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NZ Business confidence soars: how to ride the wave

Business confidence soared in August, rising 23 points to +51, the highest level in a decade!Against the backdrop of dire economic outlooks and the ’Survive to ’25’ mantra that’s been so prevalent in business circles, this jump in New Zealand business confidence is a genuine boost for small business owners and the economy in general.But with tough times potentially still ahead, what can your business do to ride this ongoing wave of positivity?5 ways to ride this wave of business confiden...

Employer responsibilities for non-work related injury

Your Employee Gets Injured Outside of Work.What Are Your Responsibilities?When your employee gets injured in winter sports, this is considered a non-work-related injury, unless they play for the All Blacks of course.As an employer, there are a set of responsibilities and ways you can assist your employees with their injury recovery. ACC:✔ Non-Work-Related Injuries: ACC covers injuries that occur outside of work, such as those sustained at home, during sports, or in everyday activities.✔...

Managing stress at tax time

Tax time doesn’t have to be stressful. With good planning and clear processes, you can make it easier on yourself. Learn three tips for reducing stress at tax time.  https://www.business.govt.nz/wellbeing-support/brave-in-business-e-learning/reduce-financial-stress/managing-stress-at-tax-time...

Financial management and wellbeing

Reducing the stress of financial management is good for your mental health and wellbeing, good for your business and good for the people around you.Learn three practical ways to make financial management easier. https://www.business.govt.nz/wellbeing-support/brave-in-business-e-learning/reduce-financial-stress/financial-management-and-wellbeing...

Small Business Break-Even Analysis for Tradespeople

When you start a trade business, one of your priorities will be to make enough money to break even. Yes, you have to spend money to make money, but this can be a risky way to do business if you don’t know what your break-even point is.The break-even point is marked by the number of jobs you need to complete to cover your operating costs. Once you’ve reached your break-even point, you’re no longer losing money and your trade business is officially turning a profit. It’s an essential part ...

Following up on invoice payment in a down economy

It can feel challenging to chase up payment of invoices when the economy has been down, but it is important to keep cash flowing into your business so you can cover expenses and meet your obligations to others. As with all dealings in more difficult times, some empathy and a lot of open communication can go a long way.The following tips are useful to keep in mind when asking for payment.Communication - Connecting with your customers is important. Try to make it personal to their situation rather...

6 Powerful Reasons To Watch Your Financial Reports

Making time to look over your financial reports each month is an important task for any business owner. If you are not taking time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense to you, then here are 6 reasons we recommend you should start to.But before we get our 6 reasons, let’s talk very quickly about which reports to look at. At a bare minimum, and depending on the complexity of your business, you ...

How to use forecasts and scenario-planning

For centuries, accounting was all about reviewing historic information – but that only told you about the past, not what was going to happen in the future. If you’re only looking back at past periods and historic numbers, this limits the insights you can achieve for your business. With a backward-looking ideology, it becomes difficult to plan, run through different scenarios or understand the path of the business going forwards.Forecasting changes this. With the right data analysis and forec...

How other types of leave affect annual holiday entitlement

Some types of holidays and leave may affect an employee's annual holidays.Leave without payIf an employee takes more than a week of unpaid leave at any point during the year:the time required before the employee becomes entitled to annual holidays is extended by the amount of unpaid leave taken more than one week. For example, if an employee takes 2 weeks unpaid leave, they become entitled to annual holidays one week after the anniversary of their starting date, oryou can agree with the employee...

Employment Learning Modules

This free e-learning modules provide guidance on your rights & responsibilities as an employer and employee. The modules cover topics such as:Working arrangementsEmployment agreementsPay and wagesHours of workAnnual leave/holidaysOther leave Resolving problems...

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...