have had to adapt their mode of operation. These changes to the industry will create so many opportunities for accountants. Yet, there will also be notable challenges to face with this level of change.
Christmas is here and more than anything, it’s usually referred to as the season of love. Love is expressed by giving, and many employers hope to express this love to their employees by giving gifts.
When a customer asks you for a quote, they're giving you a golden opportunity. With the right response, you can close the deal quickly and win new business. Here's how to make the most of price quotes.
Business plans help define goals and help you achieve them. If you take time to set concrete and achievable goals, you can then chart a plan to reach these goals successfully. Having tangible goals can make a business thrive.
Almost every small business struggles through ups and downs on their journey to funding business growth.
Strategic planning is the blueprint for your business. It’s an aspirational and practical plan for your future that can give you an exact outline of where your business is, and where it should be.
Grow your business by strengthening its eCommerce capability. eCommerce is one of the most rapidly growing ways to sell products to customers in most countries globally.
You may have come across two terms which are often confused – Business-to-Business (B2B) retail and Business-to-Consumer (B2C) retail. In this article, we outline the key features of each model so that you know the differences between the two.
The proliferation of e-commerce has been a game changer in the world of retail, and if adopted correctly can be hugely beneficial for manufacturers too.
Working from home is becoming increasingly common as many employees look for flexibility and work-life balance.
The Asia-Pacific region has seen an online boom over the past decade, particularly in eCommerce. This part of the world has the largest online market globally and high levels of growth in the Australian eCommerce market have had a lot to do with this.
The manufacturing industry is changing and new trends are shifting the way manufacturing companies operate their facilities. In addition, manufacturing companies are looking to become more sustainable in their operations.
The world of accounting and bookkeeping is changing. It was a decade ago that I decided to upgrade our small business from spreadsheets and Word documents to a proper accounting system.
As passionate believers in the healing power of flower essences, Scott Harris and his co-founder Jayne Tancred established Tribe of the Tree in Sydney seven years ago.
Seasonality might make you think of the holiday season but seasonality is not exclusive to Christmas, Easter or Halloween! Seasonality also encompasses the summer seasonal boom.
In an ideal world, your business would never have excess or obsolete inventory. However, this can and often does happen when demand for certain products decreases and supply remains steady or increases.
There are many factors that can contribute to business success or otherwise. When first starting out, business owners can be focused solely on serving customers that they forget to check out the competition.
Managing seasonal pressures in the automotive industry is an ongoing struggle for car dealers, repair shops and others in the auto business.
One of the major differences between brick-and-mortar and ecommerce retail is the ability (or inability) to create a physical customer-product interaction.
When it comes to quality control as a manufacturer, it’s important to remember the role inventory management has on your ability to moderate quality. In terms of running a business, your aim will be to make quality products that will sell, with as little waste as possible.
There are many lessons to be learned through failure. Each time something does not work in a business, there are endless reasons and factors that could culminate to cause the failure.
Controlling a supply chain can be a very difficult exercise. Businesses can struggle to control what is going on in their supply chain and this can result in failure.
Working remotely or freelancing has its positives— working in your pyjamas being one of them— but when it comes to self-motivating and staying productive, it can be an uphill battle.
No entrepreneur or business startup sets out to fail, yet in every industry, there are those companies that grow and dominate their markets, while others stagnate or ultimately fail.
Gift giving is a major part of the holiday season. As a result, the holiday seasons is hectic, not only for the consumers, but also the retailers and manufacturers supplying the gifts.
Picture this — you find yourself in an industry that is dominated by big chains at the top and crowded with online stores that keep popping up. How do you stay competitive?
Highly successful retail businesses don’t just happen overnight, nor does it (usually) occur because of one big, bold action.
Stockouts almost always make it to the “worst nightmare” lists of retailers, and for good reason. Not only do they lead to lost sales, but out-of-stocks also result in reduced customer satisfaction and lower loyalty levels.
Global sourcing occurs when companies go beyond their home borders for sourcing goods and services.
