Keep yourself up to date with our most recent business news, insights and resources.
Welcome to this week’s 3 in 3 at 3, where we get you the three key things you need to know for your business in three minutes or less at three o’clock on a Monday. Thing One: Buying a New Vehicle to Save Tax This is a conversation we have a few dozen times at this time of year with clients. Those with some extra cash or who have been seduced by a car dealers
Welcome to this week’s 3 in 3 at 3, where we get you the three key things that you need to know for your small business in three minutes or less at three o’clock on a Monday. Thing One: Write off Bad Debts Thing one this week is bad debts. There’s a heap of people out there at the moment who are really struggling to pay all their bills and that’s no different for a
The government has announced that the minimum wage will increase to $23.15 from the 1st April 2024. Minimum Wage Increase 2024 A moderate 2% increase to the minimum wage is hoped to strike a delicate balance between support for the lowest paid workers and not placing added pressure on an economy struggling with low consumer spending and high interest rates. The increase from $22.70 to $23.15 will benefit at least 80,000 kiwi’s on the lowest
Progress beats perfection every day of the week. This is evident every day of the week with business planning. The number one thing that holds a lot of people back from making progress on their business plans is fine-tuning until they have the plan perfect. Overthinking leads to under-executing. Business Planning Doesn’t Have to be Hard Your business plan should be a short and powerful document. A lot of the free resources out there seem
Taking the time to plan out your business vision, purpose and values isn’t just a warm, fuzzy, feel-good topic, its the bedrock of your business culture. It’s important to have the right culture for your business to get the best possible results. “Culture eats strategy for breakfast” – Peter Drucker No matter how great your strategy is, if you don’t have the right culture in your workplace, you just won’t get the results you’re after.
Budget 2023 could have been a return to ‘business-as-usual’ for the government. A post-covid downsizing to refocus from crisis management to the core business of government. It wasn’t. Instead, it baked-in big government, failed to plan for the future and committed the country to years of investment that shockingly doesn’t account for population growth. Prioritising the Elderly over the Young One of the only notable announcements from Budget 2023 was the expansion of funding for
On the 18th May 2023, Finance Minister Grant Roberston released the 2023 Budget for the New Zealand Government. To help cut through the noise and see what benefits, if any, the budget holds in store for small business, the team at MBP have reviewed the budget, commentary and analysis to highlight the key insights for kiwi business. Setting the Scene for Budget 2023 Finance Minister Grant Robertson has promised to focus on fiscal sustainability in
MBP is proud to be partnering with the Taupo Parents Centre to support local families through their Moving & Munching Courses. As a family business with Community as one of our Core Values, this is a cause that the team at MBP didn’t hesitate to support. With limited funding available to support programs for children over three months, MBP has stepped in to help fill the gap and ensure a range of useful and empowering
The IRD has recently launched a widely publicised crack-down on Electronic Sales Suppression Software (ESS) tools. This has obviously prompted a lot of questions, mostly, what is electronic sales suppression software? As an honest business person and responsible taxpayer, you can be forgiven for not knowing what ESS is, how it works, or why the IRD may be cracking down on this. So to help, we’ll let you know some of these essentials. What are
If there is one rule for business success, its to keep it simple. That advice might sound simple but it can be a lot harder than it sounds to actually follow. As business owners, we tend to gravitate towards the complicated. We think it hides our insecurities, makes us look smarter and makes our business somehow more irreplacable. We seem to think that simplicity leaves us ‘naked’ and with nothing ‘special’ to distinguish us from
Its Christmas time. The season for office parties, generosity and spending way too much on presents. To make the post-holiday season hangover a little less shocking, here are a few of our key tips on parties, presents and bonuses that you need to be aware of. The IRD is never too far away from any act of employer generosity with their entertainment, FBT or PAYE rules. Paying a Christmas Bonus One of the easiest ways
A family run business can be incredibly rewarding for both the owners and the employees. Compared to a large corporation, they are more appealing to many employees, are flexible, can pivot quickly, and usually plan far into the future. On the other hand, there are many unique challenges that can appear regardless of where your family business is in its life cycle. We’ll walk you through some of the challenges you can expect to be
