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 […]
A different kind of cash flow solution
So, you think all cash flow solutions are the same worn out beast………Well, read this! A specialist Engineering Company involved in a JV for the delivery of Precast Concrete Tied Wall panels required a smart solution to secure the contract. In order to manufacture the product the client had to purchase the raw material from […]
Does Australia need legislation on late payments?
Any small business which works with larger companies knows that getting their money when a job is complete can be a frustrating process. The ‘culture of late payments’, as it is politely referred to, means that corporations impose their own payment terms on smaller suppliers who have little choice but to accept them if they […]
The Great Business Banking Rip Off
Barely a week goes by in Australia without news of another broken relationship with a big bank on small business making the headlines, and yet the full extent of relationship between the business and bank is not fully known. One of the the biggest issues that seem to come up, over and over is the […]
Make a 1% change this year – and watch your profits grow!
Like just about everyone else in the world, most business will have set themselves goals for the New Year. But unlike all those with resolutions to go to the gym or cut back on booze which tend to peter out by the end of January, entrepreneurs are determined people: they’ll still be battling to improve […]
Who’s missing the point on bank lending?
Small Business and Family Enterprise Ombudsman Kate Carnell was back in the news recently as she rightly derided claims by Australia’s banking leaders that lending to SME’s is booming. Carnell said the banks’ arguments ‘miss the point’ when it comes to small businesses, because they only tend to lend where there is strong security – […]