It used to be that if you didn’t have your business listed in the yellow pages then you weren’t on the map. Today when people are searching for products or services the first place they look is the web. If you don’t have a...

There are some people that will tell you that 40% to 60% of small businesses fail within the first five years. Interestingly enough, this is quite far off from the real statistics in Australia which reflect a failure rate of only 6.2%. This...

Modern technology has brought many advantages to the small business owner. It’s more than just being able to use a computer to keep track of accounts and the internet to keep in touch with customers. In fact, in many ways the online...

I was visiting with my friend’s 5 year old girl and the conversation turned to what she wanted to be when she grew up. “I want to be a princess fairy!” she announced as if it was the most natural choice in the world. Now I am...

What’s the Big Deal about Tax Planning and Financial Planning? I was at the mall the other day enjoying a cup of coffee when two women sat down at the table next to me. I couldn’t help but overhear their conversation. “Thank...

When I was a little girl, my Mom would say to me every morning when I got out of the car for school, “Learn the 3 R’s – you need them for life!” She meant of course Reading, Writing, and Arithmetic. Okay, they...

I grew up around football. Of my grandfather’s seven siblings, five of them played for their University. Some went on to coach at a Uni level. One brother played professionally for awhile before joining the army. My father, my brother, and...

I left a voicemail for my son recently. As a student he disregards the vibrating of his phone, and quite often it is days before I can “connect” with him. An hour or so later, he calls me, complaining. “Mom, do you...

When a customer enters your place of business, the number one objective is to ensure they come back... Being in the restaurant business, I have learned a great deal about “the pitch.” It isn’t about making the sell; it’s...

My 19 year old son is spending the summer guiding groups of people down white water rapids... It’s a perfect job for a college student who loves adventure, sun, and getting wet. Some days he pilots 4 to 5 raft trips of 8 to 10 people for 1...

One of my favorite books growing up was the story of two young men, Tom Canty (the pauper) and Edward VI (King Henry VIII’s son), who were identical in appearance but living totally different lives. The Prince and the Pauper, Mark...

At the age of 19 I took a job as a runner at a large law firm. The qualifications for such were minimal – simply to do whatever I was asked to do without question. This entailed everything from filing court documents with the Clerk of...

I’ve always admired pelicans. They are odd sorts of creatures, with little color. Their beaks are tremendous in comparison to their heads. Pelicans look lazy because they just seem to sit on top of rocks all day. But if you’ve ever...

What’s Your Goodwill Worth? If tangible assets (land, buildings, plant, vehicles and stock) were all a business owned, valuing it would be a breeze. However, there are lots of intangible assets (assets you can’t see, touch,...

It sounds really important to be able to say you’re a company director but it’s not a role to be taken lightly. By law, every private company in Australia requires at least one director. Jeffrey Lucy, AM, Chairman, Australian...

When you use social media, you are putting a great deal of power in your consumers; while the rewards can be great, so can failure.
Social media puts your message into the hands of the consumers; they can post bad reviews, trash your...

Your company exists, thrives, grows, and competes because of its greatest assets. Want a tough pill to swallow? Those assets are your employees. They are the passion, inspiration, and connection between your company and its customers. Products...

An explorer was creeping through the dark forest in unexplored territory when he suddenly came to a clearing in which a small native man was standing beside a recently-killed elephant. Amazed and curious, he asked the little man how he had done...

There’s a Catch 22 of Advice: when your business is doing well, you can afford good and expensive advice … when you don’t need it! However, when your business is in trouble and you really do need the best advice, you can’t...

Do textbooks and dry boring websites make you want to fall asleep? Yes, I completely understand because I've done it! Instead of going over the same old principles lets shake it up and give them a makeover for 2010.

There is a theory that if you ignore problems, they go away. Sadly, no one has yet been able to prove it works! The opposite theory – that if you deal with things before they happen, they won’t happen – also can’t be...

"Succession planning in a family business is not always easy. Quite apart from the breadth of issues to take into account, succession planning can and does result in family disagreements..." In my last blog, Business Succession Plan –...

A few months ago, I was having lunch in a small, hole in the wall café, hours from the city. A tall gentleman arose from the table across from my daughter and me and walked purposefully toward us. “Excuse me,” he whispered in a...

Psychologists tell us that over 85% of the people on planet earth come from dysfunctional families – families in which there is abuse, anger, depression, addictions and/or just plain bickering and disappointment. Most people have a problem...

Finding funding to start a business or to provide cash flow can be daunting. One avenue is to approach your bank for a loan. Following these steps will help you succeed the first time: 1. PLAN YOUR MEETING You know you need finance. Okay. How...

High blood pressure, heart attack, failed marriage, dysfunctional relationships, and yes, even belly fat – the blame??? STRESS. As if the gods themselves targeted you as their playful pawn, hurling flaming darts of misfortune and mishap...

This is the second part of a blog about the business opportunities you can be presented with and what to do about them.. One of your customers has been through a hard time due to a foul up, whether he is aware of it or not. This is often one of...

Succeeding in business is all about capitalizing on opportunities- the trick is recognizing them when you see them. Just like a bloke walking down the street in torn clothing may not be a tramp, but a millionaire who blew in after a buck’s...

