Dennis Yarrow began Yarrow Plumbing back in 2003. Before that, he cut his teeth in the plumbing industry working in Papua New Guinea where he learned how to manage a team of 50 (and some other life skills he hadn’t bargained for).
What is cashflow management? In its simplest form, cashflow management is doing everything possible to ensure that money flows into your business as quickly as possible, and leaves the business as slowly as possible.
Many businesses use trade discounts to simplify variable pricing, protect a market recognised price point, stimulate sales or reward customer loyalty.
In any business, large or small, good teamwork is essential for morale, productivity and efficiency.
Brewery inventory management can be done in a variety of ways. Often, companies will rely on a combination of methods, including web apps, written notes and spreadsheets.
When I designed the first Spotlight Reports, I usually included an Action Plan to close the circle between great data analysis and goal-setting.
Have you ever heard about the parable of the boiling frog?
Aside from efficient inventory management, teamwork is an incredibly important component of the ‘successful business’ recipe and if left out, the result can be a real flop.
These days, managing HR in a growing business is a constant task. As an HR manager, you’re probably overloaded with work and you never seem to get to the bottom of it all.
Forecasting is the process of estimating the effects trends, costs and external factors will have on your business in order to give yourself time to prepare.
Whether you’re trying to bridge a cash gap or secure funding to grow your business, the Xero marketplace offers a suite of apps that can help
Let’s get straight to the point: ecommerce is NOT killing brick-and-mortar retail.
At a certain point, every growing business needs to take a leap and invest in new technology. It can be daunting and expensive, but the rewards can greatly outweigh the costs and stress.
There are many reasons why you may want to improve cash flow in your business. Maybe you’re looking to free up some cash to put towards growth, or maybe you’d like to build up your cash cushion to protect yourself from any bumps in the road.
A weaker investment outlook that indicates returns will be lower for longer means SMSF retirees need more savings to achieve their retirement goals.
How do you know which Xero Accounting Add Ons to use?
You’ve done the hard work by setting up your business and establishing solid foundations with a good client base – congrats! So how do you expand, and do so profitably?
Inventory management can be overwhelming. There can be an incredibly large amount of tangible inventory, which can translate to a huge amount of responsibility and pressure to manage this inventory properly.
We live in a data-driven age - so why not use data in your business to solve problems, be more efficient and invent new products?
Choosing a pricing strategy is a difficult decision, but one that every business needs to make. Pricing strategy affects most aspects of a business, including its revenue, market share and profitability.
With global recessions, increasing oil prices and increasing competition, saving money wherever possible and thereby maximising profits is the name of the game.
The role of a tax accountant has been continuously changing over the course of the last 50 years, and it is currently undergoing yet another transition period with the growing popularity of cloud accounting.
To be successful in business, you need to be organised, have a clear plan for where you’re headed and be confident with the processes you have in place.
Mobile technology has revolutionized the way modern society does business and permanently changed the retail landscape.
There are a multitude of things that can go wrong throughout the supply chain, exposing the firm to different kinds of risks.
More than just dispatching machines, handhelds have become as ubiquitous to field service as the screwdriver and wrench.
Millennials – young people born between the 1980s and early 2000s – make up an increasingly large proportion of drinking-age customers. It’s important that good hospitality businesses understand that.
We have spoken to hundreds of business owners and thousands of their employees over the last twelve years.
There are many factors to consider when you’re selecting an ecommerce platform, and when you first start selling online, it can be hard to find one that’s the right match.
No one ever starts a business with the intention of spending most of their time tied up in the administrative tasks that come with operating one.
More and more manufacturing companies are beginning to use cloud-based manufacturing systems to improve the way their business functions.
Advances in technology over the last two decades have shrunk the world; travel is inexpensive, cross border payments are fast and businesses communicate in real-time.
Many small business owners don’t give a second thought about the need for clear communication.
If you’re in business, making decent money is important. Sometimes, though, it doesn’t always work out the way you’d planned...
You need to keep track of transactions for the tax office, lenders, but most importantly for yourself, as a business owner.
Helpful and informative retail books abound everywhere you look these days.
The thing is, employee wellbeing and happiness isn’t just about nap rooms, onsite massages, and cafeterias serving healthy food and snacks (though that would be nice!)
Every business owner knows that as soon as you start hiring people, there’s a whole heap of important and must-do HR related tasks and compliance requirements that goes with them.
Machine learning has the power to change how we look at field service – what it means to contractors and customers alike.
Due to the nature of the distribution model where distributors profit by selling inventory to their customers, failing to manage inventory well can be a major liability for distributors.
Have you ever sat back and wondered how giant companies such as Apple, Walmart and Ikea became so successful both in their reach and their inventory turnover?
Over the past five years, mobile devices have begun to dominate the consumer landscape around the world.
Businesses today are quickly adopting cloud software as the benefits become more apparent and even necessary to keep a competitive edge – benefits like less paperwork, greater efficiency, and time savings.
Even if a business has some other, high value, assets such as factory plant, inventory is likely to essential to the business’ ability to trade profitably.
It’s the Holy Grail of business: increasing the number of profitable hours in a day.
Have you been following the news about retail recently? If you have, then you may have noticed that the retail news outlets have been filled with doom and gloom lately.
Inaccurate information about your company’s expenditure can greatly inhibit your capacity to make and maintain a successful business.
