Month: April 2015

1. Decide on a business – what are you selling? What services are you providing? Although this is an operational issue, it is the starting point of this entire process.
Make sure you map this out carefully. Prepare a business plan either yourself (ask us for a template if you need one), or engage a professional to assist you.
Make sure the business idea is a feasible one, before you proceed to the next step.

After this step, this brilliant business idea that you have will start to cost money, so ensure you have the funds set aside to execute.

2. Decide on a structure – very commonly overlooked, and the default structure is to operate as a sole trader. It is important that you meet with an accountant in the planning stages, to ensure that you are in the right structure, right from the start.

Yes, there will be costs involved, but our advice is not to skimp on these costs, as it will cost you later on as the business grows, and not just in monetary terms either!

The structures available for you to choose from are:
a) Sole trader
b) Partnership
c) Company (Pty Ltd)
d) Trust – Fixed, unit, discretionary

Each structure has its’ own advantages and disadvantages – contact us for a detailed structure overview summary.

3. Decide on a business name / entity name – often confused by new business owners.
To arrange for a business name, you must register it with ASIC. You must set up an ASIC Connect account, and apply from there.
http://www.asic.gov.au/for-business/registering-a-business-name/

But before you can register the business name, you must have an ABN (Australian Business Number). And to get an ABN, you need to have the structure set up already. Confused?
https://abr.gov.au/for-business%2c-super-funds—charities/applying-for-an-abn/apply-for-an-abn/

It all has to happen at once, which sometimes confuses many people.

Also, your company name (eg. ABC Pty Ltd) can have multiple business names attached to it. Eg. ABC Pty Ltd trading as SPC Goods, and VPA Services and also MKL Babyware. So this one company has three business names, and can trade 3 separate businesses should it choose to.

4. Ensure you have all the correct registrations – Again, where possible, engage an accountant to assist in the process. It really does help if you have the foundations right. We have seen clients come to us, when they realise that they are knee-deep in paperwork, only to realise that they did not even register for GST from the beginning, and was charging GST to their customers.

a) GST registration – recommended for a number of reasons. If you believe you will be earning over $75,000, best to register from the start. Also shows your customers that you are not earning less than $75,000.

b) ABN registration – required to operate a business

c) Tax File Number – also required for tax purposes

d) PAYG Withholding Tax registration – required if you are employing staff, or employing yourself (for the latter, only if you are operating as a company or trust)

e) Fuel Tax Credits – For those that operate heavy machinery

5. Set up all your insurances – Ensure you have adequate insurances in place. This includes:

a) Public liability – protects you and your business against the financial risk of  being found liable to a third party for death, injury, loss or damage of property, or pure economic loss;

b) Professional indemnity – protects you from legal action as a result of your advice;

c) Product liability – important if you are selling tangible goods

d) Workers Compensation insurance – required if you employ staff, and pay wages of more than $7500 per year

e) Income protection insurance / life insurance/TPD – see your financial planner for this. Very important that you are protected if you are the main income earner in your family

6. Open up a separate business account – this is important, so that your personal transactions are kept separate from the business transactions.

If you are charging GST, we would recommend also setting up a separate GST account, so that when you receive payment for the GST on your invoices, the 10% is transferred into this separate account. When it comes time to paying the GST to the ATO, you will have the funds ready. It can be a lifesaver, when cashflow is tight.

7. Setup of an accounting software or record keeping system – Have a chat with your accountant about this, and what options there are available to you. Again, this is best to be set up from the start, as it will save you a lot of heartache later on.

Typical software available include Xero (our favourite), MYOB, Intuit, Sasuu, etc.

Otherwise, an excel spreadsheet cashbook may be sufficient also, to keep costs down.

8. Staffing issues – If you decide to employ staff right from the beginning, ensure that you:

a) Have a Tax File Number Declaration Form completed for each staff (available at most newsagency, or from your accountant)

b) Ensure you are giving them a payslip for each pay (this is a legal requirement)

c) Ensure you are paying super into their nominated super fund (currently at 9.5%)

d) Ensure you have adequate workers compensation insurance cover

1. Decide on a business – what are you selling? What services are you providing? Although this is an operational issue, it is the starting point of this entire process.
Make sure you map this out carefully. Prepare a business plan either yourself (ask us for a template if you need one), or engage a professional to assist you.
Make sure the business idea is a feasible one, before you proceed to the next step.

