When your budget is tight, weighing up what parts of your business to outsource can be a tough decision. In this article, we’ll outline what some of the best processes to outsource are, and how to improve the efficiency and productivity of your small business.
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At Elephant Advisory, our accounting software of choice is Xero. As we encourage our clients to use Xero when working with us, we wanted to create a comprehensive beginner's guide to help small business owners get set up with the software.
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"As a business owner, having the ability to identify and address problems before they become critical offers a significant advantage. In this article, we'll outline the top five reasons behind small business failures, including how to recognise them and what steps are needed to avoid them."
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With no need to pay rent and the ability to fulfil orders from a warehouse or home, running a successful online store has become an increasingly appealing option for many young entrepreneurs and aspiring business owners. Due to the availability of low-cost start-up options and the many online selling platforms now available, Australia has experienced a significant increase in the number of e-commerce businesses operating online in recent years.
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Starting a new business is a dream come true for many aspiring entrepreneurs. Being your own boss offers the potential for financial freedom and increased earning potential. However, it's important to keep in mind that the rewards of owning a business come with their own set of challenges.
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Whether you’re buying, selling or exiting a business, accurate business valuation skills are incredibly important to have. In essence, business valuation determines its current worth by using objective measures and evaluating all aspects of the business.
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There are many pressures that business owners face, ranging from financial uncertainty to looking after a team of employees. Your ability to withstand these pressures and continue making the best decisions for your business will be pivotal to your long-term success.
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In Australia, the most common types of business structures are sole traders, partnerships, companies, and trusts. Unfortunately, the intricacies of each structure can be complex, making it hard for new business owners to make the right choice.
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Hiring your first employee is a scary experience as a small business owner. The people bring on board early on in your journey will play a big role in shaping the future and direction of your business. To make sure you nail the hiring process and leave a good impression on your first employee, follow our simple eight-step guide.
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A co-working space is an office environment designed to accommodate different businesses and workers in the one place. Barely heard of a decade ago, co-working office spaces have become increasingly popular as technological capabilities continue to give small businesses greater flexibility in the workplace.
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Around the world, businesses have been suffering the effects of rising costs. Inflation, the pandemic and the war in Ukraine have mounted pressure on the economy, shifting the bottom line for businesses in all industries.
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Effective cash flow management requires constant focus and organisation. Whilst your business may succeed at earning a profit, you can easily find yourself struggling to pay off necessary business costs.
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Small business is an emotional rollercoaster, especially when you’re starting out. Your day-to-day work life can change on a whim. One day your calendar is booked out, the next you’re looking for something to do.
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The first month of starting a business is often the hardest. There is so much to do, so many decisions to make and whatever income you make is dwarfed by your mounting expenses.
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Timing is crucial to the success of any business. You’ve done the planning, you know your product and you’ve researched the market. The only question left is ‘when should I start my business?’
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Deciding whether to start hiring offshore is a choice many business owners will face along their journey. For a long time, offshoring was a strategy mostly limited to outsourcing a company’s production and manufacturing needs. Now it’s used for a whole lot more.
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Getting your pricing right is an essential part of running a profitable business. But over time there are many factors that can change the conditions of the market you operate in.
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Since last November, new legislation has required all company directors to apply for a director identification number in order to better track the activity of directors and their companies.
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