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Want more money, more time or less stress?

Freedom is the oxygen of the soul. Is your business destroying your freedom? Don’t neglect the other important things in your life. Whether you’re looking for #FinancialFreedom, #TimeFreedom or #MindFreedom - we can help you achieve all threeWe believe our clients all deserve the three freedoms: Financial Freedom; Time Freedom; and Mind Freedom. In other words, more money and time to spend on important things outside of their business, along with less stress. Is your business stifling your f...

What's your money story?

What story have you told yourself about money? For some, money means freedom and opportunity; for others, it evokes feelings of stress and lack of control. We can help you rewrite your money story so you can achieve #FinancialFreedomWhat you believe about money and how you relate and interact with it affects every aspect of your life and business. A belief is simply a story that you have told yourself so many times that you think it’s the truth. So, for us all to live a vital, vibrant, and thr...

Living above the line - how winners behave

OARBED is a powerful behaviour model depicting three winning behaviours and three responses that’ll sink your team. Get in touch to learn how OARBED can transform your business culture. #TeamWork #Accountability #Culture #NoHierarchy There are three winning behaviours and three responses that’ll sink your team.Are you living above the line? If not, you need to get there, as it’s the easiest way to transform workplace culture and team performance. Here’s how, using the OARBED behaviour mo...

Adopting an Atomic Habits mindset

James Clear’s book, Atomic Habits, is a #Gamechanger. If you struggle to make habits stick, stop focusing on habit outcomes and consciously adapt your identity to be the person that aligns with your habit.We all have habits; some good and some not. Habits are those almost unconscious behaviour patterns we have... so, how do we build better habits?In his book, Atomic Habits, James Clear identifies two types of habits; outcome-based and identity-based. Understanding the difference and reframing ...

Changing the Trajectory of Generational Wealth!

Generational wealth is often a pearl-clutching topic in many communities and, as a result, is a topic many people shy away from discussing. The change has to begin within the home, starting with communication among family members about intentions and future plans. Often, people are so busy with their daily lives they do not stop to plan for the future or ensure their children have a future set up for them. Below, I will outline tips on how to prepare your family to build generational wealth, and...

Achieving financial freedom

When you started in business, what did you imagine your lifestyle would be? How does your current lifestyle compare? Many business owners assume that after a few years in business they should be able to achieve another financial milestone such as buying a house, upgrading the car or taking the family on an epic holiday. Reality may be different.Is financial stress common in your business?You invested a significant amount of cash in the early days with the aim of getting a great return on your in...

Reminder: End-of-year tax is due on April 7

The end of the tax year is around the corner, so this is a quick reminder that your terminal tax payment is due on 7 April.If cashflow is a problem and you’re not confident in your ability to make your payment, please get in touch. We understand that the past 12 months have been extremely tough for many businesses and clients, so you’re not alone.Ways to avoid penalties and interestPaying tax late means Inland Revenue will charge you use of money interest (UOMI) and late payment penalties. T...

How does Provisional Tax work?

If you had to pay tax of more than $5,000 in your last income tax return, you may have to pay provisional tax for the following year. Provisional tax is like paying progress payments on next year’s income tax. The amount you must pay relates to your expected profit for the year. In practical terms, the amount of provisional tax you’re expected to pay is based on the tax you were liable for in the previous year, often referred to as residual income tax (RIT). Even if you are not required to p...

What’s your business worth?

Your business should be one of your biggest assets – but what’s it actually worth? Whether you want to sell your business, adjust the ownership, borrow, or calculate your net worth, a business valuation can be extremely useful.Earnings and assetsThe two most important value drivers of your business are earnings and assets. These are the main selling points – strength of earnings and/or valuable assets will make any business more attractive.Other intangible factors can play a part in adding...

Getting funding for your startup

A great business idea is an excellent starting point for a company. But without funding to provide the necessary capital, your business idea could be dead before it's even begun.To quote a well-worn phrase, ‘Cash is King’ and that means it’s critical to start thinking about funding as early as possible in the journey. Think about how much investment you’ll need to get going, the different routes to funding and the best ways to approach investors and lenders.Calculate your startup costsWo...

Keeping track of Covid -19 business operating guidelines

At the Red all businesses can have staff onsite, provided those staff and the business meet the operating guidelines for their sector at Red. But if a staff member tests positive for covid-19, shows symptoms, or is a close contact then the rules state they must isolate. For a run down on the framework, and what it means for your business visit the Ministry of Business, Innovation and Employment business website here.Omicron three Phase responseThe Government response also includes phases th...

Defining your business idea

Having that Eureka moment when you cook up a great new business idea is a great moment. You’ll be full of ambition and eager to begin building your startup. But once you've had that initial rough idea, how do you assess and plan out your business idea to make sure that it has legs?For a startup, the key thing is to define what your idea brings to the marketplace. This way, you know WHY you’re starting this venture and – crucially – whether it’s a viable business model.Research the exis...

