How do I adapt my small business strategy in the midst of a cost of living crisis?

So, we’re officially in the thick of a cost of living crisis. This presents a challenge for entrepreneurs and is a nerve-wracking time for many small business owners. If you’ve had sleepless nights worrying about how you’re going to pay your suppliers or support your staff, you’re not alone. It’s likely you’ve already looked at where you can cut costs, but it seems like an impossible task when suppliers are…  Read more

Business Update – 10 January 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia-India trade deal a win for exporters In December, Tim Ayres, Australia’s assistant trade minister, visited India to evaluate the advancements in the pact. The Economic Cooperation Trade Agreement, signed in April 2022 and effective from December 29, 2022, has already demonstrated positive outcomes. Australian economy predictions 2024: Grim…  Read more

Demystifying Inflation

Inflation – it’s a word that’s been on everyone’s lips recently. Rates are on the rise, and our small business community is feeling it the most. Increased supply costs, a lack of workforce, and dwindling profits are among the challenges faced.  Let’s demystify inflation and delve into its impact on small businesses. Grasping Inflation In essence, inflation is the uptick in the cost of goods and services. Whether it’s a…  Read more

What are your small business New Year resolutions?

The beginning of a new year is the perfect time to reflect on what’s working in your business, and to set some goals for the year ahead. As you kick back over the holidays, set aside some time to think about your recent achievements, and any current challenges. Think about your work style, too. If you’re like many small business owners, you may be guilty of bad habits that can…  Read more

Season’s Greetings from Bookkeeping On The Go

Dear Valued Clients, Partners, and Friends, As the festive season unfolds, we at Bookkeeping On The Go extend our warmest wishes to you and your loved ones. This Christmas, we’re filled with gratitude for the trust you’ve placed in us throughout the year. Reflecting on 2023: A Year of Financial Success This year has been a journey of growth and accomplishment, and we couldn’t have done it without your collaboration.…  Read more

Small business end-of-year planning tips

With the holiday season nearly upon us, it’s wise to set aside some time to tie up loose ends so you can start the new year fresh, organized, and ready to roll. As you prioritize “must-do’s” before taking some well-earned time off, consider adding these end-of-year business activities to your list. Connect with your clients The holidays are a time of shared goodwill—a natural time to reach out to your…  Read more

Business Update – 20 December 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. House price growth ‘way better than expected’ as further rises expected in 2024 REA Group Economic Research Director Cameron Kusher says the growth in house prices has been “way better than expected” as it was predicted last year’s price falls would continue. According to NAB forecasts: Sydney, Melbourne, Brisbane…  Read more

The benefits of outsourcing for small businesses

For small businesses in today’s competitive market, outsourcing can offer a range of advantages. Not only does it reduce costs and free up valuable time for owners to focus on growing their business, but it also provides access to skills and expertise that may be unavailable in-house. By working with external professionals or firms who work in certain areas, small businesses have the opportunity to streamline operations, increase productivity and…  Read more

Business Update – 13 December 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s GDP is going backwards We have now had three consecutive quarters of falling GDP on a per capita basis. That last happened 40 years ago during the 1982-83 recession. That is not good. And it doesn’t get any better when you break down what drove what little growth there…  Read more

Managing work-life balance as a small business owner

As a small business owner, it can be incredibly difficult to maintain a healthy work-life balance. The obligations and responsibilities of running your own business often take priority over any personal pursuits, no matter how important they may be for your overall well being. But, with the right strategies and mindset in place, it is possible to strike an effective balance between working hard on your business and making time…  Read more

Business Update – 06 December 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Jim Chalmers welcomes OECD prediction RBA has reached interest rate peak The treasurer, Jim Chalmers, has welcomed a projection by the OECD that the Reserve Bank has probably reached its interest rate peak but played down the prospect of the government posting a second successive budget surplus. $392 million Industry Growth…  Read more

Unravelling the mystery of missing profits: A guide for new business owners

Starting a business is a wild ride with its fair share of ups and downs. One hurdle many new entrepreneurs encounter is the difference between the profits they expected and the hard cash available at the financial year-end. This guide aims to alleviate these concerns by shedding light on where your missing revenue might be hiding. Possible causes of missing profits There may be several reasons why your business has…  Read more

Business Update – 29 November 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s unfair contract terms rules have changed: Here’s what you need to know Unfair contract terms in standard form consumer or small business contracts are now illegal after after new laws took effect on 9 November 2023.  Businesses are encouraged to review their standard form contracts and remove or…  Read more

Why online reviews matter

In today’s digital age, online reviews can make or break a small business. With the ease of access to social media and review websites, customers can easily voice their opinions and experiences with your business online. As a small business owner, it’s essential to understand the importance of online reviews as they will impact your brand image, sales, and customer loyalty. Boost your brand image Online reviews are the first…  Read more

Business Update – 22 November 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. How much Aussies plan to spend on Christmas presents this year Australians are set to spend more on Christmas presents this year despite high inflation, interest rate hikes and cost of living pressures on households. The Christmas Retail Trends Report, conducted by Monash Business School’s Australian Consumer and Retail Studies,…  Read more

Effective strategies for boosting your startup’s cash flow

In the unpredictable world of startups, maintaining a cash surplus can be a lifesaver. It provides a safety net in case sales don’t meet expectations or unexpected expenses arise. Aside from providing security, surplus cash also paves the way for expansion opportunities, handling large bills, or purchasing essential equipment. While injecting personal capital or taking out a loan can aid in creating a cash surplus, let’s explore some other effective…  Read more

Business Update – 15 November 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Are you providing entertainment this holiday season? Before you hire a restaurant or book an event, make sure you work out if the benefits you provide your employees are considered entertainment related, and therefore subject to fringe benefits tax (FBT). Income outlook warning for Aussie households Australians will not…  Read more

How to unlock cash within your business

As a business owner, have you ever been caught short of cash? What if I told you that the solution to your cash flow woes might be hiding in plain sight? Yes, you heard it right. Your business may already possess the funds you need, locked up in assets, stock, or your debtors. In this post, we’ll break down three areas you can check to free up funds within your…  Read more

Business Update – 8 November 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Cost of living rising faster than inflation for Aussie workers The cost of living for Australian workers is climbing faster than inflation as households around the country fall off the fixed-rate mortgage cliff and battle surging petrol prices. New data released by the Australian Bureau of Statistics (ABS) revealed living costs for workers…  Read more

Budgeting and cash flow forecasting: key to your business success

In the unpredictable world of business, finding a little certainty can make all the difference. While the future remains a mystery, tools such as budgeting and cash flow forecasting can significantly reduce the level of uncertainty, allowing you to anticipate challenges, learn from past events, and enhance your ability to navigate your business. Budget vs. Cash Flow: the crucial distinction A common misconception is that a budget and cash flow…  Read more

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