Category: News & updates

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How to increase cash flow for small businesses

Knowing how to increase cash flow is one of the most challenging aspects of running a small business, and mastering it is the key to long-term success. Many businesses fail in their first few years, and one of the main reasons for these failures is cash flow problems. Fortunately, many tools and techniques are available to help small businesses manage cash flow and achieve success. Let’s explore these tips and tools.

What is cash flow and why is it so important?

Managing cash flow in your business is similar to managing your household budget. Although managing cash flow in your business is more complicated, the principle is the same. You need to generate enough cash to pay your bills and obligations. You also want to have a little leftover to enjoy or reinvest in your business growth. If you don’t manage your cash flow, your business could struggle to stay afloat.

Top 6 methods for increasing cash flow

The concept of cash flow is simple, but putting it into practice can be complicated. Here are a few of the things you need to consider and explore to make your business a success.

1. Create a cash flow forecast

Forecasting is important for managing cash flow. Knowing your upcoming expenses means that you have time to adjust and ensure money is there when you need it. There are software and apps which can help make this process simpler.  You can choose something that only focuses on cash flow, like Xero, or a solution that provides integration and other functionality, like Float or Fluidly. 

2. Expand payment options

Another way to increase your cash flow is to expand the number of ways that you can receive payment. Having a single form of payment, like PayPal, could limit the number of people who can purchase your services. Try adding other electronic payment methods like Square, which allows you to collect funds immediately after providing a service. Afterpay is another popular option that allows your customers to make 4 partial scheduled payments for your service.  

3. Update service prices to reflect the current market

 Be on the lookout for market changes and what your competitors are charging. If your services are underpriced or overpriced, this could impact the cash you have available. Adopting this strategy doesn’t mean that you have to change your prices every time your competitors do, but it is important to price accordingly.

4. Customer Relationship Management (CRM) Software

It can be hard to keep track of customers’ data, invoices and payments Fortunately, there is plenty of CRM software available that allows you to simplify and automate the process. You can use it to capture contact details, store data, send automated messages, invoices and follow-ups after a service.

5. Consider current assets

If you should ever find yourself in a moment of low cash flow, you could look into selling any unused machinery or equipment. Equipment that is sitting around and not being used is a liability that could be quickly turned into liquidity.

6. Consider tax time

Everything you do, whether it is making a purchase or making a profit, will have an impact when it comes to filing your end-of-year taxes.  It’s important to keep a record so you can take off the deductions that you are allowed. Knowing what taxes you will owe also helps you predict what you need to have set aside. The most important thing is to be prepared so you do not get caught at the end of the year with an unexpected tax bill.

Helpful cashflow programs 

Here is a few popular cash flow management software to help automate and simplify processes for small business owners.

  • Xero

Xero accounting software is an online solution that allows you to pay bills, claim expenses, connect to your bank, accept payments, and reconcile your bank statements.

  • Float

Float gives you resources that include cash flow management tools, planning tools, and scheduling software.

  • Futrli

Futrli is powerful forecasting software that helps you make better business decisions. It helps you predict sales, expenses, and profits.

  • Fluidly

Fluidly automates forecasting and presents the information in graphs and charts that are easy to understand. This software gives you the information that makes business decision-making seamless and easy to see your options.

Managing cash flow is one of the most important skills that you can learn as a small business owner. Fortunately, there are now tools available that make it easy. Knowing how to increase cash flow in small business management is the best way to create a successful enterprise in the future.

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7 ways to attract more leads with your Oneflare profile

Your Oneflare profile is the key to connecting with the right customers and winning work on the platform. Think of your Oneflare profile as your selling page – the more information you have for potential customers, the more likely you will get hired! This is your chance to stand out from your competitors and promote the value of your business.

Here are some pointers on how to attract more leads using your Oneflare profile.

1. Reviews, reviews, reviews!

Reviews are the most important factor when winning work from an online platform. This is generally the first thing that a potential customer will look at when making their hiring decision. There are several ways you can build your review base on Oneflare:

2. Get verified

The verification process has been introduced on Oneflare to add a layer of credibility to your business profile. This process is designed to give your potential customers peace of mind when hiring you.

To complete the verification process, all you need to do is log on to oneflare.com.au – click get verified – and follow the prompts. Once you complete this you’ll get a fancy blue tick next to your business name, the same as a public figure on other social media sites!

