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Online Bookkeeping & Accounting Services Nudge Accounting

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Retailer from home | Where to start

Whether you’re making tie dye shirts from your garage or quirky birthday cards that stand out, the online space of e-commerce should be utilised no matter what. The benefits of doing so are essentially limitless; as long as growth is sustained and built upon consistently. Here is a simple checklist of some of the basic things you should do, to build your business online.

Social Media

For a lot of starter businesses, Social media mediums like facebook and Instagram can be of huge benefit. Having a way to promote products and services (for free) and also track what people engage and what people don’t can show as a solid start and will also aid in the understanding of customers and how you can benefit them more and more by understanding who they are and what they need.

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Website

Websites are the next logical step (in some cases the first!) that need to be designed and built to showcase to your potential and existing customers your products and services in a way that is both engaging and informative. Some simple things to consider when building an or designing a website is to KISS, Keep it Simple Stupid. You want people to enjoy what you have to show and say but also not be overwhelmed by content and images.

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Blogs

If you have your website done and it’s looking fresh and informative and you even have some feedback and people like it then the next step is to do one of these. Yes, a blog! If people want to know more about your products of you feel that you can inform them of something that they would be interested in that will also build your website reputability than go ahead! This is all without a concern to SEO (search engine optimisation) but mainly geared towards what your customers are after.

blog

Community

The best thing for any business is to consolidate and build your client base. Whether that be through the social media platform where people interact with one another and bounce questions off one another to solve common problems or on your website where blog comments can provide informative feedback. Another important way to build this community is by consolidating the emails of your customers to inform and notify them of changes. This can be done with any well-built website.

online-community

These are a few of hundreds of ways that you can build your brand online with there being no real end goal but to consistently improve and adapt to customers and what they need. These also will enable businesses to grow and potentially expand month on month if done correctly with the right types of products.

Automation and Why Your Business Needs It

If you have ever heard the words efficiency and streamlining, you might be picturing a robot working in a factory doing a repetitive mundane task really quickly. This is what physical production automation is, where people are taken away and robots are put in doing the same job but at 10x the speed and at a 10th of the cost. But what if your small or starter business is more service based or you don’t have to produce anything in house? Is there still room for automation and such cost cutting? Definitely; there’s a high chance you are doing it already! In terms of accounting, sales and bookkeeping there are hours and money to be saved if you’re not already.

The biggest driver for automation with robots and software to do such tasks is that of human error. We all think that we would pick up any inconsistency or default but the reality is humans make mistakes. This isn’t to say that a robot can’t make a mistake or malfunction but honestly statistics show which is better at any given job. In terms of accounting and book work human error is the cause of billions of company dollars every year worldwide going missing or not being accounted for. It should be recognised and eliminated so that accuracy can be established.

Writing your sales and banking cheques in person is in the past now. If you are doing this still today in 2016, please understand that there are better ways. They first thing to do would be to get some type of accounting software for example, Xero, Reckon online or Quickbooks to name a few. This will allow integration of your accounts to be visualised, tracked and monitored, automatically. How much time does it save? Let me ask you how many hours a week where done doing it yourself? That’s how much time you will save if you set it up automatically. We know, it’s a lot.

These systems where accounting is concerned automate by connecting directly to your e-commerce set up. So as soon as somebody purchases a product, it has already been accounted for, for you by a program. The benefits for this are limitless but in short, human error is almost entirely removed. But what else can be automatized and how do I keep saving time? Keep reading…

If you find yourself having to do things on a regular basis, whether it be call a client every month at a particular day or even write multiple similar contracts for example. Then scheduling and templates would be a good way for you to organise both your time and your calendar. If you are using outlook for example, you have the ability to set dates and times so that they recur and notify you when you want to be notified. Gone are the days of missing phone calls and having to ‘squeeze’ people in to talk to them. A well organised calendar is one of the first steps in automating your day to day spread of workload. The Templates example works on the basis that there are a lot or repetitive tasks that happen often. Simply have the content ready to go ahead of time and where all that is required is to change to minor numbers or content for each varying option. Instead of rewriting or building a form. Which would you decide?

