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You think that handling your accounts yourself will save you money, especially if your business seems straightforward, right? Wrong! In today's complicated financial world, having a good accountant is essential for businesses and individuals. Accountants do more than just handle numbers; they offer valuable advice and strategies that can save you a lot of money. Here's how your accountant can help you save: Tax efficiency: Accountants save you money by making sure you use all available tax deductions and credits. They understand New Zealand's tax laws and stay updated on any changes. By preparing your tax returns accurately and planning ahead, accountants help you pay less tax and avoid expensive penalties. Financial planning and budgeting: Accountants help you make detailed financial plans and budgets. They set realistic financial goals and create strategies to reach them. By tracking your income and expenses, accountants find ways to cut costs and improve your financial health. Good budgeting prevents overspending and ensures you have enough money for future investments or emergencies. Cash flow management: Managing cash flow is absolutely vital for any business's survival and growth. Accountants help you keep track of your cash flow, making sure you have enough money to meet your needs. They can predict future cash flow needs and suggest ways to improve your cash reserves. This proactive approach can prevent cash shortages and reduce the need for costly short-term loans. Cost control: Accountants look at your financial statements to find ways to cut costs. They can spot inefficiencies and suggest ways to save money, like renegotiating supplier contracts or streamlining operations. By closely monitoring your expenses, accountants help you stay profitable and avoid unnecessary spending. Compliance and risk management: Following financial regulations is essential to avoid fines and legal problems. Accountants make sure your financial practices follow the latest laws and standards. They also help you manage financial risks by spotting potential threats and creating strategies to deal with them. This proactive approach can save you money by preventing expensive compliance issues and financial losses. Business growth and expansion: For businesses wanting to grow, accountants are key in planning and carrying out expansion strategies. They help you see if new projects are financially possible, secure funding, and manage the money side of growing your business. By giving insights into market trends and financial performance, accountants help you make smart decisions that boost growth and profits. Accountants are more than just number crunchers; they are strategic partners who help you save money and reach your financial goals. They offer expertise in tax efficiency, financial planning and cost control, leading to significant savings and better financial health. Whether you're an individual or a business, having a skilled accountant is an investment that pays off in the long run.

Running a small business, being a sole trader, or working as a contractor has its own challenges and opportunities. One of the most important things to do is to keep a close eye on your expenses. Regularly checking your expenses can help you find ways to save money, work more efficiently, and increase your profits. So, what are some of the key points you should consider when reviewing your expenses. The first step is to track every dollar that goes in and out of your business. Use accounting software or a reliable bookkeeping system to record all transactions. This will give you a clear picture of your financial situation and help you spot any unnecessary or excessive spending. Organise your expenses into categories like rent, utilities, salaries, marketing, and supplies. This makes it easier to see where your money is going and identify areas where you might be overspending. By categorising your expenses, you can also compare your spending against industry benchmarks and make better decisions. Fixed costs, like rent and salaries, stay the same no matter how much business you do. Variable costs, like supplies, change with your level of production or sales. Analysing both types of costs can help you understand your cost structure and find ways to save money. For example, you might be able to negotiate lower rent or find cheaper suppliers. Many businesses subscribe to services and memberships that may no longer be necessary or beneficial. Review all your subscriptions and memberships regularly to make sure you are getting value for your money. Cancel any that are not essential or that you can replace with cheaper alternatives. Take the time to review your contracts with suppliers and service providers. Are you getting the best rates? Can you negotiate better terms or find alternative suppliers with more competitive pricing? Building strong relationships with your suppliers can also lead to discounts and better service. Utility costs, like electricity, water, and internet, can add up quickly. Look for ways to reduce these expenses by using energy-saving measures, like energy-efficient lighting and equipment. You can also shop around for better deals from utility providers or consider bundling services to save money. Salaries and wages are often one of the largest expenses for small businesses. While it's important to pay your employees fairly, there are ways to manage these costs effectively. Consider offering flexible work arrangements, like remote work or part-time positions, to reduce overhead costs. Investing in employee training and development can also improve productivity and reduce turnover, saving you money in the long run. Creating and sticking to a budget is essential for controlling your expenses. A budget helps you plan for future expenses, set financial goals, and monitor your progress. Regularly review your budget and adjust it as needed to reflect changes in your business environment. If you're unsure where to start or need help identifying areas for improvement, consider seeking advice from a financial advisor or accountant. We can provide valuable insights and help you develop strategies to manage your expenses more effectively. Regularly checking your expenses is vital for small businesses, sole traders, and contractors. By tracking every dollar, categorising expenses, analysing costs, and seeking professional advice, you can find ways to save money and improve your financial health. Remember, every little bit helps in building a successful and sustainable business!