For a step-by-step guide click here

3. Talk about your business

Customers want to learn more about your business when they are making their hiring choice. Make sure you spend time outlining why your business stands out from others in your industry. Do this by writing a great description and filling out your Unique Selling points on your profile to capture your lead’s attention the moment they click on your profile. 

4. Profile Image is your first impression

Having a professional logo on your profile is crucial to gaining a customer’s attention. This is your first impression on these potential customers – so make sure you have a professional logo, or headshot there to stand out from other businesses.

Tip: make sure you jump on Oneflare’s website to utilise the new profile image editor tool, which allows you to zoom in and out and crop your image to look professional.

5. Images: what customers want to see 

Customers want to see your best work when they look at your profile. Be sure to fill out your image gallery to showcase some of your stand-out projects, whether these are before/after shots, work in progress shots, and completed projects; uploading around 10-15 images will help you to shine.

6. Setting up the correct preferences 

Get the right leads from the right area, and leave the rest to us so you can focus on what you do best. You can do this by setting your service types and service areas preferences in the Lead Settings section of the Oneflare for Business app, or on the Oneflare website.

7. Connecting with customers 

When you reach out to customers on the Oneflare app it’s important to stand out right from your first touchpoint. Use the additional comments feature when connecting with leads to personalise your message. Add links to your website and social media pages, and we’ll tell your customers to check out your Oneflare profile too. Adding in these details will show your potential customers that you value providing them with a personalised service, and will aid you in getting the best response.

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An introductory guide to customer success

What is customer success?

In a recent report, 80% of customers said that the experience a company provides is as important as its products and services, highlighting a maturing consumer mindset. Customer success occurs when your customers achieve their desired outcome through their interactions with your product. The strategy focuses on optimising the overall experience by proactively providing solutions and/or answers to any given situation that arises during the buy and delight phase. This premeditated approach sends all the right messages to customers, making them feel considered, nurtured and you guessed it, successful.

Why should busiesses invest in customer success?

Traditionally businesses have relied entirely on Sales and Marketing to head their growth strategy, which simply doesn’t cut it in today’s landscape. The focus, now, is pivoting to include the all-important customer. Customer acquisition is becoming increasingly challenging and expensive in today’s crowded markets, so adopting a strategy that focuses on keeping your current customers happy makes a lot of sense. While it is always important to find new prospects it’s even more important to nurture your current customer base. With this focus comes loyal customers, then brand ambassadors, and eventually entire communities. A foundation of loyal, happy customers drives repeat business, renewal and retention and minimises churn, ultimately improving your bottom line.  

How to create an optimised customer success strategy

How your customer success strategy looks will depend on three things:

  • Your customer’s needs 
  • Your product offering 
  • Your business resources 

Every strategy will need to leverage data gathered from consumers, an intuitive team to track and record consumer behaviour, and strong customer success software to collect and display the data for actionable insights. In larger organisations, you may choose to outsource or hire a customer success expert to drive the strategy and build a team to support the trajectory. For smaller, cash-conscious businesses creating a strategy may mean gathering a representative from each business function; product, sales and support to create a roadmap for customer success. 

Who is responsible for implementing customer success?

If you’re wondering whether you need a customer success strategy, the answer is probably yes. If you service customers then you should be looking into investing resources into creating a strategy that enables you, as a business, to partner with your customers. This working relationship will allow you to extract critical feedback and deliver on what the customer deems as most valuable. The task of creating, and maintaining this strategy lies with a Customer Success Manager (CSM) and their team. The CSM provides holistic leadership to the customer-facing team, while the team utilise their working relationships with customers to derive valuable, actionable feedback for the business.

No matter the size of your business, driving a customer success journey starts and ends with a customer-centric mentality, combined with a commitment to providing the best possible outcome using your product. 

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How to attract your ideal customers and avoid time-wasters

Sooner or later, every small businessperson runs into that customer they regret getting involved with. When time is money, you need to draw the line between being knowledgeable and helpful, and giving away too much billable information. The best strategy is to learn to spot these types of customers and set boundaries in the beginning so that you can spend your time with more valuable prospects, but how do you do this?

How to identify a time-waster

Everyone knows how valuable customer relationships are to growing your business. While it is always best to be courteous, how do you navigate a difficult client without sacrificing your professional reputation? The first step is to learn to recognize them in the first place. Here are a few of the more common things you should look for in potential time-wasting customers. 

