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Xero is an online accounting system designed for small businesses. It’s simple, smart and secure. Xero embraces the power of the internet so that you or your bookeeper/accountant can access your financial data at any time. It provides the day-to-day book keeping functions required to run a business and gives you the tools to help meet all compliance needs.

Xero is available globally and can be customised to fit all local tax and business needs. For businesses based in the United Kingdom, Australia and New Zealand there are additional localized taxation features available.

For detailed information of product offering see www.xero.com

Hosted By: Networking Coach & Small Business September 2010
02 Sep 2010 1:30 PM - 4:30 PM
The City Hotel, 347 Kent Street, Sydney, 2000

Nine of Sydney’s leading social media experts, each focusing on one core aspect, will share their knowledge and skills with small business owners over on 9 days in September. They will cover Social Media Strategy, Social Media Time Management, Promotions, Marketing, Twitter, Facebook, LinkedIn, YouTube, Wordpress, Blogging and virtual business cards.

The Nine Days will cover the following aspects of Social Media:
· Easy techniques to get you started using social media immediately
· How to implement social media to drive leads to your business
· How to build your social network and extend your business network
· How you too can really make money, generate leads and connect with clients
· Foundation skills for running social media platforms, applications and wordpress blogs
· How to craft your facebook, LinkedIn and twitter profile to gain maximum impact
· How to attract and interact with friends and fans
· Promoting your business within today’s most popular social media applications
· The most effective uses of Twitter in your small business
· Review and build successful social media marketing campaigns for your business
· Filter social media contacts into meaningful and useful lists
· Creating an engaged and delighted following of customers and other fans

You can select specific days or benefit from the whole experience and receive a Business Social Media Challenge Endorsement as confirmation of your experience with nine of Australia’s leading Social Media experts.

Social Media Workshop Schedule in September includes:
Thursday 2nd – Fi Bendall, Leveraging social media for social advantage
Tuesday 7th – Helen Crozier, How to tame the time spent on Social Media
Thursday 9th – The Web Celeb, How to Flirt & Convert on Facebook
Tuesday 14th – Tony Cosentino, Running a Business website with WordPress
Thursday 16th – Steve Brossman, Video Marketing for Business
Tuesday 21st – Clodagh Higgins, Twitter Success for Business
Thursday 23rd – Raz Chorev, What is LinkedIn, and why you can’t ignore it anymore
Tuesday 28th – Kathie Melocco, Social Media Marketing Solutions
Thursday 30th – Sean Grobbelaar, Keeping Business Cards alive on Social media

Click here to Register
Sourced from Small Business NSW.

Is business email writing hurting your personal and corporate marketing efforts and brand image? Email writing is one of the easiest ways to unintentionally destroy your brand reputation. Are you looking to mainstream your communications and make effective business email writing a part of your success?

Your staff’s email writing skills may be hurting their relationships with co-workers, customers and suppliers; and this means lost revenue for your business. Email messages account for approximately 90% of business communication in today’s society; much more than by telephone or face to face. Email has revolutionised how we do business because it is so convenient, and every email can be saved and used as a follow-up.

Your Risk
Why does writing email carry a high degree of risk?
Face & body expressions are important elements of understanding communication, and neither are present in a written message.
Every email you write will create either a positive or negative impression of you or your company.
It is easy to slide into “task mode” forget you are writing to a real person as you quickly “bang out” one email after another.
And there are more reasons - how many times have you received an email that:
Was not meant for you
Was a long block of text with no obvious purpose
Includes ‘text talk’ or ‘text chat’ abbreviations (like IMO [In my opinion])
Left you feeling you or your company were being attacked
Answered one of your questions - even though you asked three questions
Contained only part of the necessary information to make a decision, resulting in three or more emails to get all of the relevant information
Had a subject that was FYI or Hi… or was left blank
Was the wrong ‘canned’ response
When business email are unclear or contain errors, the individual and the company’s reputation is compromised. Worse; when emails are hostile (most often by mistake), important business relationships may be damaged.
But it doesn’t have to be this way. Whether writing to one person or marketing to thousands, writing email can be done with confidence, speed and clarity - and you don’t have to be a copywriter to communicate effectively.

