RSS Feed

U

Six Things To Consider For Inventory Management Software

The world of inventory management is ever evolving, and for the better. It is commonplace and highly recommended now to have a software-based inventory management system...

Workplace training – what’s in it for the company?

Workplace training is an important part of company work life which, as expensive as it may be, is a necessary means to a skilled workforce.

Why eCommerce is the future for wholesalers

B2B eCommerce is short for business-to-business, electronic commerce, where it is selling products or services between businesses via an online sales portal.

Why Creating Income Streams Will Make You More Profitable

Every day, business owners work hard to increase their profit. But far too often, they lack a clear strategy and practical plan to make that happen. Your Profit & Loss Budget should be a direct reflection of your Strategy and Plan.

What Makes a Great Business Plan?

A business plan is essentially a blueprint for your business, so it is essential to get right at the outset.

Retail Merchandising: How Do You Sell Slow-Moving Stock?

A Chat with Christine Guillot. Nothing makes retailers cringe more than slow-moving (or worse — “dead”) stock.

How to Sell More Gift Cards in Your Retail Store: 6 Proven Ways

Gift cards. No matter what type of store you have or how big your business is, you’ll likely benefit from carrying them in your shops.

Five Cloud Computing Trends for the Year Ahead

At its core, cloud computing is about changing the way that we do business. Computing over the internet has allowed organisations access to their essential business tools at any time from anywhere with an internet connection.

3 Simple Recruitment Hacks To Save You Time & Money

To many business owners, the recruitment process (from advertising and interviewing to onboarding into the team) is extremely time consuming, challenging and at times, pretty painful.

Get your HR processes sorted with these 4 easy HR hacks

If the business you work in is anything like other small businesses, then your role of office manager means you handle just about anything!

Dealing with Seasonal Inventory

Inventory forecasting is critical for the smooth operation of any stock-based business. Managing demand can be tricky, however, if a large part of your inventory is subject to seasonal demand.

Why Now Is the Best Time to Start a Retail Business — and How to Do It Right

A Chat With Sanford Stein. Thinking about venturing into retail? Good news: there’s never been a greater time to do it.

9 Signs it’s Time to Update Your Business Plan

Is your business plan due for a facelift? Maybe it’s been a while since you last looked at your plan or maybe your business has been going through significant changes recently.

15 Types of Posts That Do Extremely Well on Instagram

Retailers in various industries—be it fashion, homeware, or food—are reaping the benefits of Instagram.

Get your new employees off to a great start with this onboarding checklist

As we mentioned in a previous post, putting on new staff comes with a mountain of onboarding paperwork. But, that certainly doesn’t mean your new starter’s first day should be all about filling in forms.

You gotta dig the No Dig method

Dennis Yarrow began Yarrow Plumbing back in 2003. Before that, he cut his teeth in the plumbing industry working in Papua New Guinea where he learned how to manage a team of 50 (and some other life skills he hadn’t bargained for).

Why profit isn’t the problem and cashflow is king

What is cashflow management? In its simplest form, cashflow management is doing everything possible to ensure that money flows into your business as quickly as possible, and leaves the business as slowly as possible.

Should Your Business Give Trade Discounts?

Many businesses use trade discounts to simplify variable pricing, protect a market recognised price point, stimulate sales or reward customer loyalty.

Encourage teamwork in the workplace to enhance stock control

In any business, large or small, good teamwork is essential for morale, productivity and efficiency.

Brewery Inventory Management Up In The Cloud

Brewery inventory management can be done in a variety of ways. Often, companies will rely on a combination of methods, including web apps, written notes and spreadsheets.

Action Planning for client success

When I designed the first Spotlight Reports, I usually included an Action Plan to close the circle between great data analysis and goal-setting.

5 Subtle Signs That Your Retail Store Is in Trouble (and What to Do About Them)

Have you ever heard about the parable of the boiling frog?

Teamwork: A Key Ingredient For A Successful Business

Aside from efficient inventory management, teamwork is an incredibly important component of the ‘successful business’ recipe and if left out, the result can be a real flop.