After this step, this brilliant business idea that you have will start to cost money, so ensure you have the funds set aside to execute.

2. Decide on a structure – very commonly overlooked, and the default structure is to operate as a sole trader. It is important that you meet with an accountant in the planning stages, to ensure that you are in the right structure, right from the start.

Yes, there will be costs involved, but our advice is not to skimp on these costs, as it will cost you later on as the business grows, and not just in monetary terms either!

The structures available for you to choose from are:
a) Sole trader
b) Partnership
c) Company (Pty Ltd)
d) Trust – Fixed, unit, discretionary

Each structure has its’ own advantages and disadvantages – contact us for a detailed structure overview summary.

3. Decide on a business name / entity name – often confused by new business owners.
To arrange for a business name, you must register it with ASIC. You must set up an ASIC Connect account, and apply from there.
http://www.asic.gov.au/for-business/registering-a-business-name/

But before you can register the business name, you must have an ABN (Australian Business Number). And to get an ABN, you need to have the structure set up already. Confused?
https://abr.gov.au/for-business%2c-super-funds—charities/applying-for-an-abn/apply-for-an-abn/

It all has to happen at once, which sometimes confuses many people.

Also, your company name (eg. ABC Pty Ltd) can have multiple business names attached to it. Eg. ABC Pty Ltd trading as SPC Goods, and VPA Services and also MKL Babyware. So this one company has three business names, and can trade 3 separate businesses should it choose to.

4. Ensure you have all the correct registrations – Again, where possible, engage an accountant to assist in the process. It really does help if you have the foundations right. We have seen clients come to us, when they realise that they are knee-deep in paperwork, only to realise that they did not even register for GST from the beginning, and was charging GST to their customers.

a) GST registration – recommended for a number of reasons. If you believe you will be earning over $75,000, best to register from the start. Also shows your customers that you are not earning less than $75,000.

b) ABN registration – required to operate a business

c) Tax File Number – also required for tax purposes

d) PAYG Withholding Tax registration – required if you are employing staff, or employing yourself (for the latter, only if you are operating as a company or trust)

e) Fuel Tax Credits – For those that operate heavy machinery

5. Set up all your insurances – Ensure you have adequate insurances in place. This includes:

a) Public liability – protects you and your business against the financial risk of  being found liable to a third party for death, injury, loss or damage of property, or pure economic loss;

b) Professional indemnity – protects you from legal action as a result of your advice;

c) Product liability – important if you are selling tangible goods

d) Workers Compensation insurance – required if you employ staff, and pay wages of more than $7500 per year

e) Income protection insurance / life insurance/TPD – see your financial planner for this. Very important that you are protected if you are the main income earner in your family

6. Open up a separate business account – this is important, so that your personal transactions are kept separate from the business transactions.

If you are charging GST, we would recommend also setting up a separate GST account, so that when you receive payment for the GST on your invoices, the 10% is transferred into this separate account. When it comes time to paying the GST to the ATO, you will have the funds ready. It can be a lifesaver, when cashflow is tight.

7. Setup of an accounting software or record keeping system – Have a chat with your accountant about this, and what options there are available to you. Again, this is best to be set up from the start, as it will save you a lot of heartache later on.

Typical software available include Xero (our favourite), MYOB, Intuit, Sasuu, etc.

Otherwise, an excel spreadsheet cashbook may be sufficient also, to keep costs down.

8. Staffing issues – If you decide to employ staff right from the beginning, ensure that you:

a) Have a Tax File Number Declaration Form completed for each staff (available at most newsagency, or from your accountant)

b) Ensure you are giving them a payslip for each pay (this is a legal requirement)

c) Ensure you are paying super into their nominated super fund (currently at 9.5%)

d) Ensure you have adequate workers compensation insurance cover

1. Decide on a business – what are you selling? What services are you providing? Although this is an operational issue, it is the starting point of this entire process.
Make sure you map this out carefully. Prepare a business plan either yourself (ask us for a template if you need one), or engage a professional to assist you.
Make sure the business idea is a feasible one, before you proceed to the next step.