  • They ask about lowering your price or striking “deals’

This is probably the biggest clue. This is a sign that they do not see the value in what you have to offer. If they are bargain shopping, they are not serious. 

  • They keep asking for industry information

 It is a sad reality that some customers only want you as a resource for industry knowledge. They might try to “impress” you with their knowledge of the industry by telling you things any beginner would know. You must set boundaries in the beginning and suggest that they hire your services if they would like a consultant. 

  • They’re delay in responding

 If a customer takes too long to respond, they are likely testing you to see how desperate you are for their business. You can bet that if you chase them, they will take full advantage of your vulnerability. If the client is a big company or influencer, you might want to ease up, but if this is not the case, you are probably better off moving on. 

Ways to attract the ideal customer

Now that you know a little more about avoiding the time-wasters, you need to know how to attract your ideal customer. Here are a few tips. 

  • Use a customer contact form 

Put a contact form on your website or email using Survey Monkey or Google Sheets. This technique allows you to ask a few prequalifying questions and to get a better idea of their needs. This takes up much less time than answering the phone and spending your time talking to “browsers.” 

  • Position yourself

Use your online presence to define your target market. This comes under the category of knowing your brand, knowing the value of your brand, and knowing as much as possible about your target market. 

  • Charge an initial consult fee

Your time is worth something. If they are serious, they will understand this and be willing to pay for your services from the beginning. 

  •  Free 10-minute consultation

Advertise a free consultation time and charge for anything after this, it’s an excellent way to set boundaries and limit your losses from those who only want what you know for free. Set a timer and be ready to politely end the conversation if the person wants too much. Also, keep in mind that people often do not value what they receive for “free.” 

  • Name your price

By advertising average prices on your website for standard services, you create transparency and can save time discussing via email or telephone. Being upfront about your pricing helps to attract those who are willing to pay what you are asking. If your pricing is clear, bargain hunters will probably not even call. 

Ways to steer a free conversation into a billable conversation

You can screen potential customers and take steps to try to eliminate those who are not serious, but sometimes, you still end up in a conversation with someone who sends up a red flag. What should you do if you find yourself in this position? 

  • Express the limitations of your call early in communication

If you are giving a free 10-minute consultation, be clear about that at the beginning of the conversation. Also, let them know when the clock begins. If the potential client begins asking things that are too in-depth for an initial conversation, politely state that this topic is beyond the scope of an initial consultation. If they will not allow you to end the conversation when the time is up, do not be afraid to break in and let them know that from this point forward the time is billable. 

  • Be knowledgeable but don’t give away all the answers

Express the need for more information or documentation to know the whole picture. It is good to let them know that you know what you are doing, but do not be too free with giving away trade secrets. It took you many years to get where you are now, and those who want to be where you are will have to put in the time, too. There is value in the knowledge that you bring to the table, and you should never give it away for free. 

  • Ask to set up a follow-up conversation 

When the time is up for the initial consultation, you should politely ask if they would like to have another conversation at the billed rate? Always keep the end of the conversation upbeat, even if you have a feeling that the person never intends to purchase services because you never know. 

  • Use customer-centric language

Be aware of your boundaries, but you should always give the customer the impression that you put them first. Keep the conversation focused on what they need and suggestions of how your services can help. Your goal should be to understand their needs. 

Unfortunately, these types of customers are a part of doing business. Having a solid plan for spotting them and understanding how to handle them if you do encounter them, is the best advice. The best strategy is to understand how to attract the ideal customer and avoid them in the first place.

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A guide to effective email marketing for small businesses

Today, businesses have many ways to reach out to their customers to share new products, services, and promote their brand. Email marketing is not just for big businesses, and small businesses can easily implement email marketing campaigns to reach their customers. Let’s see how email marketing for small business owners can help you reach your goals this year.

What are the benefits of email marketing?

Email campaigns are easy to implement and are a cost-effective way to communicate with your clients. It is also more personal than other forms of advertising because the user is the one to sign up to receive them. Here are some of the benefits of email marketing for small business owners. 

  • Cost-friendly

The cost of an email campaign depends on how many emails you send per month and the size of your subscriber base. Some platforms allow you to send an unlimited number of emails for $25-30 per month. 

  • Revenue

A recent study found that the ROI of an email campaign can be as high as 122%. This is four times higher than any other form of digital marketing. An email marketing campaign increases revenues by improved sales conversions because it is more targeted. It also results in increased website traffic and improved brand awareness. 

