Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. NZ to Drop COVID-19 Vaccine Passes and Mandates Prime Minister Jacinda Ardern announced that New Zealand will do away with vaccine passes and mandates for some of the workforce in early April. High vaccination rates, better data to identify at-risk environments, and modelling suggests the Omicron outbreak would peak… Read more
“Outsource your weaknesses.” So says start-up guru, Sujan Patel, when advising small business owners to get outside help for tasks like payroll and bookkeeping. And when you consider that 70% of businesses fail due to poor in-house financial management, Patel’s advice seems spot on. Unfortunately, many small business owners seek to keep costs low by doing everything themselves— unwittingly sabotaging the financial stability of their own company. If numbers aren’t… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. New Zealand Opens Borders to Australians Fully vaccinated Australians will be able to travel to New Zealand from April 12. New Zealand borders will start to open for other countries from May 1. International tourism used to account for about 20% of the country’s foreign income and more than… Read more
Too many businesses fall over because the owner has not established efficient business systems. This typically happens because the business owner is so caught up in the day-to day running of the business that the fundamentals of good business management get forgotten. Often too it must be said that the owner simply doesn’t like bookkeeping or other administrative tasks, so these get put on the back burner. The symptoms are… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Isolation Period Reduced to 7 Days The isolation period for COVID-19 cases and their household contacts is reducing to one week, down from 10 days. Recovered cases won’t need to self-isolate if they become a household contact within 90 days – an increase from the current 28 days –… Read more
On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Reopening of Borders From 11:59 pm 4 March 2022, the following fully vaccinated people can enter New Zealand from anywhere in the world and do not need to self-isolate or enter MIQ: New Zealand citizens and residents Other eligible travellers under current border settings. Third COVID Vaccine Novavax Approved… Read more
At face value, it seems like a great idea. If you’re a small business owner with just a few employees, you probably think that hiring a payroll specialist is an expense that you can avoid. You feel that you can handle it yourself. You have the best intentions to keep your staff paid right and on time. What could go wrong, right? Well, lots actually. Below are the reasons why… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Support for Businesses Struggling in Red Light Setting The government has announced a maximum of $24,000 in financial support for businesses struggling with a business downturn during the red light setting and the Omicron outbreak. Each payment is $4000 per business plus $400 per full-time employee up to a… Read more
Financial management is a vital part of running a successful business, but often entrepreneurs start their business with little understanding of how to make solid financial decisions. Managing your finances is about more than bookkeeping and paying taxes—although those are also important to a sustainable business. It’s about managing cash flow, preparing for income fluctuations, and having the resources to take advantage of opportunities. Here are 6 money management tips… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. NZ Moves to Phase 2 of Omicron Plan The move to Phase Two from 11:59 pm on 15 February means the self-isolation period for cases reduces from 14 days to 10 days and for contacts from 10 days to seven. It also means the start of the test-to-return-to-work scheme,… Read more
The start of a business is an exciting time. You’ve got a great idea for a business and are enthusiastic to get started. It’s important to plan ahead to give your business the best chances for success. Planning ahead means anticipating challenges and developing ways to successfully address them, so they don’t upend your start-up. Here are three reasons why start-ups fail and ways you can avoid them Lack of… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Borders to Open in Stages from End of February Borders will reopen in stages starting at the end of the month. The country’s borders have been closed for almost two years, apart from a short-lived travel bubble with Australia. The border will initially open to vaccinated New Zealand citizens… Read more
Receipts are vital to successfully running a business. You need receipts to track your purchases and expenses. Your clients need receipts for their tax purposes and to manage their finances. Paper receipts have been around a long time, so many people are used to them and may even be resistant to moving away from them. Thanks to technology, paper receipts are becoming more a thing of the past. There are… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. COVID-19 Vaccine Booster Interval Shortened The gap between the second dose and the booster shot of the COVID-19 vaccine is being shortened from four months to three. The decision was made based on the advice of the Vaccine Technical Advisory Group, and it would mean a million more New… Read more
Bookkeepers can be highly beneficial for businesses of any size. They offer expertise and insight into areas that you may not have experience in. They can also take some tasks off your to-do list, freeing up your time and energy to focus on other matters. Here are 4 benefits to hiring bookkeepers to help you manage your business. Expertise A bookkeeper is an expert at managing, sorting and recording your… Read more
You’ve probably heard the maxim that it’s better to work smarter than harder. Working smarter means allocating your time, energy and money so vital tasks get done more efficiently, freeing up your personal time. Too many business owners think they must keep working harder—taking on more responsibilities and working longer hours—to be successful. It makes sense, because you’re responsible for your business, but that route leads to work overload and… Read more
Balancing customer experience against your budget is a difficult task. You need the right amount of staff working to keep customers happy, but not so many people that workers are standing around looking for things to do. If your customers have long wait times, that’s good news for you initially—it means your business is popular. The bad news is customers won’t wait around forever for you to fix your time… Read more
Starting your own business requires enough capital to ensure you can pay your bills until your company turns a profit. Depending on the type and size of your business, you may need thousands of dollars monthly to cover overhead. If you’re wondering where to find business start-up funding, there are a variety of options available to you. Each of these options has its advantages and disadvantages, and it’s important to… Read more
Running a successful business requires you to make smart decisions about everything from who you hire to how you spend your money. There are many legitimate expenses to cover, but it’s easy to overspend in areas that aren’t helping you or your business. Spending wisely is key to owning a sustainable business. Here are four practical money saving tips for business owners. 1. Have a list of all your subscriptions,… Read more