This is the second article in a series of posts about RADAR, a new debtor analysis and cash flow advisory tool for accountants from Debtor Daddy. This article focuses on two pieces of information available in RADAR, Debtor Days and Cash per Day.
Almost every product or service imaginable these days has a website where anyone with an opinion can rate or comment on the product they purchased or service they received.
And thanks to the smartphone, this can be done instantaneously.
An efficient, hard-working and friendly team is often the making of a successful hospitality business. So it can be quite disruptive when employees need to take leave.
With loyal customers being worth up to 10 times as much as their first purchase, it pays to keep in touch even after you’ve made the sale. After all, they’re not easy to replace—new customers are in limited supply, significantly less likely to buy, and up to six times more expensive to sell to than your existing customer base. So it’s important for retailers to retain their customers by building authentic relationships that benefit both parties.
Staff turnover always seems to be a struggle for businesses in the hospitality industry.
By its nature, working in cafés, restaurants, and even take-away food outlets is a high-stress occupation. Add to this, relatively lower pay rates, long shifts, or erratic schedules, and it’s not surprising that many employees suffer burnout.
Overstocked? Don’t worry, this negative can be turned positive.
Being overstocked by nature isn’t normally a great problem to have. You basically have too much stock that you haven’t been able to shift – somewhere along the line something has gone wrong, be it a large order falling over, incorrect forecasting or stock mismanagement. However, let’s not look at this as a negative, but focus on turning this opportunity into something beneficial for your business. So, why is too much inventory a positive thing for you?
Manufacturers and inventory obviously go hand in hand, it’s not like you can manufacture anything without the necessary parts. However, even with simpler manufacturing jobs, there are a lot of moving parts, and managing the supply chain can become a complex business. It’s one big juggling act, and if you drop one of the balls it can send it all spiraling out of control. However, with inventory management and modern software a lot of the worries of old can be controlled.
Here’s how inventory management can help a manufacturers business performance.
‘There are just not enough hours in the day!’ you cry with a desperation rivalling Tom Hanks’ Wilson-I’m-Sorry and fall to your knees in despair.
Okay, maybe that’s a little dramatic. But if you’re a business owner, I’m sure that sentiment or something like it has at least crossed your mind before. Maybe more than once.
And when you’re working crazy hours six or seven days a week just to get everything done, sometimes a deserted island with only a volleyball for company doesn’t actually sound so bad...
For a number of years, advancements in technology have been the driving force behind most of the recent innovations in business and business management. Our systems are continually being optimized, our processes streamlined and our use of automation made more precise and more intuitive.
Getting out of the cashflow trap for good: The first step is to admit your clients have a problem (with debtors)
This is the first article in a series of posts about Debtor Radar, a new debtor analysis and cash flow advisory tool for accountants from Debtor Daddy. If you’re an accountant you’ll be able to learn more here.
Our goal with Debtor Radar is simple: Help more small businesses solve the cash flow troubles caused by debtors.
Effective job scheduling is one of the most important but least understood disciplines of business management. Assigning the correct employee to the right job at the right time is crucial for business success, especially for companies with a mobile workforce. So why don’t some managers give it more of their attention?
There are now over 500 time saving Xero apps that are designed to help your business work more efficiently. But which are the best Xero apps for your business?
From advanced reporting and time tracking tools, through to tools that make managing inventory and orders in real-time easy, there are a vast number to choose from.
Learn more about the Encouraging Entrepreneurship and self-employment initiative!
Are you a young Australian with a great business idea? If so, our friends at the Department of Employment have launched the Encouraging Entrepreneurship and Self-Employment initiative to help young Australians start and run their own business!
In April 2016 the Government passed the Employment Relations Amendment Act 2016 which saw a number of changes in employment law, including legislating against the use of “Zero-hour” contracts in employment agreements.
As a business owner, it’s important to learn how to protect yourself and your business from scams. Many scammers will imitate government departments to try and lure you into giving them valuable information and paying false payments.
