For a Creative Agency cash is not profit and vice versa
The purpose of an agency is to make money, and that means you have to know the difference between profit and cashflow. Net profit is what you have left after you deduct all your business expenses from all your revenue. You change net profit only by changing the things...
What Tech Startups should do when employing staff
As your new startup grows, you’ll inevitably need to take on more employees. Having more hands at the pump helps you scale up, delegate tasks and broaden the scope of your operations. But what are the important things to get right when employing staff for the first...
Business tips: Improving your credit score
Your company’s credit score is important. To be able to borrow from lenders, or negotiate trade credit with your suppliers, your business needs to prove that it’s a low-risk business to lend to. The major credit agencies will give your business a score, based on its...
Planning your Creative Agency’s filing and payment deadlines for the year
Keeping on top of the deadlines for your company filing and tax payments can be hard work. With so many elements to coordinate and keep track of, it’s easy for deadlines to occasionally slip through the cracks – but that can lead to fines, penalties and other issues....
How Tech Companies figure out their break-even point?
All Tech Companies need to be aware of their break-even point — that is, the number of units they need to sell in order to cover their operating costs. Once you’ve reached your break-even point, it’s time to celebrate: your business is no longer in the red, and...
5 important business negotiation strategies for Creative Agencies
Business negotiation is a world of contradictions. You’ve got to be firm but flexible. Open and sharing, but a little cagey. There’s a lot to get your head around. But your state of mind might be the most important thing. Aim for a mutually beneficial outcome and...
Three ways Tech Startups use to speed up invoicing
Everyone likes making money, especially Tech Startups. Invoicing, however, is typically one of the tasks that startup owners like the least. Chores like creating and sending invoices get set aside for other duties that are seen as more enjoyable or even more urgent....
Long-service awards and how to reward your staff
Rewarding your valued employees is a great way to keep them happy, engaged and motivated. When a member of staff clocks up an employment milestone, you want to show your appreciation for all their hard work. Giving them extra benefits or rewards helps them feel valued...
6 Essential Accounting Terms for Tech Businesses
Hiring an accountant is widely considered the best practice for Tech business owners. But delegating financial analysis and reporting doesn't mean completely checking out of the process each month or quarter. On the contrary, it's recommended that business owners work...
Business tips: Budgeting and managing cashflow
If you want to stabilise your finances and grow the business, working to strict budgets becomes a necessity. Managing the cashflow twists and turns of a project can be hard work. But it’s easier to do when you have an agreed budget and can track your spending and...