When your budget is tight, weighing up what parts of your business to outsource can be a tough decision. In this article, we’ll outline what some of the best processes to outsource are, and how to improve the efficiency and productivity of your small business.
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"As a business owner, having the ability to identify and address problems before they become critical offers a significant advantage. In this article, we'll outline the top five reasons behind small business failures, including how to recognise them and what steps are needed to avoid them."
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Starting a new business is a dream come true for many aspiring entrepreneurs. Being your own boss offers the potential for financial freedom and increased earning potential. However, it's important to keep in mind that the rewards of owning a business come with their own set of challenges.
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Whether you’re buying, selling or exiting a business, accurate business valuation skills are incredibly important to have. In essence, business valuation determines its current worth by using objective measures and evaluating all aspects of the business.
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In Australia, the most common types of business structures are sole traders, partnerships, companies, and trusts. Unfortunately, the intricacies of each structure can be complex, making it hard for new business owners to make the right choice.
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Keeping clean financial records is crucial when it comes to maintaining healthy cash flow, satisfying your tax requirements and tracking the success of your small business. Unfortunately, the process of bookkeeping as a small business owner can be overwhelming and difficult to understand, especially if you have no background in accounting.
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Small business is an emotional rollercoaster, especially when you’re starting out. Your day-to-day work life can change on a whim. One day your calendar is booked out, the next you’re looking for something to do.
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The first month of starting a business is often the hardest. There is so much to do, so many decisions to make and whatever income you make is dwarfed by your mounting expenses.
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Timing is crucial to the success of any business. You’ve done the planning, you know your product and you’ve researched the market. The only question left is ‘when should I start my business?’
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Many business owners experience times when they struggle to stay afloat. Running a business, particularly in its early days, can weigh you down with an endless stream of responsibilities and problems that require your undivided attention.
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Deciding whether to start hiring offshore is a choice many business owners will face along their journey. For a long time, offshoring was a strategy mostly limited to outsourcing a company’s production and manufacturing needs. Now it’s used for a whole lot more.
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Since last November, new legislation has required all company directors to apply for a director identification number in order to better track the activity of directors and their companies.
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