3 in 3 at 3 is the quick summary of the three key things you need to know in three minutes or less, at 3 o’clock on a Friday. This week: An introduction to 3 in 3 at 3. Fair Pay Agreements getting closer. Holiday payroll ahead. An Introduction to 3 in 3 at 3 There’s always a lot of noise about a hundred different things every week, specially with the media looking to sensationalize
For many business owners, determining the success of a business comes down to how much profit the company makes. This is a bit of a vanity metric and it’s really important to look at wider business benchmarks. Of course, finances are an important measure of an company’s overall success. If you don’t bring in more than you spend you won’t be in business for long. Profit, however, isn’t the only important benchmark by which to
Public holidays can be a bit of a minefield at times. With back to back weeks of public holidays, the Christmas and New Year period in particular can be a bit of a headache. To help you decode everything you need to know, we’ve summarised the 2022 Christmas public holiday essentials in this guide. Christmas and New Year Public Holiday Dates 2022-2023 Christmas Day Sunday, 25th December 2022 or Tuesday 27th December 2023 Boxing Day
As 2022 fades to a close and the uncertainty of last year spills over into 2023, it’s no wonder why more businesses than ever are working with business advisors and coaches to prepare for whatever might happen next. Before you move on from 2022, take a hard look at your business – where it is, where you want to go, and whether you have a clearly defined roadmap of how to achieve your goals. Working
More and more people are leaving their office jobs and setting up an online business these days. Running an online business offers a way for you to work from home and be your own boss. It may sound like an overwhelming process, but many entrepreneurs find it fulfilling. Here are some tips to increase the chances your small online business will be a success, and you’ll be happy with your decision. Decide what your online
Every business needs a variety of marketing ideas at their fingertips. Yet the potentially high costs associated with marketing campaigns has meant many business owners are unwilling to even consider attempting anything. However, business marketing doesn’t need to be an expensive exercise. Just note though that your time is valuable, and many of these low or not cost marketing ideas will consume considerable amounts of it. Because of this, in some cases it may be
Networking can be a key way to keep your business growing. Regardless of your industry or business size, it is hard to ignore the benefits of forming professional networks for potential partnerships, expanding your client base, and scaling up. However, while we are all constantly reminded about the importance of networking, reaching out to grow your network isn’t the same now thanks to the COVID-19 pandemic. Social restrictions to prevent spreading the coronavirus do not
The pains caused by a recession can be excruciating, which is why most of us dread the thought of it. A recession can mean massive layoffs, jobs becoming harder to find, and wages frozen, which means consumers hunker down and spend less– often worsening the economic slowdown unknowingly. For most businesses, especially small businesses, recessions can be brutal. Just take for example, the Global Financial Crisis (GFC) that struck the world in 2008. Between December
Business recovery is increasingly top of mind. As you well know, the COVID-19 pandemic is not just a public health issue, it’s also caused lockdowns and resulting financial worries on a global scale. Small businesses are not strangers to the impacts of the pandemic. In a survey by the International Trade Centre (ITC) among 1,200 businesses in 109 countries between 20 April and 4 May, the pandemic has strongly affected 60% of the businesses. The
The COVID-19 pandemic caught most of us off guard. Who would’ve thought that the world would spend years battling a virus? Its important to take this all as a learning opportunity and get set with pandemic preparedness for any future disruptions, lockdowns or issues. This unprecedented global crisis is a reminder that these business threats are very real and acts as a wake-up call for business leaders. Even if the scenario may seem far-fetched, it
Mediation for employment issues, you may have heard of it, but what is mediation in the context of employment? What can it be used for and what does the process look like? Many people believe that mediation is only for when an employee brings a grievance against their employer, and while this is a common use for mediation, there are many other ways that mediation can be a useful tool for both employer and employee
