No matter how innovative, sought after or profitable your small business may be, without cash in the bank, you’re going to face some serious struggles.
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“Success.”
Typically defined as: ‘the accomplishment of an aim or purpose.’ (1)
Success means a lot of different things to different people. Success may mean wealth, or it may mean happiness. It may mean fame, and for others it may mean power. But can revenue be a true predictor of success?
Raw data describes the facts and figures that a business processes every day. Over time, every business hoards a certain amount of data and it only becomes information to a business after it has been processed to add context, relevance and purpose.
New Zealand’s Consumers Price Index for the March 2015 quarter fell 0.3% compared with last quarter, but the prices for fruit, rental housing, and newly built housing all went up. With the basic costs of living and housing all consistently rising, saving money for your retirement becomes less of a focus, and seemingly less achieveable.
As your business begins to grow, when the workload increases and the time commitment too, you may start to think you need some help. If getting the kids to stuff envelopes for pocket money come invoicing time just isn’t cutting it anymore, it might be time to think about formally hiring some staff.
This guest blog is by Tim Campbell, the first winner of BBC TV’s The Apprentice and co-founder of the Bright Ideas Trust, a charity that helps people start their own businesses.
Accountants can help out at various stages during the growth of your business. They can handle much more than just your payroll and tax returns. So when should you consider hiring an accountant for your small business?
If you want your business to work smarter and faster, cloud accounting software is a wise investment. Working in the cloud will give you a better overview of your finances, and improve collaboration with your team.
Congrats! You just finished setting up your online store. You’ve created winning product pages, put up some killer product photos, and you’re ready to start selling to the world.
You started your own business to do something you love and make money. But how much should you pay yourself? Too little and you may struggle to survive. Too much and your business might be at risk. So how do you strike the right balance?