Don’t get stuck in your own Groundhog Day: 4 easy changes to re-energise your business
If you’ve just appointed your first fresh-faced Gen Zeds to your staff (anyone who’s just out of school and are aged 15-19), you could have up to five different generations to manage at work. In fact, these days, it’s not at all uncommon to have a wide range of generational diversity.
Grow your business through marketing and advertising!
Whether you’re a personal trainer or a large computer repair shop, if you want to grow and build your business, you’ll need to attract new customers and keep them coming back for more.
Effectively marketing your business is one way to grow your brand and your business.
As an SMB, you’ll never have a shortage of sources for tips and insights. From retail websites (such as this one) to mentors and fellow retailers, there’s always somewhere to turn to for business advice and best practices.
We’ve all been there before. You’ve called about those overdue invoices once, maybe twice, maybe three times, and payment still hasn’t been made.
What to do next? Throw up your hands in despair? Give up on it as a lost cause? No way, Jack. Not in this economy.
Personalization is one of the most important aspects of retail and one of the biggest industry trends for 2017. The key to building lasting relationships with customers, personalized shopping experiences generate satisfaction and loyalty on the part of the consumer — and increased revenue for the retailer.
Seven vehicles on the road. Ten electricians in the field. One business owner working overtime, all the time...
Such was the norm for L&L Electrical, a versatile electrical services company in Campbelltown, Victoria, and proud owner John Libroaperto.
Proud and successful owner he was, yes – but at a hefty cost in a most valuable currency: time.
It’s often how you say something that determines whether you get the result you want. This applies in financial services, marketing and even tax collecting.
In one experiment by the Nudge Unit they improved the payment of vehicle taxes by using simple plain language, “pay your tax or lose your car”. In fact HM Revenue & Customs attributes the recovery of an extra £210 million a year from taxpayers by using behavioural insights in its letters i.e. changing the words to influence behaviour.
With more than 350 million products on Amazon.com it becomes more and more difficult for sellers to get their products in front of the customer. Thus, Amazon’s “Sponsored Products” ads (“Amazon PPC”) are becoming extremely popular among sellers as they offer an (allegedly) easy way to bring their products on the first page. The following tips will help Amazon sellers avoid some common mistakes and get the most out of Amazon Sponsored Products.
While any time of year is a great time to pause and reflect, many people find January is a great opportunity to understand how well their business has performed for the past year and what their targets are for the year ahead. To do that, you need to understand the difference between a budget and a forecast.
Time and again you hear that being overstocked is bad and a situation to avoid, however sometimes this is just not possible. And when it is not possible, you need to be in a position to handle it properly and turn the situation into something the company can benefit from. There are a number of ways to do this in fact, let’s look at them more closely.
We’ve worked with thousands of small businesses over the past few years and managed over $1B in receivables, so we’ve learned a few things when it comes to getting invoices paid earlier with less effort and stress.
“There’s more reasons for an invoice to be paid late than there are for it to be paid on time…” – Debtor Daddy Survey
The problem is that when it comes to getting paid on time there’s more reasons for an invoice to be paid late than there are for it to be paid on time. This means that you’re going to need great systems and great people to keep your receivables under control.
Efficient omnichannel strategies used to be the ultimate goal for retailers — a milestone to work toward on a continuous basis. But times have changed, and both shoppers and retail itself have evolved. Omnichannel is now the standard.
There are several things that go into managing a business and optimizing its performance. These are often reflected in the balance sheet, customer satisfaction and low staff turnover amongst other factors. One component of managing the business effectively and which has a big impact is inventory control. To better achieve inventory control, there are specialized software packages such as Unleashed. However, before purchasing a package, you need to be sure of the benefits to your company’s performance.