The Government’s Business Finance Guarantee Scheme has been an epic failure. Today, some welcome changes to the scheme have been announced by Finance Minister Grant Robertson. The scheme has been too restrictive and there was far too much red tape for struggling businesses to jump through. The Government budgeted more than $6 Billion for the scheme when it was originally announced. However, to date, only $150 Million has been lent to just 780 businesses. Today,
You’ve got a fabulous idea for a new business but are unsure about which business model you should work with. We take a look at B2B vs B2C to help you decide if selling to customers is right for you, or you’d prefer to sell directly to other businesses instead. What Are the Differences in Selling B2B vs B2C? You are in business to sell your products or services and make a profit. You’ve got
As small business owners plan for how they will operate after COVID-19, there are some important business questions to be asked about the coming business recovery. These questions will help you determine what adaptations you want to keep, whether your business model is working, and if there are additional changes you want to make to keep your company operational through future economic downturns. It’s not always fun to do this sort of examination, but the
For many small businesses, the best way to increase profitability is to increase turnover, as there’s no limit to sales but there is a limit to how much you can reduce your costs. Let’s look at how you can focus on each of the five ways in our profit increase calculator to achieve your goal of improving profits. Increase Your Leads By interacting with greater numbers of people, you’ll increase your chances of turning more
Have you given any thought to which business structure is right for your business? We’ll be honest and admits it’s not usually the first thing that comes to people’s minds when starting or buying a business. However, the way that you structure your business plays a significant role in how it functions down the track. In NZ, there are three common business structures, along with some which are not so common. We’re sticking with the
We’ve heard this before: the COVID-19 pandemic is an unprecedented global health and financial crisis that has caught many off guard. While the threats to human life are very real, the damage to the health of businesses is really just starting to show. In the coming weeks and months, many businesses will be in a fight for financial survival. The seriousness of the disease and the lack of a vaccine (at the time of writing
An eco-friendly business offers plenty of advantages: lower costs, increased profitability, marketing opportunities and the biggest one of all, a better environment for everyone. Long gone are the days when businesses who actively chose recycled photocopy paper were ‘different.’ Today’s businesses are striving to become greener, and they are proud to show it. We take a look at some of the ways you can do to also become an eco-friendly business. What is an Eco-Friendly
We started 2020 with optimism and hope that this year was going to be better than the last. Then, COVID-19 happened and brought sudden massive changes worldwide. Businesses worldwide have been forced to look for ways to boost sales in during a global pandemic and regional lockdowns. It has disrupted the way we interact, shop, work, and transact. Businesses of all sizes have been plunged into darkness, with some even having to shut completely Meanwhile,
Creating a content strategy for your business to use on its website and social media, gives your brand much needed consistency. A high level of consistency will positively grow your brand’s image. A positive brand image will build loyalty among your followers. Loyal brand followers will not only support your business but make those very important words of mouth recommendations for your business. Do you see where we’re going with this? Today we’re going to
If you’ve been to one of our business development events before, you’ll likely be familiar with the bucket analogy we often use. Put very simply, your business is like a bucket with holes in it: when you earn money, the bucket fills up. Running costs such as direct costs (COGS) and business expenses create holes, causing the bucket to empty. You need to keep the bucket filling fast enough so it doesn’t completely empty out,
At a time like this, money is tight for pretty much every business. Cutting costs can be a quick and easy way to improve the profitability of your business. Introducing well thought out cost saving tactics can bring immediate savings and ensure you remain profitable in the short term. But it’s important that cost-control measures are carefully managed. Eliminating errant expenses is clearly beneficial, but indiscriminate cost-cutting could lead to a drop in quality, or
Selling a business is a bit like selling your home. You want to get the best price possible, with the least amount of effort and at the lowest cost to you. What you do need to be clear on are the reasons you want to sell, plus be 100% certain that a sale is the best option for you. As accountants and business advisors, we regularly play a role in helping clients sell a business.