Your Competitive Advantage
The competitive advantages of smart, strategic, short, well written email for both the individual and the company are:
Respect for the individual’s and company’s brand
Improved customer service
Enhanced customer relationships
Decreased time spent in project management and problem resolution
Improved individual / department / company efficiencies which all impact ROI
This list can go on and on
Are your relationships, your marketing efforts and your brand being unnecessarily compromised?

Could email writing get worse? Yes it can!
The demand for fast communication is now being impacted by our experience with text messages (that include ‘text talk’ or ‘text chat’ abbreviations), Twitter, Facebook and MSN – all of them communication styles that demand shortcuts. But their style is not appropriate in most business email.

Could email writing get better? Yes it can!
It is possible to write email messages that focus on what you mean (intend), and get the results you need.
The effective email writing tips you need to focus on delivering polished email messages with confidence, speed and accuracy are as follows. Eliminate wordiness and improve clarity
Eliminate errors and other mistakes that damage your credibility
Deliver the intended message that will get the information or action you require – the first time
Check the tone to make sure that the tone is not abrupt or will offend the reader
Represent both the person and the organization in a highly professional manner

There are courses that teach email writing tips and with guided practice can save time, money and business relationships. If you need some help to learn how to do this then contact your local College or Google this topic as there are many on-line courses available.

Edited Source: Bruce Mayhew Consulting, 2009

When conducting compliance reviews for SME’s I use this process to identify any issues that may be placing a business at risk in regards to the many legislative areas that govern employment in Australia.  This is a large area - we are dealing with laws in industrial relations, Health and Safety, Discrimination, Equal Employment Opportunity, Independent Contractors and the list could go on.

For SME’s remaining compliant in an ever changing legislative environment can be very resource intensive and time consuming when you don’t know the rules!  The most common problem is a lack of appropriate and up to date employment agreements.  These agreements must describe the current employment relationship and are essential for establishing the expectations of both parties in their relationship.

In Australia, a common excuse for not having agreements is that the employee is employed under an award and that is sufficient. Unfortunately, that is not the case.

An award covers the minimum standards for employment.  It does not contain any clauses for the protection of the business, nor does it assist in the maintenance of standards within the business.  It is designed to protect the employee not the employer.

Another major reason for having employment and contractor agreements is for the protection of your business. Clauses should be inserted regarding things like confidentiality, the protection of intellectual property, protection of client lists and employees responsibility to obey company policy.  These and other clauses are essential protections for your company and are definitely not contained in an award.  

For SME’s who have employes’ covered by an award should be aware that The Fair Work Act became effective in January 2010. The following is a link to the Best Practice guide.

http://www.fwo.gov.au/Best-Practice-Guides/Pages/Small-business-and-the-Fair-Work-Act.aspx

Are you laying awake at night feeling overwhelmed with work priorities and not achieving results? 

Are you struggling to meet financial demands and reporting deadlines with your bank or the ATO?

Or are you venturing into this exciting new decade, filled with optimism for what Is achievable and lies ahead?

Breese Dynamics will liberate entrepreneurs from their paperwork nightmares.

Most small businesses and entrepreneurs are passionate about what they do, though often get buried in the details of running the business and need help. As a small Business Consultant and Results Coach I can help you develop strategies to create business success whilst letting you concentrate on what you do best.

Should you have any concerns that your business may be in trouble, you are not alone.  The most common challenges facing SME’s today are cash flow issues; misappropriation of financial data; declining sales; rising costs; issues with the ATO and perhaps personal assets at risk. 

Having worked with many differing businesses here and in the UK, Breese Dynamics can help you to recover and prosper. 

Services offered

v      Business Health Check – check accuracy and reliability of your accounting data, reconciliation of accounts    including Tax & Payroll liabilities, independent assessment of bookkeepers work, ensure compliance issues are being met and review policy and procedures documentation.

v      Business Strategy – review and provide assistance with Business Plans, Strategy and Risk Assessment

v      Business Process Re-engineering – review and assess areas for improvement/change.

v      Management Reporting – preparation of financial reports, budgets and cash flow analysis.

v      Human Resources – staff recruitment and management, employee contracts, staff assessments and reviews.

 v      Professional Training - guidance in implementation of MYOB, Xero and other SME based packages including staff training.

 v      Coaching/Mentoring – using the principles on NLP and other management disciplines we can provide values assessment, mission, structure and sales and customer service training

 v      Project & Event Management - develop, implement and manage financial software projects and organisation and risk management of events

Please do contact me at jules@breesedynamics.com or call 0447 574 586 if you feel I can help you in any way.