  • Ease of communication

It is easy to get the word out to targeted customers with useful information about your products and services, tell them about new products, sales, and promotions. With one well-crafted email, an active subscriber list, and a good mail provider, you can efficiently communicate with your audience anywhere they have access to email. 

  • Newsletters

Email newsletters are an excellent way to keep in touch with your target audience. You can do feature articles that might be of interest to your audience and touch base in a way that does not sound overly promotional. 

  • Promotions

Regular sales and promotions through email are an excellent way to let your customers know that they are in an exclusive club. This is a great way to let them know about holiday sales and special subscriber-only offers. 

  • Updates

You can let your customers know about any changes at the company or policy updates quickly and easily through email. 

  • Reminders

Emails are an excellent way to send reminders about special promotions, abandoned shopping carts, and when a bill is due. 

  • Automation

 The best thing about email marketing is that it can be fully automated. Once the initial email journey is created, you can sit back and let the software do the rest. 

  • Build & nurture relationships

Regular contact with your customers keeps you on their mind. The key is to value these relationships and do not become spam. 

  • Customer loyalty

When customers feel that you have crafted a message just for them, it helps to build loyalty. They can feel like they are part of the family because of the personalized message that they receive. 

  • Increase customer engagement

Email marketing campaigns are an excellent way to increase customer engagement. You can provide fun quizzes, surveys, and videos to keep your customers engaged.

How do you create an email marketing strategy for small businesses?

As you can see, email marketing campaigns can open doors and do things that other forms of advertising cannot. The next thing you probably want to know is how to develop an email campaign and an effective marketing strategy. The first thing you need to do is to explore the different email providers available and choose one that is right for you. 

  • Gather contact information

Once you have chosen an email provider, you need to start building an email list. You can do this through a contact page, a popup that asks them to sign up, or by providing special promotions of offers for signing up. You can also collect emails through your social media platforms. 

  • Choose your message

Now, it is time to decide what types of emails to send and how frequently. If you are not sure, you can hire a professional to recommend a campaign scheduled. 

  • Create your content

The next step is to create your content. You can create it yourself, or you can hire a copywriter who knows the right language to use to reach your audience. 

  • Ensure usability of web and mobile

One of the most important factors in today’s world is to make sure your email and westie are mobile-friendly. A large number of people have access to email and the web through mobile devices. 

  • Create a schedule

Make sure that you create a schedule and stick to it. If you commit to sending out an email a month, then make sure you do. Your customers will expect it. 

  • Track performance

Most mail service providers have built-in tracking. This allows you to make adjustments as needed. You should be tracking metrics like open rates, click-through rates, conversion rates, ROI, unsubscribes, bounce rate, and site traffic. 

Types of email marketing software

Today, you have many email marketing solutions for small businesses that are cost-effective and can be scaled up as you grow. Here are some of the best email marketing software for small business owners that we think you should consider. 

  • MailChimp

 MailChimp is one of the most widely used email providers for small businesses. One of the reasons why they are so popular is that they allow you to do email automation, newsletters, and segmented lists. They are affordable, and you can scale up as you grow. 

  • Moosend

Moosend is another popular email company. They allow you to add customized forms to your website and manage a contact list. Moosend is an excellent choice for beginners because is it easy to learn. It is easy for beginners, but it also has enough advanced features for experts. 

  • Campaign Monitor

Campaign Monitor is an excellent choice for beginners because they have an extensive library of templates and free tools. They have drag-and-drop customization and optimization for mobile. You can start with a free account and then move up to enterprise-level solutions as you grow. 

  • BOMA Marketing

 BOMA Marketing has an extensive library of resources for all aspects of digital marketing. You can do your email, social media posts, blog posts, and social media ads all from one platform. It also has a content library in case you run out of ideas of things to talk about in your newsletter. 

Email campaigns continue to be one of the most effective marketing tools for growing your brand. You have many resources available if you want to do it yourself, or you can always hire a professional who provides email marketing solutions for small business owners and free your time for other important tasks. 

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Profile Image Editor

We understand the importance of showcasing your business online. That’s why we’ve built the ‘Profile Image Editor’.

When updating your Business Profile, you now have the ability to crop, rotate and zoom your profile image to ensure it accurately reflects your business.

Zoom, rotate or crop your profile image using this new feature

The editor is currently a web-only feature. To learn more about our other improvements to the Business Profile, head here.

If you have questions, feedback or suggestions about what you’d love to see next, you can always reach out to your Account Manager or email us at [email protected].