In today's constantly changing business environment, it's essential to frequently evaluate if your business model is still effective and relevant. What worked a few years ago might not be suitable today, especially with the rapid changes in technology, consumer behaviour, and market dynamics. Here are some key points to consider when evaluating if your business model is still fit for purpose. 1. Market trends and consumer behaviour The first step in assessing your business model is to understand current market trends and consumer behaviour. Are your products or services still in demand? Have there been significant shifts in your industry that require adaptation? For instance, the rise of e-commerce and digital platforms has transformed how consumers shop and interact with businesses. Staying attuned to these changes can help you identify opportunities and threats. 2. Technological advancements Technology is a major driver of change in the business world. New tools and platforms can enhance efficiency, improve customer experiences, and open up new revenue streams. Evaluate whether your business is leveraging the latest technologies to stay competitive. This might include adopting cloud computing, utilising data analytics, or implementing automation in your operations. 3. Financial performance Reviewing your financial performance is essential to determine if your business model is still viable. Analyse key financial metrics such as revenue growth, profit margins, and cash flow. If you notice a decline in these areas, it might be time to rethink your strategy. Consider whether your pricing model, cost structure, or revenue streams need adjustment to improve profitability. 4. Customer feedback Your customers are a valuable source of insights. Regularly seek feedback to understand their needs, preferences, and pain points. Are they satisfied with your offerings? Do they see value in your products or services? Use this feedback to make informed decisions about potential changes to your business model. Engaging with customers can also foster loyalty and trust. 5. Competitive landscape The competitive landscape can change rapidly, with new entrants and innovations disrupting established markets. Conduct a thorough analysis of your competitors to see how they are adapting and what strategies they are employing. This can provide valuable insights into areas where you might need to innovate or differentiate your offerings. 6. Regulatory environment Changes in regulations and compliance requirements can impact your business model. Stay informed about any legal or regulatory changes that might affect your industry. This could include new environmental standards, data protection laws, or industry-specific regulations. Ensuring compliance can help you avoid legal issues and maintain a positive reputation. Regularly evaluating your business model is essential to ensure it remains fit for purpose in a dynamic and competitive environment. By staying informed about market trends, technological advancements, financial performance, customer feedback, competitive landscape, and regulatory changes, you can make strategic adjustments to keep your business thriving. Adaptability and innovation are key to long-term success.

Colour to Win

As summer approaches, businesses need to manage cash flow while getting ready for the Christmas break. Here are some tips to help your business stay cash liquid and help you enjoy the holiday season.

Managing staff isn’t just about what happens at work; it’s also about managing holidays. As an employer, you’re responsible for keeping accurate, up-to-date records about much-deserved time off.

In our latest round of Community Fund applications, we’re pleased to announce the successful recipients were: Valley Cricket Kiwanis Club of Morrinsville Positively Morrinsville Radio Auckland / Hauraki Dairy Industry Awards Living Well Trust Turua’s Event Committee A huge congratulations to you all! Just a reminder that our Diprose Miller Community Fund assists with funding for projects and events carried out by not-for-profit organisations and individuals in our local area. We want to support those people working to make our communities a better place to live. The fund aims to provide financial support towards ongoing operating costs and/or projects which help the people in our community. Key outcomes of our fund are to ensure that: our community wellbeing is protected; we’re supporting our community and cultural identity, and we’re helping people feel that they belong and can take part in the community. If you know a local organisation that could benefit from some funding support, our next round of funding closes at the end of December 2024. Click here for the full details.