Answering the phone is another big element when it comes to cutting down time and maximising on efficiency. Imagine for every call you get, you have to forward it to another person in the company because that client’s requirement and request isn’t in your department. Now with the use of an IVR (interactive voice response) system, your clients can automatically pick from a number of options and get send to who they need. This may not sound like that much of a time saver but if you consider for example, how long it takes to answer, talk and then redirect and then multiply that by how often it happens; It starts to look more and more appealing. It depends really how big your business is and which people need to be contacted most often but in growing companies it will quickly become required.

If your business uses social media or other marketing channels then it can be seen that to be as productive as possible you should automate this as well. Now this doesn’t mean that your posts are going to write themselves and that there is a software that can make engaging content. You will still have to create the information but doing so in bulk and ahead of time will free up the rest of your week or even month. It is the posting on various platforms that can be done automatically that is the time saver. Software like Hootsuite and Buffer that allow users to create the posts ahead of time and send them to the correct platform when desired is great time saving mechanism; especially if you are busy all the time. Which if you are running a growing business probably are.

Ultimately if you value your time at all and want to do your tasks faster, automation is for you! Automation and streamline now should hold new meaning to you hopefully. Recognise what systems are outdated and do something about it to ensure not just fast turnover but future proofing so that you can let your company grow faster and easier.

5 Things Every New Office Needs

For companies that are finding themselves growing more and more and are struggling with basing themselves in garages; It may be time to move out into a dedicated space. This is definitely one of the most noteworthy times for any business. It reinforces that the business is going somewhere and even makes it more professional. Also in terms of productivity, especially if you’re a sole trader, going to a physical location that is outside of a home environment has been proven to boost effectiveness; all due to the mindset gained when associating a space to work. But, what makes a business’s physical environment enjoyable and functional?

Lighting

In some cases this can be overlooked, where the sun rises and falls in orientation to the work space may not matter to some people. However, studies have shown that working in a space that is adequately lit with both natural and artificial lighting is more productive and enjoyable. This is not to mention the legal and OH&S requirements with having adequate lighting in particular work environments. Just wanting yourself and your employees to enjoy and look forward to coming into work should be enough drive to make sure this element is taken care of.
5 Things Every New Office Needs

Key elements within lighting that should be considered are, as stated before, sun rotation and where the light falls, OH&S standards and also the type of artificial light used. When positioning desks, keep a consideration on where the sun will be facing at particular times of the day; this is because of glare on monitors and even straight in the eyes of staff. Both of which, nobody desires due to irritations and annoyances making people work less effectively.

Comfortable furniture

If you are comfortable working lying down on your stomach or sitting cross legged, then great! This topic won’t appeal to you. But for the majority of us who sit in chairs and prefer working at a comfortable ergonomic desk, we need furniture to work effectively. Using an effective work environment revolves around having appropriate, both visually and functionally, furniture for your work type. For example, trendy colourful couches are great and all but perhaps not for the world’s leading law firm.

There are guidelines that must be followed by OH&S standards but that shouldn’t be the main driver when purchasing such furnishings. If you plan on having staff and employees that work daily at the space, things must be comfortable as well as productive. Why can’t you just buy wooden stools at $5 a piece instead? Moral, is the simple answer. Would you do higher quality work if you were happy and not fidgeting on your stool, then if you were comfortably sat on a cushioned arm rested chair? If you thought the stool, you’re wrong.

Technology

As businesses modernise and grow, particular ways of operating are used so to maximise efficiency and also minimise on areas of cost and waste, to name a few. Technology is one of these methods that are a requirement in any business that wishes to succeed by any means. How can a new office use such tech, and what does it need? The list is definitely not a small one but varies greatly from the type of office and the work involved. For the sake of simplicity however, businesses need computers, monitors, phones, internet accessibility and even printers and fax machines still. Must admit though that there is a big push for businesses to go paperless and some companies don’t actually use them at all.
5 Things Every New Office Needs

However these are just some simple things that most offices need there are those type of workplaces that need more. For example, some design companies might need 3d printers and drawing tablets and a manufacturing company may need robotics and automated systems. It really depends on the industry and which methods should be incorporated to make things as easy as possible. After all, you don’t want to spend all your time writing things down by hand and standing out the front of the post office after all do you?

Location

I have to say it. Location, location and location. Everybody knows the term but not everybody knows that it is equally applicable to corporations as well as homes. You wouldn’t open an ice cream parlour in the snow, just as much as you wouldn’t try and sell second hand cars to billionaires. That is unless you have found some niche which has potential that we all don’t know about!

