Maintaining healthy cash flow can be challenging; between ongoing expenses and bills, poor cash flow can severely impact your customers, staff and bottom line. Business owners need to understand the differences between short and long-term financing when developing a cash flow strategy. There are various sources of financing available, with each being useful for different…
For businesses operating in a fast-paced and dynamic environment, the task of keeping records can fall secondary to everyday business operations. However, failing to efficiently keep up-to-date and comprehensive records can hurt your business’s long term operations. Probably the most important reason behind sound record-keeping is that it allows you to learn and grow from…
The KiwiSaver scheme allows you to voluntarily save up so that when you retire, you are financially secure. However, situations can arise during which you find yourself needing the support of your KiwiSaver before retirement. If you find yourself in one of the following situations, you are permitted to withdraw money from the KiwiSaver: Permanent…
As a business owner, you need to continually update various different skills. Improving these skills will enable you to improve all aspects of business operations. Financial skills Being an owner means being able to manage finances. You should be able to effectively forecast your cash flow, monitor profit and loss, create budgets and make financial…
Self-employed individuals have to carry out all aspects of their business on their own. This includes anyone who owns a small business, works as a sole trader, or provides contracting services. In most cases, individuals are able to start a business without setting up any legal provisions. If you are self-employed, you can use your…
Adopting sustainable practices for your business is a great way to contribute positively to the environment. These changes won’t significantly impact business operations, but will effectively reduce the carbon footprint of your business. Office location: This is relevant if you are moving to a new location or are newly starting your business. Choose a location…
Company culture has become an important part of how businesses are perceived. Businesses with a positive culture are more likely to attract clients and customers. Statistics also show that over 50% of executives believe that having a good culture can influence productivity, creativity, profitability, firm value and growth rates. However, while it can be easier…
Debt consolidation is a form of refinancing which involves taking one larger loan out to pay off multiple small ones. Although this might make managing repayments easier, you may end up paying more money interest rate or fees. There will be companies that make offers which are too good to be true. If you feel…
A business loan can give you the support you need to fund growth or temporarily relieve cash flow pressures. These are some things to know before applying for the loan: Understand the purpose of your loan: You should be sure about why you want a loan and what you will be doing with the loan.…
Employees need to discuss changing their contribution rate with their employer, or alternatively, fill out the required forms if they are self-employed. The default contribution rate is 3% of an individual’s pay, but employees can change to either of the following rates: 3%, 4%, 6%, 8%, or 10%. Although the contribution rate may only be…