Hubdoc is a data capture tool which extracts key data from documents, then creates transactions in Xero. You can: email bills and receipts straight into your Hubdoc organisation, and use the mobile app to upload a photo. As soon as Hubdoc receives a document, it extracts the key data such as contact, date, and amount. When you publish the document, Xero creates the invoice, bill, credit note, or spend money transaction with a copy of the document attached. You can set up Hubdoc to automate every step, so all you need to do is reconcile the transaction against your bank statement line in Xero. This is particularly useful if you get regular bills from the same supplier. Hubdoc also stores documents, so you don't need to keep paper copies of bills and receipts. You can organise the documents in Hubdoc using tags and folders or send them to another cloud storage system your business might use, such as BILL or Dropbox. Like Xero, you can invite the team at Diprose Miller into your Hubdoc organisation, so that we can support you at any time if needed. Using Hubdoc and Xero together If your Xero organisation is on a business edition pricing plan, Hubdoc is included in your Xero subscription. If your Xero organisation is on a partner edition pricing plan, you can still connect it to Hubdoc, but Hubdoc isn’t included in Xero so you're billed separately by Hubdoc . Hubdoc and Xero connect on a one-to-one basis, so if you have multiple Hubdoc organisations, you need to connect each one to a separate Xero organisation. Within Xero you can create a new Hubdoc organisation, or connect your existing one. Hubdoc offers a trial of 30 days, if you are interested in signing up, contact us and we can start the ball rolling for you.

The manufacturing industry is a cornerstone of New Zealand's economy, providing jobs and supporting economic growth. However, managing payroll and HR issues in this sector can be complex. From compliance with employment laws to maintaining staff morale and retention, manufacturing businesses face numerous challenges. We share some important tips to help navigate payroll and HR issues in New Zealand’s manufacturing industry. 1. Ensure Compliance with Employment Laws Manufacturing employers must comply with a range of employment laws. We have robust legislation around minimum wage, leave entitlements, working hours, and health and safety. The key pieces of legislation include the Employment Relations Act 2000, the Holidays Act 2003, and the Health and Safety at Work Act 2015. Tip: Regularly review your employment agreements and payroll practices to ensure they align with legal requirements. Payroll errors related to leave calculations can result in significant fines and legal penalties, which could impact your business’s reputation and finances. Leave entitlements are a particularly sensitive area. The manufacturing industry often involves shift work, which can lead to complex calculations for sick leave, annual leave, and public holiday pay. Use payroll systems that automate these calculations to reduce your risk of human error. 2. Accurate Payroll Management Managing payroll in the manufacturing sector can be challenging due to shift work, overtime, and varying pay rates. A reliable payroll system is crucial for keeping track of hours worked, ensuring employees are paid accurately, and staying compliant with tax obligations. Tip: Implement a modern payroll software system that integrates time and attendance tracking, employee records, and wage calculations. This helps streamline payroll processes and avoid common pitfalls such as underpayments or miscalculated leave payments. Accurate tracking of time, including for break periods, is also vital to ensure you comply with all employment standards. Also, ensure that the payroll team is well-versed in calculating allowances, shift differentials, and penal rates that are common in the manufacturing industry. Mismanagement of payroll can lead to wage disputes and affect employee morale. 3. Prioritise Health and Safety The manufacturing industry is inherently high-risk due to the presence of heavy machinery, hazardous materials, and complex processes. This makes the management of health and safety compliance a top HR priority. Failing to provide a safe working environment not only puts employees at risk but can also lead to legal and financial repercussions. Tip: Develop comprehensive health and safety policies and ensure regular training for all employees. Create a culture where workers feel comfortable reporting hazards or concerns, and act on these reports promptly. Keeping proper records of incidents, accidents, and safety training is critical, as WorkSafe New Zealand often audits workplaces to ensure compliance with safety standards. 4. Effective Workforce Planning and Retention The manufacturing industry faces workforce retention challenges, particularly in securing skilled labour. A high turnover rate can lead to productivity losses and increased recruitment costs. Additionally, the need for skilled workers, combined with rapid technological advancements, can make recruitment difficult. Tip: Implement a strong workforce planning strategy that focuses on both recruitment and retention. Consider offering competitive wages and benefits, training and development opportunities, and fostering a positive workplace culture. Engaging employees through upskilling and career progression programmes can also improve retention and reduce turnover rates. Investing in diversity and inclusion initiatives can also help attract a broader talent pool, improve workplace culture, and boost overall productivity. A diverse workforce brings different perspectives, which can lead to innovative problem-solving and higher employee engagement. 5. Navigating Union Relations Many manufacturing employees are union members, which can add an extra layer of complexity to managing HR issues. Strong union relationships can improve communication, resolve disputes quickly, and ensure fair treatment of workers. However, poorly managed union interactions can lead to disputes, strikes, and a breakdown in workplace relations. Tip: Foster open communication with unions and involve them in key decision-making processes that impact workers. Transparency and collaboration are essential in maintaining a positive working relationship. Regularly consult with union representatives on changes to working conditions, pay structures, or health and safety practices. It’s also essential to understand your legal obligations when dealing with unions, particularly around collective bargaining and employee rights. 6. Managing Employee Well-being Manufacturing environments can be physically and mentally demanding. Managing employee well-being is critical to maintaining a productive workforce. High-stress environments, long working hours, and physical strain can lead to burnout and absenteeism. Tip: Promote employee well-being through mental health initiatives, flexible working arrangements, and clear communication channels. Providing access to mental health support services and encouraging work-life balance can help reduce burnout. Recognising employee contributions and providing opportunities for growth and development also improve overall morale.  Conclusion Effective payroll and HR management is essential to the smooth operation of your manufacturing business. By ensuring compliance with employment laws, implementing accurate payroll systems, prioritising health and safety, and focusing on workforce retention, you can navigate many of the common challenges in the industry. Moreover, fostering strong union relations and prioritising employee well-being will ensure long-term success in maintaining a motivated and productive workforce.