Now it depends on whether your customers come in store or are just online of course because that frees up location enormously if they are online. It is important to find an area that caters to the company’s needs most importantly over your own agendas. Should you sell your ice cream out the form of your house because it’s nice and close or would you do better if you went to the beach or in town?

Storage

Storage should be one of the most important concerns. This isn’t necessarily about stock though, but also the files and content within the company. No matter if your business decides to go paperless or not, storage of files should be a concern. File cabinets can only hold so many papers. Servers that hold bulk storage is a more long term, simple and easy format though. In most industries servers are priority number one because the company will use it consistently throughout the day, every day, to access and upload the relevant files.
5 Things Every New Office Needs

Inventory management and methods you use to control stock is an issue for another time but that will contribute to your overall space requirements enormously. If you are having stock just in time (JIT) then you won’t need as much space readily available then if you are bulk purchasing. The important note to take from this is that you have to be as realistic as you can be. Don’t pick somewhere that you think could probably be big enough only to move to somewhere bigger in the next month. Do the maths and understand in depth what your business needs. Do you need hundreds of terabytes of storage for content and software or do you need aisles and aisles of open organised shelving; or both!

Have you done the research and found the next hub for your company? As long as you know in depth why you’re moving from your current spot to something more long term with considerations for growth in mind then you are poised for success. That is what’s important, if you’re having to move because you’re growing then it would be reasonable to expect that you will keep growing. Ensure that you and your team remain flexible and adaptive to the continuous changes and the move should transition smoothly with minimal pain.

Should I do my own Bookkeeping?

For starter and small business owners, regular bookkeeping is essential in maintaining an understanding of the business’s current financial position, while others outsource their book work altogether. This is not to mention the legal and tax ramifications of not having accurate updated accounts. But what’s more beneficial? In house or outsourced bookkeeping? There is no simple answer unfortunately; different business stages require different accounting measures. For example; would you expect the CEO of apple, to write down the daily expenses and spending or would you expect that they would have a different system in place? Perhaps a whole sector even?

The arguments for the use of in house bookkeeping are that managers and founders develop a deeper understanding of their business as they experience first-hand the expenses and costs from daily activities and how that impacts the company. After all how can you run a business without knowing how much you can spend and how you’re spending? Not very well of course as you would expect! Small businesses managers who have the time to do such bookkeeping should undertake the role at least at the very beginning when revenue streams are low and expenses need to be minimised.

It can also be outlined that small businesses, apart from simply not having the capital, don’t have the capacity to hire a whole other staff member in charge of maintaining and controlling the accounts. This is especially true when the product or service is highly seasonal and parts of the year are filled with almost no business at all. Take an ice cream vendor by the beach for an extreme but simplistic example, majority of sales would be in summer and winter it might even be closed the whole time. Would the manager of such an establishment hire a full time bookkeeper in summer and fire them over winter? Hopefully not due to ethical standards of today.

One other benefit of in house bookkeeping that has to be address is that of cost. Growing businesses, in most scenarios have very limited capital. Yes when starting a company the hope to have every business function have their own department and staff associated to specific roles remains as such. Hope. In the real world, these companies however have but a few people doing the marketing, HR, Sales, Finance, etc. between themselves. Multitasking is built into the job description essentially whenever such companies are created. Which has its own range of benefits and negatives.
Should I do my own Bookkeeping?

The experience gained from such in house bookkeeping is, in a lot of cases priceless and can build the character and knowledge of the manager that undertakes it substantially. But with growth come change, and as companies develop, such managers that had the time will find that there are tasks that should be outsourced. The team at Nudge Accounting offers such solutions to this growing requirement for small businesses that are becoming more time poor with the plethora of new work that comes with growth.

What such knowledge is gained from doing my own bookkeeping? Don’t be scared by the thought of mindless data entry because it is more than that. Especially if you have not much experience in accounting it can be an eye opener to what different dynamics need to be considered. For instance, when your career develops and company grows, you will already understand what the terms and definitions mean making your decision making abilities faster and more educated. Which in turn equals a better overall leader.

Your business is growing and you don’t have time to record the daily transactions of your business anymore; what do you do? Hire a bookkeeper? At Nudge we are all for remote bookkeeping services where your accounts are handled externally of your business. In most cases being more affordable than hiring a bookkeeper and also having the option to account the records as well so to ensure accuracy and efficiency throughout the whole financial component of your company.
Should I do my own Bookkeeping?

