Numbers don’t lie – if you’re an unsecured creditor, the numbers aren’t pretty

ASIC recently released their corporate insolvencies report for the 1st July 2013- 30th June 2014 financial year. This report collects and summarises information on the lodgements made by liquidators, receivers and voluntary administrators (external administrators) in the financial year for businesses that went insolvent. It gives us an insight into the

  • number of businesses that failed
  • the size of these businesses
  • the reasons for them failing
  • how much unsecured credit was never paid etc.

If you wish to view this report in full, you can find it here. In this article, I will be looking closely at certain pages in this document and bringing them into discussion.

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You don’t start a business to chase money

Why does one start a business? To make money of course.

But it’s also because you know you’re good at something and you want to offer these services to your community, country or even globally. And in return you receive a remuneration, most commonly in the form of money. But if you’re finding yourself worrying more about the money side of things, like chasing payments, doing court rounds because of a dispute etc., then there is something wrong in your invoicing methods/payments receivables department of the business which is preventing you from doing that very business. 

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Just pay me when you’ve got it. I don’t mind waiting

“Yeah no worries, just pay me when you’ve got it. I don’t mind waiting” is listed among an extensive line up of things you’ll never hear from a tradie in a hilarious satirical clip “S#!t Tradies NEVER Say” produced by Tradies National Health Month.

Many tradies, like other small-medium sized business operators, are greatly affected by cash-flow issues caused by not getting paid on time, or in some cases not getting paid at all. This can put enormous pressure on their mental health, self-esteem and spill over into their family life. While this is particularly rampant

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Security in ‘the cloud’: How to make sure your information remains secure while using cloud-based software

Cloud computing gives you greater freedom than ever before. No longer tethered to a desk, you can manage your business, and with CheckVault your payments as well, on the go from anywhere.

So with the growth in cloud-based software services available we thought we would share with you a few tips on how to keep your information secure when using these tools for your business or at home.

  • Use an internet browser with good security protection – Google Chrome is acknowledged as the most highly secure of the most popular browsers. We have optimised our site for Google Chrome to give you the best and most secure CheckVault experience.
  • Check that the website is secured – Look at the top left hand side of the
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7 Common Goal Setting Mistakes to Avoid

Last week we looked at setting goals. Hopefully you have created an opportunity during the week to look at your business achievements and set goals for the financial year ahead.

Let’s now look at what not to do when setting your goals, as we look at a few common goal setting mistakes to avoid.

  1. Not making them SMART. If you don’t make your goals Specific, Measurable, Achievable, Relevant and Time Based, you are creating a
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7 Steps To Setting Great Business Goals

There’s an old saying by Benjamin Franklin: “If you fail to plan, you are planning to fail.”

So with the start of the new financial year, it’s a perfect time to set your business up for success as you plan your business goals.

To help you on your way, here’s seven easy steps that will have your first goal set before your first meeting tomorrow, or even by the end of today. Set aside 30 minutes without your phone, without disruption and just focus.

  1. Reflect – as we spoke about in our last blog post, it’s important to
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Business Health Check – End of Financial Year is the perfect time

There are only three days to go until we wrap up the 2013/2014 financial year in Australia.  It’s a great time to take a few minutes and reflect on the year that was, then use this insight to start planning your year ahead.

Take stock of where you are; what worked well; what didn’t; what you’ve achieve and where you can improve.

Think about:

  • How many jobs have you quoted?
  • How many jobs have you
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