Customer credit checks and avoid late paying customers
From $49.95, a SwiftCheck report gives you valuable insights into your customers, to help you get paid faster.
No one wants to sell themselves short nor overcharge. So exactly where should you land when deciding on the price of a product or service for your small business? The right pricing approach can increase profits margins and lead to market growth.
There are plenty of formulas to use, including penetration and surge pricing, but don’t rely on maths alone to identify the best price. Allow your pricing strategy to be influenced by a range of factors, including the following.
Target audience demographics
Emergencies come in all shapes and sizes. From power outages and equipment failures to cyber-attacks and workplace accidents, there is much for a small business to guard against.
Once you’ve made the switch to cloud accounting software, you’ll wonder why you didn’t do it earlier. It’s a common sentiment shared among small business operators like Clean Up Australia and Thread Publishing, who rely on cloud software to manage their finances and collaborate with their accountant.
As a small business owner, maintaining cyber security is one of the multiple tasks on your long to-do list. You know cybercrime is a real threat, but you don’t have endless resources at your disposal to pour into security. Criminals know this. It’s a weak spot they exploit. By targeting small business, they can swiftly wreak havoc, particularly if they see your business as a doorway into the lucrative networks of larger clients and suppliers.
Alternative finance, otherwise known as online lending, is on the rise in Australia. KPMG research shows we have overtaken Japan to become the second largest alternative finance player in the Asia Pacific region, second only to China.
Checklists are a great way to get things done, particularly at busy times like the end of the financial year (EOFY). Tick off each task as you do it and you'll feel instant relief that you're making progress.
Use the below ideas to put together your own EOFY small business checklist. Each year add to the list any new tasks you discover that can help with wrapping up one year and preparing for the next.
Check for bookkeeping errors
Should you try to knock the socks off a lender with an impressive business plan or are they more interested in the strength of your finances?
The answer will depend on which lender you’re approaching, the type of funding you’re applying for and the shape of your finances. Every lender has different criteria for assessing a loan application, which means some will be most interested in the health of your cash flow, whereas others will be more concerned about the value of your assets.
You're flat out building a successful business, so you drop the ball on managing your cash flow. It's not unusual. In fact, it's understandable why you might worry more about sales and less about tracking money coming in and going out.