I was catching up with a friend over the holidays who was telling me about one of his friends getting made redundant from a small family business just before Christmas. The basic premise of the story was that the bank had told them they needed to make cutbacks, and as part of this they had to reduce staff numbers. They didn’t want to do this, but they had no choice…
Let’s face it, concepts like paperless office and cloud computing are not ‘new’ concepts anymore. It still surprises me when I encounter businesses that are not paperless and in the cloud. It just makes sense. I’ve been running businesses as ‘paperless offices’ since I co-founded Business Fitness back in 2001. My current business, PARADOX, has been ‘paperless’ and had 100% cloud-based IT and business systems from day one, almost 8 years ago now.
If you’re a fashion store owner looking to set your sales soaring in 2017, opening an online store might just be the best way to do it. Online sales of clothing, shoes and accessories are booming, with 43% of Australians aged sixteen and over now shopping online for these products, a 14% increase from the previous year.
You’re back at work ready to make your mark in 2017, and your employees are all rested, recharged and raring to go, right?
Wrong. The spectre of financial stress is wreaking more havoc than ever among the Australian workforce and crippling productivity levels in its wake.
Thanks to everyone who participated in our 2017 stock picking competition. We’re busy tallying the top stock picks from Sharesight members, Livewire subscribers and some of Australia’s top fund managers. As promised, we’ll create portfolios of the five most popular stocks from each group and share them with those of you who completed the survey (and opted-in to having the portfolios shared alongside your personal portfolios).
Happy 2017, everyone!
In light of the new year, here’s one question you should think about: are you planning to bring anything new to the in-store experience? If your answer is “no” then 2017 could be a rough one for your physical stores.
There’s nothing quite like starting the new Year with a clean bill of health on all your HR documents, systems and processes.
And in 2017, as if you needed further impetus, there are some new, and pretty compelling reasons to put HR compliance on the top of your to-do list!
That spa retreat you really really wanted to go to over the holidays is booked out, you can’t get a reservation at any of your favourite restaurants and even the bach you normally go to at this time of the year is fully occupied...how on earth are you supposed to relax?!
Luckily we can help!
Here are 10 different things you can try to re-charge over the break.
The holiday shopping season is definitely in full swing, with just weeks to go before Christmas day. And while some early bird shoppers are probably taking it easy by now, a big chunk of consumers will still flock to retail stores. In fact, you can expect your foot traffic (and hopefully) sales to pick up in the coming weeks and continue til the days leading up to 25th.
The Xero Roadshow is coming to South Africa in February 2017, visiting Johannesburg on 1 February and Cape Town on 2 February to give local advisors an insider’s insight into cloud accounting. We can’t wait to meet partners from across the country at what are sure to be two sellout events.
Trees are up. Decorations are hung. And jingles fill the air. Yup, it’s that time of year again. A time to reflect on the year that was and wonder what more we could have squeezed into those past 12 months. Instead of wondering if you feel the same, we thought we’d just ask.
The summer period can be an interesting time for accountants, bookkeepers and BAS agents. Clients are often away, business can be slower than usual, and the temptation to take a break pulls steadily closer as December unwinds.
As we celebrate the sixth Small Business Saturday this year, SME owners are more integral than ever to the health of our economy as we brace ourselves for uncertain times. SMEs make up an astounding 99.8% of the British economic engine, generating 47% of revenue and employing 60% of the workforce.
In a recent blog, I wrote about preparing your business for the traditionally quiet summer period. But there’s another side to this, where the lead up to the festive season can be the busiest time of year for many businesses.
Govt intervention having little effect: 50,000 UK businesses go under each year due to late payments
A new report from The Federation of Small Businesses (FSB) says that the UK’s poor payment culture forces 50,000 small businesses under and costs the UK economy around £2.5 billion each year.
As a father of three, I often come back to a phrase I once heard. “In life, there are rubber balls and glass balls and you are always juggling.”
It used to be that people needed to live in the technology hubs of the world, like Silicon Valley or London, to accelerate their technology careers, but that’s changing quickly.
David Barrett is the CEO and Founder of Expensify. Named one of the Most Innovative Companies in 2015 by FastCompany, Expensify’s team has a simple goal — expense reports that don’t suck. That ethos made them a popular app in our marketplace.
