Welcome back to our Business Update! Some good news for energy prices After recent record-busting increases in electricity costs, some good news is on the horizon – energy prices will lower over 2023 and 2024 once an expected drop in wholesale prices reaches consumers. Rent is coming down in one region According to SQM Research, rents in Australia are rising at rates not seen in over 30 years, with Sydney… Read more
Our February Business Workshop Listings are below: Understanding Cash Flow, Profits and Budgets (ONLINE WORKSHOP) Thursday, 9 February 2023 10am – 12pm https://www.smallbusiness.wa.gov.au/workshops/understanding-cash-flow-profits-and-budgets Introduction to GST and BAS reporting (ONLINE WORKSHOP) Thursday, 23 February 2023 10am – 12pm https://www.smallbusiness.wa.gov.au/workshops/introduction-gst-and-bas-reporting Pricing Work to Make a Profit City of Cockburn – FACE TO FACE session Success Library Conference Room First Floor – Cockburn Health & Community 11 Wentworth Parade Success, WA 6164 Tuesday,… Read more
Have you carved out some down-time over the break? I make a point of taking a step back over the festive period to allow myself time to re-calibrate. When I head back into the office, I whip out the business plan with fresh eyes, and run through a high level health-check of key areas of my business, including: ➡ objectives and strategic direction ➡ my team ➡ my systems and… Read more
10 Days of Paid Family and Domestic Violence Leave Each Year If you or someone you know is impacted by sexual assault, domestic or family violence, call 1800RESPECT on 1800 737 732 or www.1800respect.org.au The Law Has Changed As an update, the Fair Work Amendment (Paid Family and Domestic Violence Leave) Bill 2022 has now passed in both houses and received Royal Assent on the 9th of November 2022. The amending Act… Read more
Welcome back to our Business Update ABS data shows that payroll jobs are up, and the labour market is still tight Payroll jobs increased by 0.7 per cent in the month to November 12, indicating tightness in the labour market and disruptions from people being sick and the impact of significant weather events. Reserve Bank sceptically launches new program to explore digital currency The Reserve Bank has started a pilot… Read more
As a small business owner it’s important to take time away from work. But worrying about whether staff are meeting deadlines and suppliers are happy translates to more stress and less time enjoying your holiday. With a little staff communication and planning beforehand, you needn’t worry that your business won’t be able to cope in your absence. If you really can’t switch off from work mode or something urgent pops… Read more
I wanted to share some insight into one of the reasons that I started Bookwiz Academy. Over the 22 years I have spent in the industry – working, training, mentoring and advocating, I keep seeing the same thing… Strong, intelligent, and capable business owners struggling to keep their head above water, wondering if they’ve bitten off more than they could chew, floundering to find balance between work and in life,… Read more
There’s a very important deadline coming up on 30th November. The ATO is urging those who haven’t yet applied for their director identification number (Director ID) to do so ASAP. The consequences for neglecting this task are severe. What is a director ID? The director ID is a mandatory 15-digit identification number given to a director who has verified their identity with the ATO. Once you have it, that is… Read more
Welcome back to our Business Update. A budget that is “resilient” but not “fancy” The Albanese government released its first budget this week, with promises that it will be well-funded, but not excessive. It’s expected that this budget will lay the groundwork for bigger changes next year. $21bn in government spending to be slashed After an audit of all departments, the Labor government says it has identified ways to cut… Read more
In a world with endless distractions, it’s no wonder that we find it difficult to complete tasks. Focus is hard to come by these days. This is especially true when you’re working from home. Household tasks that would otherwise be out of sight and out of mind are suddenly in your workspace. With that said, there are some proven methods to help you get things done. Time blocking and Time… Read more
Welcome back to our Business Update Unprecedented rental demand could affect interest rates As the RBA raises the cash rate to ease inflation, the astounding rise in rent prices will begin to factor into the inflation data – leading to higher interest rates. Coming soon: an electric vehicle that can tow your caravan While there is no solid release date yet, some manufacturers have planned an Australian release for vehicles… Read more
When you start a small business, it’s usually only you behind the whole operation. You wear many hats, from CEO to clean-up crew. As you pour your heart and soul into your business and it begins to grow, the amount of work involved grows with it. Because a small business is so focused on survival, you pay a lot of attention to the bottom line. This makes a lot of… Read more
When I made the move to a Fixed Fee Pricing Model, it was a game changer for my business, in more ways than one. I found it so liberating to ditch the hourly billing mindset and say goodbye to the mental load of being ‘timesheet dependent’. Though I saw a lot of other instant benefits. BENEFITS OF FIXED FEE PRICING MODELS An increase in revenue, better cash flow, higher profit. No more… Read more
When you start a business, you’re typically your only employee and payroll is about as simple as it gets. But as you grow, you hopefully find yourself in the position of needing to take on more employees. Before you know it, what was once a very straightforward task becomes a giant undertaking that’s sucking up most of your time. This is when it makes sense to outsource your payroll. While… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Sellers still making massive profits despite interest rate rises New data from PropTrack has revealed the suburbs where sellers are still making a lot of money off of selling their homes. As interest rates started to climb in May, property values have decreased, but some areas are holding steady.… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Economist predicts rising interest rates will soon finally ease Independent economist Saul Eslake predicts that interest rates will settle somewhere around 2.5% by the end of the year. Vegetable prices set to get back on track Growers are reporting that they are starting to catch up after flooding devastated… Read more
The process of onboarding employees is often lengthy, but it’s important. New hires need to learn your company’s culture, policies, and procedures. You also need to get some critical information from them so that they can legally work for you. The onboarding process is typically long and a little dry. It may include training, equipment distribution, benefits orientation, and security policies, just to name a few. There are many benefits… Read more
Break-even point is such an under-rated and under monitored number. But with the costs of doing business climbing at an incredible rate at the moment, it’s a number all business owners should know…and monitor! If you don’t know what your Break-Even Point is right now, I urge you to review your numbers and work it out, it’s a powerful number to know! What is Break-Even Point? Break-even point is where… Read more
If you are a business owner here in Australia, there are a number of changes that you need to be aware of from 1 July 2022. Minimum Wage Increase The Fair Work Ombudsman is reminding employers that the national minimum wage has increased today to $21.38 per hour (up from $20.33) or $812.60 per week (up $40 from $772.60) based on a 38-hour week for a full-time employee. This increase… Read more
This month within Bookwiz Academy we have been discussing the topics, Managing Scope Creep, Client Reviews and how to implement Fee Increases (the right way). We have also been talking about D-Class Clients and the damage they can do to your business. When it comes to client reviews, you need to consider more than just scope and fees. You also need to determine whether a client is the right fit for… Read more