Tag: Business Advice
- Accounting & Advisory for Self-Storage Owners – New Development Case StudyIn 2019, the soon-to-be owners of a substantial five-acre property in regional Victoria sought the expertise of Ewen Fletcher at Sharp Accounting to navigate the complexities of a greenfield self-storage development. Although adept in business operations, the clients were newcomers to the self-storage industry and relied on Sharp Accounting to play a pivotal role in…
- Navigating Overdue Accounts in Tough Economic Times: Six Strategies for Ensuring PaymentIn times of economic slowdown, cashflow becomes even more critical for businesses. With fewer funds circulating, some customers may struggle to fulfil their financial obligations. To safeguard your business and mitigate cashflow risks, here are six steps to help you secure overdue accounts: Maintain Firm Terms of Trade While upholding your payment terms is crucial,…
- Mastering Accounts Receivable: Your Guide to a Seamless Payment ProcessIn business, accounts receivable stands as a cornerstone for financial stability. It’s the lifeblood that ensures you get paid for the hard work you put in. But mastering this process requires more than just sending out invoices and crossing your fingers. It demands a well-thought-out strategy that covers every aspect of the payment lifecycle –…
- Sharpen Your Numbers – FAQ: Why can’t I just use spreadsheets for my business?We have another question to share in our latest Sharpen Your Numbers FAQ series; Dave asks the burning question: “Why can’t I just use spreadsheets to manage my business?” Discover why accounting software like Xero is the key to efficient financial management, accurate reporting, and business growth in this short video answered by Glenn. Notice:…
- The seventh cause of poor cashflow: boosting low salesMany businesses face the challenge of maintaining viability when sales fail to cover overheads and cash demands, leading to a perpetual increase in overdrafts. To address this issue, it’s essential to implement strategies that bolster sales effectively. Here are five key strategies to consider: Increase Customer Retention Focus on retaining existing customers by providing exceptional…
- Sharpen Your Numbers – FAQ: I want to go into business for myself, where do I start?Glen asks about how he can get started with a new business. Glenn suggests beginning by seeking advice from professionals like us. Start by consulting with an accountant to understand tax implications and record-keeping requirements specific to your business. It’s crucial to grasp these fundamentals before diving into your entrepreneurial journey. Learn more in this…
- The Achiever MatrixAs business owners, time management is key to success. Ewen explains how using the Achiever Matrix can help you focus on what truly matters in your business in this short video.
- The fifth cause of poor cashflow – gross profit margins are too lowDiscover how optimising your gross profit margins can positively influence cashflow and bolster financial stability for your business. Uncover actionable tactics to elevate profitability and maximise returns on sales. Understanding Gross Profit Margins Your gross profit margin represents the residual amount from total sales revenue after deducting variable costs. Calculate your gross profit margin to…
- The third cause of poor cashflow – your inventory turnoverLearn how optimising your inventory turnover can alleviate cashflow challenges and enhance financial stability for your business. Explore actionable strategies to convert stock into cash faster and improve overall profitability. Learn why inventory turnover is important here. Understanding Inventory Turnover Calculate your inventory turnover by dividing your cost of sales by your average inventory or…
- The second cause of poor cashflow – your accounts payable processExplore how your accounts payable process can impact cashflow and financial stability for your business. Learn about the importance of reviewing Terms of Trade and implementing spending budgets to manage cash outflows effectively. Spending Budgets Establish yearly budgets to regulate spending and ensure alignment with financial goals. Control spending by monitoring department budgets and authorisations…
- Step 8 of Building a Better Business: Build Strong Networks for Referral Generation in Your BusinessReferrals are a powerful means of securing new business, and one effective way to generate them is by building strong networks. Networking and referrals offer a cost-effective strategy for business growth, with a potentially significant return on investment. Here are five ways to maximise referrals from your networks: Calculate the Lifetime Value of a New…
- Step 7 of Building a Better Business: Elevating Success through AccountabilityBreaking the cycle of unmet resolutions requires more than good intentions—it demands accountability. With approximately 80% of New Year’s resolutions faltering, securing someone to hold you to account becomes paramount for achieving your business goals. The key to completing committed actions lies in granting someone the authority to follow up persistently. Whether it’s a personal…