Word of mouth is one of the most powerful drivers of traffic and sales for retailers. According to McKinsey, it’s the primary factor behind 20 – 50% of all buying decisions and can influence purchases in ways that traditional advertising can’t.
Technology has the power to make our lives easier, and small businesses have the flexibility and the creativity to take advantage of this power. By staying lean and agile, a small business can adapt quickly in a moment and use new technology to power into emerging markets.
Pulling aside thick velvet curtains, you nervously step inside the fortune teller's tent. Leaves crunch under your feet and the smell of perfumed incense hangs heavy in the air.
If you’re a tradesperson looking to build your business and win more work, improving your online visibility is key. Homeowners will often research extensively online before making a decision, and it’s important you can earn customers’ trust from the get-go.
When gauging the health of your business, employee retention is a pretty important measure. Generally speaking, the lower the turnover number, the better it is. Though the number alone is only half the story.
The Christmas period is always a hectic time for anyone working in hospitality. With Christmas celebrations and client functions galore, it should be the busiest time of the year for you and your staff.
Let’s discuss something we already know: Most tradespeople didn’t enter the tradie game because they love spreadsheets — usually, the case is quite the opposite.
It makes sense then that plumbers, electricians and other tradies can have a tendency to let some of the more elaborate number crunching required to run a business fall by the wayside. It’s understandable; you’re busy and you’re focused on the job at hand, so the temptation to only measure the bare minimum — ‘profit’ for example — can be strong.
There’s a lot to love about the holidays — family, food and a blessed reprieve from the rigours of work.
It’s not all baubles and eggnog for SMBs however. Along with those inappropriate secret Santa presents and inadvised mistletoe moments, the period also brings its own unique challenges to business owners. Many SMBs find themselves under economic stress as clients and suppliers shut up shop over the break — often well before the those statutory holidays arrive — leaving phones ringing, emails unanswered and often, invoices unpaid.
The end of the year brings a lot of victories and challenges to eCommerce businesses and Amazon sellers…and sometimes those victories/challenges show up in the exact same package!
HomeRetail Tips & Trends How to Create a Workplace Culture that Attracts and Retains the Best Employees
Workplace culture.” This phrase is easy to throw around at HR meetings or interviews, but actually understanding the concept and building a strong culture in your organization is whole other story.
Rob Nixon has 22 years of experience as an advisor to accountants, with clients in over 30 countries. In his current role, Nixon is helping define and execute how PANALITIX’s cloud-based accounting solution software helps thousands of accountants improve their firm’s position across profit, capacity and growth through a connection with the ultimate accountant membership community. With a belief that accountants are the naturally trusted advisors to effective business through innovative technology, quality content and transformative methodology, Nixon empowers accountants to a position where they are able to exert a tremendous impact on their client’s conditions.
Having worked with several trade contracting businesses, I’ve observed a very common, but inefficient, behaviour: going after big contracts before thinking about the fit.
Often, companies will spend months preparing a proposal only to see it rejected.
A few months ago we set up an innocuous little survey on the WorkflowMax blog to help us understand our customers’ pain points better. We wanted to create more targeted and relevant content that would address their issues directly (and maybe even bring a smile to their face as they scrolled past the occasional GIF and bad pun).
If you’ve never heard of just-in-time, don’t worry—it’s not too late. The just-in-time manufacturing model was introduced by Toyota in the 1960s and has become a popular way for manufacturers to manage their inventory, raw materials and the other supplies they use in the manufacturing process. Of course, manufacturers aren’t the only small businesses that can benefit from this approach.
Millennials are now the largest living generation in the U.S.. An acute understanding of the entrepreneurial individuals in this group is growing to be a necessity for accountants and bookkeepers in order to provide services that will meet their needs and wants.
As Chancellor Philip Hammond’s first Autumn statement was announced yesterday to focus on “preparing and supporting the economy as we begin writing a new chapter in our country’s history”, I wanted to share what I believe are most interesting proposals for businesses – and whether they are the best investments to reflect current needs.
