Surviving COVID-19: Business Owner Checklist

We have received an excellent checklist by our friend Matt James from North Canterbury Business Services. This checklist provides business owners with key points and is helpful and concise. Please note: these topics have many parts that are constantly changing. For example, the wage subsidy and reducing pay to 80%: This needs to be negotiated and not unilaterally imposed by employers.  We will be updating this checklist as changes occur.…  Read more

COVID-19 and Redundancies: Advice from an HR Lawyer

For this newsletter, we have a special contribution from specialist HR lawyer Kirsten Maclean with five key bullet points that employers need to be aware of when considering redundancies and restructuring in the current environment. Kirsten advises that these are five key things you need to know when considering a restructure, including redundancies and how to deal with the wage subsidy, in light of the government’s COVID-19 wage subsidy scheme:…  Read more

COVID-19: Wage Subsidy Scheme

For full details of the scheme – click here. The scheme is open to Sole traders and self employed as well as employers. You will have to declare: 30% or more decline in revenue compared with last year for any month between January 2020 and the end of June 2020. Applications can also be made on the basis of forecast revenue loss within the period of the scheme. Maximum claim…  Read more

COVID-19: Economic Response Package

The Government has released an economic response package to help cushion the impact of COVID-19 and support the economy during the COVID-19 crisis. The package includes: wage subsidy scheme leave and self-isolation support business cash flow and tax measures wider $12.1 billion package For full details on the package please read THIS ARTICLE. Our initial thoughts The tax measures in the overall fiscal package, although limited, are not cheap. The…  Read more

What to do When Sales Slump

Firstly, understand that most sales slumps are normal (statistically speaking). Sales slumps can often lead to new opportunities. Your best assets in a slump will be your positive attitude and having a fresh approach. Long term, you will achieve the best outcomes by being a sales-focused organisation. Sales will define your success or failure. You can only develop so much new product, produce so many units, set up so many…  Read more

Now We Have Cheap Money

But Should We Use It? We’ve now got cheap money so let’s borrow more so we can spend more and save our country. Well that’s the message from the Reserve Bank. It’s a message I support but with one big fat caveat: It’s a message for business owners not households. If you’re a business owner only borrow to buy assets, technology or IP that will drive your revenue upwards, increase…  Read more

The Secret on How to Get the Very Best Price for Your Business

Plan then invest in strategies and professional advice to maximise your business’ goodwill. Why? There are 2 compelling reasons: What you spend on increasing the Goodwill value of your business is 100% tax deductible. What you get paid for your Goodwill when you sell your business is 100% tax free. Is this not the best Win-Win in business? Tax-deductible expenses and tax-free capital gain! How do you increase the value…  Read more

Inheritances: 15 things that might cause a fight over a will

Article published with special thanks to Janine Starks (except for ‘Special Note’ section). OPINION: As the old gag goes “money isn’t everything, but it sure keeps the kids in touch”. Inheritances seem so simple. You make a will, you die and any wealth you didn’t spend gets split between your family, friends and charities as you see fit. Yet the word “inheritance” is loaded with emotion, because you decide who wins and…  Read more

Two important reasons to have an up-to-date will

  No one likes talking about their death. This fact makes updating or even writing a will an unpleasant experience. Often, people put off thinking about their will for another day, assuming they have a lot of time to deal with it. Having an updated will, though, is vital for ensuring others follow your wishes after you die. It makes the process of sorting through your life much easier and…  Read more

Growth Hacks for Small Business

Small business growth hacks are great; they are affordable ways to nurture steady, sustainable growth. And deciding on an online marketing plan can be overwhelming. With time in short supply, the key is to find one or two growth strategies that will get results at minimal cost. These proven growth hacks offer business owners a few simple, cost-effective ideas for attracting new customers, increasing brand awareness, and ultimately, getting more sales.…  Read more

Great reasons to shorten your workweek

Okay, there probably aren’t a lot of people who need to be convinced that a shorter workweek is a great idea. Small business owners, however, might be on the list of people who need a little encouraging. After all, every day they take off could mean a longer day to make up for the missed hours. There are some very real benefits to working a shorter week and those benefits…  Read more

17 ways to get repeat business

Q. I am finding it tough. Sales are slowing but I can’t figure out exactly why. No-one seems to be unhappy with what we do, and no competitor has entered the market.  People don’t repeat their purchases. They seem to be buying less often and in lower numbers. Your existing customers are your most valuable asset. Repeat business is easier and far less expensive to get an existing customer to…  Read more

10 Productivity Tools to Help You Do More at Work

In today’s fast-paced world, everyone wants to be more productive. Fortunately, there is an ever-increasing number of tools, many of them available online and across multiple devices, that promise to help us achieve our goals. The challenge then becomes how to know not just which tools will live up to their promise but which tools are right for our business. Choosing the best productivity tools depends on a number of factors,…  Read more

5 Cheaper Ways to Advertise Your Business

Advertising is an essential component of success for any business. Proper advertising ensures more sales, but if you choose the wrong options, it can be a very expensive proposition. Let’s look at five ways you can reduce your business’s advertising expenditure without affecting your results. Referrals A referral program encourages your current customers to send their friends to your site, and to earn rewards for their efforts. It’s a great…  Read more

3 Mistakes That Strangle Growing Businesses

Businesses want to grow and help a larger audience, but too many make mistakes that cripple their growth. Even worse, they keep repeating them! Don’t do the same; avoid the blunders outlined below. Mistake 1: Hiring Toxic Personalities Businesses hire more staff as they grow. But if they expand too quickly, they will feel pressure to fill positions on their team, even if the job candidates have a few personality…  Read more

Protect Yourself and Your Data – Proactive Steps for Living Safely in the Digital Age

How can you protect yourself in our digital world? These days your personal data is everywhere, and that information is valuable to marketers, hackers and everyone in between. If you want to prevent the unauthorized use of your personal information, you need to take a proactive approach to protecting yourself and your identity. You can no longer afford to be blasé about your data security – if you are not…  Read more

4 ways to make your business easier to sell

Perhaps you’d always planned to build a thriving business to eventually sell for a tidy sum – or maybe for unexpected personal reasons it’s best to let your company go sooner rather than later. No matter what the reason for selling your business, experts agree: it’s best to be prepared well in advance as it can take years to complete a successful sale. These four tips will help you get…  Read more

Lean canvas – a new way to do business planning

Few business owners have extra time to devote to a lengthy business planning process. But every entrepreneur needs a solid blueprint to get their business successfully up and running. The Lean Canvas—designed by Sparks59 CEO and Running Lean author, Ash Maurya—is a simple, effective planning tool that helps entrepreneurs assess and test their ideas before investing too deeply in building a product. For the small business owner, the Lean Canvas…  Read more

Encouraging word of mouth

If you have any doubt that word-of-mouth referrals are important, consider these recent stats: According to Neilson, 92% of shoppers trust recommendations from friends and family more than traditional advertising 20% to 50% of consumer purchases are made because of a word of mouth recommendation 81% of buyers are influenced by their friends’ social media posts. So how can you encourage positive word of mouth for your small business? Try…  Read more

Wealth the Warren Buffett way – a short guide to value investing

Wealth through value investing is the stock selection strategy famously used by business magnate and third wealthiest person in the world, Warren Buffett, whose total net worth exceeds $91.5 billion. Developed in the 1930s by Columbia University professor and economist, Ben Graham, wealth through value investing involves screening securities to find stocks undervalued relative to peers and the market. Stocks are then assessed for their intrinsic value, determined by a…  Read more