The decision to own or lease equipment is a significant one for businesses in the transport and manufacturing industries. Each option has its own set of advantages and disadvantages, and the best choice often depends on the specific needs and circumstances of the business. We explore some of the key considerations for both ownership and leasing, to help you make an informed decision. Ownership of Equipment Advantages: Long-term cost savings: Owning equipment can be more cost-effective in the long run. Once the initial purchase cost is covered, the ongoing expenses are generally lower compared to leasing. This can lead to significant savings over time. Asset value: Owned equipment is a tangible asset that can be used as collateral for loans or sold if necessary. This can provide financial flexibility and security for your business. Tax benefits: Ownership can offer tax advantages, such as depreciation deductions, which can reduce taxable income. Control and customisation: Owning equipment allows for greater control over its use and maintenance. You can customise the equipment to better suit your specific needs without restrictions imposed by leasing agreements. Disadvantages: High initial costs: The upfront cost of purchasing equipment can be substantial, which may strain your business’s finances. Maintenance and repairs: You, as the owner, are responsible for all maintenance and repair costs, which can be unpredictable and expensive. Depreciation: Equipment depreciates over time, which can reduce its resale value and the overall return on investment. Leasing of Equipment Advantages: Lower upfront costs: Leasing requires a lower initial investment compared to purchasing, which can be beneficial if your business has limited capital. Access to latest technology: Leasing allows businesses to upgrade to newer, more advanced equipment more frequently, ensuring you have access to the latest technology. Predictable expenses: Lease agreements typically include maintenance and repair services, providing predictable monthly expenses and reducing the risk of unexpected costs. Flexibility: Leasing offers flexibility, allowing your business to adjust its equipment needs based on changing demands without the long-term commitment of ownership. Disadvantages: Higher long-term costs: Over time, leasing can be more expensive than owning due to ongoing lease payments. No asset ownership: At the end of the lease term, your business does not own the equipment and must either return it or negotiate a new lease. Usage restrictions: Lease agreements may impose restrictions on how the equipment can be used, which can limit operational flexibility. Considerations for the Transport Industry In the transport industry, the decision to own or lease equipment often hinges on the nature of the business and its financial health. For instance, if you are a large transport company with stable cash flow you might prefer owning your fleet to capitalise on long-term savings and asset value. Conversely, if you are a smaller company or a startup you might opt for leasing to minimise initial costs and maintain financial flexibility. Considerations for the Manufacturing Industry  For manufacturers, the choice between owning and leasing equipment can significantly impact your operations. Owning equipment can be advantageous for long-term manufacturing operations that require specific machinery tailored to your needs. However, leasing can be beneficial if you need to manage cash flow carefully or want to access the latest technology without the burden of high upfront costs. Ultimately, the decision to own or lease equipment depends on various factors, including financial stability, operational needs, and long-term business goals. By carefully weighing the pros and cons of each option, businesses can make informed decisions that best support their growth and sustainability.