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The Oneflare team share their favourite product features

At Oneflare, our mission is to provide Aussie businesses with the best way to find work. Over the last 12 months, we’ve been busy listening to your feedback and implementing improvements to make Oneflare easier to use, and more effective at helping you win work. 

To celebrate, we asked some of the team from Oneflare HQ to share their favourite parts of the platform. Here’s what they had to say.

Sync Accounts

“Our Sync Accounts feature is incredibly powerful. It means businesses can bring together all their great reviews in one spot – hassle-free” – Cindy, Head of Support 

“My favourite part of onboarding is going through the Sync Accounts feature. If a business has a lot of Facebook and Google reviews, they all show up together in one spot and their page looks amazing! Businesses are very happy with the way their page looks afterwards.” – Nicky, Customer Success Manager

Our Sync Accounts feature is a favourite amongst Oneflare HQ team members and businesses alike. It allows you to showcase reviews from not only Oneflare customers, but Facebook and Google accounts as well.

Businesses like GT Plumbing use Oneflare to showcase their reviews.

Profile analytics

“The profile analytics are a great indication of how well the directory exposure is helping any business. You can see all the interactions customers are having with your profile. From contact clicks, views, and impressions it’s all easily accessible for the business to see in one centralised place!” – Shane, Sales Manager

Auto quoting

“Auto quoting is a really cool feature for businesses who use it well. It is hassle-free once you’re set-up, and provides unique value that no other competitors can.”  – Nura, UX Designer 

“Auto-quoting has changed the game for so many businesses who don’t have the time to make quick initial contact with the customer on Oneflare. It’s highly customised with the number and types of work you want to quote, it has allowed even sole-traders on the tools to win work consistently!” Brendan, Business Development Manager

Auto quoting is the easiest way to quote in the Oneflare platform. Simply set your job criteria and budget, and we’ll take care of the rest.

Oneflare Now

“My favourite part of our product is Oneflare Now. It’s such a unique offer, that allows tradies to win jobs more quickly and efficiently. Though a close second would be the new profile screen on our Business App which we recently updated with a ton of new features. I love that it puts full control of preferences in the palm of our businesses’ hands.” – Nak, Mobile Developer

Oneflare Now is currently available to Locksmiths, Electricians, Plumbers and Towing Professionals. It is an exciting new direct call service that allows you to connect directly with customers needing a job sorted urgently.

Business inbox

“Our in-house built chat application is used by thousands of businesses every day. It ties efficiency and transparency into a single page application, that allows businesses to manage their Oneflare clients with ease.” – Yianni, Developer 

If you haven’t already, download the Oneflare for Business app today in the App Store, or on Google Play, to unlock a world of features to help you win work.

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7 ways to create a professional brand image

Having a professional brand image is just as important as the service you provide. Why? It builds trust and credibility, which attracts more customers. Think about it this way – would you rather hire a cleaner in casual clothes or one that presents himself in a crisp, branded uniform?

Creating a professional brand image is not as difficult as you may think. This checklist will help you create a professional brand image!

1. Have a professionally designed logo

Your logo represents your brand, helps customers remember who you are and builds credibility. That’s why it’s extremely important to have it professionally designed. If you need a logo or need your current one updated, you can find graphic design experts ready to help on Oneflare.

2. Have a company uniform

A smart-looking shirt with your logo will make all the difference when customers meet you for the first time. It shows customers you are a legitimate business they can trust.

3. Have professional photos of your business

Customers always want to know who they’re hiring. Make sure all photos of your business are professional and not like one you uploaded from your phone. Need a photoshoot done? Find your local photographer on Oneflare.

4. Brand your vehicle

This one is really a no-brainer! Take advantage of free advertising by having your business name and logo clearly on your truck, van or ute, so it’s visible to everyone you drive by.

5. Have a business website

Customers turn to the internet to find what they need, so be right where they can find you! Being on Oneflare is a great start, but having your own unique website will help increase your professional image. Link your website to your Oneflare profile page so you can show off your reviews. Need help? Just give Customer Care a call!

6. Jump on social media

It’s free, easy to update and when you connect with customers, you increase customer loyalty. Show off your portfolio, answer customer enquiries and provide them with the latest information about your business. It’s the easiest way to be discovered by new customers too!

7. Promote your brand

Hand out business cards, fridge magnets or any other merchandise you may have. The more your brand is out there, the more likely customers will remember your business! You can find trusted printers on Oneflare.