It is a stage that all managers run into when developing the company processes and growing consistently. The struggle to decide what is both financially and physically viable in terms of where the company is currently and also where it is going in the future. Some key considerations when deciding this particular element are time, money and opportunity cost for doing either method. For instance, do you have time and money to interview recruit and train staff of the company and what is expected in doing the bookwork or is outsourcing more desirable where the cost of the book work is purely tailored to what you need and can be set up in a fraction of the time?

This is why there is no definitive answer; every business is different and has different needs and costs. It is up to you to know what is best for the company in terms of where the business is, not just financially but also in terms of the specific growth parameters. Starter companies are a great way to learn especially for managers that want to develop their accounting knowledge. Accounting knowledge that will carry through with the life of the business as it grows. Which method are you going to use?

4 HUGE Reasons Small businesses Fail

Starting a business from scratch is challenging, so challenging in fact that majority of them fail or crash within the first 3 years. There are hundreds of different factors that need careful consideration when running a small business from something small like the tone of which you talk to customers all the way to the actual business structure incorporated. It is up to owners and managers to know where to improve particular areas and also to recognise threats that my take down the company over time.

MONEY, it is one of the first things that people think about after the words “business”. It is important, you already know this, “You need to spend money to make money” is one of the lines that big investors and managers will quote. It can be very true in most cases that in order to rent that storefront or bulk buy some stock you have to have the cash. But also in other cases it has been seen where companies grew with the dust in the founders pockets alone. Time and time again though small businesses run into brick walls where they need to buy stock or software in order to sell to breakeven or profit.
MONEY

What is your industry? If your business model is built around a simple website with content as the product run from your bedroom, then your expenses are low and money is less and less an issue. However brick and mortar companies face costs for example, building rent, stock, electricity, water, shipping to name a few. Bank overdrafts typically to float business revenue streams also being a hurdle for such companies to overcome. If any case, do the math before opening your doors.

MANAGEMENT, we all may think that we could be the best bosses ever, but in reality many fail at the task because it is harder than you might understand. The idea of management is a whole other topic on its own with regards to staff needs, finances, marketing, decision making, and company environment. But for the sake of simplicity, how hard could it be to tell some people what to do and buy some things?

MANAGEMENT
Management is no simple task; some people quake at simply the thought of all the responsibility; when considered it is more than expected. To list some of the responsibility of managers especially small business managers who undertake typically more roles than that of bigger businesses: Hire, train, evaluate, maintain, market, sell, purchase, grow, plan, lead, and motivate all the resources within the company.

GROWTH, too many cooks make the broth spoil. Simply put, a lot of a good thing can be negative if not controlled and maintained optimally. If everybody is throwing their money at you, are you going to catch it all? Not likely. Steady and controllable growth that is easily forecastable is a company’s dream. Owners and managers should attempt to know how much demand there is and also if they can supply it at all.
GROWTH

Imagine you have a website that hosts small arcade game, it can comfortably host around 600 people at a time and money is being made through advertising so generally more people = more money. But, if the game went viral and millions of people now are going to your website, it will crash which equals = 0 money. This example is equally applicable for an actual store. Too many people = no stock or staff to maintain, simple.

MOTIVE, Why start a new business? Money is not the answer. It may be one of the side benefits but it shouldn’t become the organisational focus. It can sound corny to say “we do the job because we love it” but anyone that does a job purely for money either doesn’t do it for long or hates waking up to go everyday anyway. If you have started a business because you saw an opportunity or niche in the market, for example, ballpoint pen refilling. But, you find ballpoint pens dull and boring; keep looking.
MOTIVE

From a consumer point of view, who would you rather purchase an art piece from in this scenario: Someone who is boring and simply shows the painting to you or someone who describes the artist and the depth of meaning and colours involved with passion and conviction in their voice? Simple.
All these examples are great but it comes down to the individual. You. If you like trading or crafting or design then that’s your motive. On a side note; It is also good to clarify ideas in the mission and vision statements so that they are carried through to all company operations as it grows.

These are just a few of the key reasons why small businesses fail. It is a big world out there with millions of variables. Understand where your company fits in and what you can do better constantly. There is no end point; it is forever ongoing and constantly changing.

