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3 ways a mentor can help you succeed

Nail your pricing strategy Money matters in business. A good pricing strategy should consider your costs, customers, and competition. Understanding these three elements lets you consider which pricing model fits best.  A mentor can guide you to: make better financial decisionsfind funding when neededkeep your business running smoothly even when times get tough. Although there's no one-size-fits-all strategy for pricing, it's worth taking time to get it right for your bus...

XERO - New Business Plans - September 2024

Xero’s new plans are designed to provide you with easier access to the tools to help run your business efficiently.They are available from 12 September 2024....

How your personal credit score impacts your business

For the one-in-five self-employed Kiwis, or those who own a business, the impact of your personal credit score on your business can be significant.Business director reports are often requested by many banks, finance companies, utility companies, and large corporations, as a part of their standard credit check on a business.  Your consent is necessary for a business or organisation to view your personal credit report. You will likely find it is included in your agreement/terms of trade with ...

How to know if your customer is struggling?

All Kiwis – and Kiwi businesses – go through good times and bad times. With the recent cost of living crisis, more consumers and businesses are struggling with their repayments.Late payments will be the first sign that something isn’t right for a customer. If a business is struggling to pay suppliers, or a consumer can’t meet one of their regular expenses, it’s a strong indication that they may be in financial strife.Even if they make repayments to your business on time, they may be be...

Three questions for business success. Part 3 Pricing

In this series, we will see how three questions for business success are approached and provide some practical tools and techniques for the SME owner to answer them.Since businesses have been in existence, these questions have perplexed most of their owners. Before AI, before the internet and even before electricity.Who is my ideal customer?What makes my product or service attractive?How should I be pricing my product or service?An article in the NZ Herald from June 2024; Big Red, What went wron...

Three questions for business success. Part 2 Value Proposition

In this series, we will see how three questions for business success are approached and provide some practical tools and techniques for the SME owner to answer them.Since businesses have been in existence, these questions that have perplexed most of their owners. Before AI, before the internet and even before electricity. Who is my ideal customer?What makes my product or service attractive?How should I be pricing my product or service?An article in the NZ Herald from June 2024; Big Red, What wen...

Three questions for business success. Part 1 Ideal Customer

In this series, we will see how three questions for business success are approached and provide some practical tools and techniques for the SME owner to answer them.Since businesses have been in existence, these questions have perplexed most of their owners. Before AI, before the internet and even before electricity.Who is my ideal customer?What makes my product or service attractive?How should I be pricing my product or service?An article in the NZ Herald from June 2024; Big Red, What went wron...

Why Productivity Matters and what you can do about it

Productivity is a term associated with strong economies, robust businesses and the efficiency gains of clever staff. If only businesses were efficient, then we would have fewer of them failing, more employment and better incomes for owners and workers alike. In New Zealand, according to The Xero Small Business Insights Special Report, Small Business Productivity: Industry and Regional Trends 2023, Kiwi business productivity fell by 6.1% in 2023.Unfortunately, not all businesses get to the heady ...

Have you updated your payroll systems and processes for the new minimum wage?

Does the minimum wage increase affect you? Make sure your payroll systems are updated now.- The adult minimum wage increased to $23.15 per hour on 1 April.- The starting-out and training minimum wage rates have also gone up to $18.52 per hour.Employers who pay their employees by the day, week, or fortnight, or pay them an annual salary, need to make sure employees are paid at least the minimum wage, appropriate to the basis on which they are paid. Additional time must be paid at least $23.15 per...

Digital Marketing for Small Businesses & Tradespeople

Marketing is the lifeblood of any business. A constant stream of customers allows cash to flow smoothly. It pays to know that you don’t need a huge marketing budget to see a return on your investment either.Digital marketing is a great way to win work with little financial investment — more often than not, it just takes a bit of your time.Tradify HQ has helpful information on digital marketing for your business....

5 common accounting mistakes (and how to avoid them)

Starting a business can be a challenging experience, especially when it comes to managing your numbers and staying on top of your financial management.Unless you’ve got some experience in finance, the bookkeeping and accounting requirements can be quite daunting. And even with today’s helpful cloud accounting platforms and fintech apps, there’s always the possibility of making a simple accounting mistake.So, what are the most common accounting mistakes made by business owners? And what can...

No-Nonsense Business Plan Guide for Contractors and Tradespeople

Source: Tradify HQ...

Small Business Loans and Cashflow

If you received a Small Business Cashflow Loan (SBCS), is your repayment plan on track?The scheme was launched to assist eligible small-to-medium businesses adversely affected by COVID-19. A top-up loan allowed businesses that had already accessed a loan to draw down an additional $10,000 with a new repayment period of five years. Applications could be submitted until 31 December 2023.The first two years of loans are interest-free if the loan is not in default. Repayments aren’t compulsor...

