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James Huy Vuong

Owner at

Member Since March 2016

Darra, QLD, 4076

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“There are two great days in a business owner’s life – the day they buy it and the day they sell it”
– James Huy

When I was 7 my family migrated to Australia. Today I take the lessons learnt from starting with nothing to supporting other business owners. I am on a mission to ensure that business owners can live the life intended when they start their business.” – Huy (James) Vuong

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Accounting

Top 6 Must-Do Tasks to Review Your Business Performance Before EOFY

As the end of the financial year comes up, there are some tasks you must undertake. The first two: look at how you did and then reflect on what you can do better. Next, work on ways you to improve your cash flow and how you can keep your expenses under control. Then, keep risk at a minimum, and finally, give yourself a break. The period before the end of the financial year (EOFY) is usually a ...

James Huy Vuong answered this question

Would you rather lose a client or lose a staff member?

Hi Gary,It really DEPENDS...I would keep my staff as initial/automatic response. It is always the starting side I sit, evaluation to be made when additional information comes to light on the situation.

James Huy Vuong answered this question

At what point should I cut off slow paying account customers from additional credit purchases?

Anna,You will want to review your credit process - I find that by addressing such issues up front ie strategy will save you a lot of energy with all the tactical stuff later on. There is no hard and fast rule when it come to business, in the end we are dealing with people, so need compassion use your judgement, if you feel you are getting taken advantaged off then respond accordingly. Notice how i said ''respond'' not ''react''.

James Huy Vuong answered this question

Is it important for small business owners to understand their financial statement ?

Short answer - YES, YES, & YES!!! Can't agree more with all the responses.

Accounting

Top 6 Must-Do Tasks to Review Your Business Performance Before EOFY

As the end of the financial year comes up, there are some tasks you must undertake. The first two: look at how you did and then reflect on what you can do better. Next, work on ways you to improve your cash flow and how you can keep your expenses under control. Then, keep risk at a minimum, and finally, give yourself a break. The period before the end of the financial year (EOFY) is usually a ...

James Huy Vuong answered this question

Would you rather lose a client or lose a staff member?

Hi Gary,It really DEPENDS...I would keep my staff as initial/automatic response. It is always the starting side I sit, evaluation to be made when additional information comes to light on the situation.

James Huy Vuong answered this question

At what point should I cut off slow paying account customers from additional credit purchases?

Anna,You will want to review your credit process - I find that by addressing such issues up front ie strategy will save you a lot of energy with all the tactical stuff later on. There is no hard and fast rule when it come to business, in the end we are dealing with people, so need compassion use your judgement, if you feel you are getting taken advantaged off then respond accordingly. Notice how i said ''respond'' not ''react''.

James Huy Vuong answered this question

Is it important for small business owners to understand their financial statement ?

Short answer - YES, YES, & YES!!! Can't agree more with all the responses.

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