4 Tell tale signs that you need a new HR system

These days, managing HR in a growing business is a constant task. As an HR manager, you’re probably overloaded with work and you never seem to get to the bottom of it all.

3 Forecasts Your Business Needs To Succeed

Forecasting is the process of estimating the effects trends, costs and external factors will have on your business in order to give yourself time to prepare.

The Best Xero Add Ons for Business Funding

Whether you’re trying to bridge a cash gap or secure funding to grow your business, the Xero marketplace offers a suite of apps that can help

Is Ecommerce Really Killing Brick and Mortar Retail?

Let’s get straight to the point: ecommerce is NOT killing brick-and-mortar retail.

3 Simple signs your business is ready for a payments platform

At a certain point, every growing business needs to take a leap and invest in new technology. It can be daunting and expensive, but the rewards can greatly outweigh the costs and stress.

9 Expert Tips To Instantly Improve Your Business’ Cash Flow

There are many reasons why you may want to improve cash flow in your business. Maybe you’re looking to free up some cash to put towards growth, or maybe you’d like to build up your cash cushion to protect yourself from any bumps in the road.

The Best Xero Accounting Add Ons For 2017

How do you know which Xero Accounting Add Ons to use?

How to take your business to the next level

You’ve done the hard work by setting up your business and establishing solid foundations with a good client base – congrats! So how do you expand, and do so profitably?

Common Inventory Management Mistakes: A Closer Look

Inventory management can be overwhelming. There can be an incredibly large amount of tangible inventory, which can translate to a huge amount of responsibility and pressure to manage this inventory properly.

Using data to drive innovation

We live in a data-driven age - so why not use data in your business to solve problems, be more efficient and invent new products?

Should Your Business Consider Discount Pricing?

Choosing a pricing strategy is a difficult decision, but one that every business needs to make. Pricing strategy affects most aspects of a business, including its revenue, market share and profitability.

Penny pinching? Here are some ways to reduce costs

With global recessions, increasing oil prices and increasing competition, saving money wherever possible and thereby maximising profits is the name of the game.

How Cloud Technology Has Transformed the Role of Accountants

The role of a tax accountant has been continuously changing over the course of the last 50 years, and it is currently undergoing yet another transition period with the growing popularity of cloud accounting.

Four signs it’s time to systemise your staff roster

To be successful in business, you need to be organised, have a clear plan for where you’re headed and be confident with the processes you have in place.

Work from Phone: 5 Ways to Use Your Mobile Device to Run Your Retail Business

Mobile technology has revolutionized the way modern society does business and permanently changed the retail landscape.

Supply Chain Risks and Inventory Management

There are a multitude of things that can go wrong throughout the supply chain, exposing the firm to different kinds of risks.

Handheld devices in field service

More than just dispatching machines, handhelds have become as ubiquitous to field service as the screwdriver and wrench.

Get ready! The millennials are coming…

Millennials – young people born between the 1980s and early 2000s – make up an increasingly large proportion of drinking-age customers. It’s important that good hospitality businesses understand that.

Five ways to build a happy team

We have spoken to hundreds of business owners and thousands of their employees over the last twelve years.

6 warning signs that your business is outgrowing your ecommerce platform

There are many factors to consider when you’re selecting an ecommerce platform, and when you first start selling online, it can be hard to find one that’s the right match.

4 tell-tale signs you need an HR manager right now

No one ever starts a business with the intention of spending most of their time tied up in the administrative tasks that come with operating one.

The Benefits of Cloud-Based Software for Manufacturing Businesses

More and more manufacturing companies are beginning to use cloud-based manufacturing systems to improve the way their business functions.

SMEs and Globalization: A Changing Landscape

Advances in technology over the last two decades have shrunk the world; travel is inexpensive, cross border payments are fast and businesses communicate in real-time.

Let’s make it clear – Good mobile staff communication is vital

Many small business owners don’t give a second thought about the need for clear communication.

