Get expert advice
e.g. What is the best way to market my cleaning business on the Internet?
Ask question
Budgeting and forecasting

Budget 2015: Big wins for small businesses. Small wins for startups.

The Australian government is a business in serious debt; and it’s affecting the nation. Customers...read more

0
Added via Startups - Small Business - Tech - Apps - Australia #StartupAus
Please login or sign up to comment.
Be the first to comment
Budgeting and forecasting

Your pricing is wrong: and it’s wrecking your business.

A friend of mine told me that she was “really getting on top of her charge out fees” this year.... read more

Added by:
Neil Steggall Partner at Wardour Capital Partners
Please login or sign up to comment.
Phil KhorFounder at SavvySME
Wow powerful article. It also goes to show that "picking" the right clients is just as important as putting up the right pricing. The right client understands value and wants to buy based on value and quality, not time spent. Thanks for sharing.
Stephen Parker
Powerful message - spot on! More companies could save themselves by taking this on board than just about any other reticle. I had almost gone under before I finally realised the truth of this principle. I wish I had read this two years earlier.
Questions

Is the Australian economy picking up based on your experience?

Hi Everyone, I just spotted this article in the Sydney Morning Herald is everyone experiencing an... read more

Asked by:
Neil SteggallPartner at Wardour Capital Partners
Demand for our services has increased steadily through 2014 but I believe the demand is driven by a concern re the economy and the inefficiency of the banks in meeting small to mid cap business needs. My personal belief is that we are balancing close to the economic edge and are in desperate need of strong leadership and fiscal motivation.
Jeffrey JoelMD at Auspac Trading NSW PL
I run businesses in both restaurant and food wholesale. Since the May budget, I've noticed that the restaurant trade has dropped slightly, probably due to people tightening their belts due to all the negative publicity. However, the wholesale side with deliveries to grocery stores has definitely picked up, as people must be eating more at home.
Please login or sign up to answer.
Budgeting and forecasting

Help! – sme out of cash!

At which stage do you accept that without a cash injection your business is probably doomed?... read more

Added by:
Neil Steggall Partner at Wardour Capital Partners
Please login or sign up to comment.
Phil JoelDirector at SavvySME
Hi Neil, thank you for sharing this great article. You raised some fantastic lead indicators to stay on top of the company cashflow. Thank you.
Steve OsborneOwner at Smarthinking
An knowledgeable article packed with excellent advice. Appreciated, Neil.
Budgeting and forecasting

Tips for organising your garage

  Garages often get cluttered because of the accumulation of various things. When your garage is... read more

Added by:
Please login or sign up to comment.
Be the first to comment
Questions

Which sources provide you with data on SMEs to help you plan your business?

Which sources provide you with the data on SME's to help you plan your business and do you think... read more

Asked by:
Neil Steggall Partner at Wardour Capital Partners
Hi Neil,  Great question!   I guess it depends on what you are planning to use the information for.  Are you wanting it to market to them, or know ABS stats?  I think there is more than enough data about, my view is despite how much data is there - what is everyone doing with it?  Are they interpreting and using it effectively to grow their business? Warmly, Lisa O
Please login or sign up to answer.
Budgeting and forecasting

Startup costs: When lean isn’t all that lean

We hear a lot about people who have successfully launched businesses on a shoestring budget. Many...read more

0
Added via Startups - Small Business - Tech - Apps - Australia #StartupAus
Please login or sign up to comment.
Be the first to comment
Questions

Do you see the economy improving or deteriorating in 2014?