It is a difficult task to gauge customer satisfaction without some form of survey to do so. However, understanding the extent to which your customer base is happy with your services is integral to your company’s success.
Strategy lies at the heart of most successful businesses. Businesses that plan and have clear objectives or goals, robust accountability and a shared sense of purpose should always outperform those that just show up and go through the motions.
The success of a business, amongst other things, is largely dependent on their ability to supply their product or service to a customer exactly when and in what quantity they require.
As industries increase in globalisation, establishing trading relationships with suppliers further and further afield, there is a concurrent and rather ironic push for consumers to support local entities and ‘shop small’.
How much money do you lose to stockouts and overstocked items every year? The answer might surprise you.
As some countries ring in the new financial year, now is the time to reflect and make New Year’s resolutions for your SME for the financial year ahead.
Every seasonal business – whether it’s a haunted house attraction open on Halloween or a summer souvenirs shop on the beach – dreads the off-peak season.
Sales numbers are not the only factor that influence a business’ bottom-line. Inventory management is just as important, and managers need to be wary of a few common inventory management mistakes to avoid.
Working from home is becoming increasingly common as many employees look for flexibility and work-life balance.
Online purchasing has not-so-slowly and very surely become the way people shop. It is efficient, convenient and best of all can be done without any concern for traffic or trying to find dreaded car-parking at a mall.
If your business is doing well and you’re looking to expand, that can be a sign of success. However, moving to the next stage of business development can be a risky endeavour.
Holiday seasons are often just as exciting for food manufacturers as they are for consumers. Holiday seasons are big business for food manufacturers.
Managing your business’s impact on the environment is not only good for the environment but it can also help to improve your business’s reputation and reduce business costs.
It’s the Holy Grail of business: increasing the number of profitable hours in a day.
In any business, large or small, good teamwork is essential for morale, productivity and efficiency.
We have spoken to hundreds of business owners and thousands of their employees over the last twelve years.
You’ve done the hard work by setting up your business and establishing solid foundations with a good client base – congrats! So how do you expand, and do so profitably?
Even if a business has some other, high value, assets such as factory plant, inventory is likely to essential to the business’ ability to trade profitably.
More than just dispatching machines, handhelds have become as ubiquitous to field service as the screwdriver and wrench.
Many small business owners don’t give a second thought about the need for clear communication.
Businesses today are quickly adopting cloud software as the benefits become more apparent and even necessary to keep a competitive edge – benefits like less paperwork, greater efficiency, and time savings.
Due to the nature of the distribution model where distributors profit by selling inventory to their customers, failing to manage inventory well can be a major liability for distributors.
Look at a company with a reputation for strong employee engagement and you’ll find a high performing business. We’re not making this up.
Knowing what your payroll costs are – daily, weekly, monthly and yearly – is an important part of running a successful business. It allows you to forecast future wage costs, ensures you don’t have any surprises come pay day, and gives you confidence in the stability of the business.
But do you know the TRUE cost of your roster?
Remember the old (and slightly misogynistic) phrase Happy Wife, Happy Life! ? Well, it turns out there is a workplace equivalent: Happy workers, productive business! (and no – we couldn’t make it rhyme).
Small and Medium-sized Enterprises (SME) are companies that are independently owned and managed with less than 250 employees in their ranks and bringing in less than 50 million euros per year.
It’s no debate that the world is becoming increasingly globalized. Despite some barriers to entry into international business, geographical expansion and the use of imports and exports has become easier and more prevalent. Regardless of the size of a business or where it chooses to operate, one necessity remains constant, and that’s the need for accurate costing.
Working at home has its advantages. The commute is negligible, it’s much cheaper, you can bring in the washing if it looks like rain and work around children schedules and nap times.
On the other hand, there are negatives. Client meetings may require a tidy up and a vacuum, taking on employees means having them in your private home, isolation from the rest of the world, no handy coffee shop next door for your caffeine fix.