After this step, this brilliant business idea that you have will start to cost money, so ensure you have the funds set aside to execute.

2. Decide on a structure – very commonly overlooked, and the default structure is to operate as a sole trader. It is important that you meet with an accountant in the planning stages, to ensure that you are in the right structure, right from the start.

Yes, there will be costs involved, but our advice is not to skimp on these costs, as it will cost you later on as the business grows, and not just in monetary terms either!

The structures available for you to choose from are:
a) Sole trader
b) Partnership
c) Company (Pty Ltd)
d) Trust – Fixed, unit, discretionary

Each structure has its’ own advantages and disadvantages – contact us for a detailed structure overview summary.

3. Decide on a business name / entity name – often confused by new business owners.
To arrange for a business name, you must register it with ASIC. You must set up an ASIC Connect account, and apply from there.
http://www.asic.gov.au/for-business/registering-a-business-name/

But before you can register the business name, you must have an ABN (Australian Business Number). And to get an ABN, you need to have the structure set up already. Confused?
https://abr.gov.au/for-business%2c-super-funds—charities/applying-for-an-abn/apply-for-an-abn/

It all has to happen at once, which sometimes confuses many people.

Also, your company name (eg. ABC Pty Ltd) can have multiple business names attached to it. Eg. ABC Pty Ltd trading as SPC Goods, and VPA Services and also MKL Babyware. So this one company has three business names, and can trade 3 separate businesses should it choose to.

4. Ensure you have all the correct registrations – Again, where possible, engage an accountant to assist in the process. It really does help if you have the foundations right. We have seen clients come to us, when they realise that they are knee-deep in paperwork, only to realise that they did not even register for GST from the beginning, and was charging GST to their customers.

a) GST registration – recommended for a number of reasons. If you believe you will be earning over $75,000, best to register from the start. Also shows your customers that you are not earning less than $75,000.

b) ABN registration – required to operate a business

c) Tax File Number – also required for tax purposes

d) PAYG Withholding Tax registration – required if you are employing staff, or employing yourself (for the latter, only if you are operating as a company or trust)

e) Fuel Tax Credits – For those that operate heavy machinery

5. Set up all your insurances – Ensure you have adequate insurances in place. This includes:

a) Public liability – protects you and your business against the financial risk of  being found liable to a third party for death, injury, loss or damage of property, or pure economic loss;

b) Professional indemnity – protects you from legal action as a result of your advice;

c) Product liability – important if you are selling tangible goods

d) Workers Compensation insurance – required if you employ staff, and pay wages of more than $7500 per year

e) Income protection insurance / life insurance/TPD – see your financial planner for this. Very important that you are protected if you are the main income earner in your family

6. Open up a separate business account – this is important, so that your personal transactions are kept separate from the business transactions.

If you are charging GST, we would recommend also setting up a separate GST account, so that when you receive payment for the GST on your invoices, the 10% is transferred into this separate account. When it comes time to paying the GST to the ATO, you will have the funds ready. It can be a lifesaver, when cashflow is tight.

7. Setup of an accounting software or record keeping system – Have a chat with your accountant about this, and what options there are available to you. Again, this is best to be set up from the start, as it will save you a lot of heartache later on.

Typical software available include Xero (our favourite), MYOB, Intuit, Sasuu, etc.

Otherwise, an excel spreadsheet cashbook may be sufficient also, to keep costs down.

8. Staffing issues – If you decide to employ staff right from the beginning, ensure that you:

a) Have a Tax File Number Declaration Form completed for each staff (available at most newsagency, or from your accountant)

b) Ensure you are giving them a payslip for each pay (this is a legal requirement)

c) Ensure you are paying super into their nominated super fund (currently at 9.5%)

d) Ensure you have adequate workers compensation insurance cover

1. Decide on a business – what are you selling? What services are you providing? Although this is an operational issue, it is the starting point of this entire process.
Make sure you map this out carefully. Prepare a business plan either yourself (ask us for a template if you need one), or engage a professional to assist you.
Make sure the business idea is a feasible one, before you proceed to the next step.