Prepare and Embrace Change: The Importance of Adapting your Business Regularly

There are approximately 243,000 new businesses started every month across the globe. All with varying ways they operate and function both internally and externally. You will have heard success stories of how businesses challenge traditional norms and break the mould of what it means to be a professional company; whether it be dress code or working hours for employees, the policies that companies reinforce within their day to day processes impact not only their staff but also the surrounding market place as a whole. Attempting to function in alternate ways can seem difficult but it is the modern business owner’s responsibility to recognise areas that need growth and development and capitalize on them if and where possible.

So what are modern businesses doing that is so daring and different? Challenging the traditional management hierarchy and general requirements for staff is an area that lots of companies tackle. For example one of the key players in the transport industry; Uber, has recognised the demand for a more user friendly, price sensitive and all round more efficient form of transit. What are they doing differently within the company? Empowering the drivers. The businesses operations are based off a fast and easy, somewhat franchise structure. People who have a car simply sign up and drive whenever they want to, for however long they want to. Everybody wants to work their own hours; Uber recognised that demand and capitalized. They are now estimated to be worth $62 billion.

Another big element within the modernisation of companies is the transformation of actual office space. If there is a phrase that has a worse connotation than “desk Job” I haven’t heard it. People tend to hear those words and either zone out completely or never want to work again. But as companies have developed they have almost literally broken down the walls and transformed the office space entirely. “Open plan” is where a large portion of companies are heading. Studies have proven that is a more productive environment that boosts creativity and communication tenfold, in comparison to the cubical build where people were more segregated to themselves. However it was recognised a couple of years ago by some companies that noise was an issue. Especially now that phones and keyboards are used over pen and paper. To combat the sound issue though architects and designers are creating modern office spaces that are both visually appealing and functional with considerations to such elements of sound and noise.

Google

Google; we all use it, a lot of us have also heard of how good it is work there. Staff benefits for example are one of the most recognised perks provided. The innovation in terms of business processes that google have founded is exceptional. This is a key example in how having a developed internal structure can promote growth and brand image. They also are constantly changing with the demand for what their staff want. This particular business model for what adapting to what staff needs are grew the company that now receives 2 million applications a year. Using this as one of the most recognisable influences a company has had on business as a whole reinforces how companies should learn and grow consistently.
Google
Company mission and vision statements reinforce the goals and objectives the business wants to achieve. We all know this, but how can some words change the entire workings of the business? Companies that use such statements effectively and reinforce them regularly will also notice that they will become more and truer over time. But as the company grows, goals will change. First understand how your company has developed and also where you want to go. The vision statement might not change at all due to its longevity but the mission statement may carry more weight with slight changes. To understand why it is so important for such statements to change as time goes on, one must first understand the macro environments that impact the business. This is the political, social, technological etc. If society has developed to want more sustainable and renewable products, then your business must to adopt such a change in order to remain competitive. The new mission statement may read for example, “To sustainably deliver the world’s most delicious mangos with industry leading customer service.” This will then, if communicated effectively, carry across to all aspects of the company.
For managers to understand both the internal and externals of the company and how they change and adapt and where the business can capitalise is essential. Some of the most popular examples of companies that were shown not to adapt and failed because of this are blockbuster, Kodak and blackberry to name a few. Understanding where society is heading and what people want both in terms of staff and customers’ needs will strengthen processes and future proof the company. This is why an adaptive and lean business structure will capitalize on the ever changing environments that impact the business from day to day.
Google

5 Basics to Make You Faster in Excel

For small and starter businesses the importance of a consistently and continuously updated record of accounts is essential. Staying on top of such book work will only benefit you in time and money. One of the most common ways to do this however is with the classic office excel. Those tiles can be daunting but once you get to know them you will be entering data like a pro. You might consider Excel to be ‘old school’ and that there would be far better programs by now; this may be true for some applications but people always end up coming back to the classics for a lot of particular uses. This is why it is important to maintain knowledge in such software; because it is so versatile.

1 – SUM and other Calculation

Excel contains multiple different ways to calculate numbers and everyone has their own techniques and what they think is faster. Knowing the basic functions in depth though will let you discover what works for you faster. As seen to the right, the simple calculation of which cells you want calculated with which other cells is visualised. The formula represents the two data locations and also what needs to be done to each of them. This is just a small example but you can easily see that if you wanted to multiply the numbers together or divide then simply changing the input from ‘+’ to ‘*’ or ‘/’ would function.