How to ensure your jobs are profitable

If you’re in business, making decent money is important. Sometimes, though, it doesn’t always work out the way you’d planned...

6 Tools Businesses Need to Get Their Finances in Shape

You need to keep track of transactions for the tax office, lenders, but most importantly for yourself, as a business owner.

6 Retail Books You Need to Read

Helpful and informative retail books abound everywhere you look these days.

4 employee wellness ideas that your employees will love but don’t cost a fortune

The thing is, employee wellbeing and happiness isn’t just about nap rooms, onsite massages, and cafeterias serving healthy food and snacks (though that would be nice!)

No dedicated hr team? You need these essential hr tools and solutions

Every business owner knows that as soon as you start hiring people, there’s a whole heap of important and must-do HR related tasks and compliance requirements that goes with them.

Machine learning in field service

Machine learning has the power to change how we look at field service – what it means to contractors and customers alike.

Inventory Management: Five Key Tips for Distributors

Due to the nature of the distribution model where distributors profit by selling inventory to their customers, failing to manage inventory well can be a major liability for distributors.

Goal: Successful supply chain management

Have you ever sat back and wondered how giant companies such as Apple, Walmart and Ikea became so successful both in their reach and their inventory turnover?

Empower your ecommerce customers with a branded mobile app

Over the past five years, mobile devices have begun to dominate the consumer landscape around the world.

Are you getting the most out of digital working practices?

Businesses today are quickly adopting cloud software as the benefits become more apparent and even necessary to keep a competitive edge – benefits like less paperwork, greater efficiency, and time savings.

Accurate Inventory Costing: Why It’s Critical for Success

Even if a business has some other, high value, assets such as factory plant, inventory is likely to essential to the business’ ability to trade profitably.

9 ways to squeeze more profit out of every business day

It’s the Holy Grail of business: increasing the number of profitable hours in a day.

5 Brick and Mortar Stores That Prove Physical Retail Isn’t Dead

Have you been following the news about retail recently? If you have, then you may have noticed that the retail news outlets have been filled with doom and gloom lately.

My take on bookkeeping/BAS agents myths!

So does your bookkeeper need to be a BAS agent?

THE SIMPLE WAY FOR CUSTOMERS TO BUY NOW AND PAY LATER

When a visitor spends time browsing your online store or bricks-and-mortar outlet, they’re looking for something. And when they find it, they’ll be tempted to buy it.

Why Accurate Costing is Vital for Success

Inaccurate information about your company’s expenditure can greatly inhibit your capacity to make and maintain a successful business.

Three Lessons Retailers Can Learn from Craft Brands

Retailers have historically dominated the commerce landscape. Several years ago, industry trends and top products were set by the stores selling them.

THE HAPPINESS FACTOR: 6 TACTICS FOR IMPROVING WORKPLACE PRODUCTIVITY

Remember the old (and slightly misogynistic) phrase Happy Wife, Happy Life! ? Well, it turns out there is a workplace equivalent: Happy workers, productive business! (and no – we couldn’t make it rhyme).

The Best Xero Accounting Add Ons For 2017

How do you know which Xero Accounting Add Ons to use?

Small-Man-Syndrome: How SMEs can be successful on a global stage

Small and Medium-sized Enterprises (SME) are companies that are independently owned and managed with less than 250 employees in their ranks and bringing in less than 50 million euros per year.

REDEFINING YOUR POINT OF SALE WITH A MODERN POS PLATFORM

It doesn’t matter how large or small your store is, or how many of them you’ve got—if you’ve got a point of sale (POS), you’ll see big benefits in switching from a simple cash register to a full-featured, cloud-based POS platform.

Investing in staff training is an investment in your business

Staff training is one of the best investments you can make for the future success of your business.

How to Upsell and Cross-Sell in Retail: 6 Pointers to Implement in your Store

Picture this: You’ve just about closed a sale, and the shopper made up their mind to buy a product. What do you do?