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How to succeed in the small business world

Small businesses often struggle to gain visibility and get ahead of their competition. Many falter and face losses during the first few years of their existence. While it’s difficult to succeed in these times of intense competition, it’s not impossible. You just need to have the right ingredients in place to create the winning recipe.  You need a combination of luck, perseverance, timing, and a good strategy to succeed in any business.

Fact: 80% of all new businesses fail within the first 18 months of their existence. If you don’t want to be a part of that 80% you need to lay a solid foundation for your business. You also need to possess or develop some qualities as a business owner to succeed in this highly competitive world.

Qualities that small businesses need to have in order to succeed

If you observe successful small businesses and study how they work, you’ll notice that most of them have similar characteristics. They have that winning formula that allows them to survive the turbulent first few months of business. Here are some qualities successful small businesses have:

  1. Catering to a special or niche market – Small businesses can’t compete with large businesses unless they have something special to offer. For example, a small pizzeria can’t compete against Dominos unless it offers something unique like authentic Italian stone oven pizzas. Successful small businesses find a niche in the market that they fit perfectly and that helps them move past their competition. If you offer the same thing as well-established big brands, you’ll face tougher competition that might hamper your success at the outset.
  2. Personal relationships with their customers – Big brands can’t establish a personal connection with their customers because they’re too large and have too many branches. Smaller businesses have a better chance at establishing a rapport with their customers. Companies that succeed often develop a loyal and supportive customer base that can keep the business afloat even in times of uncertainty. You can use different channels to approach your customers, including the use of social media and smart marketing.
  3. Word of mouth – Successful small businesses rely on word-of-mouth marketing as well. They encourage their customers to offer referrals and even offer them incentives to promote their brand. If your customers are satisfied with your services and like your brand, they won’t hesitate to recommend you to others. Most large companies can’t take advantage of word-of-mouth marketing because they are unable to establish a personal connection with their customers.
  4. Structured for growth – Most business owners fail to consider growth when they create their business structure. They don’t leave any room for expansion and growth, which can limit a company’s potential. Even if you’re on a limited budget, you can ensure your business has room for growth by choosing the right employees and dividing responsibilities. You can also take advantage of modern technology like cloud computing and third-party data banks to ensure your business is scalable without investing too much money upfront. If you don’t focus on growth from the beginning, you’ll have to make big changes down the line that could affect your business and even jeopardise its success.
  5. Stepping out of the comfort zone – Just because you have a niche market doesn’t mean that you can’t push your business to the limit and introduce new products or services. For example, as a pizzeria owner, you can expand your business by introducing new dishes or even add gelato to your menu! You’ll still cater to a niche market but will have more sources of profit that will help you grow. Adding new products or services requires less effort and money than creating a new branch.
  6. Focus on your skills – Your business relies heavily on your skill and the skill of your team. Most small businesses succeed because the owners focus on what they can do instead of trying to do something they’re not familiar with. For example, if you’re not an app designer, you shouldn’t try to establish an app designing company. Even if you hire the right people, you’ll fall behind because your lack of knowledge will have an impact on the day-to-day operations. You should build a company that you can run on your own skill if needed, as that will keep it afloat during hard times.
  7. Delivering value – Does your business fulfil a need? Does it fill a vacuum in the market and provide value to your prospective customers? The answer to these questions will determine whether your business succeeds or fails. Companies that don’t deliver value or fill a gap in the market don’t survive for long.
Successful small business at awards event / Source: J&T Dale Plumbing

Most successful small businesses have these qualities and that helps business owners establish a strong foothold. If your business has a solid foundation at the beginning it is better equipped to handle any difficulties it may face.

Qualities of a successful business owner

Even a great business idea and set-up can fail if the business isn’t run well or run by the right person. These ventures rely heavily on the skill and ability of the business owner. If they don’t know how to handle a company or don’t take the time to learn, their business is likely to fail. Here are some traits business owners should possess in order to succeed in this competitive world:

