Inland Revenue have released an interpretation statement on this one recently. Next time you grab a coffee or a meal at your local café in between back-to-back client meetings and think about claiming this as an expense because you are self-employed and it’s just part of your work day, think again. New Zealand’s Inland Revenue has confirmed that these expenses are not deductible for self-employed taxpayers in all but very… Read more
Solid cash flow management is vital to ensuring your business survives, but not everyone understands what cash flow is or how to manage it. That’s likely what makes it a leading cause of stress for small business owners. Cash flow refers to the movement of money into and out of your business. It’s based on the amount of money you bring in minus the amount you spend. A positive cash… Read more
Business planning gives you a road map and shows you the best way to get to your destination. Without a map, you are driving blind and feeling your way along as you go, which means you could miss a very important turn in the road and arrive in a completely different place than you desire, or you could end up taking a detour down a gravel road instead of taking… Read more
It’s one of those tricky balancing acts most business owners struggle with right? – how to spend as much, if not more time on their business as in their business. This is something I struggle with myself as a small business owner. An accountability group can help you strategize for future growth and set goals that move your business forward. Most importantly, checking in with other people on a regular… Read more
Do you have a passion you are thinking about turning into a paying gig? Have you always dreamed of doing what you love and making a living from it? We have shared some steps that we believe will help you avoid some common mistakes as you set out to earn an income from your favourite pastime. Do you have what it takes? Unless you’ve run a business before, it’s easy… Read more
If you want your new business to succeed, you need to make smart decisions and be strategic. Here we share five business killers that you should avoid if you want your startup to be successful, along with some strategies for lowering your start up costs. Too much overhead– Start with the bare necessities and focus on surviving your first year in business. By keeping your business lean in the early… Read more
When you’re a small business owner, you get used to people giving you advice. Sometimes you seek out their insights while other times they share whether you want them to or not. While the advice is almost always well-intended, it’s not always good. In fact, sometimes it’s downright awful. Here are some tips that well-meaning people give to small business owners that definitely should not be followed. 1. Never turn… Read more