How to set payment terms if you’re a freelancer or contractor

Following up on late or non-paying customers is no freelancer’s favorite task. Which is precisely why you need to set payment terms up front – and in writing – before you work with a new client or customer. By communicating and agreeing on the non-negotiables for doing business with you, you’ll avoid awkward misunderstandings, frustrating disputes, and in most cases, the ugly hassle of debt collection. These tips will help…  Read more

Nailing Your Job Descriptions

Too many businesses brush over their job descriptions, and then wonder why they get so many unqualified applicants. Don’t make the same mistake. Read on to discover how you can craft descriptions that attract the best candidates, and boost your company’s reputation too! Don’t Exaggerate Companies know that attracting the best job candidates means they have to sell their company’s strengths. But this doesn’t excuse exaggeration. Job candidates will figure…  Read more

5 PayPal Alternatives to Send and Receive Money Online

PayPal is the world leading online payment service. You can transfer money to and from your bank account, pay for goods, and even receive payments worldwide. It’s a useful tool for entrepreneurs, freelancers, and even for personal use. However, it does have its drawbacks. PayPal takes a significant chunk of money when it comes to converting and billing international payments. You could end up losing about 5% of your cash…  Read more

How to protect the goodwill in your business

It takes time, energy, and continuous effort to build a brand that attracts loyal customers and is rewarded by word of mouth referrals. Without a doubt, the good name you worked so hard to earn is one of your most valuable business assets; in addition to your solid customer base and positive employee relations, it is what is known in business as “goodwill.” If you’re like many small business owners,…  Read more

Are You Falling Behind By Not Automating These Business Activities?

The daily processes and transactions involved in operating a business can mean long hours of repetitive tasks and occasional oversights due to human nature. Automating these tasks can result in significant savings in resources and eliminate mistakes caused by human error. The key, however, is to know which tasks should be automated and which ones warrant staff intervention and guidance. Let’s take a look at some of them. Here are…  Read more

Using KPIs to monitor and improve business performance

No two companies key performance indicators (KPIs) will be the same, and KPIs will vary one firm to another.  What both hypothetical companies share however, is the challenge of selecting which KPIs are best suited for measuring the goals and progress of their particular business model. Indeed, entrepreneurs have a vast array of reports and data sets from which to choose and select from, but that data needs to target…  Read more

How to turn your hobby into a business

Thinking about turning your passion into a paying gig? These steps will help you avoid some common mistakes as you set out to earn an income from your favourite pastime. Do you have what it takes? Unless you’ve run a business before, it’s easy to get carried away with the idea of how perfect it will be to get paid for doing what you love. Reality check: the stress of…  Read more

So you’ve launched your business – now what?

Good news for small business owners: according to the US Small Business Administration, nearly 80% of small businesses survive their first year. However, that number begins to drop as time rolls on. Only half of Small Businesses pass the five-year mark, and a mere third celebrate their tenth anniversary. Taking steps to create a good foundation in the early days of your business is essential for a sustainable and profitable…  Read more

How to license your business ideas

Looking for a cost-effective means to create another income stream? Consider this: ambitious companies are always on the lookout for the next lucrative business idea. Licensing your intellectual property to another company can be a win-win when both parties see eye to see, and result in a worthwhile payout for all concerned. Wondering how to get started licensing your bright business ideas? Read on. Intellectual property 101 If you’re running…  Read more

How to create an advisory board for your business

Many remarkable entrepreneurs, including Warren Buffet, Sheryl Sandberg, and Richard Branson, have credited their success, in part, to the advice of their mentors. An advisory board is an informal group of mentors whose collective business expertise—and objectivity—can help you make better, more informed decisions, thereby accelerating growth. Unlike business consultants (whose fees may well exceed your budget), advisory board members may agree to provide advice pro bono, for a small…  Read more

Do you share this habit with the world’s most successful business leaders?

What do Warren Buffet, Bill Gates, Mark Cuban, and Arianna Huffington have in common? All of these smart, savvy, successful business leaders share a passion for self-improvement through reading. If you want to improve your skills as a business owner, why not spend a bit of time each day reading books that guide you to greater success? This reading list of 4 inspiring business books will help you get started:…  Read more

5 Common Bookkeeping Pitfalls — and How to Avoid Them

Although most entrepreneurs recognize the importance of careful financial management, few want to spend their time dealing with numbers. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business. Here are five of the most common bookkeeping pitfalls, and some simple tips for getting back on track. Mixing business and personal All too often, entrepreneurs adopt a “buy now, sort later” approach…  Read more

What you need to know about FBT 2018

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the key hot spots for employers and employees. Motor vehicles – using the company car outside of work New safe harbour for utes and commercial vehicles Car parking – are you really declaring the true cost of parking? The living away from home allowance – the common errors Salary sacrifice or employee contribution – where employers are getting…  Read more

New payment methods to consider in 2018

A new year is a perfect time for business owners to set goals to improve profitability. If you aren’t yet familiar with digital wallets and the latest mobile payment technologies, you might be interested in the benefits they afford small businesses, such as: instant access to funds and real-time financial data cost savings on third-party transaction fees and POS systems competitive edge—making it easy for customers to pay quickly and…  Read more

Encouraging word of mouth

If you have any doubt that word of mouth referrals are important, consider these recent stats: According to Neilson, 92% of shoppers trust recommendations from friends and family more than traditional advertising 20% to 50% of consumer purchases are made because of a word of mouth recommendation 81% of buyers are influenced by their friends’ social media posts. So how can you encourage positive word of mouth for your small…  Read more

8 Common Problems New Freelancers Face

Freelancers in all industries deal with the same problems due to the nature of their work.  Typically, freelancers are solo work-from-home contractors that manage every aspect of their business.  If you’re thinking of dropping your career as an employee to begin freelancing, consider the following obstacles you will need to navigate.  Unfortunately, problems beget more problems, and a shaky foundation quickly leads to a crumbly business and many regrets about…  Read more

Main Causes of Stress for Business Owners & How to Counter Them

Many entrepreneurs believe that hard work and dogged determination are all it takes to build and sustain a successful business. But when you consider the pressures of running a company, it seems wise to add effective stress-management to the list. Left unchecked, stress can erode your passion and undermine performance – not to mention, take a serious toll on your health. Research compiled by Office Vibe reveals that over 70%…  Read more

Is business insurance worthwhile?

If you’re like many small business owners, your business may not be adequately insured in the case of a fire, flood, natural disaster, theft, or personal injury. Often home-based business owners assume they are covered under their homeowner’s policy. Other entrepreneurs, working long hours and pulled in too many directions, may never get around to talking to an insurance agent about their business. If you’ve been procrastinating on business insurance,…  Read more

What is your succession plan?

According to recent research, a staggering two-thirds of US millionaire-owned businesses are operating without a succession plan—and even fewer small business owners around the globe are prepared for their CEO’s eventual exit. Recent stats from PWC Global show that family-owned businesses are no more prepared: 43% don’t have a succession plan in place, and only 12% survive to the third generation. No matter whether your company has one employee, a…  Read more

Protect Business Reputation by Planning for Big Sales

A business plan is essential for business development. But even with a solid plan, there is some aspect of unpredictability. There is a multitude of variables that have to be taken into account, any of which could have a great impact on the prosperity of a small business. Sales forecasting may well be the most difficult and complicated of all areas covered in a strategic business plan. To predict sales,…  Read more

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