As a small to medium business owner, getting your inventory management right can sometimes seem like a daunting endeavor. Fortunately, most of the stress involved in developing good inventory practice can be resolved by identifying the right inventory management strategies for your business. That’s not to say that there’s an immediately obvious solution for every problem – there are some tricky issues in inventory management however there are well-documented strategies to help you get the basics right.
Struggling to keep on top of employee timesheets? Want to offer employees a simpler way to clock in and out? Keen to track remote workers’ location throughout the day? Eager to make payroll easier? TSheets, a mobile employee tracking software, is here to help.
Cloud software is fast becoming the way to do business. The reason for this? Everything becomes easier, more accurate and more accessible – which, at the end of the day, is the direction a company should be going in. Cloud-based software is basically where everything to do with the program is online. We will look at a few ways that cloud software can help you achieve good inventory management and manufacturing control.
Keeping productivity levels buzzing is proving problematic for a lot of small to medium Kiwi businesses and the nation lags behind other countries for getting lots of stuff done, efficiently.
Several different factors improve productivity including keeping up-to-date with technology, investing in research and development and connecting with other businesses.
Campbell Parker is one of the brains behind two of Christchurch’s must-eat restaurants.
Opening in March 2015, Bootleg BBQ is an inner-city destination providing the city’s meat and craft beer lovers with a real taste of American cuisine. The Old Vicarage, which Campbell has owned for the past 10 years, is an iconic restaurant on the outskirts of Christchurch.
Safety doesn’t happen by accident. As a business owner or director, you need to be deliberate to make sure everyone who comes to work goes home healthy and safe.
Manufacturers and inventory obviously go hand in hand, it’s not like you can manufacture anything without the necessary parts. However, even with simpler manufacturing jobs, there are a lot of moving parts, and managing the supply chain can become a complex business. It’s one big juggling act, and if you drop one of the balls it can send it all spiraling out of control. However, with inventory management and modern software a lot of the worries of old can be controlled.
Here’s how inventory management can help a manufacturers business performance.
Most business owners face a constant struggle to get everything done in the course of their working week, while looking for ways to keep costs low and sales high. Optimising your supply chain is a must for achieving this goal, and it requires careful management of your suppliers or manufacturers. But that’s no easy task when they’re also busy and can’t always respond to your requests as quickly as you’d like.
Launched in 1985 for Mac and two years later for Windows, the first version of Excel was an advancement in spreadsheet technology. A great new tool to help sort, manipulate and present data; one that supported the automation of repetitive tasks.
Thirty years is a long time in technology. Using spreadsheets to manage inventory, financials and business reporting is costing your company time and money. Here’s five reasons why:
Don’t get stuck in your own Groundhog Day: 4 easy changes to re-energise your business
Just-In-Time (JIT) inventory is a strategy used to increase efficiency and minimize waste in the manufacturing process. The overarching concept of JIT is relatively simple, with a JIT approach, when an inventory item is in demand, it is delivered and as a result this system does not have high inventory levels. By receiving goods only as they are needed in the production process, it minimizes inventory costs. There are many factors that must work in harmony for such a system to be successful. Below are some of the key highlights of a JIT inventory system.
Hospitality is a complex – and often fickle – business. There are so many factors that can affect the need for staff, and therefore the overall turnover of the business. There are far too many to mention, but can include: changes in weather; local events; public holidays; what your competition is doing; what deals are running; and how you’ve marketed the business.
Effective job scheduling is one of the most important but least understood disciplines of business management. Assigning the correct employee to the right job at the right time is crucial for business success, especially for companies with a mobile workforce. So why don’t some managers give it more of their attention?
Who is responsible for fixing a product if it breaks after the manufacturer’s warranty or an extended warranty has expired? If you answered “the customer”, you should read on — the good reputation of your business may depend on it.
You’ve had a hectic day at the office. A last minute crisis occurred and you worked 2 hours overtime to get everything done. When you finally arrive home you’re too exhausted to cook dinner (and substitute with greasy takeaways and a cheap bottle of wine).Your ‘quality time’ with your spouse consists of a few muttered sentences before doing the laundry and other crucial tasks, then rolling into bed exhausted.