Is your business the best it can be? Are you maximizing your resources? If you are like most businesses, the answer is “No.” Why? Your greatest opportunity to generate new customers lies with your existing clientele. The average...

Is Twitter a Cool Business Tool or a Waste of Valuable Time? by Chris Lucas - Serial Entrepreneur - WiB Connect These are just two of the questions I was asking myself several months ago about Twitter… And many of you probably ask the same...

I once had a conversation with a parking lot attendant for a large corporation. He had worked for the company in his current capacity for 37 years. I marveled at his steadfastness. The older gentleman smiled and responded, “Without me, this...

People tell me how stressed they are, how over-full their lives are and how they just don’t have time for the important things in family and business life. Life, business and everything else seems to have become cluttered and almost...

I once asked a successful franchise owner, “How do you find the right people to work for you?” His response to me, “Above ground and breathing.” Many people hire out of desperation, and it doesn’t take long to...

The Bean Countess is excited to announce we have a brand new team of bloggers in 2010! Introducing Nora, Renee and Russell, writing fresh original material alongside the expertise of our resident Chartered Accountant, Philip...

When you look at your financial statements, you might wonder why you go to all the trouble of employing staff. The only two places you see mention of employees are as expenses (wages, salaries, training, canteen, uniforms, staff amenities etc)...

Daily Management with KPI’s You all spend a lot of time and money in getting your annual accounts prepared and squared away ... who could forget that! Those accounts are helpful for keeping the tax and bank people happy, for selling your...

Four Steps to Beating the Credit Crunch The Credit Crunch has been a painful time for many, many people. However, for every 100 in pain, there's one who's leaping in joy ... oh, ok, so statistics are a group of numbers looking for a fight and it...

Credit Control – Getting Your Own Money Back
Hands up all those who love debt collecting. [Moment of awkward silence ...] What, no one? You mean there’s no one here who loves ringing a customer who owes you money, getting an...

Increasing Sales – Being The Expert
Have you ever noticed that the media always seems to pick the same spokes-people to speak for your industry or business area whenever they want a statement? The same old people every time. It might...

Adding Value to Customers Philip Bradbury The idea of value added was thrust into our consciousness about fifteen years ago and was touted as something mysterious, complicated and expensive. It’s actually very simple and not new – the...

Talk To Your Customers Philip Bradbury There are three ways to grow your business: Step 1: Communicate with your existing customers,
Step 2: Repeat step 1, and
Step 3: Repeat step 2. Most business people think they have to sell to...

New Fair Work Act effective New Years Day 2010... If you are the owner of a small to medium enterprise (SME) in Australia, it is almost time to ensure you attend to the updated employment laws that go into effect on January 1st—New...

Business Ownership Structure – Company Part 2
Philip Bradbury Last week we explained about separate, limited and personal liability for companies. Read this second blog and you’ll know everything you never wanted to know about...

The Pains and Gains of Owning Credit Cards Christmas is round the corner and the Australian love affair with the plastic credit instrument is back with a vengeance! While many economists insist that the volume of debt that will be accumulated by...

Business Ownership Structure – Company  Part 1
Philip Bradbury Companies are tricky things to describe so we’ll do it in two parts. This week we’ll talk about separate identity, limited liability and your personal...

Business Ownership Structure – Partnerships Philip Bradbury
Partnerships are strange beasties – ferocious in failures and tricky for tax. The first strange thing about them is that, while us accountants recognise them –...

Business Ownership Structure – Sole Trader Philip Bradbury
If you want to start or purchase a business - or have an existing business – you may want to know the best ownership structure for you to use. We’ll talk about...

WHATS IN A BUDGET? Most of us are aware that every Nation creates budgets for earnings and expenses at the beginning of the financial year. Most of you probably also run some sort of budget for your home every month. You match your income with...

Surviving the downturn Everyone wants to survive the downturn! The survival instinct is the strongest and most primitive instinct in man. Yet, only those who know how to survive will survive. In other words the “fittest” will...

Measuring To Manage
What you don’t measure you can’t manage.
When you have a problem with your car – the clutch is sticking, the wipers don’t work, the door won’t lock or whatever – would you...

When going gets tough, the tough get going
The going is really getting tough for many of us as the downturn hits us. It remains to be seen whether we are tough enough to get going.
One interesting phenomenon that has attracted...

Raising sales without having a sale ...
... 3 other ways of increasing sales AND profit Business owners are continually looking for new ways to kill their businesses. One of the favourite ways is the shot-gun system – the...

HR Changes Impact Small Business
Statistics shows that the small business sector makes a huge contribution to the Australian economy. About 1.23 million small businesses make up about 97% of the businesses in the Private sector. The...

Turning Complainers Into Campaigners ...
... the one rule for dealing with customer complaints Last week we talked about the fact that we are more swayed by one moaning customer than the hundreds of happy, profitable ones. Now, how do we...

Trickling cash flows: Your economic health is in question! You must have heard the term “cash flow” being bandied about by economists and wondered what it actually signifies. Cash flows are very important economic parameters for...

... Why NOT to have sales The reigning theory is that price is the only thing that motivates people to buy – reduce the price and they all flock in, increase the price and they all flock off somewhere else. We take in less to have...