One of the areas that we are qualified to provide advice on, is forestry and transport. The forestry and transport industries are among the most demanding industries that can bring high rewards but are also fraught with high risk. What makes our team exceptional specialists in this area is our complete knowledge and experience of the forestry sector. In a commodity-based industry we recognise that you must be quick to adjust to economic changes. Contractors, transport operators, and forest owners must stay current with management issues, pricing, investment analysis, and project evaluations including land use, crop types, and most typically, advice on the Emissions Trading Scheme. Planning ahead, mitigating risk, and asset protection, is critical. With our key experience in the industry, we can help you with all aspects of forestry and transport, and this is just the start – we have a qualified team who can then ensure that all those other specialist areas that you may need, like succession planning and property matters, are incorporated into your business solutions. We start with great financials and tax planning, so that we can create the best decision-making process on rates, cash flows, budgets, and funding. We will protect your assets, and when the going is good, we help you diversify your opportunities outside of the forestry and transport industry. We think ahead by looking at what volume of work is coming online, what is current and projected in the world markets, and what challenges are coming up with mechanisation and technology.

Your transport business is going well - now what?

Hubdoc is a software product that stores documents online for future reference and provides the ability for the content of these documents to be automatically imported into accounting software. It is used successfully by many of our clients in conjunction with the Xero accounting software and lays the platform for a business to become truly paperless. We at Diprose Miller have been using Hubdoc for some years, but it is rapidly becoming more popular. We encourage our clients to download the app and use it daily so they don’t have to carry around paper receipts. Turning your paperwork into data you can use. Hubdoc extracts key information from your receipts, invoices, and bills. No more data entry, no more filing. Hubdoc integrates easily with other platforms, like Xero. It syncs with other applications and can create rules to automate how documents are published and coded. Cloud back up is easy thanks to the deep integration between Hubdoc and other add-ons. Back up is automatic. Documents are synced to your accounting software. Using Hubdoc can help you simplify and go paperless. Your important financial records are organised automatically, backed up forever, and available on any device. Our team are fully trained on this software and we strongly encourage you to talk to us about the paperless option. Reach out to us today via emailing us at mail@diprosemiller.co.nz

