Business Insight

When I joined BNI it started working well for me very quickly. And so I thought, this is great! I’ll find another group to join and I’ll get more referrals. But from the very first meeting I realised that that was going to be a problem.

I've taken the time over my summer break to reflect on last year and to check in with intentions and goals that I set at the beginning of last year. It doesn't really feel like work. I get a real kick out of it and enjoy the process. I especially look at the financial performance of my business and there are 2 things that I do each month to help me to reach my sales targets.

I was pregnant with my first child when my ex husband and I bought out his business partner in his Takapuna hair and beauty salon. That salon was the beginning of my long passion with all things business. At the time I devoured everything I could about business, marketing, staff and HR, leadership. I wanted to
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When I owned my bookkeeping business I was once asked if I had a different rate for data entry work. The inference being that that particular task was worth less than the bookkeeping rate which I had quoted. The thing is though, with bookkeeping it’s never just data entry. The end result of working with a good bookkeeper is meaningful data with which you can make sound business decisions. It's data which tells you the story of your business; the health of it, the results of your past decisions, and the predicted future of the business. It's also staying compliant with the IRD and meeting your tax deadlines. It's data that tells you how much money you've made and how much money you can take out for yourself (shareholders) or for reinvesting in growth.

I don’t think anyone would dispute that as a business owner you need meaningful business information in order to make good business decisions, yet I see many business owners flying by the seat of their pants, so-to-speak, making significant business decisions without having much in the way of relevant and meaningful business information. In order to get meaningful business information, you need to have good business systems in place to capture the information accurately and efficiently.

Understanding the accounts of your business is fundamental in order to grow a successful business. It is the backbone of the business and understood and reported correctly, will give you important business information to make sound business decisions. Here are some common bookkeeping and accounting terms that you should know about and understand if you are in business, particularly in business in New Zealand

I’ve always been a big proponent of networking. I really enjoy it and BNI was integral to the growth of my last business with a tangible financial return. Some of the people I’ve met through networking groups have become lifelong friends and so the relationships that networking fosters can be invaluable and hard to put a figure on.

There is sometimes some confusion around when taxes are due if it’s a public holiday. This from the IRD website: “If a due date falls on a weekend, public holiday or provincial anniversary day, we can receive your return and payment on the next working day without a penalty being applied.”
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Budgeting can be a bit of an art form and is really a best guess, but if based on historical data has a greater chance of being fairly accurate. It's good to review and revise regularly. Here are some quick suggestions on where to start when creating a budget or cashflow projection.

Or a lot? Trust me you are not alone. The number of times I have seen people literally shudder when asked about their business financials. I came to realise years ago that it doesn't come as easy to some people as it does to me. But then I also see some of you out there who are perfectly capable but seem to have a real block with it. So what's the deal?