Your “war chest” is the financial reserve your business has built up so you can take advantage of an opportunity or cover unexpected costs or emergencies. Building a cash reserve when finances are tight, however, can be difficult. You need money to continue running your business but, if at all possible, you want to keep your reserve account healthy. Here are some ways to build (or preserve) a cash war chest during a crisis. Shift
If you’re considering a business rebranding, you’re likely to have multiple reasons as to why you are likely to take this path. Whatever your reasons, business rebranding isn’t something that just happens overnight and requires identifying the specific reasons why a rebrand is necessary. Some of the main reasons business owners move to rebrand include: repositioning their business to target a new audience or be more appealing to an existing audience branching out to a
Having a desk job suits many of us down to a tee, but can come at the expense of our health and well-being. A sedentary desk job and lifestyle can lead to increases in cardiovascular disease, type 2 diabetes, obesity and a decline in mental well-being. Before you pull out the old ‘but people have had desk jobs for hundreds of years’ excuse, remember that our lives have changed greatly since then. We are on
For many years, the low value asset threshold for depreciation had been set at $500.00. This meant that everything over $500.00 had to be capitalised and depreciated as a fixed asset. The cost of many business items has increased significantly since the rules were last reviewed. At the same time, the useful life of the items has decreased. This is why the government was reviewing the rules and planning to increase the threshold. The pandemic
New Zealand’s Budget 2020 was promised to be the “jobs budget” by the Prime Minister just prior to its announcement. Unfortunately, it is difficult to see how this budget saves or creates many jobs in the short to medium term. Of course, it must be noted that there is $20Billion+ in COVID-19 recovery spending yet to be announced and some of this additional funding could be well-targeted. There are a few announcements that will certainly
You’ve most likely heard of the term niche market before. Often business owners are asked specifically what theirs is by business advisors, accountants, financiers and other owners. What we’ve found though, is that there is a reasonable amount of owners who still haven’t identified their own, or have little understanding of what the term means. Let’s give you an example. Jess runs her own business selling handmade baby clothing. From merino baby coats through to
As many business owners are experiencing, the COVID-19 pandemic has created serious financial difficulties for entrepreneurs. Small businesses especially are faced with cutting their budgets so they can continue to operate—even at a smaller scale—and not have to close for good. They also have to figure out how they can continue marketing themselves so once the pandemic is over, their customers and clients come back to them. During a financial crisis, a company’s marketing budget
Originally Published 7th May 2020 Last Updated 30th August 2020 The government has announced what COVID-19 Alert Level 2 will look like for New Zealand. The decision to shift to Level 2 is yet to be made. Cabinet meets on Monday to decide if, and when, the shift to Level 2 will occur. However, all indications are that Level 2 will begin from next Wednesday, but the Prime Minister has signaled that Level 2 may
Before you go down the path of seeking capital from outside your business or borrowing funds, identify any other ways of raising capital. If you need funds then sometimes it’s not a loan that you need. Identify areas in the business to make savings There’s a good chance that you can generate at least some of the capital you need by using business savings. If you can generate the cash internally, it’s often a better
Dealing with a sudden cash flow crisis, even if you’re working hard to avoid shortfalls, is hugely distracting. A formerly reliable customer might take much longer to pay than anticipated or a large consignment might fail to show up, leaving you out of pocket. If you’re starting a business, it could simply be taking longer than expected to turn a profit. Red Light Warnings for a Cash Crisis Develop red light systems to warn you
If you’ve been reviewing your business’s financial position and are looking for ways to improve your cash flow, one of the first things to look at are your expenses. As your business grows, so will your costs, but there are things you and your employees can do to keep them down as much as possible and so improve your cash flow by optimising overheads. It’s important not to rest on your laurels. Continually thinking of
As a small business owner, you’re probably keeping a close eye on every cent you spend. You need to have a good eye on your income and expenses to manage your cashflow, so that’s a good thing. However, it might mean that you are wasting time micro-managing your finances and not hiring people to help give your business a boost. Hiring a bookkeeper can be a great investment fro any small business. What Does a
New Zealand will move down to Alert Level 3 from start of business on Tuesday 28th April 2020. The change in the alert level will mark a shift from ‘essential’ business operations to ‘safe’ business operations, with many strict restrictions still in place. For the construction industry, this means a return to work, provided specific heightened health and safety standards can be strictly adhered to. We have had a number of discussions with our building
New Zealand will move down to Alert Level 3 from start of business on Tuesday 28th April 2020. The change in the alert level will mark a shift from ‘essential’ business operations to ‘safe’ business operations, with many strict restrictions still in place. For hospitality at level 3, this means contactless takeaways only, provided specific heightened health and safety standards can be strictly adhered to. We have had a number of discussions with our building
Most small businesses experience cash flow problems from time to time and urgently need working capital. Many business owners immediately think of the bank or loans when they’re short of cash. But there are other resources you can tap before you ask for that expensive overdraft or business loan. The money you need might already be there, locked up in inventory, assets or your debtors’ book. We’ll run you through a few ways of unlocking
