Are your clients as happy as you think?
How happy are your customers? Do you know they are happy, or do you just think you know? A report by media agency Starcom, presented to the Australian Association of National Advertisers last month, provides a sobering reminder of the dangers of taking clients for granted. Starcom’s report showed a widening ‘expectation gap’ between companies […]
Accountancy practice provides some very insightful advice
Their client was a successful, very profitable fabrication business. The bank had provided an overdraft facility and equipment finance. The client was looking to bring on more employees and increase purchase orders. However the client wanted to free up their personal property portfolio. The bank offered to increase the existing overdraft facility as the client’s […]
Your business plan is important – stick to it!
It’s a rite of passage for budding entrepreneurs and one of the first exercises any business incubator will put its recruits through: we’ve all written a business plan at some stage. How many people actually use it? Many business plans get written for a specific reason – often to back up an application for a […]
Why your business should be ready for sale
Perhaps the most common mistake in business, is staying in business for too long. Many people who own a small or medium-sized enterprise in Australia today have been doing it for decades. Some businesses have been in the family for generations, but only in certain circumstances is that a good thing. At some point, you […]
Reviewing your business financing
When business is brisk, it’s tempting to make hay while the sun is shining. If you have an amazing business with a truly unique selling point, that might work out fine. For many businesses though, it is an approach that stores up problems and leads to profits being handed to banks or other finance providers […]
Are you covered? A quick guide to business insurance
Being in your own business is inherently risky – in economic terms, that’s why the rewards can be so much larger than working for someone else. However, some of those risks can be mitigated. Many types of business insurance exist to do that, and it can be difficult for entrepreneurs to decide what should and […]
Should you Outsource the CFO Role?
At some point in the journey of a growing business, there comes a time when the owner will need to hire an expert to look after the financial side. However, outsourcing this role can also be a great option. Businesses that already employ a Chief Financial Officer (CFO) – or a finance chief under a […]
The Dangers of Poor Cash Flow Management
We’ve already seen how cash flow problems are the biggest killer of small businesses. Two thirds of Australian SMEs that go bust are actually profitable – and according to some studies, as many as 82% of small business failures are down to poor cashflow as a result of debtors paying late. What exactly are the […]
A very expensive lunch, three course meal, wine and a two year contract
All up $240,000.00 plus tip! OptiPay was recently asked to submit a proposal providing a full funding solution for a business requiring $500,000 per month. On following up the submission we had been advised that the potential client had decided to fund with an alternate provider. Well that’s business, but we did ask why and […]
More than just a bean counter – your Accountant is a great asset
Accountancy is the language of business. If you can speak that language, you can learn a lot about how your business is performing by setting everything out clearly and in precise numbers. In order to have those accurate figures to hand, you’ll need a good accountant. However, many SME’s simply use their accountant to ensure […]