The end of the financial year always seems to crop up faster than it should. Given the impending July 2017 superannuation changes, being on top of your end of financial year planning is as important as it has ever been.
THE TWO BIGGEST EXPENSES YOU WILL EVER HAVE, AND YOU'LL WANT TO MAKE ONE BIGGER
In your lifetime you will encounter many, many expenses. Doctors and dentists, cars and houses, repairs and replacements but there are two expenses that dwarf them all...Tax and Retirement!
Super contributions cap changes: what do they mean for you? The super reforms introduced in the 2016 Federal Budget are set to start coming into effect from 1 July 2017
Most business owners face a constant struggle to get everything done in the course of their working week, while looking for ways to keep costs low and sales high. Optimising your supply chain is a must for achieving this goal, and it requires careful management of your suppliers or manufacturers. But that’s no easy task when they’re also busy and can’t always respond to your requests as quickly as you’d like.
Cloud software is fast becoming the way to do business. The reason for this? Everything becomes easier, more accurate and more accessible – which, at the end of the day, is the direction a company should be going in. Cloud-based software is basically where everything to do with the program is online. We will look at a few ways that cloud software can help you achieve good inventory management and manufacturing control.
Launched in 1985 for Mac and two years later for Windows, the first version of Excel was an advancement in spreadsheet technology. A great new tool to help sort, manipulate and present data; one that supported the automation of repetitive tasks.
Thirty years is a long time in technology. Using spreadsheets to manage inventory, financials and business reporting is costing your company time and money. Here’s five reasons why:
We recently joined the thousands of businesses headed to the Xero Roadshow, an annual exploration of what’s happening in the world of cloud accounting. Much more than just a showcase of Xero’s features, the Roadshow is one of the best ways to learn about the ecosystem.
Just-In-Time (JIT) inventory is a strategy used to increase efficiency and minimize waste in the manufacturing process. The overarching concept of JIT is relatively simple, with a JIT approach, when an inventory item is in demand, it is delivered and as a result this system does not have high inventory levels. By receiving goods only as they are needed in the production process, it minimizes inventory costs. There are many factors that must work in harmony for such a system to be successful. Below are some of the key highlights of a JIT inventory system.
Whether you’ve just opened up shop or you’re expanding your ecommerce empire, one of the biggest ongoing challenges you’ll face is finding a way to increase traffic to your online store. Your high-quality products and stellar customer experiences are a good start, but if you want customers to find you, you’ll need to find a way to stand out in the crowd of competing businesses vying for their attention. In this post, we’ll take you through a collection of digital marketing strategies that will help you attract and retain a customer base that’s both engaged and loyal, so you can get ahead of the competition.
When considering a business loan, most people will evaluate affordability based on the advertised interest rates. But the truth is that if you compare only the interest rates, you could waste money, or end up with a deal that isn’t the best fit.
The craft beer revolution has sparked a unique production for breweries both small and large. Beer drinkers everywhere are seeing an emergence of eccentric flavors and quirky names fill the taps at their local pub. Not only are beer drinkers seeing this emergence, they are demanding it and as a result craft beer has become increasingly popular over the past few years. This popularity has sculpted the way breweries are operating. Craft beer may be infused with peculiar hues, notes and suggestions of ingredients we never would have thought to be vaguely compatible with beer, yet a few staples remain intact in the beer brewing process.
Hospitality is a complex – and often fickle – business. There are so many factors that can affect the need for staff, and therefore the overall turnover of the business. There are far too many to mention, but can include: changes in weather; local events; public holidays; what your competition is doing; what deals are running; and how you’ve marketed the business.
Happy international women's day! Wednesday 8 March 2017 marks the 100th anniversary of the first International Women's Day.
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.
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.
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.
Anyone who has been in eCommerce for any length of time knows that small parcel carriers like UPS, FedEx, and DHL charge extra for oversized items. These carriers, who ship by land, air or water, have also recently reduced the size requirements that trigger these fees.
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.
March is a fairly light month for sales tax filings, so check below to find out if you have a sales tax due date!
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.
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 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.
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?
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.
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.
‘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...
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.
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.
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.
Don’t get stuck in your own Groundhog Day: 4 easy changes to re-energise your business
When you buy products for resale in the state of Arizona, you can avoid paying sales tax on some items by presenting an Arizona Resale Certificate.
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.
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.
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!
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.
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.
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.
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.
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.
This guest post is brought to you by our friends at MyCorporation. We’re so pleased they’ve provided simpler answers to a very common small business question!
Should I choose an LLC or Corporation? How about a sole proprietorship? And what’s an S-Corp, anyway? With so many legal structures available, it’s easy to feel stumped when trying to pick a formation to incorporate your eCommerce business. Your search for “the one” is now over — we’ve rounded up the most common entities, along with the ins and outs of what each one does, in our quick and painless guide to legitimizing your eCommerce business.
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.
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.
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…
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.
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.
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.
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.
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.
It’s no secret that smaller retailers face the challenge of their lives against ecommerce giants such as Amazon — and in Britain, this fight has recently been compounded by Brexit and its potential effects on the retail and trade industries.
But there’s hope yet. A recently launched organization called SaveTheHighStreet.org aims to give the power back to high street retailers and local shopkeepers by endowing them with the tools, skills, and digital capabilities they need to compete in the modern age.
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!
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.