Bootstrapping is figuring out how to reduce the cash you need to start or run your business, by eliminating any unnecessary overheads while finding out who will give you a hand. If for whatever reason you’re not able to raise enough capital to start-up you might be able to get what you need by ‘bootstrapping’ (finding what you need through unconventional or low-cost methods). Some Options to Consider When Bootstrapping Can others lend you what
As we hit week four of the nationwide lock-down, it’s time to start actively thinking about how you will operate your business out of lock-down. We’ve already discussed developing your business continuity plan, so hopefully you’ve already started planning and putting some actions in place to come out of lock-down ready to thrive. UPDATE (20th April 2020): New Zealand will move out of COVID-19 Alert Level 4 Lock-down and into Alert Level 3 at Midnight
If you’re a small business owner whose company hasn’t gone through hard times, that’s great but it’s likely to happen at some point. As much as we dream about being brilliant enough at business that we’ll never face slow times, there are many things beyond our control that can negatively affect our business. How you go about managing the impacts of unexpected events and getting your business through tough times will set you and your
The government’s latest COVID-19 support package includes further measures to try and ease the pain of the lockdown. It includes ‘tax breaks’, business advice funding and guidelines for tenants and landlords. At first glance it seems this package, unfortunately, may not do a lot for small businesses and leaves a lot to be desired. There are no in depth details available yet, so we will have to hold on, likely until 27th April. Tax Loss
Using stock photos for your website or other advertising media sounds appealing, especially if they are free. But before you start taking images off the internet, it pays to understand exactly what the rules are for using stock images. And we’re talking pays because if you get things incorrect, you could end up paying big bucks. Beginners Guide to Using Stock Photos Stock photos generally come into two groups: free and paid. Paid images are
The process to apply for the Covid-19 Wage Subsidy is pretty straight-forward and the turn around in payment has been very quick. We initially fielded hundreds of queries about the application process and having dealt with these are now receiving queries about how to reconcile the payments. If you use MBP for you bookkeeping, rest assured, your MBP Business Support Administrator or Advisor will deal with all the details of this for you. If you
Regardless of the type of business you run, having a passive income should be high up on your list of goals. Earning money while you eat, sleep and play sounds like something from a fairy-tale, but it certainly is achievable. Here at MBP, we’re constantly looking for ways to help our clients achieve their business and financial goals. We find that by spending time now to set up a passive income source can provide significant
Well, this 31 March feels a bit different, doesn’t it? This year-end seems more like prepping for a doomsday than gathering your info to send off to us. If you want to look for a positive, the lockdown is going to give many of you some extra time to focus on year-end matters. Our team are ready to receive your info and our cloud based solutions mean we can have everything underway asap. How does
In these unprecedented times, it’s important to remember that we’re all in this together; everyone is impacted by Covid-19, from our team, to our customers and suppliers. We’ve prepared this guide to help our clients navigate through these uncertain times by working together to help keep businesses alive and people employed. We can’t stress enough the importance of communication at this time. You’re not alone in this. Communicate with us, your accountants; we’re here to
Employees at businesses both large and small are now telecommuting/ working from home. Many companies around the world are restructuring their management practices to meet the challenges and opportunities of managing remote teams. Now with the spread of the COVID-19 and workers being asked to work-from-home the need for managing remote teams is higher than it’s ever been. Because they tend to be more agile and open to change, small businesses are particularly well positioned
With the government announcement of the change to Level 3 and moving to Level 4 Lockdown in the next 24 hours, we understand that this will have a dramatic impact on our client’s and their businesses. We fully understand the likely impact, and we are working as quickly as possible to be able to fully support our clients through this time. But as you will appreciate, we are getting information at the same time as
We all have tasks that get in the way of our business moving forward. It’s all these tasks that we tend to procrastinate, that we would rather void doing and that just suck up too much of our valuable time. Time that we should be spending on our businesses. Thankfully, there are lots of businesses, like MBP, that exist to help you identify what to outsource and take over completing those tasks for you. Get
You’ve been chomping at the bit to create your own elevator pitch (or have been told you need one so many times you’ve finally got around to it). Whichever one is you (no judgement), we’ve put together a list of steps to take to help you create your own elevator pitch. Why Would I Need an Elevator Pitch? Aptly named as an elevator speech or pitch due to the amount of time you have to
Want to reduce some of your business admin burden but not sure where to start? Here is our list of the Top 10 things we think you can outsource to get started. 1. Outsource Your Payroll Nothing makes your staff angrier than not being paid properly. Payroll is a lot more complex than just paying your staff their hourly rates or salaries. The Holidays Act is the bane of many businesses, large and small. Its
A business mentor can help you take your business to new heights: but only if you choose the right one. From offering advice, support and a listening ear, business mentors understand and really ‘get it’ when it comes to the struggles a business owner faces. Like everything though, all business mentors are different, with varying strengths, experiences and interests. Therefore, choosing the right business mentor becomes your first task in your search for business support.
