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Finance tips for small business
04 May 2021
Missed our Lunch and Learn session with financial educator and best-selling author Melissa Browne and just want to re-watch the Dos and don’ts of small business finance, you can.
Here are the top takeaway points to look out for from the session:
- Don't use minimising words like "my baby" or "just small" to describe your business (no matter the size) - this will limit its potential (and yours!).
- Aim to make your business as successful and profitable as possible - it's ok to dream big!
The golden rules:
- You need to look at the numbers - even if you only have basic maths. If you don't look at the numbers, how can you reach your goals?
- You need to understand the difference between activity and results - it's all about profit.
- Get used to paying yourself a salary and super contributions - even if it's small.
- Make sure you have separate accounts for business and personal - don't mix the two!
- There is some great accounting software out there to help with small business finances - e.g. Xero, MYOB and Reckon - use this technology to help streamline your finances.
- Seek help from external experts if you need it - accountants, career coaches and other people in the industry. You don't know what you don't know.
Apps / Software for Accounting
For more business know-how see Westpac Business Help. If you're interested in levelling up your career, join Meggie Palmer’s peptalkher challenge. Read more about peptalkher.