After this step, this brilliant business idea that you have will start to cost money, so ensure you have the funds set aside to execute.

2. Decide on a structure – very commonly overlooked, and the default structure is to operate as a sole trader. It is important that you meet with an accountant in the planning stages, to ensure that you are in the right structure, right from the start.

Yes, there will be costs involved, but our advice is not to skimp on these costs, as it will cost you later on as the business grows, and not just in monetary terms either!

The structures available for you to choose from are:
a) Sole trader
b) Partnership
c) Company (Pty Ltd)
d) Trust – Fixed, unit, discretionary

Each structure has its’ own advantages and disadvantages – contact us for a detailed structure overview summary.

3. Decide on a business name / entity name – often confused by new business owners.
To arrange for a business name, you must register it with ASIC. You must set up an ASIC Connect account, and apply from there.
http://www.asic.gov.au/for-business/registering-a-business-name/

But before you can register the business name, you must have an ABN (Australian Business Number). And to get an ABN, you need to have the structure set up already. Confused?
https://abr.gov.au/for-business%2c-super-funds—charities/applying-for-an-abn/apply-for-an-abn/

It all has to happen at once, which sometimes confuses many people.

Also, your company name (eg. ABC Pty Ltd) can have multiple business names attached to it. Eg. ABC Pty Ltd trading as SPC Goods, and VPA Services and also MKL Babyware. So this one company has three business names, and can trade 3 separate businesses should it choose to.

4. Ensure you have all the correct registrations – Again, where possible, engage an accountant to assist in the process. It really does help if you have the foundations right. We have seen clients come to us, when they realise that they are knee-deep in paperwork, only to realise that they did not even register for GST from the beginning, and was charging GST to their customers.

a) GST registration – recommended for a number of reasons. If you believe you will be earning over $75,000, best to register from the start. Also shows your customers that you are not earning less than $75,000.

b) ABN registration – required to operate a business

c) Tax File Number – also required for tax purposes

d) PAYG Withholding Tax registration – required if you are employing staff, or employing yourself (for the latter, only if you are operating as a company or trust)

e) Fuel Tax Credits – For those that operate heavy machinery

5. Set up all your insurances – Ensure you have adequate insurances in place. This includes:

a) Public liability – protects you and your business against the financial risk of  being found liable to a third party for death, injury, loss or damage of property, or pure economic loss;

b) Professional indemnity – protects you from legal action as a result of your advice;

c) Product liability – important if you are selling tangible goods

d) Workers Compensation insurance – required if you employ staff, and pay wages of more than $7500 per year

e) Income protection insurance / life insurance/TPD – see your financial planner for this. Very important that you are protected if you are the main income earner in your family

6. Open up a separate business account – this is important, so that your personal transactions are kept separate from the business transactions.

If you are charging GST, we would recommend also setting up a separate GST account, so that when you receive payment for the GST on your invoices, the 10% is transferred into this separate account. When it comes time to paying the GST to the ATO, you will have the funds ready. It can be a lifesaver, when cashflow is tight.

7. Setup of an accounting software or record keeping system – Have a chat with your accountant about this, and what options there are available to you. Again, this is best to be set up from the start, as it will save you a lot of heartache later on.

Typical software available include Xero (our favourite), MYOB, Intuit, Sasuu, etc.

Otherwise, an excel spreadsheet cashbook may be sufficient also, to keep costs down.

8. Staffing issues – If you decide to employ staff right from the beginning, ensure that you:

a) Have a Tax File Number Declaration Form completed for each staff (available at most newsagency, or from your accountant)

b) Ensure you are giving them a payslip for each pay (this is a legal requirement)

c) Ensure you are paying super into their nominated super fund (currently at 9.5%)

d) Ensure you have adequate workers compensation insurance cover

1. Decide on a business – what are you selling? What services are you providing? Although this is an operational issue, it is the starting point of this entire process.
Make sure you map this out carefully. Prepare a business plan either yourself (ask us for a template if you need one), or engage a professional to assist you.
Make sure the business idea is a feasible one, before you proceed to the next step.

After this step, this brilliant business idea that you have will start to cost money, so ensure you have the funds set aside to execute.

