April 26, 2012
1. Work out a plan for your overdue debtors.Why you should do it:
The saying "Cash flow is King" is a cliché in small business circles, it's also 100% correct. Having a significant proportion of your income tied up in overdue invoices when you're struggling to pay your own bills is about as useful as going swimming with a raincoat. What you need to do:
Print out your aged receivables. Sort them by most urgent / longest outstanding. This is your hit list.If you don't have an explanation as to why these invoices haven't been paid, find out. Organise payment plans if necessary, and send them to debt collection if nothing else works. If you've got one of those debtors where calling and emailing just doesn't work, try our patented "Scary Letter" you can download a copy of it here.2. Review your employee files.Why you should do it:
This is a housekeeping matter, pure and simple. Each employee must have a signed employment agreement, and from July 1 2011 you must keep an up to date copy of it.Have you given anyone a pay rise? Has anyone changed their hours of work? If so, you need to have records of these changes in their employee files. If you don't have employee agreements, you risk a fine of up to $20,000 from the department of labour.
What you need to do:
Dig out your files and start sorting, if your missing anything put it on your to-do list for next week. Set up an "Archive" file for previous employees. Barrie Humphreys of Better Human Resource Management has some great resources for employers on his website.
3. Make a six month plan for your business.Why you should do it:
"Failing to plan is planning to fail." We all recognise the value of planning, yet so many of us end up;a) keep our plans semi-formed and in our heads, orb) spending a huge amount of time and effort on a comprehensive plan that ends up collecting dust on a shelf. We've just finished writing our six month road map, we call it a road map rather than a business plan because we use it give us direction while still allowing for the odd detour.
We prefer a six month plan over the traditional 12 month variety, we find we are able to plan out strategies and tactics more effectively with a shorter timeframe. And after six months we can start the process again, keep what works and toss out what doesn't.
What you need to do:
Sit down with a piece of paper (or a whiteboard). Where you you want to be in six months? How many staff will you have? What will your turnover be? Now, work backwards from there and work out what you need to achieve in order to meet those goals. Remember, you only have six months so keep it simple.
Posted by DMG. Posted In : Advice
March 28, 2012
On April 1st 2012, a couple of changes are coming into effect that WILL have an impact if you employ staff, especially if you have staff members with student loans.
We quickly go over the biggest changes, and offer suggestions on how you can tackle them.
The Big Changes
If you have employees that:
a) Have a student loan, or
b) Contribute to Kiwisaver
The way you complete your Employer Monthly Schedule will change, here's a quick overview of the changes and tips on how best to tackle them.
Change #1... Continue reading...
Posted by DMG. Posted In : News
February 16, 2012
Q. Why should you outsource a business function?The common answer to this question is something along the lines of “To save time/stress or save me from hiring a full/part time employee.”The actual reason you should outsource is this: Outsourcing a business function is in the best interest of your most important client.This brings us to the question of the identity of your most important client. It’s not the one that pays you the most, and it’s not the one that refers you to everyone t... Continue reading...
Posted by DMG. Posted In : Advice
February 15, 2012
Wasn’t the Rugby World Cup fun last
year? Seeing all the different towns and cities embracing the event!!
And then October the 23rd can round. I spent most of the game in the
kitchen, images of 2007 haunting me. But the AB’s prevailed. You could
almost hear the collective sign of relief ring out through the
country. And wasn’t that a dream come true!It
amazes me how many of us set the RWC as a priority, and not missing out
on even one game?? Hubby and I went to see Romania... Continue reading...
Posted by Nicky. Posted In : Nicky
December 14, 2011
With Christmas just around the corner, many employees are taking
advantage of the recent legislation allowing them to be paid out up to one
weeks annual leave. Since this change is relatively new
(It came into law on the 1st April 2011), we've put a quick summary
together so you can get the ins and outs of it.
There are a number of rules that apply to this scheme, so we recommend
you go to the Department of Labour website for more information (This page is a good place to start).
Here's a... Continue reading...
Posted by DMG. Posted In : Advice
October 18, 2011
Well here goes again. As
previously said, I am going to be doing this on a regular basis, so onto blog number
three!!!
For those that haven’t been to our office, on each side of the door, we
have an olive tree. The tree on the left
is a little worse for wear, due to one of the dogs taking exception to it and
regularly pulling it out. Amazingly though it is sprouting new leaves with the onset
of spring. Or maybe it liked the recent
snow!
But anyway, I digress.
The olive trees r... Continue reading...
Posted by Nicky. Posted In : Nicky
September 28, 2011
Lately, we’ve been talking (and blogging) a
lot about credit control, specifically about how you can chase up those late
payers and get those overdue accounts paid up sooner rather than later. Given that prevention is better than cure,
we though we’d take a look at how you can PREVENT accounts becoming overdue. Preventing overdue debt comes down to two
things; systems and people. Specifically if you have good systems in place and you check out new clients prior
you’ll eliminate a lot ... Continue reading...
Posted by DMG. Posted In : Advice
September 26, 2011
Isn’t it funny how things happen?
Yesterday, I sat at my desk and tried to write a blog about spring being
upon us and the need to spring clean. I
sat there for an hour or so, and re-wrote the first paragraph at least 3
times. I ended by saving two drafts and
not feeling any closer to having my thoughts down in a cohesive manner.
Then this morning I received my daily E-myth Quote of the Day. The title was “The Cost of Clutter”.
All I can say is LOL – Laugh Out Loud… Were they in my h... Continue reading...
Posted by Nicky. Posted In : Nicky
September 1, 2011
Well folks, Angela has told me I have to write a blog!!!
So here goes. These are some of
my thoughts, and I’m told you should expect them regularly.
Many years ago I received an e-mail, titled ‘Who Packs your Parachute’ (see
attached PDF), from a friend. It talks
about having an awareness of all those people that are contributing to the
success of your life.
Even though this e-mail was specifically related to friendships, it is
just as important for you to be aware of those aro... Continue reading...
Posted by Nicky. Posted In : Nicky
August 30, 2011
....Take two (or more) of these tips and give us a call in the morning.
Tip 1. If you've sent out an invoice to a first time customer, or the invoice is particularly large, make a quick call prior
to the payment due date (1-3 days before is a good time). Double check
the the product has been received and there's no issue with your product
/ service.
Benefit - You'll find out about any
issues before payment is due, giving you time to work it out / make
alternative arrangements (It's also a...
Posted by DMG. Posted In : Advice
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