You think that business is going pretty well and then the tax bill comes and it's more than you can afford. Is there anything worse than having to give an urgent phone call to your bank manager? How about facing the IRD penalties? For some business owners, this is a yearly recurring nightmare, one that they have to live with day-in day-out. It doesn't have to be that way though. Tax planning and regular reports are easy to set up and, once in place, even easier to use. Here are a few pointers from the expert. (read more)
TAX TIP CAN'T PAY YOUR TAXES?
If you're unable to come up with the money for your tax payment, the worst thing you can do is nothing, with the hope that the problem will go away! The IRD interest and penalties are the most expensive finance you'll ever have! Your accountant should be able to contact IRD and make an arrangement so that the penalties are removed and maybe, if your situation is dire, even the tax itself could be written off.
- Client Profile -
Precision Hair Design
Penelope Smith was born a hairdresser. She started styling hair at fourteen. When her mother decided to retire, Penelope took over and has been adding to the business' success ever since.
Hairdressing and beauty are probably some of the sectors that have been hit hardest by the recession. Yet Precision Hair Design is as busy as ever. It doesn't take long to see how Penelope manages to keep so busy.
She is one of those people that everyone loves. Her friendly, bubbly and positive attitude would be enough to make anyone come back. Complimentary hot drinks and yummy cakes are the rule. Penelope knows what she's doing, and she puts a tremendous amount of care and professionalism into it.
"Most of our new clients come to us from word of mouth," Penelope explains, "So that I've never had to pay for any sort of advertising."
One of her customers, currently under her care, explains: "I first came here because the location was convenient, yet I wouldn't have returned if I hadn't been happy with the result. I've never been in any other salon for the last 12 years. People keep asking me how my hair always looks so amazing."
For one who's just acquired their own business, Penelope demonstrates an excellent acumen. In fact, one of her first executive decisions was to change accountants.
"We were having a bit of a nightmare with our former accountant," she admits. "You could never get hold of him. It was like we were imposing on his time. Then we found out that he was filing our returns late, costing us hundreds of dollars a year in IRD penalties."
Referred to ABAC by a family member, she was very impressed when Nick immediately returned her first call from the pleasant place where he was holidaying.
"Nick is always there, Penelope observes. He either replies when you ring him or he returns your call straight away."
"On top of that, she adds, he's been giving us heaps of useful advice beyond accounting, so I feel truly supported."
It just goes to show how far business sense, a positive attitude and good support can take you, no matter how challenging the times.
Business can sometimes be a risky affair and when it comes to legal matters, it's not unlike crossing a minefield. From choosing the right trading entity (and making sure you use it) to protecting your assets, getting the right terms of trade, deciphering the small prints in leases or understanding franchises, there are many traps to avoid in such a venture. In this article, our guest writer and specialist lawyer Simon Wilton shares his 'bomb disposal expert' tips and points out the way to a safe journey. (read more)
In times when everyone is trying to cut down on expenses, does it really make sense to give away stuff for free? The fact is: there's never been a better time to start a freebie marketing campaign. It's not about getting a new set of branded pens, though, nor splashing out on expensive gear. By choosing the right freebie, following a few golden rules and making full use of modern technologies, the new year could bring you more new customers than you can handle. What more could you wish for? (read more)
A recent trip to Papua New Guinea has given Nick Roberts and four other business mentors the opportunity to help local businesses improve their practices and grow. The Napier Mail reports on the initiative and the potential opportunities for Hawkes Bay businesses. (read more)
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- Audio Article -
Is the Business Card Still In?
Can the humble business card really be used as one of your most important marketing tools? Yes, says Winston Marsh, personal friend of Nick’s and famous Aussie marketing guru. Click on the player above to hear Winston explain how your business card can be used to grow your business in a low-cost yet really effective way.
This article can be found (along with hundreds of other great articles on business marketing) on Winston’s fantastic low-cost monthly audio CD’s which can be purchased here.
Disclaimer: While every effort has been made to provide valuable, useful information in this publication, this firm and its owners, employees and contractors accept no responsibility or any form of liability from reliance upon or use of this contents. Any suggestions should be considered carefully within your own particular circumstances as they are intended for general information only.