Selling a hospitality business is a significant step that requires careful planning and preparation. Whether you run a hotel, restaurant, café, or bar, making your business appealing to potential buyers can significantly increase its value and help you achieve a successful sale. Here’s the six areas we believe you need to focus on to prepare your hospitality business for sale and enhance its appeal to buyers: Organise your financial records Optimise your operations Build a strong brand and reputation Review and upgrade your physical assets Strengthen your team Get professional advice Let’s explain each further. 1. Organise Your Financial Records One of the first things potential buyers will want to see is your financial records. Clear, accurate, and up-to-date financials are essential for demonstrating the profitability and stability of your business. Clean up your books: Ensure all financial records, including profit and loss statements, balance sheets, and tax returns, are accurate and well-organised. Ideally, you should have at least three years of financial records readily available. Show consistent profitability: Buyers are looking for a business that generates consistent profits. If your financials show steady growth or a stable profit margin, you’ll have a stronger negotiating position. Reduce personal expenses: If you’ve been running personal expenses through the business, now is the time to separate them. Buyers want a clear picture of the business’s true profitability. 2. Optimise Your Operations Streamlining your operations not only enhances the appeal of your business but also makes it easier for a new owner to take over. Standardise procedures: Document your operational procedures, from employee training to customer service standards. This makes it easier for a new owner to maintain the quality and consistency of the business. Improve efficiency: Look for ways to cut costs and improve efficiency. Whether it’s renegotiating supplier contracts or implementing energy-saving measures, small improvements can add up and make your business more attractive. Enhance technology: If your business is not already using modern technology for bookings, inventory management, or customer relations, now is the time to invest. A tech-savvy operation is more appealing to buyers looking for a business with growth potential. 3. Build a Strong Brand and Reputation A strong brand and reputation are invaluable assets in the hospitality industry. Buyers are looking for businesses with a loyal customer base and a positive public image. Invest in marketing: If you haven’t already, develop a robust marketing strategy that highlights your business’s unique selling points. This could include social media campaigns, partnerships with local influencers, or special promotions to boost visibility. Maintain high standards: Ensure your business consistently delivers high-quality service. Positive reviews and word-of-mouth recommendations can greatly enhance your business’s appeal to buyers. Create a memorable experience: Consider ways to create a unique and memorable experience for your customers. This could be through special events, themed nights, or offering something that sets your business apart from competitors. 4. Review and Upgrade Your Physical Assets The physical condition of your premises and equipment plays a crucial role in the sale process. Buyers are more likely to be attracted to a well-maintained, up-to-date business. Conduct a thorough inspection: Review the condition of your premises, equipment, and furnishings. Address any maintenance issues and consider upgrading outdated equipment or décor. Enhance curb appeal: First impressions matter. Make sure your business’s exterior is clean, inviting, and well-maintained. A fresh coat of paint, updated signage, and tidy landscaping can make a big difference. Review lease agreements: If your business operates from leased premises, ensure your lease agreements are in good standing. Buyers will want to know that the business can continue operating without immediate lease issues. 5. Strengthen Your Team A strong, reliable team is a valuable asset to any hospitality business. Buyers want to know that they can count on the existing staff to maintain operations during and after the transition. Train and retain key staff: Identify key staff members and ensure they are well-trained and motivated to stay with the business. Offering incentives or bonuses can help retain top talent during the sale process. Develop a succession plan: If you are heavily involved in the day-to-day operations, consider how the business will function without you. Developing a succession plan, or delegating responsibilities to key staff, can make the transition smoother for a new owner. 6. Get Professional Advice Preparing a business for sale can be complex, and it’s often worth seeking professional advice to maximise your results. Hire a business broker: A business broker with experience in the hospitality industry can help you navigate the sale process, from valuation to negotiations and closing the deal. Consult with an accountant: An accountant can help you organise your financial records, identify tax implications, and advise on ways to structure the sale for maximum financial benefit. Legal consultation: Ensure all contracts, leases, and legal documents are in order. A lawyer can help you address any potential legal issues that could arise during the sale process. Conclusion Selling your hospitality business is a significant decision that requires careful planning and attention to detail. By organising your financials, optimising operations, building a strong brand, and seeking professional advice, you can enhance your business’s appeal to potential buyers and achieve a successful sale. Remember, the more prepared you are, the smoother the process will be, leading to a better outcome for both you and the buyer.

