When you’re in business you tend to know the main forces that either compete with you or work with you. For example, your main competitors, your suppliers, your buyers. There are so many factors that can impact profitability of a business. According to the Porter’s Five Forces framework, there are 5 forces that can help […]
What are the forces driving your industry? Read More »
Like any relationship, timely communication between creditors and debtors goes a long way to avoiding trouble. If you operate on credit terms and are upfront with customers about what payment is expected and when, it’s much easier to follow up with them on an overdue account. Business owners who keep track of when invoices are
Communication important in managing debtors Read More »
It’s a given that you’ll want to maximise your business income. Sometimes, however, when factors outside your control are limiting your income, rethinking your costs might be where you can shift your outcomes in your favour. Whether the market’s in an upward or downward cycle, good systems for tracking and controlling costs will help your
Cost Control for Businesses Read More »
We have many years experience helping our clients looking to buy or sell a business. Talk to someone at Engine Room Accountants who you can trust to ensure you’re set up to take on a viable business.
Selling your business? Top 3 things to consider. Read More »
How to strengthen your business in times of increasing costs From the 1st April 2022 the minimum wage will increase to $21.20 an hour. Small business owners who employ staff on minimum wage will have to increase wages accordingly. Small business owners are already feeling the strain of recent global and local events and this
How to Strengthen your Business Read More »
With inflation on the way up, is it time to raise your prices? A few reasons why you should – and some reasons why not – so you can consider your next move. The rising cost of goods and services has been driven by local labour shortages as well as higher shipping costs and product
Is it time to raise your prices? Read More »
We usually like to send out our 12 Days of (Business) Christmas at around this time each year. The 12 tips below are still relevant and are timely reminders of things employers and business owners need to plan for – especially taking time out for yourself!
The 12 Days of (Business) Christmas Read More »
