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

You can’t scale time. Oh really?

A while back I read a statement from some wise business guru saying “you can’t scale time. Everyone has only 24 hours a day to do what they do.” My view is that of course, you can scale time. You can have a 30 hour day, a 100 hour day or a 300 hour day. Time is infinite and yes, it can be scaled. It’s called employment and delegation. If…  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

The Number 1 Thing You Need to Know About Your Business

When you own a small business, it’s vital you understand how money flows into and out of it. At a basic level, you need to know where your income comes from and what your expenses are. At a deeper level, knowing how money moves through your business. This will help you make strategic decisions about growth, invoicing, and debt management. The consequences of not understanding money can be drastic –…  Read more

Get off Your Bum! How to Avoid “Sitting-itis”

The New Taboo – ‘Sitting-itis’ We continue to sit too much, despite many health warnings on the negative effects of sitting. What are the issues associated with sitting too much? Sitting can increase the risk of obesity, diabetes, heart diseases. It can also lead to poor mental health and even certain cancers. 78 percent of office workers feel they sit too much. Only 41 percent of office workers actually stand…  Read more

Is now the right time to get a business loan?

Qualifying for a loan can be difficult. Especially in the early years of running a business. These years are crucial and are the years most startups need capital. Here are six considerations to help you get the financing before you need it: 1. Build a solid credit rating. Borrow. Have credit accounts. But pay them back and do not max them out. Their purpose is to build a solid credit…  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

Financial Planning – What it is and how to do it

To many people, financial planning sounds like something for the very rich. The wealthy take their piles of money to someone who tells them where to invest it so they can make even more. The rest of us focus on saving what we can and paying off debt and hoping we become financially stable. What though, is financial planning really about? It is about having long and short-term financial goals…  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

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

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

Is business insurance worthwhile?

If you’re like many small business owners, your business insurance might not be adequate in the case of a fire, flood, natural disaster, theft, or personal injury. Often home-based business owners assume they are covered under their homeowner’s policy. Other entrepreneurs, working long hours and pulled in too many directions, may never get around to talking to an insurance agent about their business. If you’ve been procrastinating on business insurance,…  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

5 Environmental Conservation Tips for Small Businesses

While major companies create powerful green initiatives, many small businesses use the excuse of “no resources” to do nothing. However, everyone plays an important role in protecting the environment, and small businesses have a unique opportunity to involve their community of employees and customers. The most effective environmental conservation projects need not cost much more than a collective effort. If you own or work in a small business, here are…  Read more