Time Management

Time management is using a person’s time more effectively to accomplish tasks within a short period of time in order to improve both efficiency and productively of the task.

Managing time is one of the crucial skills for a small business to possess if wish to succeed. As many small businesses struggle to complete day-to day tasks within time, they end up wasting precious time which they should be using for growing their business. Once a small business start practicing good time management, they consistently improve their products and services.

Patience

Patience is a virtue for growth and profits in many small businesses. Although entrepreneurs want to grow fast with their new business plan and expect fast results, they need to be patient to see success. Having patience means you can wait peacefully because you have invested time, energy and money rather than getting frustrated, worried or disappointed.

Listening

Listening is the key to effective communication. Effective listening helps in sharing clear information, increasing productivity, building customer satisfaction and employee motivation. Whereas poor listening can easily create misunderstanding, irritation or frustration in business.

Listening is a desirable strength for your business to have in order to build relationships both internally and externally.

Small Businesses

Small businesses are independently owned cooperation, partnerships or sole traders. There is a close control over operations and decisions by the owners. In NZ, small businesses play an important role in the growth of economy as they make up majority of businesses.

Although the big businesses may lead the stock market, however the small businesses are making economy moving as these are engine for growth. 97% of businesses in NZ are small businesses, employing less than 20 people and contributing 28% in GDP of NZ (New Zealand’s Support for Small Business 2018).

Team building is a systemic process where individuals work together in a well-coordinated and cooperative way turning into a cohesive team in order to achieve common goal. Team work is crucial for the success of a business. With team building skills, knowledge, talent and creativity of different individuals are blended together to get the best out of them.

Effective team building enhances working relationship between individuals, improves cooperation and as a result, produces better results, improves productivity, boosts morale and overall motivates team.

Business Networking

Business networking is a process of creating and nurturing relationships with other businesses, clients or potential customers. It is mutually beneficial for both the parties to enhance their knowledge, build new business opportunities and learn from success of others.

Enhance employee engagment

Employee engagement is the degree to which employees feel enthusiastic about their work, are highly committed and put their best effort in the growth of the business. As employees are backbone of any business, so employee engagement not just meant for running your business smoothly, but also helps in overall success.

Engaged employees are focused, full of energy and always present in the situation. They are constantly ready to do more than what is expected out of them as they feel connected with the purpose of the business. According to Gallup, companies with engaged employees outperformed their peers by 147% in earnings per share.

Problem Solving

Problem solving is a process of working on the minuteness of a problem in purpose of reaching a solution. These days, none of the businesses have immunity towards problems, so they face many problems every day. In one situation, problems can be small, easy and simple or big, difficult and complex in other. How a business handles a problem makes a huge difference in its success and failure.

Importance of Customer Service

The services provided by your company to the customers before and after purchasing products or services is called customer service. Your customers can be new, potential or existing. If you want to grow your business, then customer service is the heart of your business irrespective of its size.

Why Advertise?

The success of many small businesses depend on how you wish to grow the profits by using appropriate advertising. Advertising builds reputation of your company in the market and encourage customers to try your products or services, increasing sales and generating more profit. However, before you advertise it is important to understand what’s your target customers, whether male or female, their age group, how many in number you want to target, where to target at local, regional or national level in order to reach many customers.

In a tax case Van Uden v Commissioner of Inland Revenue [2018] NZCA 487 the decision was delivered on 08th November 2018. High court decision was upheld in the favor of IRD explaining New Zealand Tax Residency and Permanent Place of Abode Test.

The decision confirms the interpretation of permanent place of abode as set out in Commissioner of Inland Revenue v Diamond [2015] NZCA 613. Permanent place of abode in New Zealand can be seen as “a home in New Zealand”

This case provides very good explanation on New Zealand Tax Residency and Permanent Place of Abode Test.

The permanent Place of Abode test overrides 183 days test for New Zealand Tax Residency.

Recruitment Management, a vital business strategy that your company needs to develop

Recruitment is a continuous process of creating, developing and nurturing the relationship with potential talent. It is useful especially when you are hiring skilled and talent employees in the company. These prospective talents can be attracted from your competitors or developed within the company if they see a consistent opportunity to grow professionally and personally. At the same time, hiring for executive level can take unlimited time from few weeks to few years because the more competitive the talent is in the market, rarely they will be available.

Why is business communication important?

Communication is the essence of business. There is a constant flow of information connecting people at different hierarchy within a company and customers. This communication can be written, oral or through gestures. On one side, a well-managed communication can lead to success of a company, a poor communication can be a disaster on the other.

 GST:  zero-rating of services related to land

Legislation

As amended, section 11A(1)(k) land related services provided to non-residents outside New Zealand at the time the services are performed are eligible for zero-rating, if they are:
• not directly in connection with land in New Zealand or
• not in connection with land in New Zealand and intend to enable or assist a change in physical condition, ownership or other legal status of that land or
• directly in connection to land outside New Zealand

How to build successful working relationships at workplace?

Successful working relationships are required to have happy workplace. These relationships could be with business partners, clients, suppliers and employees.

On 01 Feb 2019 Tax working group headed by sir Michal Cullen has recommended the Government to introduce capital gain tax. The formal report is due to be released to the public on 21 Feb 2019. The government may consider the introduction from 01 April 2021

It is expected the scheme will be broad based with very little and no exemptions, excluding family home.

Sir Michael Cullen is the same person who was behind the introduction of GST in New Zealand. The GST scheme is a broad based with very little exemptions, almost everything in New Zealand attract GST. It makes New Zealand GST unique in the world. New Zealand is the only country in the world who has broad based consumption tax with no exemptions not even on essential items. GST collects significant revenue for the government.

Why thinking is important in success of a company growth?

Overthinking can be dangerous. However, thinking should be in a manner of critically analysing the subject. It should have the ability to reason and have logical judgements. A critical thinker can easily differentiate between rational thoughts based on careful consideration and emotional thoughts based on personal bias. Critical thinker is an active leaner rather than a passive recipient of information and analyse information objectively before jumping to the conclusion.

Why understanding accounting is critical for HR?

Accounting and Human Resource are both crucial areas for a company. Being a Human Resource Manager requires to have number of skills like ability to connect with people at different levels, perform thorough assessment on employee’s skills, character and of course HR planning to meet company’s goals. So, it is important for HR professionals to possess business acumen because it helps to understand the drivers of revenue and cost of their company. Areas of accounting like financial reporting, budgeting and cost information help to make better planning and controlling decisions.

New Zealand Tax Rules for Controlled Foreign Corporation CFC Income

A New Zealand tax resident may have a controlled foreign corporation, which is involved in business of rental. Different tax rules apply for such corporations.

The CFC rules were reformed in around 2009 to make New Zealand businesses compete globally and provide certain exemptions to them. If CFC is in a business of rental this can add some complexities in calculating the exemptions.

General rule of thumb is rental income is attributable income. However, certain exemptions are provided in the legislation.

Is business restructuring right for you?

Is your business struggling financially, operationally or you just do not have enough time to focus on the business.

Have you thought about restructuring your company? Have you heard the term “restructuring”, what is this, is this right for your business?