2. Decide on a structure – very commonly overlooked, and the default structure is to operate as a sole trader. It is important that you meet with an accountant in the planning stages, to ensure that you are in the right structure, right from the start.

Yes, there will be costs involved, but our advice is not to skimp on these costs, as it will cost you later on as the business grows, and not just in monetary terms either!

The structures available for you to choose from are:
a) Sole trader
b) Partnership
c) Company (Pty Ltd)
d) Trust – Fixed, unit, discretionary

Each structure has its’ own advantages and disadvantages – contact us for a detailed structure overview summary.

3. Decide on a business name / entity name – often confused by new business owners.
To arrange for a business name, you must register it with ASIC. You must set up an ASIC Connect account, and apply from there.
http://www.asic.gov.au/for-business/registering-a-business-name/

But before you can register the business name, you must have an ABN (Australian Business Number). And to get an ABN, you need to have the structure set up already. Confused?
https://abr.gov.au/for-business%2c-super-funds—charities/applying-for-an-abn/apply-for-an-abn/

It all has to happen at once, which sometimes confuses many people.

Also, your company name (eg. ABC Pty Ltd) can have multiple business names attached to it. Eg. ABC Pty Ltd trading as SPC Goods, and VPA Services and also MKL Babyware. So this one company has three business names, and can trade 3 separate businesses should it choose to.

4. Ensure you have all the correct registrations – Again, where possible, engage an accountant to assist in the process. It really does help if you have the foundations right. We have seen clients come to us, when they realise that they are knee-deep in paperwork, only to realise that they did not even register for GST from the beginning, and was charging GST to their customers.

a) GST registration – recommended for a number of reasons. If you believe you will be earning over $75,000, best to register from the start. Also shows your customers that you are not earning less than $75,000.

b) ABN registration – required to operate a business

c) Tax File Number – also required for tax purposes

d) PAYG Withholding Tax registration – required if you are employing staff, or employing yourself (for the latter, only if you are operating as a company or trust)

e) Fuel Tax Credits – For those that operate heavy machinery

5. Set up all your insurances – Ensure you have adequate insurances in place. This includes:

a) Public liability – protects you and your business against the financial risk of  being found liable to a third party for death, injury, loss or damage of property, or pure economic loss;

b) Professional indemnity – protects you from legal action as a result of your advice;

c) Product liability – important if you are selling tangible goods

d) Workers Compensation insurance – required if you employ staff, and pay wages of more than $7500 per year

e) Income protection insurance / life insurance/TPD – see your financial planner for this. Very important that you are protected if you are the main income earner in your family

6. Open up a separate business account – this is important, so that your personal transactions are kept separate from the business transactions.

If you are charging GST, we would recommend also setting up a separate GST account, so that when you receive payment for the GST on your invoices, the 10% is transferred into this separate account. When it comes time to paying the GST to the ATO, you will have the funds ready. It can be a lifesaver, when cashflow is tight.

7. Setup of an accounting software or record keeping system – Have a chat with your accountant about this, and what options there are available to you. Again, this is best to be set up from the start, as it will save you a lot of heartache later on.

Typical software available include Xero (our favourite), MYOB, Intuit, Sasuu, etc.

Otherwise, an excel spreadsheet cashbook may be sufficient also, to keep costs down.

8. Staffing issues – If you decide to employ staff right from the beginning, ensure that you:

a) Have a Tax File Number Declaration Form completed for each staff (available at most newsagency, or from your accountant)

b) Ensure you are giving them a payslip for each pay (this is a legal requirement)

c) Ensure you are paying super into their nominated super fund (currently at 9.5%)

d) Ensure you have adequate workers compensation insurance cover

Here we present to you 8 ways to instantly reduce your business costs, and to help you to crack down on unnecessary spending:

1) Buy in bulk where possible – when you buy in bulk, you are usually given a discount straight away. Officeworks offers bulk buy discounts, and even has the discounted prices listed for you on the shelf. If you are buying stock or other goods for resale regularly, consider ordering in bulk instead, and negotiate a discounted rate with your supplier;

2) Where possible, buy second hand furniture and equipment – check out Gumtree, Ebay, etc. You will find many businesses selling their unwanted furniture and equipment, and it is usually due to them closing down or moving on. Great way to grab a good bargain. Of course it must suit your desired décor, and you must see it first before you make an offer;

3) Consider whether you actually need an office or shop front – of course for some professions or businesses, this is not really an option. But it may be an option for your business. Consider renting an office or meeting room hourly instead, or maybe even turn your home office into a meeting room. We have seen this done before, and done very stylish as well! If you have staff, consider setting them up remotely where possible. Who wouldn’t love to work from home for their employer!!