A business is only successful when it has the best people, processes and data. Without accurate, reliable data, a business has no solid base on which to make any informed decisions regarding sales, marketing or people. This is why making a decision to outsource your bookkeeping can be a beneficial and profitable thing to do. Accurate Data Relies on Accurate Bookkeeping Bookkeeping is so much more than just running invoices and clicking ‘OK’ to reconcile
You’ve got a tight budget, so any free marketing ideas you can use are a huge bonus. Thankfully, you’ve got an awesome business and accounting team in MBP which love nothing more than helping you out…which is why we’ve put together this collection of 12 brilliant free marketing ideas for you! 12 Effective Free Marketing Ideas Marketing is a great tool you can use to promote your business and attract new clientele. One big problem
If financially things aren’t looking that great, you may be considering declaring bankruptcy. Making your debts go away may seem like the obvious solution, but there’s a lot to consider before you do. While bankruptcy can clear your debts from the time you lodge a debtor’s petition with the Official Assignee, it’s far from being the end of your problems. We’re going to take a look at what declaring bankruptcy really means financially and personally,
If you sell or make products then you’ll likely have stock on hand or work-in-progress at year end. In order to get accurate figures for your tax and annual financial statements, you’ll need to know the value of this stock. This means you’ll need to do a stocktake. The end of the financial year (EOFY) comes around like clockwork but for many business owners it can be a stressful time. It doesn’t have to be
As a small business owner, it’s tempting to try and do everything yourself. You really can’t wear every hat in your business and give each role the professional attention it needs. One of the best things to outsource is your bookkeeping and business admin. This is a technical and time consuming area of your business that often requires a lot of specialist knowledge. This is time and energy that you should be giving to the
We’re all looking for effective ways to reduce business expenses, save money and increase our profits. We’ve also all got our own ideas on how to do so. Every business will have expenses that must be budgeted for in order to help it run smoothly. Depending on your industry, those expenses will differ in both type and quantity. Rather than focus on a specific industry, we’re going to look at the most common business expenses
You’ve got a business, so you need to post on all of the social media platforms, right? Wrong. In New Zealand, the four main social media platforms used are Facebook, Twitter, Pinterest and Instagram (Social Media Stats). This doesn’t necessarily mean they should be your default platforms though. Picking the right social media platforms involves first understanding who your target audience is and identifying the platforms they use. How to Choose Social Media Platforms for
If you’ve been waiting for a sign telling you it’s time to smarten up your financial literacy knowledge, this is it. Financial literacy, or the skills and knowledge to make informed decisions about money. What is Financial Literacy? Being able to set and keep to a budget Understanding how different taxes work Filing a tax return Reading financial statements Creating financial reports to make decisions from Being able to pay all your bills when they
Outsourcing. Does it sound such a scary word to you? For many new and small businesses, the answer is a resounding yes! Outsourcing involves paying someone to do something related to your business. If cashflow is short or you struggle with the thought of others doing something for your business, outsourcing be thought of as a big no-no. We thought it was time to shed some light on this ‘bad word’ known as outsourcing, explaining
Is business insurance really necessary? If so, what types of insurance might I need? These are two questions business owners often ask, especially if they are just starting out. Business insurance can seem like an unnecessary expense, especially when things are financially tight and profits are small or non-existent. We think this issue is an important one to address though, and that’s what we’re focusing on today. 11 Reasons to Say Yes to Business Insurance
Thinking about hiring your first employee? Reaching a point in your business where you need an extra pair of hands is a milestone to celebrate. It is also a time when you recognise that in order to grow your business, adding new team members follows along naturally. Before you start asking for resumes, there are some steps to follow first: Assessing if you are truly ready to hire your first employee Identifying the role, they
A strong business mindset doesn’t come easily to everyone. Fortunately, there are things that business owners can do to ensure their business succeeds. We’ve put together a list of 16 key things you can do to create a successful business mindset. 16 Tasks to Help You Create a Successful Business Mindset To build a successful business, you must think strategically and from the head, not the heart. That’s having a business mindset: something many of