  1. Leadership – This is the most important quality in a business owner because your team and employees will look to you for direction and guidance. Business owners set the course for the company and influence everything from the branding to daily operations. You set the goals, establish the culture and ethics, make sure the business runs smoothly, pay the bills, and help employees deal with uncertainties. Businesses without good leadership falter in the first few months and eventually fail. You can develop your leadership skills with the help of fellow business owners and mentors.
  2. Perseverance – The world of business isn’t easy and people who’re not willing to give their 100% will not succeed. You should be willing to give up your weekends, burn the midnight oil, neglect your social life, and work tirelessly to establish your business. You should also be willing to keep going even if your business seems to be faltering. All businesses go through ups and downs, especially in the first few months of starting. You need to look beyond your current problems and focus on your goals.
  3. Vision for the company – Your company should have a theme and brand for it to stand out from the crowd. That can only happen if you have a good vision and remain committed to it. For example, if your company is known for dedication to customers, you should build all your services and products around this. A vision also acts as a guide for your employees and gives them purpose. They know what your goals are and will find ways to reach those goals.
  4. Loyalty – The modern work and business environment is very different from the work environment that existed a few years ago. Employees and team members expect ample support from their employers and leaders. They expect you to be loyal to them and protect their interests. Employees and team members are the backbone of your business. If they’re happy and content, your business will thrive. Contrastingly, if they’re troubled and stressed, their productivity levels will drop and your business will falter. You should provide a good working environment to your employees and be loyal to them. They will repay your loyalty with dedication and hard work.
  5. Willingness to learn and accept help – Business owners and entrepreneurs have a tendency to overestimate their abilities and take on too many responsibilities. They also hesitate to take the advice of their team members and rely solely on their own judgement. This can cause the business to falter and ultimately fail. You should be willing to learn from your employees and team members and accept their help. Running a business can be stressful, but when you rely on your team you share the load and get more work done.
Successful small business / Source: Sparc Electrical & Air conditioning

How to succeed in the small business world?

  1. Set clear goals and milestones for your business and celebrate every achievement.
  2. Hire the right people for your start-up team and delegate responsibilities to them.
  3. Make sure you have a clear and distinguishable brand for your company.
  4. Be customer oriented and have a good customer service system in place.
  5. Embrace modern technology to make your job easier and reduce the burden on your employees.
  6. Hire mentors to help you in the first few months of your business.
  7. Manage your money well and ensure you don’t overspend.

If you keep these traits and recommendations in mind, you’ll be able to run a successful business. While luck and circumstances do play a role in the success of your business, a good foundation will increase your chances of succeeding.

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News & updates

A guide to submitting your business tax return

We’ve talked to our best accountants to bring you this business tax guide for FY2021/22

This year, changes in the economy and places of employment provided the opportunity for many to start their own business and work from the comfort of their home. One of the tasks that might be confusing for a new business owner might be how and when to file your taxes. Filing taxes is something that most do not enjoy, and you want to get it finished so that you can get back to doing what you love most, running your business. Here are a few of the basics that you need to know about filing your tax return in Australia. 

Important Dates

Your tax return due date primarily depends on your lodgement history and whether you are registered with a Tax Agent. There are some important dates to remember when it comes to lodging your income tax return.

May – June – Contact a Tax Agent prior to financial year end to ensure you understand what tax concessions and business deductions you could claim. According to Dexterous Group, it is crucial for businesses to be proactive and not reactive at tax time specifically when it comes to paying superannuation, writing off bad debts and claiming any instant asset write-offs.

30th June – financial year end and the cut-off date for claiming business deductions, or any instant asset write-offs.

31st October – the due date for lodging your income tax returns (if you’re not registered with a Tax Agent)

15th May* – the general due date granted to Tax Agents to complete your income tax return on your behalf. Please note this may vary depending on a number of factors so please contact a Tax Agent for confirmation of your due date *following year

“Be proactive, not reactive when it comes to tax time.”

– Nick Urry from Dexterous Group

Handy apps to have at tax time

  • ATO: The Australian Taxation Office has its own smartphone app which is free to download and use,  here you can access relevant tax and super information for small businesses
  • E-sign apps for digital signatures e.g. Docusign, HelloSign – the ability to sign remotely is very helpful in the tax return process according to Dexterous Group
  • Oneflare: an app that connects you with the best accountants in your local area by providing personalised quotes from businesses
  • Etax: an app with third-party tax service providers
The Dexterous Group, bringing you the best business tax advice / Source: Dexterous Group

What information do I need to provide in my business tax return?

What you need for your large or small business tax return depends on the structure of your business.

Sole trader: As a sole trader, your business income counts as your individual income. You may claim deductions for any eligable expenses and must include all income you have made in the financial year in your tax return. As a sole trader, you are required to lodge the following:

  • The business and professional items schedule for individuals
  • A tax return for individuals, including the supplementary section

Partnership: As a partnership, you are required to submit a partnership tax return to report net income. You may deduct any allowable expenses, which then leaves the assessable income. 