4) Outsource some of your staffing requirements – rather than hiring a full time staff member that can come with problems and complications, consider hiring a contractor or someone on a part time basis. Businesses such as Odesk, Elance and Fiverr have provided many small businesses with access to qualified and skilled professionals, all for a fraction of the price that they would pay if they had to engage a full time staff member;

5) Use  free applications and softwares – make use of the vast applications and softwares out there that are made available to small businesses, for little or no charge. Some software providers have a free version of their software, so you can try it out before you decide to buy. If you find it is worth the investment, then you can purchase it. Use technology to your advantage – your time is money so if you can save on time, you can spend that time to make more money! Great software include Skype (for communication) and Dropbox (for cloud storage);

6)  If you are a service based business, and you need to send documents to your clients, consider using email instead of sending documents by mail. Invest in a good scanner (or hopefully your printer also has a scanning function!), and scan the documents. You save on stamps and envelopes (and yes, it does add up!), and by sending it through email, you also have a record that it was sent to them! No excuses about Australia Post now!!

7) If you receive most of your payments by credit card, consider negotiating a better rate with your bank. If they are unable to help, despite the volume of sales that you are putting through, consider another bank. Or even use Paypal or Pay Advantage (which offers BPAY facilities and charges a lower rate than Paypal);

8) Automate as much as possible – a prime example of this is bookkeeping costs. Moving to a cloud based software that allows for direct downloads of bank transactions can save time, and money. Gone are the days where your bookkeeper has to spend hours entering your transactions. We have seen clients save thousands of dollars, just by moving their accounting and record keeping software.

Here we present to you 8 ways to instantly reduce your business costs, and to help you to crack down on unnecessary spending:

1) Buy in bulk where possible – when you buy in bulk, you are usually given a discount straight away. Officeworks offers bulk buy discounts, and even has the discounted prices listed for you on the shelf. If you are buying stock or other goods for resale regularly, consider ordering in bulk instead, and negotiate a discounted rate with your supplier;

2) Where possible, buy second hand furniture and equipment – check out Gumtree, Ebay, etc. You will find many businesses selling their unwanted furniture and equipment, and it is usually due to them closing down or moving on. Great way to grab a good bargain. Of course it must suit your desired décor, and you must see it first before you make an offer;

3) Consider whether you actually need an office or shop front – of course for some professions or businesses, this is not really an option. But it may be an option for your business. Consider renting an office or meeting room hourly instead, or maybe even turn your home office into a meeting room. We have seen this done before, and done very stylish as well! If you have staff, consider setting them up remotely where possible. Who wouldn’t love to work from home for their employer!!

4) Outsource some of your staffing requirements – rather than hiring a full time staff member that can come with problems and complications, consider hiring a contractor or someone on a part time basis. Businesses such as Odesk, Elance and Fiverr have provided many small businesses with access to qualified and skilled professionals, all for a fraction of the price that they would pay if they had to engage a full time staff member;

5) Use  free applications and softwares – make use of the vast applications and softwares out there that are made available to small businesses, for little or no charge. Some software providers have a free version of their software, so you can try it out before you decide to buy. If you find it is worth the investment, then you can purchase it. Use technology to your advantage – your time is money so if you can save on time, you can spend that time to make more money! Great software include Skype (for communication) and Dropbox (for cloud storage);

6)  If you are a service based business, and you need to send documents to your clients, consider using email instead of sending documents by mail. Invest in a good scanner (or hopefully your printer also has a scanning function!), and scan the documents. You save on stamps and envelopes (and yes, it does add up!), and by sending it through email, you also have a record that it was sent to them! No excuses about Australia Post now!!