These days, cultural fit is an important part of the recruiting process. The prevailing wisdom is that you train for skills, and hire for attitude and fit.
When you’re recruiting, identifying cultural fit in candidates is essential. There is a greater likelihood that employees will stay with a business when the work feels meaningful and the company’s values are in sync with their own.
Peer-2-peer lending is a form of debt financing that allows businesses to borrow money without going through traditional lending routes such as a bank. P2P lending platforms connect individuals looking to lend their money with businesses looking to borrow.
1. a person who sets up a business or businesses, taking on financial risks in the hope of profit.
Being an effective manager is demanding and complex. Aside from thoroughly knowing and understanding your business, you need to understand people and their motivations, be a motivator yourself, and manage emotional and business-related issues at once.
With Thanksgiving around the corner, small businesses are gearing up for what many say is their peak time.
Whatever the size of your venture, whatever you set out to achieve, a strong online presence has become the cornerstone of a modern business strategy.
Unsurprisingly, some of the early-adopters of cloud software were the IT, Communications and Financial Services industries. The many advantages of using cloud Software are beneficial to a broad scope of businesses.
Since Henry Ford built his first assembly line in 1913, automation has revolutionised manufacturing industries. Similarly, manufacturing can greatly benefit from the multi-functional nature of cloud software and services, improving forecasting, inventory management, sales support functions, HR, product development and life cycle management.
Are you struggling to motivate your employees? Do you constantly chase after them to get their timesheets in on time or wonder why they aren’t more focused or driven? Is absenteeism, poor morale and failure to meet targets a common occurrence?
One of the most overlooked and under-practiced habits in today’s businesses is creating annual profit and loss budgets. But why is this so critical for your business?
With a profit and loss budget, you’ve considered and developed an understanding of the key areas in your business that really make your profit and loss come to life.
Do you feel like it might be time for a change in your office environment? Perhaps the productivity isn’t as good as it use to be or there are a handful of employees who just don’t seem to be performing at their best. Conducting a performance review can greatly help you manage your employees and make sure that your workplace stays strong, efficient, and goal driven.
What’s the first thing that comes to your mind when the word “paperless” is brought up?
Do you know what your business would do during a natural disaster? Planning for emergencies and natural disasters is essential to help protect your business against the worst.
Help make sure your business is prepared for extreme weather conditions this summer, and create an emergency management plan.
Happy employees are engaged employees. It’s the HR holy grail. So gaining a measure of employee happiness in your business makes good sense. But all employee happiness surveys are not created equal. An employee happiness survey is only as good as the questions you ask and how you follow through on the responses.
I am astounded by the number of times I search for a product online, click the option to purchase, only to find that I then need to phone the retailer to pay. In 2016, this kind of disconnected experience is not good enough. Connected consumers want the freedom to buy from anywhere at any time, with a recent Zendesk survey revealing that 67% of consumers use multiple channels to make purchases.
It’s easy to take for granted the innovative technology we have at our disposal today. For small businesses, something as simple as email has completely revolutionized the way you communicate with customers.
In order to run a modern business, you need to utilize modern technology. Doing so means that you can run your business as efficiently as possible, hire staff that are best-suited to the job and retain them.
It’s the Holy Grail of business: increasing the number of profitable hours in a day. Short of asking staff to do more overtime or take shorter breaks, how do owners and managers coax more revenue-raising activities out of every employee and every subcontractor on every shift? And how do they become more effective at making decisions that will boost business efficiency every week?
In contemplating what to write about in this post I turned to the bevvy of online news sites for inspiration. Every second headline seemed to shine a spotlight on the issues our organisation deals with every day: minimum wage increases, penalty rates, protecting Australian jobs, childcare affordability and superannuation. Federal elections certainly have a way of getting people focused on employment services topics!
Are you looking for ways to ensure your employees are happy at work?
With the right approach, flexible working arrangements can help your employees achieve a work-life balance and benefit your business.