One of the most crucial elements in creating or receiving the highest quality work is having a successful relationship with those you work, collaborate, and share with. As technology and communications continue to evolve, more and more people are moving to the online world to get work done. However, many of the timeless tips that were once used offline still apply, albeit slightly differently so please check out these tips to have and maintain a successful working relationship online.

Build a Human Relationship: Considering that most people conducting work online spend most of their time behind a computer screen, it’s easy to forget that those on the other side of the network are human just like you. Be sure to spend some time building a relationship with those that you work, online or off. For ex: when exchanging messages, it doesn’t hurt to add a friendly greeting or ask how the other is feeling for the day. You will be surprised at how much a simple “thank you” can affect attitudes as well as your business.

And this one goes for employers: Give your provider the trust and freedom they need to complete job tasks. The people that you work with are the experts in their respective fields and have the credentials to prove it – it’s the reason why you hired them in the first place. Remember, over-micromanagement is almost always counterproductive for both parties involved.

Set Up Office Hours:  Just like any other brick and mortar business or office, both the provider and employer need to have a standard set of office hours that they can be consistently reached. Having this will not only help facilitate smoother communication on jobs in progress but will also allow you to rest a bit easier at night knowing that the other is just a phone call/chat or message away.  Whilst global communication is very easy these days and is across many time zones, just be sure that there is a set time that both parties are aware of.  Do also express to those you work your preferred method of communication,  be it chat, Skype, webcam, email, or phone. I personally still love calling colleagues on the phone and hearing their voice regardless of if it’s business or personal, but the choice is yours.

Stay In The Loop: Setting up checkpoints/milestones is a great way to establish a timeframe for the work to be completed. Think of it as a general map that will provide guidance and set up appropriate expectations for both employers and providers.  Also ensure that those you work with are in the loop with what’s going on in real time. Setting up succinct, consistently-placed communications or meetings to go over what was accomplished and what’s on tap for the following week is a no-brainer.  However you choose to get the point across is up to you, but the main takeaway is that the success rate of the job largely depends on both parties staying on the same page.  Additionally, a good way to manage any project is by using documents such as Action or Project Plans, Non-Disclosure Agreements, Change Order Agreements, and Contracts. These documents will protect both parties in case there is any sort of dispute.

Know Your Tools: Take time to familiarise yourself with tools that are available for you to utilise online. There are many such as integrated real-time chat, message boards, video chat, online collaboration suites, IM, or even standard email, spend some time researching what tools will help boost your productivity when working with others online.

Edited extract, source: elance.com

The ATO has just released details of the new investment allowance for artworks. Businesses with an annual turnover of less than $2 million are eligible to receive an investment allowance of up to 50% on the purchase of artworks for the 2009 income tax year. Naturally, eligibility is subject to a number of conditions being met, the most important being:

• The artwork must cost $1000 or more
• In order to get the 50% investment allowance the purchaser must be “in business”, have an ABN and have turnover of less than $2m
• The artwork must be “predominantly” used for business. According to the ATO this means use of more than 50% of the time/use
• The artwork must be the work of a living artist registered with an ABN
• The artwork must be new creations and purchased directly from the artist or their agent
• The artwork must not be adding to the purchasers trading stock
• To be eligible the artwork would have to have been purchased after 13th December 2008 up to 31st December 2009.

If you wish to purchase some great paintings or photography for investment purposes please contact the author.

If you are a sole trader, this means that you carry on business on your own. You might employ other staff, but do not have any partners. You might be working from home, and in this case, you should consider claiming home office expense deductions. To claim the full costs of a home study (such as a proportion of your rent or mortgage, lighting, electricity, heating and stationery costs), you must be able to show that your home study is a place of business, not just used for convenience. To establish this, it is best to have the study or studio separate to the house, with a separate telephone line. It is more difficult to claim a home study if you have another office to go to. Here the ATO could claim that you worked at home for your own convenience and therefore could not claim the deduction.