Welcome to the world of business finance. Full of tempting offers and lots of promises, applying for business finance seems to be exactly what every self-respecting business should do. But is it? In this beginner’s guide to business finance, we look into your options for it, what you need to have in order to apply for it and how it could be used to benefit your business. Understanding Your Business Finance Options Like with most
How will you get the money out of your business when it’s time for you to move on? A business exit strategy will give you the knowledge in advance of how you will wrap up your involvement in your business. It can also help increase the amount of money you will be able to recoup too. No one has a crystal ball and we can’t see what the future will hold. There are many reasons
You’ve started or are about to start up a business; it’s time to discuss business structures. Sure, it doesn’t sound like the most interesting of topics, but it’s one that can have a significant financial impact upon your future. Every business in New Zealand must have a chosen structure. The structure of a business affects the way in which it works, how it is treated by the government and what laws apply to it. As
What you can and can’t claim as an expense when buying a rental property is a hot topic of conversation. The confusion around this issue is likely inflamed by the recent changes to the rules that the IRD has quietly made without much publicity. Below are some of the most common questions we get asked with property purchases. If your question isn’t below, get in touch with our team of property tax pros and we
If you’ve been told you need to complete an organisational review, or are now wondering if you need one, read on. An organisational review is a great tool to help you: Improve the way your business is structured. Solve any performance issues. Change the culture of your business. Fix any relationship or communicational problems. Increase productivity. Catch up with fast moving external changes. Completing an organisational review involves collecting data to process, organise, share and
Your considering turning your hobby into a profitable business but have a few questions you’d like answered first. We’re guessing they include questions such as: How do I know if it will be successful? What steps do I need to take to set up a new business? Should I quit my job and do my business full time? How do I know if I’ve got what it takes to run a profitable business? As you’re
If cyber security isn’t on your business’ list of top priorities, should you be worried? We think so. As cyber attacks grow in number and severity, keeping your business’ information safe is essential. Even if you’re not super technically minded, there are some key steps you can take to secure your data. We’ll explain what they are and give you a brief overview of what cyber security is. What Is Cyber Security? The term cyber
Your brand identity is what makes your business unique. More than just a logo, it’s how the world, or more specifically your customers, see your business. A strong brand identity gives your business power and a way to differentiate itself from your competition. Without one, well, let’s just say, things may not go that well … Part of our job is to help businesses discover what makes them tick, what makes them unique and what
With all work and no play making Jack a dull boy (plus stressed, unhappy and exhausted), is having great work-life balance necessary? Today we look at understanding what having a work-life balance means, plus five simple tips on how you too can achieve one. What is a Work-Life Balance & Do I Need One? Feeling like you never spend quality time with your kids anymore? Are you only home to sleep and eat nowadays? Finding
It is 9pm on a Monday and it is raining. Lots. The roof in our new house starts to leak. My husband and I look at each other and decide to get onto this right away. First stop Google – searching for “roofers Whangarei”. There are a few websites, most built years ago, some that do not respond to the screen on my mobile phone so we have to zoom in to read it. Next
New business owners are a special breed of people. Motivated, idea-driven and entrepreneurial, they enjoy a challenge and are not afraid to step outside of their comfort zone. Yet with around a 40% chance of a business with five or fewer employees surviving the first four years, the statistics are against them. Here at MBP, we’re focused on helping our clients last the distance and push through any barriers they may face. One of the
Most good accountants are great at reading the data and giving implementable advice to their customers to help improve that bottom line. They are worth their weight in gold if they can tell you at a glance about seasonal fluctuations, government policies that may affect you and areas where you can streamline or invest to get the most productivity. But all of this great insight and advice is worth very little if actions aren’t taken.