7) If you receive most of your payments by credit card, consider negotiating a better rate with your bank. If they are unable to help, despite the volume of sales that you are putting through, consider another bank. Or even use Paypal or Pay Advantage (which offers BPAY facilities and charges a lower rate than Paypal);

8) Automate as much as possible – a prime example of this is bookkeeping costs. Moving to a cloud based software that allows for direct downloads of bank transactions can save time, and money. Gone are the days where your bookkeeper has to spend hours entering your transactions. We have seen clients save thousands of dollars, just by moving their accounting and record keeping software.

Here we present to you 8 ways to instantly reduce your business costs, and to help you to crack down on unnecessary spending:

1) Buy in bulk where possible – when you buy in bulk, you are usually given a discount straight away. Officeworks offers bulk buy discounts, and even has the discounted prices listed for you on the shelf. If you are buying stock or other goods for resale regularly, consider ordering in bulk instead, and negotiate a discounted rate with your supplier;

2) Where possible, buy second hand furniture and equipment – check out Gumtree, Ebay, etc. You will find many businesses selling their unwanted furniture and equipment, and it is usually due to them closing down or moving on. Great way to grab a good bargain. Of course it must suit your desired décor, and you must see it first before you make an offer;

3) Consider whether you actually need an office or shop front – of course for some professions or businesses, this is not really an option. But it may be an option for your business. Consider renting an office or meeting room hourly instead, or maybe even turn your home office into a meeting room. We have seen this done before, and done very stylish as well! If you have staff, consider setting them up remotely where possible. Who wouldn’t love to work from home for their employer!!

4) Outsource some of your staffing requirements – rather than hiring a full time staff member that can come with problems and complications, consider hiring a contractor or someone on a part time basis. Businesses such as Odesk, Elance and Fiverr have provided many small businesses with access to qualified and skilled professionals, all for a fraction of the price that they would pay if they had to engage a full time staff member;

5) Use  free applications and softwares – make use of the vast applications and softwares out there that are made available to small businesses, for little or no charge. Some software providers have a free version of their software, so you can try it out before you decide to buy. If you find it is worth the investment, then you can purchase it. Use technology to your advantage – your time is money so if you can save on time, you can spend that time to make more money! Great software include Skype (for communication) and Dropbox (for cloud storage);

6)  If you are a service based business, and you need to send documents to your clients, consider using email instead of sending documents by mail. Invest in a good scanner (or hopefully your printer also has a scanning function!), and scan the documents. You save on stamps and envelopes (and yes, it does add up!), and by sending it through email, you also have a record that it was sent to them! No excuses about Australia Post now!!

7) If you receive most of your payments by credit card, consider negotiating a better rate with your bank. If they are unable to help, despite the volume of sales that you are putting through, consider another bank. Or even use Paypal or Pay Advantage (which offers BPAY facilities and charges a lower rate than Paypal);

8) Automate as much as possible – a prime example of this is bookkeeping costs. Moving to a cloud based software that allows for direct downloads of bank transactions can save time, and money. Gone are the days where your bookkeeper has to spend hours entering your transactions. We have seen clients save thousands of dollars, just by moving their accounting and record keeping software.

Here we present to you 8 ways to instantly reduce your business costs, and to help you to crack down on unnecessary spending:

1) Buy in bulk where possible – when you buy in bulk, you are usually given a discount straight away. Officeworks offers bulk buy discounts, and even has the discounted prices listed for you on the shelf. If you are buying stock or other goods for resale regularly, consider ordering in bulk instead, and negotiate a discounted rate with your supplier;

2) Where possible, buy second hand furniture and equipment – check out Gumtree, Ebay, etc. You will find many businesses selling their unwanted furniture and equipment, and it is usually due to them closing down or moving on. Great way to grab a good bargain. Of course it must suit your desired décor, and you must see it first before you make an offer;

3) Consider whether you actually need an office or shop front – of course for some professions or businesses, this is not really an option. But it may be an option for your business. Consider renting an office or meeting room hourly instead, or maybe even turn your home office into a meeting room. We have seen this done before, and done very stylish as well! If you have staff, consider setting them up remotely where possible. Who wouldn’t love to work from home for their employer!!

