General update by IBBZ Accounting on latest tax news, business growth and technology tips.
Often, most businesses focus so much on growth in revenue and minimization of costs that taxation becomes a secondary priority. However this is where many businesses stumble because if not administered carefully, tax debt can be a death knell for the business. Tax is critical in terms of cash flow planning, optimising costs, identifying product portfolios as well as to meet the social commitments of the business. Advantages of tax planning includes –
Small businesses are independently owned cooperation, partnerships or sole traders. There is a close control over operations and decisions by the owners. In NZ, small businesses play an important role in the growth of economy as they make up majority of businesses.
Although the big businesses may lead the stock market, however the small businesses are making economy moving as these are engine for growth. 97% of businesses in NZ are small businesses, employing less than 20 people and contributing 28% in GDP of NZ (New Zealand’s Support for Small Business 2018).
Team building is a systemic process where individuals work together in a well-coordinated and cooperative way turning into a cohesive team in order to achieve common goal. Team work is crucial for the success of a business. With team building skills, knowledge, talent and creativity of different individuals are blended together to get the best out of them.
Effective team building enhances working relationship between individuals, improves cooperation and as a result, produces better results, improves productivity, boosts morale and overall motivates team.
Business networking is a process of creating and nurturing relationships with other businesses, clients or potential customers. It is mutually beneficial for both the parties to enhance their knowledge, build new business opportunities and learn from success of others.Continue reading
The services provided by your company to the customers before and after purchasing products or services is called customer service. Your customers can be new, potential or existing. If you want to grow your business, then customer service is the heart of your business irrespective of its size.
The success of many small businesses depend on how you wish to grow the profits by using appropriate advertising. Advertising builds reputation of your company in the market and encourage customers to try your products or services, increasing sales and generating more profit. However, before you advertise it is important to understand what’s your target customers, whether male or female, their age group, how many in number you want to target, where to target at local, regional or national level in order to reach many customers.Continue reading
Recruitment is a continuous process of creating, developing and nurturing the relationship with potential talent. It is useful especially when you are hiring skilled and talent employees in the company. These prospective talents can be attracted from your competitors or developed within the company if they see a consistent opportunity to grow professionally and personally. At the same time, hiring for executive level can take unlimited time from few weeks to few years because the more competitive the talent is in the market, rarely they will be available.
Communication is the essence of business. There is a constant flow of information connecting people at different hierarchy within a company and customers. This communication can be written, oral or through gestures. On one side, a well-managed communication can lead to success of a company, a poor communication can be a disaster on the other.Continue reading
Successful working relationships are required to have happy workplace. These relationships could be with business partners, clients, suppliers and employees.
Overthinking can be dangerous. However, thinking should be in a manner of critically analysing the subject. It should have the ability to reason and have logical judgements. A critical thinker can easily differentiate between rational thoughts based on careful consideration and emotional thoughts based on personal bias. Critical thinker is an active leaner rather than a passive recipient of information and analyse information objectively before jumping to the conclusion.Continue reading