Asked by:
Neil Steggall Partner at Wardour Capital Partners
Great question; one to which I think there is no definitive answer and can in fact be both the positive and the negative. I think if you asked 10 economists you would receive 10 different answers, but in 2 years ask a historian and they will tell you exactly what will happen! Given the spiraling national debt we should consider the likely scenario of the Reserve Bank reducing interest rates further to increase inflation to reduce the value of the debt in a controlled and measured way. With such a large debt, it would seem unlikely that the ARB would seek to increase interest and slow growth or inflation and would particularly wish to avoid deflation. If this does happen, businesses and consumers with large debts will benefit from the lower interest rates and the inflation (provided they keep their jobs and businesses afloat that is). Many of our clients in a variety of sectors are looking forward to a growth in their income from 2% - 10% depending on their industry and location. Whether it be farmers due to the favorable crop conditions (again depending on location), manufacturers, importers and exporters alike. Some of the others that started in the past 2 years fear a drop in US Parity as it affects their buying power, but perhaps haven't considered sourcing other markets or comparing AUD to other currencies. In short, the more optimistic the client, the more variable their business model tends to be. If you are able to adapt to the changing conditions, you would see the economy improving as markets open. If you have a rigid or fixed business model, you may see the changes to the economy as deteriorating conditions.
Neil SteggallPartner at Wardour Capital Partners
~~Good answer. I am far from convinced that a lower $AU will be beneficial. Yes in theory it is easier to obtain some export sales, however, currently mining, aviation and agribusiness have enjoyed the advantage of a high dollar by reducing fuel, industrial and agrochemical costs, veterinary medications and supplements, plus massive plant and equipment costs. Not only does the base cost of these items fall but the cost of shipping, freight etc. In each of our intensive agribusiness investments; chemicals, mainly imported, are our second highest cost after labour, followed not far behind by fuel and freight. A tractor has a useful life (for us) of 4  years and (say) a slasher 2 so a low dollar pushes OPEX and CAPEX up. Sure domestic travel may improve but fuel prices, aircraft and maintenance costs will rise therefore the days of ultra-cheap flights will be over. Sun hats, lotions, clothing and even the kids bucket and spade, all holiday essentials are probably manufactured off shore and thus even more inflationary pressure. I am not an economist and there is much I cannot understand yet I question...."is a low dollar an outdated mantra?" If the country was a business I would be concentrating on lifting revenues through core competencies, working to value add and lift unit returns, educating and motivating staff, improving cost and production efficiencies on a daily basis and investing the profits into building the future. The $ is very much like the interest rate for business, plan and work around it. Exchange rate parity or comparison with the US is dated. The US  is a falling star. The US is where Britain was in 1918 and China sits where the US then sat. We need the next rising star as a partner. For how much longer will we buy and sell in US$? The world is no longer Eurocentric. imagine the impact of a 2% interest rate increase, caused by inflation, over the next 2 to 3 years on young families who purchased houses at 5% interest and the flow on effect to property prices. The 2.0m SME's in Australia are the silent majority. If they had access to funding, tax relief to adequately recompense risk, and better education the nation would move forward.     
Please login or sign up to answer.
Budgeting and forecasting

“We Don’t Have The Budget”

“We don’t have the budget” strikes fear into the hearts of all sales people.  Asking for budget is...read more

0
Added via Partners in Excellence
Please login or sign up to comment.
Be the first to comment
Budgeting and forecasting

5 tips to help get the most out of your budgeting

It's staggering that we are at the half way mark of another financial year. Where did that time... read more

Added by:
Please login or sign up to comment.
Andrew OldhamOwner at Shoebooks
Totally agree Michael!
Phil KhorFounder at SavvySME
Michael you made a really good point; for me it's just as critical to understand which strategy and actions is actually going to make the difference in the whole budgeting exercise, so that as a team we know what we need to focus on going forward. Thanks
Questions

Is your SME affected by the long Australian Summer Holiday?

Our main business platforms are finance, equity placement and consulting and effectively we are in... read more

Asked by:
Neil Steggall Partner at Wardour Capital Partners
Ling LeeDirector at Japanese Sword Auctions Australia
Some SME's are seasonal, so yes, they will be affected in a good way :D
Please login or sign up to answer.
Budgeting and forecasting

Difference Between a Budget and a Cashflow

It is often confusing as to the difference between a budget and a cashflow forecast. They seem to... read more

Added by:
Please login or sign up to comment.
Great article! Especially important to note the difference between your payment terms and when your customers pay. Look at this customer by customer, especially for new ones. I mostly work in and with service businesses, and once a service is delivered it's hard to 'take it back' if you don't get paid. So short payment terms and commencement deposits are great ways to minimise risk.
Phil KhorFounder at SavvySME
Wow, awesome article Leanne. I really like how you summarise the differences, it has helped cleared up some misconceptions. Thanks.
Budgeting and forecasting

Planning To Prepare Your Budget

A budget is often overlooked as part of business management yet it has a vital role in your... read more

Added by:
Please login or sign up to comment.
Eric PhuahOwner at Hystericalz Pty Ltd
Great article Sophie, I agree that the budget is often overlooked, especially by small businesses/entrepreneurs as our budgeting is more ad hoc with a 'we'll deal with it as we go' mentality.
Budgeting and forecasting

Four Things for SMEs to Consider – Budget Night and Beyond

  Tonight is budget night for the Federal government, which means small business owners should... read more

Added by:
Ben Thompson CEO at Employment Innovations (EI)
Please login or sign up to comment.
Be the first to comment
Budgeting and forecasting

Summary of the Federal Budget 2013

The Federal Budget this year has just been announced and here’s a quick run-through of the... read more

Added by:
SavvySME Official Official Account at SavvySME
Please login or sign up to comment.
Be the first to comment