Keeping your customers safe

As a small business owner, you play a crucial role in ensuring the products you sell are safe for consumers to use.By knowing about product safety and making sure you’re following any applicable regulations, you can protect your customers, your business, and your reputation.Why product safety mattersProduct safety is essential for protecting consumers from potential harm. There are voluntary standards for many products and some products have mandatory safety standards. Voluntary standards...

Business planning e-learning

Success in business requires careful thought and a path forward — a business plan.Watch these four short videos to start your plan or get a fresh perspective on what you’ve already planned.We’ll step you through our business plan template, one section at a time.Business planning e-learning videos...

DIY accounting vs hiring an accountant: make the right choice for your business

When you’re starting out as a small business owner, the temptation is to go DIY with your accounting. Hiring a professional accountant or tax adviser costs money and that’s an overhead that you can remove by doing all the financial management yourself, right?But is DIY accounting the most sensible option for your business? And why might partnering with an experienced accountant be a valuable investment in your future?The 5 big challenges of managing your own accountsAt the initial stages of ...

Harnessing Tech Advancements in Retail: A Guide for Small Businesses

In today's rapidly evolving retail landscape, technology is not just a tool but a transformative force. For small businesses, embracing technological advancements can be the key to unlocking growth and staying competitive. Among the most revolutionary technologies reshaping the retail sector are artificial intelligence (AI), extended reality (XR), and advanced data analytics. These innovations offer unparalleled opportunities to create immersive shopping experiences, enhance personalisation, and...

5 tips for chasing invoices without annoying your clients

When you’re a small business owner, sole trader or freelancer, asking for payment on overdue invoices can be a delicate matter. Without an accounts person or department, sometimes you’re trying to secure new work and chase invoices from the same person. That can be an awkward tightrope to walk. Here are five tips for chasing payments while maintaining customer loyalty: Automate reminders - Set friendly payment reminders that go out automatically – they tell clients they’re missed a payme...

Employee management is simpler and more accurate with online timesheets

Discover how much easier and faster it is to use online timesheets – for time recording and staff scheduling.Time to switch to online timesheets?Cloud-technology has changed how we do business. What used to be expensive technology is now affordable and accessible to anyone with a mobile phone.Now your business, no matter what size, can have an easy-to-use staff scheduling and time-recording system. It’ll save you hours of admin, improve staff engagement and help you get the most from your sp...

Exit - Stage Right!

It takes a lot to start a business. Few business owners start with exit in mind. You start with a dream and the tenacity to make it real, and make it grow. When do you start thinking about what you want to happen when you retire? Some business owners talk about funding a lifestyle but actually work is their lifestyle. They’d rather go with their boots on. But what happens to the business? Assets? Clients? Employees? The dream and the hard work that made it real?Don’t let your exit strategy h...

Improving Cash Flow in your Trade Business

In today’s dynamic business environment, it’s never been more important for trade business owners to understand the ins and outs of their finances.1. The common cash flow mistakeOne of the most common mistakes trade business owners make when trying to improve their cash flow is only accounting for what’s on their profit and loss statement. When someone does this, they’re failing to realise that profit and cash are not the same things.As the saying goes, “Revenue is vanity, profit ...

How To Get Good Reviews for Your Trade Business

Word of mouth is an extremely effective form of marketing and online reviews super-charge their already powerful effect. Research shows that reviews have a very important role to play in customers' purchasing decisions. According to Brightlocal 91% of people aged 18-34 trust online reviews as much as personal recommendations, and 93% of consumers admit that online reviews helped influence their decisions.Looking for help with your marketing efforts? Download a free Marketing Plan for T...

New Childcare Credit

New Childcare Credit to Ease the Burden for Hardworking FamiliesGreat news for hardworking families! Starting July 1st, a new credit aimed at easing the cost of early childcare education (ECE) is here, thanks to Finance Minister Nicola Willis. This initiative is designed to help parents and caregivers manage the rising costs of living, especially when it comes to childcare expenses.What’s the Deal?Parents and caregivers can now receive a partial reimbursement for their ECE fees. You can get ba...

The importance of regular bank reconciliations

Bank reconciliation stepsBank reconciliation happens when you compare your record of sales and expenses against the record your bank has. It’s how you verify your business accounting numbers.1. Get bank recordsYou need a list of transactions from the bank. You could get that from a statement, from online banking, or by having the bank send data straight to your accounting software. If you run a current account and a credit card account, you’ll need both statements.2. Get business recordsOpen...

The art of networking: techniques for becoming a great networker

Leading a business can be hard work. But the good news is that you're not the only founder, owner-manager or CEO who's treading this path. Networking with your peers is a great way to make connections with other entrepreneurs, while also looking for new business opportunities.5 ways to improve your networking skillsBeing part of a wide network of entrepreneurs and business leaders is about being part of the business community. It’s about giving to the community, as well as being supported by i...