New Startup? Establish a Mission Statement You’ve had your initial business idea and written a plan. But do you know WHY you’re creating this business or HOW you’ll deliver your end product/service? What will the company’s underlying purpose be, and how will your core values drive the business? To get these crucial elements ironed out, […]
New Startup? Define Your Business Idea Having that Eureka moment when you cook up a great startup business idea is a great moment. You’ll be full of ambition and eager to begin building your startup. But once you’ve had that initial rough idea, how do you assess and plan out your business idea to make […]
New Startup? Need Funding? A great business idea is an excellent starting point for a company. But without startup funding to provide the necessary capital, your business idea could be dead before it’s even begun. To quote a well-worn phrase, ‘Cash is King’ means it’s critical to start thinking about funding as early as possible. […]
Compliance: Setting up the Right Foundations To trade as a business, you need to meet the right compliance requirements. It’s certainly not the most exciting part of creating a business. Still, setting up the right compliance foundations ensures that you’re doing everything by the letter of the law. Let’s look at the main steps to […]
Are You Suffering from Business Burnout? The last two years have been demanding and exhausting for many business owners. Are you one of them? Could you be suffering from business burnout? The challenges have been relentless, and we know many small business owners have had to navigate unprecedented demands because of the pandemic and related […]
E-invoicing: How Can it Protect You? Is your business using e-invoicing? It’s a fantastic way to protect yourself and your customers from invoice scams. It can also help you get paid faster. E-invoices replace emailed PDF invoices or links to online invoices. Instead, e-invoices are delivered securely to your clients, even across different accounting systems. […]
How to Improve Your Procurement Spending One of your most significant areas of business expenditure will be buying the goods and services needed for the company to operate. Whether these are raw materials, wholesale goods, or cloud services, you need someone to control this procurement process. Managing your procurement spending is vital for keeping the […]
Cash Flow and Profit: Which is King? The foundational goal of any business is to make a profit. As a business owner, that’s one of your key financial aims – to make enough sales at a big enough margin to generate profit from your enterprise. But how does profit differ from cash flow? And why […]
Unique Selling Point: What’s Yours? Making your business stand out in a crowded market can be a challenge. However, differentiating your business will be key to attracting the right customers. Give them a reason to choose you over a competitor. That’s why it’s important to identify your unique selling point (USP). Your USP give you […]
What is Personal Services Income? Personal services income (PSI) is income received as payment for individual personal efforts and skills. It applies to many contractors who provide services to earn an income. PSI rules can apply to individual sole traders and other types of business entities, but not employees. If PSI rules apply, the entity […]