If you undertake paid work or business at home, you can claim the running costs such as separate telephone bill, electricity and depreciation on your equipment (such as computer, books, desk, carpet and curtains in the study). This is often a better option than claiming a proportion of your home mortgage as a home study; if you do this you will lose the equivalent proportion of capital gains tax exemption for your main residence.

You will probably also use a car for work purposes. As it is legally impossible to employ yourself, fringe benefits tax is not an issue. However, to claim the work-related expenses relating to the car, you must keep appropriate records, including a log book. In other words, you need to substantiate all your business expenses.

 If you have tools of trade, you can depreciate these items. The cost of employees’ wages is claimed as a tax deduction against the income that you earn.

Finally, if you are a sole trader, you cannot split your earnings with your partner or spouse. Income splitting an only be done within a partnership structure.

Please do consult your accountant or business advisor on the best possible business structure before hanging up your shingle.

Knowing the difference between Cash and Profit is what most small business owners fail to understand and is the price one may pay between success and bankruptcy.

If you are one of those small business owners who struggle with understanding the difference between a profit or loss, and the cash that sits correspondingly in the bank, you are not alone. The most common financial statement my clients ask for is a Profit & Loss statement.  When they see that there is a profit of say $100,000 with very little cash in the bank they always ask, “How can that be?”

While there are many circumstantial answers to that question, it often comes down to accrual accounting and understanding your Balance Sheet. If you look at your Balance Sheet and see your current accounts receivable balance at $112,000, you have located your missing cash. It simply has not yet been received.  Alternatively, you may have purchased some new equipment (asset) that is being capitalised. In other words, you paid cash for the equipment, and you don’t get to take the full expense in the current year. Either way your cash is low. It has either been spent without being expensed, or your debtors have not yet paid their account.

Another area that needs further scrutiny by business owners is to understand what Liabilities are represented on the company’s Balance Sheet.  This is often overlooked and aside from accounts payable (suppliers who you owe money to), items such as GST, PAYG, Income Tax etc are often not accounted for when determining who gets paid first. 

It is also true that Directors who are paid a salary may draw down on their loan accounts and pay for items such as spouse’s car, holidays, etc with the view that the year end dividend payment will cover these costs (and only if there is a profit).  This is far from reality and more often than not they completely overspend.    

To assist in better management of your cash it is essential that every business prepare a monthly cash flow statement and this is actually more important for the owner to focus on than profit. Companies can make a profit but still have a negative cash flow and not be able to pay their bills. Not recognising this difference is one of the biggest mistakes a small business owner can make. There any many online tools to assist you in preparing a cash flow statement or do ask your bookkeeper or external accountant to help you.

The conclusion is that cash in the bank means nothing. Well, strike that. It means a lot, but it doesn’t reflect the state of your company to any degree.  By understanding your financial statements can help you to know how your company is truly performing.

A few things you need to do in order to prepare:

Register your business or company, try for a limited liability kind, its cheap to open everywhere.

Now that you have an idea, you will need to create a business plan with the following ingredients:

a)  Executive Summary or Synopsis (brief on your idea, high level financials, target market)
b)  Detail description of your idea, how it is unique and how it translates to revenue for your organisation  and your approach to market
c)  Targeted Market details
d)  Effort in terms of time and resources to develop to transform the idea to business
e)  Investment $$$’s required at each stage or on a monthly basis, contingencies and other expenses  with the expected break even period (Highly recommend you prepare cash flow statement and budgets here)

f)  Competetion details and strategy to handle competition
g)  Summary
h)  Website - A website is important in today’s world, also it shows the viewer the clarity of your thought and belief (check availability on www.godaddy.com and BUY now)
i)  Customers - Last but the best if you have a customer ready to try you out - nothing like that.

There are loads of business planning templates available on the web and they are great tool to get you started. 

http://www.business.gov.au/Business+Entry+Point/How-to+guides/Thinking+of+starting+a+business/What+planning+tools+can+help+me/Business+plan+guides+templates.htm

Good luck and remember your business success will be measured as a result of your great planning.