Back to Blog

What is Price Elasticity of Demand?

Before you price your product it’s important to understand how sensitive your customers will be to price changes. This means getting an understanding of your market, your competitors and how price elastic it is.Price elasticity is an economic concept that you should get to know. It is instrumental in understanding demand for your product and the price you can set for it.A price elastic product is one that experiences changes in demand as the price rises or falls. Some products are staples, and...

How builders and tradies can survive and thrive in a downturn

The past few years have been extremely busy for builders and tradies across Aotearoa, with a booming renovation market and record numbers of new homes under construction.However, consents seem to have peaked and there’s been plenty of commentary around a slowdown in the sector. If you’re a builder or a tradie who’s worried about operating in a downturn, what can you do? Here are our top tips to help your business survive – and thrive – if demand drops away.Can you diversify?Looking clo...

Changes for GST: Invoicing and record keeping changes

Watch the webinar talking through the GST invoicing and record keeping changes that were introduced in the Taxation Act 2022. The new rules come into effect on 1 April 2023.Watch the Webinar HERE...

Four ways Kiwi small businesses can hit refresh for FY24

The past few months have been a whirlwind for many New Zealanders. From devastating weather events to rising costs of living pressures, it’s been a hugely challenging start to 2023. But the promise of a new financial year brings the chance for small business owners to reset their work routines – creating new habits, goals and even wellbeing practices to make life a little easier. Despite continued uncertainty, year end is the ideal time to think about how you can set yourself up for suc...

Strategic business partnerships: the benefits of working together

...

Which employee gifts are tax exempt?

Whether it’s for reaching a sales target, a birthday, Christmas or just to say thanks, sometimes you want to buy gifts for your employees.Although it’s a nice gesture, as a business owner it can be unexpectedly complex to provide staff perks. Perks like subsidised gym memberships and discounted products will attract fringe benefit tax, while cash and cash-redeemable vouchers are taxed as part of PAYE.Any cash, or vouchers redeemable for cash, are taxableA gift that comes in the form of cash,...

Why your business needs a continuity plan

If the past few years have taught us anything, it’s to expect the unexpected. Whether it’s a flood, a pandemic or a power cut, life has been throwing us some serious curveballs. Your business has already survived a considerable number of major challenges – but could you do a better job of being ready for the next one?What is a continuity plan?A continuity plan identifies big risks to the operation of your business, and sets out actions you can take if these risks occur. It means having a b...

Simple ways to plug the talent gap

Finding the best talent is an uphill struggle. We’ve got some innovative ideas for how to overcome the talent shortage. There's no escaping the fact that many industries are facing a talent gap. 3 in 4 employers are reporting difficulty finding the talent they need in 2022, according to stats from Manpower.Experienced hires are increasingly hard to find in the current job market, across a multitude of sectors. This lack of suitable talent could well be having an impact on your resourcing,...

Top tips for getting your financial year end work completed quicker

Getting your financial end of year work done now will give you accurate data to make informed business decisions. Get your end-of-financial-year work done now so you can focus on your business.A new financial year is upon us and that means that it’s time to check the accuracy of your financial information in your accounting software for the past financial year, and to gather the documentation that we, as your accountant, will need to finalise your accounts and file your tax returns.The sooner ...

Could outsourcing help you grow your business?

When you run a small business, the amount of work can ebb and flow. Unexpectedly busy periods can create too much work and stress for a small team or one-person business. But if a surge is seasonal or unreliable, you don’t necessarily want to commit to taking on another employee.One solution is to use outsourcing to give you some flexibility during busy periods.What could you outsource?There are several types of jobs that can be ideal for outsourcing:Tasks you dread, usually procrastinate or t...

Digital Signatures and Cyber Security

Authenticated digital signatures can be a valuable part of your cyber security approach. They are more efficient than printing, signing and scanning documents and provide one-off encryption for the highest level of security. In fact, they are more secure than a handwritten signature.If you have a lot of documents that require signing within your business, whether internally or externally, using a digital signature app will streamline your workflow and make managing the signing of documents more ...

Government support for flood-affected businesses

Prime Minister Chris Hipkins has announced new funding for businesses that face significant impact on their operations, or closure as a result of recent flooding. The support package has been developed after consultation with the Auckland Business Chamber and the Employers and Manufacturers Association.Support package will include:$3 million for flood recovery payments to help significantly affected businesses.$1 million for mental wellbeing support through a boost to the First Steps programme.$...

Clothes, rent, meals – what is tax deductible?

As a business owner, which expenses are tax deductible and which are not? We help answer some of your questions.Is the cost of my work clothes tax deductible?Only if it’s a uniform or safety clothing. Anything you buy that could potentially be worn for other purposes is not tax deductible.What about my car?Vehicle expenses when you travel for work are tax deductible. If the vehicle is purely used for work, you can deduct all the costs, otherwise you can only claim a portion. Remember that trav...

Open banking: What will it mean for you?

New Zealanders will soon have better access to open banking – but what is open banking – and what impact will it have on the way you shop and do business?Open banking is a secure shared infrastructure for moving financial informationOpen banking is a financial technology that uses an open API to send information safely. It creates a shared digital infrastructure to transport information securely between registered parties.The open API lets you send a business or institution a chunk of financ...

Keeping your cashflow strong in tough times

Small businesses are particularly vulnerable in tough economic times.When sales are slow, there are still overheads and salaries that need to be sorted. Pre-planning and being proactive can help you weather tighter economic periods and allow you to continue to thrive.Make sure you have a clear picture of your payroll, and any other planned expenses that will need to be accounted for.If there’s even a possibility that there could be a shortfall, it’s essential to meet this head-on. Whether th...

Shifting your mindset

"People are the foundation of everything we do and should always be our first thought if we want to be sustainably successful in what we do.Whether you’re a business owner with a team behind you, self employed, or a team member, wellbeing should be a point of focus. Your clients, your staff, and believe it or not – yourself, are people. And that comes with it a certain level of care.Here are some simple thoughts I have around wellbeing and growth mindset that can help you perform better or c...

Vaccinations in the Workplace - October 2021

...

Manage Your Working Capital!

Wanting to know more about your business capital and when to spot risks or know when you can go for an opportunity. Read this article on the business.govt.nz website. ...

Business Bookkeeping Webinar - Linda Klok @ Klox Business Solutions

...

Maintaining Privacy and Security When Sharing on Social Media

When it comes to sharing with family and friends on social media, are you unknowingly putting yourself at risk? Even if you just use social media apps to stay connected to a small group of trusted loved ones, it’s all too easy to unknowingly overshare information about yourself or expose yourself to scams and hackers. In a recent survey*, it was found that more than half of people (52%) have their social media profiles set to “Public”.  One third of people surveyed set both ...

Operating safely at Alert Level 2 – What you need to think about

Although we’re now at Alert Level 2, COVID-19 is still out there and we need to play our part in keeping each other safe. It’s important you do everything you can to reduce the risk of COVID-19 transmission at work. There are many sources of information on the internet, but the Golden Rules for small businesses at Alert Level 2 are: All businesses can operate if they can do so safely. Alternative ways of working are still encouraged where possible.Talk with your workers to identify risks and...