"Tough times never last, but tough people do." – Robert H. Schuller
Resilience & Adaptability are crucial mindsets for business owners because challenges, setbacks, and unexpected changes are inevitable. The ability to bounce back from failures and adjust to new circumstances determines long-term success.
Business is unpredictable -stay flexible, adapt to challenges, and learn from failures.
As business owners, we all know that life has a funny way of throwing curveballs. Whether it’s a surprise equipment meltdown, an unexpected health scare, or a sudden drop in income, things rarely go according to plan. This is exactly why an emergency fund is not just a nice-to-have—it’s a must-have. Think of your emergency fund as the financial version of a fire extinguisher. You hope you never need it, but when you do, you’ll be glad it’s there. So, how do you decide how much to save, and where do you stash it, so you’re not tempted to spend it on "emergencies" like buying another fancy coffee machine for the office?
Taxes can feel like a constant burden, unexpected tax bills, stressful instalments, and the frustration of paying this year’s hard-earned profits for last year’s tax bill. But what if there was a better way?
Introducing the Accounting Income Method (AIM) a game-changer for small businesses in New Zealand.
AIM eliminates the guesswork and helps businesses with an annual turnover under $5 million pay tax only when they’re making a profit. No more worrying about overpaying, underpaying, or being caught off guard by surprise tax notices!
Does Your Company Need to Declare a Dividend Before the End of the Financial Year?
For businesses operating under a company structure, one key decision to make before the end of the next financial year (31 March 2025) is whether to declare a dividend. Understanding the role of retained earnings and the tax implications will help you to decide.
Your bank account is your best friend when you operate your business using the Profit First Methodology. Unfortunately, NZ banks don’t seem to share the love! Besides the fact that they are slowly disappearing from our main streets, it’s almost impossible to open new business trading bank accounts. For this reason, if you are converting to Profit First cash management system, I suggest making an appointment with your bank asap because the process can be painful! Here’s the list of the best banks in New Zealand for small businesses, based on criteria such as fees, overdraft rates, reputation in lending, and mobile banking app usability:
20 Niven Street, Onekawa, Napier 4110