You’ve had a hectic day at the office. A last minute crisis occurred and you worked 2 hours overtime to get everything done. When you finally arrive home you’re too exhausted to cook dinner (and substitute with greasy takeaways and a cheap bottle of wine).Your ‘quality time’ with your spouse consists of a few muttered sentences before doing the laundry and other crucial tasks, then rolling into bed exhausted.
As a manager, it’s important to do your best to keep your workplace from becoming an episode of the Real Housewives. Here are some tips for managing conflict.
We all know that cash flow is king. But just how much sway does it have? Well, you might want to ask the nine out of 10 small businesses that have failed because of cash flow problems. That’s, right, according to D&B, 90% of small businesses close their doors because of poor cash flow management.
Everyone makes a plan at some point in their life. Whether it’s for their wedding, family, business – or even just the weekend. Spontaneity is fun when it comes to road trips and skinny dips, but successful businesses need to think about the future and how to work smarter, not harder.
A recent study focused on identifying the current issues and trends facing Australian SMEs has found that 38% of small businesses pick Marketing & Advertising as the primary strategy for growth.
With more than a third of small business competing in the open market it will mean that it’s going to be harder and harder for your prospective customers to differentiate your business to your competitors. This often means that with a limited budget, as an owner of a business you would rather hire new sales or marketing personnel than HR. Or invest time in prospecting new business rather than increasing employee engagement and other people management strategies.
With smartphones at our fingertips, customers are searching online more than anywhere else to research a product. As a small business owner, it’s critical that you have a website ready for customers who are looking you up. Understanding why it is important and figuring out where to start can be intimidating. Here’s what you need to know.
Small businesses will often say that their number one goal is business growth. But where does business growth come from? An easy answer to this can be “attracting new customers”. But attracting new customers can come at a very high price. Marketing has become increasingly difficult with online advertising and social media offering. Competition is fierce. Every other small business is online competing for potential customers. On the other hand, you could rely on word-of-mouth, but that is going to be a very slow process.
Mention the word ‘millennial’ and the first thing that comes to mind for a lot of employers is ‘risky’. Today’s university graduates are looking to fast-track their career, and are not afraid of jumping from employer to employer to achieve advancement.
As an employer, it's important that you understand the difference between employees and contractors. Employing someone under the wrong arrangement could put your business at risk of penalties. Things like your tax and super obligations are also affected by your workers’ arrangement.
If you’re like most small business owners and managers, you probably wear many hats and are responsible for many areas of your business. You’re the CEO, bean counter, marketing whiz, sales guru, lead developer, and more.
So you’ve typically got your hands full developing growth strategies, optimising the cash flow, managing customer relationships, product and service innovation, not the mention the human side of running your business.
Not too long ago, customers walked into retail stores without knowing much about their products. They’d browse the merchandise to discover items they liked, relying on store associates for more details and information.
Are your staff turning up late, grouchy and stressed? Do they have a distant look in their eyes (like they’d rather be anywhere else)? Is your turnover rate on the rise?
Have you ever wondered what makes successful business owners tick? Do you share their good habits? We surveyed 2,000 business owners to help you find out.
Job sheets, whiteboards, clipboards, filing cabinets … these are the communication and information storage tools of old-fashioned, inefficient small businesses. For owners and managers of trades and services companies who are only familiar with these traditional ways of working, and systems that may have been used for decades, it can seem like a difficult task to move to modern, cloud-based job management software.
If you track income and expenses on a spreadsheet, you could be losing sight of how your business is performing and wasting a lot of time on data entry. There are low-cost alternatives that allow you to monitor business cashflow really simply.
Working with family members presents unique advantages, and unique challenges. If you've built up your own business, now might be the time to bring in other family members. Here’s how to avoid some of the pitfalls.
Several years ago, I had a customer who would glower at me as soon as I entered his department. He would say, ‘Fix it right this time, or get it out of here,’ no matter what the problem was.
If I was even one minute later than my ETA, he would be on the phone with my boss, complaining about the horrible service he was getting.
Because he would place a service call for the slightest imperfection or hiccup of the machine, I was going there almost every day.