How to Prevent and Handle Robberies and Theft in Retail

Are you equipped to handle retail theft and robberies? Whether you answered yes or no to that question, keep reading.

HOW IMPROVING EMPLOYEE ENGAGEMENT CAN BOOST YOUR BOTTOM LINE

Look at a company with a reputation for strong employee engagement and you’ll find a high performing business. We’re not making this up.

How Elon Musk’s neural lace could change your business

In April this year, Elon Musk (CEO of Tesla and SpaceX) publicly announced that his company, a startup in California, Neuralink, is developing a neural lace technology that will enable human beings to communicate with devices through their thoughts alone.

Common mistakes made when calculating payroll costs

Knowing what your payroll costs are – daily, weekly, monthly and yearly – is an important part of running a successful business.

12 QUESTIONS EVERY SMALL ECOMMERCE BUSINESS OWNER SHOULD ASK AT TAX TIME

Preparing your business activity statement (BAS) or income tax return is definitely one of the less glamorous elements of running your retail or ecommerce business.

5 tips for becoming your own boss

The idea of starting your own business and being your own boss has become more popular in recent years.

Accountants and Advisors at Risk of Accessorial Liability

If you’re an accountant or professional advisor, take heed of a recent decision by the Federal Circuit Court. You may be at risk of accessorial liability for your clients’ breaches of the Fair Work Act.

Warning about misleading R&D tax schemes in the wine industry

Are you a grape grower and wine producer or tax advisor who advises grape growers and wine producers on the R&D Tax Incentive?

While most businesses and tax advisors do the right thing, the Australian Taxation Office (ATO) and Department of Industry, Innovation and Science (DIIS) has issued a warning to tax advisors who have been improperly advising businesses on the R&D Tax Incentive.

Support available to help your small business grow

Are you wanting to start a small business or looking to expand your existing small business?

To help you find government initiatives and support that can drive growth and success in your small business, check out the newly launched online tool. The tool lists a full range of initiatives and support available for your small business all in one place.

Want to Create Amazing Customer Experiences? Learn From These 4 Homeware Stores

The homeware and furniture industry has been doing well for the past couple of years, and we expect this trend to continue. The annual expenditure on furniture per US consumer was $502 in 2015 (up from $386). Meanwhile, a report by Furniture Insights found that furniture orders for February 2017 were up 4% from last year.

7 Common HR Mistakes Every Business Owner Can Avoid

Running a business is hard and it often feels like there aren’t enough hours in the day to get everything done that you want (or should) do. By the time you pay your bills, invoice customers, return calls, put the final touches on that big proposal, and get the stock order out, the day is over and it’s time to pick up the kids.

4 Legal Minefields to Avoid When Terminating Employment

Firing employees is probably one of the hardest things you’ll ever have to do as a business owner. It’s also one of the most litigious.

What do Netflix, Kiwi innovators and a small town in Texas have in common?

The short answer is patent trolls. The long answer is that using cloud computing to do business may get you sued by patent trolls in the District Court for the Eastern District of Texas.

Maximum and minimum hours – striking a balance

Striking the right balance between maximum and minimum hours for your part-time or casual staff can often be a difficult process. But getting the balance wrong can have serious and long-lasting ramifications for your business.

8 Important Lessons Brick-and-Mortar Merchants Can Pick Up from Ecommerce

Some brick-and-mortar merchants see ecommerce as the force that’s grabbing market share and taking customers away from offline stores. We don’t think this is the case. The way we see it, physical and digital retail aren’t rivals — they’re allies.

When sales and service team up, profits go up

I’ve heard it said that it’s a sales rep’s job to promise the moon to customers, and it’s a service rep’s duty to bring customers back to earth.

The Importance of Accurate Costing

It’s no debate that the world is becoming increasingly globalized. Despite some barriers to entry into international business, geographical expansion and the use of imports and exports has become easier and more prevalent. Regardless of the size of a business or where it chooses to operate, one necessity remains constant, and that’s the need for accurate costing.