Cash flow is the lifeblood of any trades business. Whether you're an electrician, plumber, builder, or any other type of Tradie, maintaining a steady cash flow is crucial for keeping your business running smoothly. Here’s how to ensure your financial health through smart budgeting, forecasting, and management of receivables and payables. 1. Budgeting: Plan for Success on the Bottom Line Budgeting is the foundation of financial management. A well-structured budget helps you anticipate expenses, allocate resources, and set financial targets. Most importantly, it provides a valuable insight into the key drivers for your business success. Here’s how to create an effective budget for your trade business: Track your expenses: Start by listing all your fixed costs (e.g., rent, insurance, salaries) and variable costs (e.g., materials, subcontractors). Understanding where your money goes helps you identify areas where you can cut costs. Include seasonal variations: Many trade businesses experience seasonal fluctuations. Factor in these variations to ensure you’re prepared for slower periods. For example, budget for higher expenses during peak seasons and set aside funds for quieter times. Set realistic goals: Based on past performance and market conditions, set achievable revenue and profit targets. This will help you stay focused and motivated throughout the year. 2. Forecasting: Looking Ahead at Cash In & Out The budgeting process generally provides an “accrual” result because it includes non-cash items such as depreciation, and recognises income and expenses as they are incurred rather than when they are physically received or paid. In contrast, forecasting is cash-focused planning that allows you to anticipate future cash needs and avoid surprises. It’s a critical tool for ensuring your business remains sustainable in the long term. Sales forecasting: Estimate your future sales based on historical data, market trends, and any upcoming projects. This will help you plan for staffing, materials, and other expenses. Cash flow forecasting: Create a cash flow forecast to predict when money will come in and go out of your business. This helps you identify potential cash shortfalls and take action before they become a problem. Scenario planning: Consider different scenarios (e.g., a key client delays payment, a project is cancelled) and plan how you would manage your cash flow in each case. This helps you stay prepared for unexpected challenges. 3. Managing Receivables: Get Paid on Time Managing receivables effectively is crucial to maintaining a healthy cash flow. Late payments can cause significant disruptions, so it’s important to have a solid strategy in place. Set clear payment terms: Make sure your clients understand your payment terms from the outset. Clearly state your payment deadlines, any late fees, and the consequences of non-payment in your contracts. Invoice promptly: Send invoices as soon as work is completed. The sooner you invoice, the sooner you can expect payment. Consider using invoicing software to streamline the process and set up automated reminders for overdue payments. Follow up: Don’t hesitate to follow up on late payments. A polite but firm reminder can often prompt clients to pay sooner. If late payments become a pattern with certain clients, consider adjusting their payment terms or requiring upfront deposits. 4. Managing Payables: Stay on Top of Bills Just as you need to get paid on time, it’s important to manage your own payments effectively. Late payments to suppliers or subcontractors can damage your relationships and lead to penalties. Prioritise payments: Create a list of your regular payables and prioritise them by due date and importance. Paying essential suppliers and services first ensures your business can continue operating without interruption. Negotiate payment terms: If you’re experiencing cash flow issues, consider negotiating longer payment terms with your suppliers. Many are willing to accommodate loyal clients, especially if you communicate openly about your situation. Monitor your cash flow: Regularly review your cash flow to ensure you have enough funds to cover upcoming payments. If you anticipate a shortfall, take action early by delaying non-essential expenses or seeking short-term financing. 5. Use Technology to Your Advantage Modern technology can make managing your cash flow much easier. Consider using accounting software that offers features like cash flow tracking, invoicing, and expense management. These tools can save you time, reduce errors, and give you a clear picture of your financial health at any given moment. 6. Seek Professional Advice If managing cash flow feels overwhelming, don’t hesitate to seek professional advice. A qualified accountant or financial advisor can help you create a solid financial plan, identify potential issues, and suggest strategies for improvement. Conclusion Keeping the cash flowing in your trade business is all about planning, discipline, and proactive management. By budgeting carefully, forecasting accurately, and managing your receivables and payables effectively, you can ensure your business stays financially healthy, even in challenging times. Take control of your cash flow today and set your business up for long-term success.

Cybercrime is no longer a distant threat reserved for large organisations; it’s a very real risk for businesses of all sizes.

Recruiting and retaining staff in the hospitality industry has always been a challenge, but with the right strategies, you can build a strong, engaged team that helps your business succeed.

Selling your business requires careful preparation to maximize its value and attract the right buyers.

In a tough economic environment, trades and construction businesses—whether residential builders, commercial construction firms, plumbers, electricians, or other trades— need to navigate unique challenges. Standing out from the competition is critical. Here are some practical strategies to help you survive difficult times.