Writing a mission statement

You've had your initial business idea and written a plan. But do you know WHY you're creating this business, or HOW you’ll deliver your end product/service? What will the company's underlying purpose be and how will your core values drive the business?To get these crucial elements ironed out, it’s a good idea to write a ‘mission statement’ for your startup – a short summary of the aims and values of your business.WHAT does your business do?The first thing to pin down is what the busine...

Small Business Marketing

Even with the best products and/or services in the world, you won't make many sales if your intended customers don't know about your business. To raise awareness of your brand and to kickstart your sales process, you need to start marketing and promoting the company. Sales and marketing doesn’t have to be complicated, but it is important to have a clear idea of your customers’ preferred channels and how you can engage with them in these places. Create a website and an online/digital presence...

Time is Money: Make the most of 2022!

Are you familiar with the ancient Japanese philosophy of ‘Kaizen’?Kaizen is the principle of continuous improvement that can make a huge difference to the efficiency of any company and is saving some of the world’s most powerful companies millions of dollars a year. Sound good? Here are ways you can embrace Kaizen to improve your business.What’s your waste? - This isn’t just about what’s ending up in the rubbish, it’s also unnecessary movement, overproduction of stock, waste d...

Setting up the compliance foundations for being in business

To trade as a business, you need to meet the right compliance requirements. It’s certainly not the most exciting part of creating a business, but setting up the right legal, accounting and tax compliance foundations ensures that you’re doing everything by the letter of the law.Here are the main compliance steps to think about, and why they’re so important to the smooth running of your business.Decide on a legal structure for the businessFirst off, you’ll need to make a decision about the...

Make sure your small business finances are in order

Getting your head around the basics of bookkeeping, accounting and good financial practice may not come naturally to all business owners. But the better you understand the numbers, the more control you'll have over your business and your decision-making. To get you started, here’s a rundown of some of the main financial terms and how they apply to the financial management of your startup. Revenue and money coming into the businessMost of us understand that revenue is the income you generate th...

Tax Planning & Budgeting

As a NZ resident you are responsible for paying Income tax on any taxable income. TAX RESIDENT You become a New Zealand tax resident when the first of these happens: you’ve been in New Zealand for more than 183 days in any 12-month periodyou have a permanent place of abode in New Zealand. TAXABLE INCOME Most income you get is taxable. This means we’ll include it in your end of year automatic calculation, or if you file an individual tax return – IR3 then you’ll need to declare the income...

The Difference between CASHFLOW and PROFIT

Do you know the difference between profits and cash flow? We’ll help you understand why cash is king and how to improve your cash flow management AND profitability #businessadvice #cashflow CONTENT The foundational goal of any business is to make a profit. As a business owner, that’s one of your key financial aims – to make enough sales, at a big enough margin, to generate profit from your enterprise. But how does profit differ from cashflow? And why is cash king?How do profit and cas...

Accounting basics: the profit and loss and balance sheet reports

Do you know the difference between your P&L and your balance sheet? We can explain exactly what each report means – and how it reflects your current performance as a business #businessadvice #accounting #PandL Understanding your finances is a vital part of running your business. But getting down into the nitty gritty of the company accounts isn’t every entrepreneur’s top skill. If you are new to company accounting, or simply want to expand your knowledge, we can help explain the foundation...

Do a year end in Xero?

In Xero, you don't need to do a formal year-end close or roll up journal in Xero. Follow this simple process to check your accounts are up to date.How it works In Xero there's no need to do a roll up journal to bring the profit and loss balance back to 0.00 at the end of the year. Xero's reports are created in real-time, and reports like the Profit and Loss report run from the start of the financial year using the year-end date you've specified in Xero. Once the new financial year starts, as lon...

Is Property still a good Investment?

The rules for property investors have changed, removing tax deductibility for rental loan payments and extending the bright line test to 10 years.How does this change property investing?The biggest impact of these recent changes is that investment properties are now more expensive to own, since you can no longer offset interest payments against rental income. The equations have changed: it’s harder to find positive or even cashflow neutral rentals. You’ll need to keep this in mind when you w...

The minimum wage increases on April 1st 2021

From April 1 2021, the adult minimum wage will increase from the current rate of $18.90 per hour to $20 per hour.There are 3 types of minimum wage — adult, starting-out and training.The adult minimum wage - applies to employees aged 16 years or older.The starting out minimum wage - applies to workers who are:16 and 17 years old and have been with their current employer for less than 6 months18 and 19 years old: have been paid a benefit for 6 months or morehaven’t worked for 1 e...

EOFY: 6 things you need to know for end of year payroll

It‘s coming up to the end of the financial year for many businesses – an important time to be on top of all things payroll, especially after the added complexities of 2020 (wage subsidies, minimum wage increases, changes to parental leave entitlements to name a few). Need a bit of help, or just want to check you’ve got it all under control? Keep reading… To help you prep for the end of the 2020/21 financial year, we’ve covered off the following things: Upcoming changes to legislat...

Managing your cashflow

Keep your cash flow strong to grow your business and get through challenging times. Learn how to set and manage your budget, forecast your future cash flow, and get paid faster. Watch the 35min Xero video below....