Inventory Strategy: Where to Start

As a small to medium business owner, getting your inventory management right can sometimes seem like a daunting endeavor. Fortunately, most of the stress involved in developing good inventory practice can be resolved by identifying the right inventory management strategies for your business. That’s not to say that there’s an immediately obvious solution for every problem – there are some tricky issues in inventory management however there are well-documented strategies to help you get the basics right.

How Isle Of Skye Candles Reinvested For Growth With Float

The Isle of Skye Candle Company’s first batch of candles was made in a converted croft on the Isle of Skye in 2006, and since then the company has been lighting up across Scotland and the UK.

Trade Barriers: Mitigate the Impact on your Business

It can be unwelcome news that the success of your business is, in part, out of your control. If your business involves importing or exporting inventory, it pays to be aware of and be prepared to mitigate potential impacts of trade policy on your business.

The Power of Collaboration For Marketing Your Business

Collaboration is the key to success for every business—that’s what 75% of CEOs believe. It’s a way of bringing together diverse minds and ideas and sharing resources to create something bigger and better than individuals could achieve alone, and it’s gradually becoming the status quo for modern businesses in all sectors, including retail.

Everything You Need to Know About Influencer Marketing For Your Online Store

The field of marketing never stops evolving. Outdated strategies lose popularity and are soon overtaken by innovative approaches that pair tried-and-tested techniques with new technology. One of the latest strategies is influencer marketing, which takes word-of-mouth advertising and amplifies it through the huge social networks of high-profile individuals. Two-thirds of marketing professionals worldwide are pairing with influencers who can create original content to promote the brand to thousands or even millions of social media followers.

3 Key Marketing Challenges Your Online Store is Facing... and How to Fix Them

The web is loaded with articles that promise to help you market your ecommerce store, but there’s one really important fact they usually leave out: it takes time to see results from your marketing efforts, even when you’re doing everything right. How come?

Everything you need to know about email marketing for your ecommerce store

Over the past decade, social media platforms have grown in popularity and digital marketing has become one of the dominant ways for brands to interact with their customers. But digital marketing is more than just social media and, after all these years, email marketing is still one of the best ways to keep your customers informed and interested in your brand.

“Let me tell you how it will be”: What the taxman can teach you about getting paid on time

I recently overlooked a GST bill.

The taxman is not okay with that. He wants his money. And fair enough; I want free healthcare and the other benefits of being a taxpayer.

Watching China in 2017

China-watching is mandatory for many people in business.

The world’s most-populous nation looms large on the global stage in politics, commerce and sport. Its 300 million aspiring middle class citizens – still a small part of the total population - are increasingly sophisticated in their consumer activities, travelling a lot more and further, and pursuing business interests on all continents and the South Pacific region.

Top 7 Tips for Finding the Right Business Software

You almost certainly started your business for one of two reasons: you can do something better than anyone else, or you have a burning passion so deep you cannot focus on anything else. And if you’re lucky, it’s both. You didn’t start your business because you wanted to track cash moving in and out of your bank account. Nor to complete complicated forms for the government. You hadn’t even contemplated how business software could help you do these tasks, mostly because you didn’t know you need to do them.

Key management skills to grow your business

Many small business owners start out with a good business idea but little concept of what it takes to manage and grow a business.

The good news is that you can definitely learn and improve your management skills as your business grows.

And while there isn’t a definitive list of skills, the ones we’ve listed below could help you to build your initial vision and develop your business to its full potential.

The Elephant in the Warehouse – Inventory Carrying Costs

It’s time to address a subject that a lot of companies fail to notice or incorporate into their business planning – the costs of carrying inventory. Inventory costs money to purchase, this much is a given; however the cost of the inventory goes far beyond that. Typically, (if accurate values are not calculated on a case-by-case basis) the total carrying costs of a product are 25% of its value and composed of capital costs (15%), storage costs (2%), servicing and handling costs (2%) and the cost of risk (6%). Let us look at these different components of inventory carrying costs more closely.