Summary:
The financial year 2024 has started. The Official Cash Rate (OCR) now is 5.25% demand still surpass the supply in many sectors thus inflation is still out of control. It seems the tightening of credit would continue, and there would be further increases to OCR.
Summary:
Financial year 2023 is about to end. The world economy and New Zealand economy is in weird situation. All the scholars and academics are pointing towards recessions but the impact/effect of it is yet to be seen.
Summary:
We are already in March, couple of months in 2023 are gone. Not a great start of the year for all of us. Remote working has again been in full swing last month.
In summary business updates has some tips for newbies in business, Guidance for exporters and climate action toolbox. Tax updates contains cyclone relief, new GST rules for Air BNB, Income reporting among OECD plus some guidance towards buying property in Australia. IBBZ working at 2023 workflow and we upgraded our old website to a new version.
Often, most businesses focus so much on growth in revenue and minimization of costs that taxation becomes a secondary priority. However this is where many businesses stumble because if not administered carefully, tax debt can be a death knell for the business. Tax is critical in terms of cash flow planning, optimising costs, identifying product portfolios as well as to meet the social commitments of the business. Advantages of tax planning includes –
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 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 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 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.