There are a huge number of benefits to running a business with an abundance mentality, but what is it. What is an Abundance Mentality In short, an abundance mentality is an acknowledgement that there is enough demand in the market to support many businesses. Its essentially the business version of the old ‘more fish in the sea’ approach to dating. This allows you to be less desperate to compete and more open to collaboration and
We all have things we’ve wanted to get done for ages but are no closer to getting them sorted today than we were a year ago. It could be anything from writing a book, a blog, redeveloping your website or putting time aside to develop your business. The list of things we’d like to do but just aren’t doing is often long. If this sounds like you, it might be time you got yourself an
Its a struggle for many business owners to find the time to work on their businesses rather than in it. If you’ve got limited time and want to get maximum impact, follow our top three weekend business planning tips below. Ideally, the process should take no more than an hour and should give you a solid base to set some goals and make some quick decisions about actions you can take in the next 30
The New Year is a time for setting goals and targets for the months head. Its also the best time to make sure you have the best people on your team to help you achieve those goals and targets. That makes it a great time to look for a new accountant. Your accountant is one of the most important people on your team. They might not be the first person you’d consider. However, a having
It’s the word small we’re talking about today when discussing small business marketing ideas. Small in cost, small in time spent, and small in quantity. You could be forgiven for thinking we’re only going to help out small businesses by sharing these fab marketing ideas – and you’d be right! There’s a big difference in not only the quantity, but also the type of marketing a small business needs to do. Sure, the big guys
If you’ve got a couple of spare rooms, renting them out is a great way to make some extra cash. However, how you rent them out can make all the difference and can even be the difference between paying a large tax bill and no tax at all. It all comes down to whether you are renting to a boarder or flatmates. therefore, we’ve drawn up this quick guide to give you a run-down of
New Zealand does not have the most liberal tax laws when it comes to making claims for work clothes. This is one thing that our cousins across the ditch are far more generous with. There is a very narrow definition in NZ tax law and IRD interpretation as to what is a deductible business expense for work clothing. In order to help you avoid making expensive mistakes that could land you with an audit, back
MBP’s preferred payment method for monthly package subscriptions is by direct debit. With our recent move to GoCardless, this process is now easier than ever before. If you are on a subscription based service plan, you will likely receive an email notifying you of any changes to your payment process. This email will include a link to your unique direct debit mandate form. Update this form with your bank details and you’re done. You’ll never
There’s nothing quite like Kiwi ingenuity when it comes to identifying the best start-up business ideas. A quick look at Taupo’s tourist attractions (and those across New Zealand) demonstrates this perfectly! Who would have thought people would pay money to jump off a bridge with a rubber band attached to their legs? They do though and by the thousands! Bungy jumping is a fabulous example of one man’s ideas becoming a viable business through hard
Many businesses need to get their employees around the place to do their jobs. This often means that they need to either have company motor vehicles for their employees to use, or reimburse their employees for the use of their personal cars. Much of the motor vehicle expense claim methods have undergone some changes in recent years so its important to keep up with what you can now claim. In this article we’ll be taking
Three days into the New Year and across the country the entrepreneurial juices are flowing. The start of the New Year is one of the most popular times for people to set up new business ventures. With the ease of doing business in New Zealand it takes only one day to set up a new business. This is a lot quicker than the global average of almost 20 days to get a new business set
As a business owner, using social media is vital in helping your business get noticed and be remembered by your customers. Long gone are the days when print, TV and radio advertising was your only option to market your products or services. Nowadays, most people are active on at least one social media platform and it’s your job to reach them. If you’re a total novice at using social media, relax because we’ve written this
Why new businesses fail is a tough question to answer, almost as difficult as explaining why the lucky ones succeed. Every single business is unique, even those in the same industry have different factors effecting their success. The following issues are a few that we have witnessed but you need to critically think about your business, your risks and what your road to success is. Two Heads are Better Than One Most successful new businesses
Cloud accounting software has revolutionized how small business owners manage their businesses. This game changing software has had a massive impact not just on small business but on the quality of life of small business owners. By eliminating and reducing many of the time consuming, redundant work of older systems, cloud accounting streamlines processes and makes processing a breeze for business owners, bookkeepers and accountants alike. You have probably seen or heard of cloud accounting
Every day you will make decisions and choices based on your values. Whether you notice it or not, these values are an important part of your identity. They have a profound impact on the way you conduct yourself. Its the same for a business, so having a well defined set of core values is important for every organisation. The Importance of Values in Business Values are the essence of a company’s identity. They support the