4) Outsource some of your staffing requirements – rather than hiring a full time staff member that can come with problems and complications, consider hiring a contractor or someone on a part time basis. Businesses such as Odesk, Elance and Fiverr have provided many small businesses with access to qualified and skilled professionals, all for a fraction of the price that they would pay if they had to engage a full time staff member;

5) Use  free applications and softwares – make use of the vast applications and softwares out there that are made available to small businesses, for little or no charge. Some software providers have a free version of their software, so you can try it out before you decide to buy. If you find it is worth the investment, then you can purchase it. Use technology to your advantage – your time is money so if you can save on time, you can spend that time to make more money! Great software include Skype (for communication) and Dropbox (for cloud storage);

6)  If you are a service based business, and you need to send documents to your clients, consider using email instead of sending documents by mail. Invest in a good scanner (or hopefully your printer also has a scanning function!), and scan the documents. You save on stamps and envelopes (and yes, it does add up!), and by sending it through email, you also have a record that it was sent to them! No excuses about Australia Post now!!

7) If you receive most of your payments by credit card, consider negotiating a better rate with your bank. If they are unable to help, despite the volume of sales that you are putting through, consider another bank. Or even use Paypal or Pay Advantage (which offers BPAY facilities and charges a lower rate than Paypal);

8) Automate as much as possible – a prime example of this is bookkeeping costs. Moving to a cloud based software that allows for direct downloads of bank transactions can save time, and money. Gone are the days where your bookkeeper has to spend hours entering your transactions. We have seen clients save thousands of dollars, just by moving their accounting and record keeping software.

Here we present to you 8 ways to instantly reduce your business costs, and to help you to crack down on unnecessary spending:

1) Buy in bulk where possible – when you buy in bulk, you are usually given a discount straight away. Officeworks offers bulk buy discounts, and even has the discounted prices listed for you on the shelf. If you are buying stock or other goods for resale regularly, consider ordering in bulk instead, and negotiate a discounted rate with your supplier;

2) Where possible, buy second hand furniture and equipment – check out Gumtree, Ebay, etc. You will find many businesses selling their unwanted furniture and equipment, and it is usually due to them closing down or moving on. Great way to grab a good bargain. Of course it must suit your desired décor, and you must see it first before you make an offer;

3) Consider whether you actually need an office or shop front – of course for some professions or businesses, this is not really an option. But it may be an option for your business. Consider renting an office or meeting room hourly instead, or maybe even turn your home office into a meeting room. We have seen this done before, and done very stylish as well! If you have staff, consider setting them up remotely where possible. Who wouldn’t love to work from home for their employer!!

4) Outsource some of your staffing requirements – rather than hiring a full time staff member that can come with problems and complications, consider hiring a contractor or someone on a part time basis. Businesses such as Odesk, Elance and Fiverr have provided many small businesses with access to qualified and skilled professionals, all for a fraction of the price that they would pay if they had to engage a full time staff member;

5) Use  free applications and softwares – make use of the vast applications and softwares out there that are made available to small businesses, for little or no charge. Some software providers have a free version of their software, so you can try it out before you decide to buy. If you find it is worth the investment, then you can purchase it. Use technology to your advantage – your time is money so if you can save on time, you can spend that time to make more money! Great software include Skype (for communication) and Dropbox (for cloud storage);

6)  If you are a service based business, and you need to send documents to your clients, consider using email instead of sending documents by mail. Invest in a good scanner (or hopefully your printer also has a scanning function!), and scan the documents. You save on stamps and envelopes (and yes, it does add up!), and by sending it through email, you also have a record that it was sent to them! No excuses about Australia Post now!!

7) If you receive most of your payments by credit card, consider negotiating a better rate with your bank. If they are unable to help, despite the volume of sales that you are putting through, consider another bank. Or even use Paypal or Pay Advantage (which offers BPAY facilities and charges a lower rate than Paypal);

8) Automate as much as possible – a prime example of this is bookkeeping costs. Moving to a cloud based software that allows for direct downloads of bank transactions can save time, and money. Gone are the days where your bookkeeper has to spend hours entering your transactions. We have seen clients save thousands of dollars, just by moving their accounting and record keeping software.