As well as this, any individual partner must also file an individual tax return to report:

  • Your share of any partnership net income or loss
  • Any other assessable income you have earned, such as wages and salary, dividends and rental income

Note: With a partnership, each partner must pay tax on their individual share of the partnerships net income.

Trusts: In a trust business structure, the trustee lodges a trust tax return to provide the following:

  • The trust’s net income or loss for the financial period

Note: an individual tax return must also be lodged by each beneficiary of the trust

Companies: If your business operated under a company structure, you are required to lodge a company tax return to provide the following: 

  • Taxable income
  • Tax offsets and credits
  • PAYG instalments
  • Tax payable amounts or refund receivable amounts

Note: if you are a company director, you are still required to lodge an individual tax return. 

Contact local accountants

What can my business claim as tax deductions?

As a business, there are many expenses and deductions that you can claim. This list is a few suggestions of things that your business may be eligible for but it depends on what type of business you operate and your specific circumstances, for example as a tradie you are eligible for deductions like transport costs. If you are in doubt, you should contact your tax professional or the ATO to answer questions about whether your business is eligible. Here are a few things that you may be able to claim on your business:

  • Advertising costs
  • Interest paid on business loans
  • Travel expenses for business
  • Renting or leasing your place of business
  • Electricity related to business operations
  • Internet and phone expenses
  • Cost of starting and operating a website
  • Wages to employees
  • Super contributions for employees
  • Vehicle Expenses
  • Office costs, such as computer, printer supplies

Note: If you have been working from home during the financial year, your tax return may be different to previous years, you may be eligible for additional deductions. Consult your tax professional to get information for your circumstances.

What are the business tax rates?

The best place to find tax rates for filing your ATO business tax return is on the ATO tax table. As a sole trader, you submit an individual tax return and do not have to pay tax on the first $18,200 that you earn, (see table below for individual income tax rates). Different business structures will have different tax rates. This is just a guideline, and you should consult a professional for advice tailored to your business.

Methods for lodging

  • Online through the myTax portal: You can file your small business tax return online if you meet certain requirements. This is only allowed for simple returns. 
  • With a registered tax agent: Any person or business can file with a registered tax agent. The cost of hiring a tax accountant can be between $75-220, but there are many advantages of doing so. It saves you time, ensures all the right deductions are made, and extends the time you have to file. The biggest mistakes that are made by businesses, according to Dexterous Group is incorrectly claiming deductions. Some businesses aren’t fully aware of all the deductions they are eligible for based on their industry, business type and related deduction thresholds, which can lead to; mistakes, an increased tax bill or even penalties.
  • As a hard copy:  You can fill out the tax return yourself and send it through the mail. You might have extended processing time if you choose this method. 
  • Using SBR enabled software: Certain third-party applications are available that allow you to file online yourself. One of the most important things to consider if you use this method is to verify the registration of the software with the ATO.
Hard copy tax return / Source: Shutterstock

Other important documents to consider at tax time

It is good to have the following documents available when you lodge your tax return, regardless of whether you plan to do it yourself or by a professional. It is better to have the record and not need it than to need it and not have it. Nicholas recommends storing digital copies of receipts, by simply taking a photo and storing them in a folder on your phone or computer.

  • Copies of any payments received
  • Invoices for any business expenses
  • A list of debtors
  • A list of creditors
  • Bank records
  • Employee and contractor details
  • Any capital gains events (e.g. buying or selling business assets)
Invoice documents / Source: Business Finance Townsville

How to hire an accountant

The Australian tax code can be complicated, especially if you are a new business. The last thing that you would want to do is to make a costly mistake. Fees and fines can be pretty steep if you make an error or miss a deadline. Hiring an accountant takes the worry off you and is often cheaper than the time it takes to do the research and file the return yourself. 

The cost of a small business tax return usually depends on the type of business you have and how complex the return is to file. You should compare rates and service reviews, but the most important thing is that you make sure they are a legitimate accountant and registered agent.

Licencing and qualifications

An accountant must be a Registered Tax Agent, BAS agent, or Tax Adviser. Agents must be registered to specialise in individual or company taxes. You need to make sure that the professional you hire knows how to handle the type of taxes you need to file. It is also a good idea to find someone who has many years of experience.