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How do I work out what to pay my self as a wage and how do I go about it?

Jef LippiattOwner at Startup Chucktown
One of the first questions I would ask is, are you profitable? Meaning, are you currently making more money than you are spending? If not, it isn't time to draw a wage. Keep in mind if you need to scale (add employees) they are the first to get paid and you are the last to get paid (as a founder / owner).If your business is making a profit, do you have more than enough to keep the company profitable for 1 to 2 months and still have extra money left over? If not, keep not drawing a wage. If this sounds like a board game, you aren't far from the truth.Lastly, if your business has met and exceeded both of those conditions it may be time to start drawing a wage. However, I would recommend starting small and gradually scaling it up to avoid having to ramp your wage back down.If there is still too much "haze" around this topic, I'd recommend talking to an accountant or tax advisor.
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Questions

Do you have a "get out of bed" price?

ie If a project isn't going to generate a bare minimum of X income then the conversation ends right... read more

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Whats the average hourly rate for a good Xero bookeeper

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What sort of budget is required to have someone work on SEO optimisation?

website touch ups etc in order to show up on the first page in google? I just starting paying $200... read more

Steven FreemanOwner at Evolved Sound
Its can be ongoing spend from $100 to $5k+ per month. Spend is only one part of the equation. - What are they exactly doing for your spend?- Can you accurately measure the performance and success?- Is it in line with your sales & marketing goals?The results that you accurately measure can only dictate the value and justify the spend. Otherwise its easy to burn lots of cash on SEO for little tangible results, other than what they tell you to make you feel good.There is a lot you can do yourself as a foundation, but not recommended for most business owners starting out in competitive markets. Their time is best used in their area of expertise instead.
Something to remember is that your competitors are also spending time and money trying to reach that top spot. And some probably have done for years. It will take lots of effort to get ahead. Here are some tips: 1. Do lots of research on your target market and what they want help with. Provide them with well written content on what they want to know in a blog on your website. 2. Make it user friendly 3. No broken links or errors 4. Consider Google AdWords as you'll then show on top of the search results.
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How did you get the start-up capital? I plan to be self-employed

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When employing someone permanent part time is there a minimum amount of hours you need to promise in a week?

Melanie GrayOwner at MyCL (My Computer Lab)
You might be best to ring the appropriate government body about this. Laws change all the time and it's best you keep up to date with it all.Consider hiring them as casual if the hours are inconsistant from week to week.
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How much is a book keeper that uploads about 8 to 10 invoices to a spreadsheet per week?

from a google documents scanned image of the receipt. read more

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Preferred day of the week and time of day? During working hours or after hours ?

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Questions

If you could get warm leads to quote on in your area that you want to cover for your industry, woud you use it?

For a subscription price? if so, what is your industry, where are you located (just suburb and... read more

I have paid for warm leads in the past for my Computer Support business.I am based in Perth Metro, Atwell, Western Australia.I haven't had any success with warm leads turning into a job.They were quite expensive. $10 or more a lead.Each job might earn me profit of between $50 and $150 so it wasn't worth it, especially when they were not converting.I would likely give it a go depending on the cost.
Jef LippiattOwner at Startup Chucktown
I'm not sure I would, but based on the industries I'm in (ecommerce retail of stationery and paper goods and publishing children's books) I am not really in the type of industries that pursue that type of lead funnel. Or at least if I am, I haven't heard of it being used by anyone in my professional networks.I suppose if the items I was selling were big ticket items or recurring subscriptions it would be a different story.
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Questions

I have paid but not yet reconciled as the bank feeds have not updated - is it a problem?

If I have an invoice that has been paid, but not yet reconciled & items, read more

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Questions

I was wondering if there is any apps or programs to keep track of your time?

I have a lot of clients I charge on an hourly rate and I always loose track of time and I end up... read more

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Questions

How do you go about asking for the money off a client before work's done?

Steven FreemanOwner at Evolved Sound
If the spend will be higher - $500->$1000+ for example it is fair an reasonable to request a 30% or 50% deposit upfront upon order confirmation. With that said each client is different and some will never buy that and only pay after delivery against an official Purchase Order. It's balancing act of setting out clear payment terms from the beginning, but within that you may need to have sub (or special) terms for certain types of clients that you can manage the risk for if you still want them to do business with you, but may not fit into your default terms.
Hitesh MohanlalDirector at WOW! Advisors & Business Accountants
Excellent question. As business owners we are afraid that asking for money means we lose the project/ job. What we sometimes forgot is that if we walk away our business will be OK but if we run out of money our business dies. If clients have an issue with paying fees they are usually not a good customer.Customers don't like paying in advance because they want assurances that the work will be done and that there are safeguards in place that should there be a problem it will be fixed. Solve this problem and the resistance falls down. We always ask for a % of money up front if it is one off engagement. In my accounting and bookkeeping business we help the client by spreading payment over 12 months. If they do not pay we stop working and ask for payment. We always give a full money back guarantee. That way the customer feels that if anything goes wrong they is recourse back. If a potential customer refuses we politely tell them that is our policy not to start work without payment and it is included in all our engagement letters. The key i think is to be clear and explain why you are asking for payment in advance and also try to work out why they are not prepared to pay in advance.
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Questions

What it is that stops you from signing up to a course that you know you need?

I know money/payment structure is one and time. But if cash and time wasn't a problem what else... read more

I will likely sign up for an online course if I have seen testimonials and have heard positive feedback from real people I know. Or if I know the person professionally (which sometimes mean I have developed a relationship with them over social media)
Jef LippiattOwner at Startup Chucktown
There are several things that stop meNot offered at a convenient time (based on my schedule - during the week is not great as some companies don't help pay for course so you have to use vacation time to attend - so you are paying twice, the course fee and the vacation days you have to use)Not offered at a convenient location (if it isn't close enough to get to by car or mass transit it will impact decision). If I have to pay for a hotel room (one or more days) that also ups the "total cost" of the course.Negative reviews from other trusted professionals - If I hear that the course instructor was unpleasant or that the material covered was not beneficial, I'd probably not attend.
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Questions

What are the ground rules for SMEs while dealing with the current market scenario?

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Budgeting and forecasting

Is the size of one's salary the key to happiness?

Skip to navigation Skip to content Help using this website - Accessibility statement JavaScript...read more

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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

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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
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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

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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.
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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
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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

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