3 TIPS TO SAVE CASH
SET UP A PREFERRED SUPPLIERS LIST
This is really important, because then all your staff will know that they have certain places they need to go to to make purchasing decisions. It also enables you to negotiate bulk discounts if it's something you buy quite frequently.
HAVE AN EXPENSE APPROVAL PROCESS
Always have a process in your business for approving expenses. I walk into businesses so often and I can see paper flying around just waiting for approval. Meanwhile, the accounts department doesn't know what to do. Not only do you need this process, but everyone involved in invoice approval needs to know about it so they can manage it quickly and easily for you.
BE ACCOUNTABLE TO YOUR BUDGET
Your budget's set for a reason. It's so that you can manage those margins throughout the year. Make sure you've got someone in your business that sits down with you every month and goes through line by line how you're performing against that budget, and whips you back into line if that's what's needed.
3 TIPS TO MANAGE HR RISK
HAVE THE RIGHT SYSTEMS
Make sure you have the right systems in place so all of your payroll compliance can be done quickly, efficiently, and accurately.
We've worked with KeyPay, Deputy, and TANDA as fantastic cloud-based solutions to ensure you're compliant with your payroll. It also makes for a great employee experience, and reduces your admin time across the business.
KNOW THE HIDDEN COSTS
When employing people, it's usually a great sign of growth in your business. But what are the extra costs? Make sure you plan for your PAYG increase, your superanuation increase, payroll tax, if you're in that environment, and of course, work cover.
These are all the additional costs that a lot of business owners don't plan for when employing people, but ultimately can cause some real cash strain in the future.
HAVE THE RIGHT PROCESSES
And finally, because payroll is such a heavily regulated area, what are your processes for complying with relevant awards and relevant laws? Do you have an employment contract review process? What happens when you increase an employee's pay, or have to have one of those hard performance conversations with them? Using the add-ons I mentioned earlier can be a great way for you to ensure you're compliant and your business is running smoothly and safely.
3 TIPS TO INCREASE BUSINESS VALUE
KNOW WHAT COPYRIGHT AND TRADEMARK INFRINGEMENT MEANS
Can we use our competitor's key words when we're launching our own SEO strategies for our own business? Is that a breach of their copyright? What about domain names? Can I register a domain name in a competitor's name and auto-forward all that traffic to my site for converting in my own business?
We're in a completely new business environment thanks to the internet. So make sure that you've got your right trademark protection in place.
GET CYBER INSURANCE
We also want to make sure that this new type of insurance is taken out, called cyber insurance. It protects you against a lot of potential cyber breaches, and if you structure it right it can also be for the protection of brand image if somebody uses your brand online.
TRADEMARK YOUR BRAND
And if you're looking at exiting your business, make sure that if you're building a brand, you've got all the right protections around it.