SUM and other Calculation
On a side note, Any two values no matter their location can be calculated, for example, i could use a number in cell ‘A1’ and multiply it with a number in ‘k33’ and it would work. This is the beauty of excel, although it has a reputation for being really complicated; once you start to understand how it works it is easy to get the hang of and customise fully no matter what data and information you want inputted.

 

2 – Click and Drag

Putting in date and numerical headings can take a long time if your simple inputting them one-by-one. Compare that by just clicking and dragging the data to the number or date you need. As seen in the image, simply typing two variables, in this case numbers, and hovering over the bottom right corner will show a black cross. Clicking and dragging to the desired amount of numbers is all it takes.

Click and Drag
Compare this to typing out number after number or even date after date. It is easy to see which is more efficient. Many people overlook this simple trick and in the long run it can cost you in time and money; which we all agree nobody wants to waste.

 

3 – Titles and Colour

One must not overlook the necessity of visuals; Here at Nudge, we proud ourselves on our ability to use business orientated data and transform it into valuable stimulating information. (Visuals that are far better in design and information conveying than excel. Looking at row and columns of numbers will sooner give you a headache than an answer to your company’s financial future. Consider your future self when setting up a data sheet. Would you want to look at a greyscale page filled with uncorrelated numbers, or would you prefer to quickly and simply visually understand where to look with the use of representable colours and graphs?

Titles and Colour
It may seem to be a waste of time making things look colourful but 93% of human communication is made up of visuals. Consider that statistic and also consider how user friendly it is for the person you want show.

 

4 – Consistency and Ease of use
If you plan on having other people be able to understand your excel spreadsheet, aka your accountant or your assistants; you need to be consistent with how you have them created. For example, templates for particular records will allows for you and others to easily and simply convey and record the important data seamlessly, without having to relearn a whole new layout; or even worse train the staff to use them countless times.

The more you ‘get-to-know’ and familiarise yourself with the layout of your complicated spreadsheet, the faster you will do it. It is that simple. For example, there are multiple free templates out there that others have created to promote such seamless systems. Such as: https://www.smartsheet.com/top-excel-accounting-templates That being said, downloading templates may work for you and it may not, creating your own will allow you establish what you do and don’t want within the data. As you build and contribute to it, you will learn faster than if you were to download one straight from the web. It is important to consider both options however.

5 – Graphs and Graphics

Graphics and titles with colour combine to reinforce a professional and appealing look and feel to your spreadsheets. Everyone can agree that looking at a graph is much more visually stimulating compared to looking at lines and lines of numbers. It is simple enough to create graphs with the data you have. Just select the rows or columns you want correlated and then press which visual/graph you deem most appropriate for the data.

Graphs and Graphics
One of the best features of such graphs is that they will update continuously with the data if it has been changed. This allows for customisation and continual updating so less input is needed. Great examples of this will allows for the life of your business or data to be analysed and enable trend and forecasting analysis to be as seamless as possible.

These are just a few of the ways that you can maximise excel efficiency. They will combine to ensure a fast and user friendly format for which quick information can be inputted and also it.

5 Things Every Starter Business Needs to Grow

Whether your business is selling lemonade out the front of your house or a new tech invention that will dominate the market, there are some elements that need to be addressed. Elements that will grow your brand awareness and customer base while also the professionalism and competitiveness as a whole. It is in the best interest for managers and founders to understand such elements and how they combine to both generate customers and engage clients and build reputability.

Social Media

It has been seen through many examples of businesses that have grown almost solely from social media; In order to easily generate traffic and promote your company, it needs to have a social presence. Now I don’t mean that, on your personal account you post “buy lemonade today for $2 out the front or online” every day. What I mean is, set up a profile for your brand “Lemonade Local”.
Starter business Needs to Grow

 

Giving the brand a name and a location for current and future consumers to find relevant and engaging information will grow the awareness substantially. There are many key elements in a well-rounded social media campaigns that illustrate a balanced content marketing system. Some of the main points are:

– Consistent Posting
– Engaging content
– Backlinks / Contact Information

Website

A web presence will act as a hub for consumers to find information about your company, product and perhaps other info like that of blogs. If your company doesn’t have a website, in this day and age, majority of consumers aren’t going know or find out about you. For a large portion of the population, needing or wanting something is usually followed up with a Google or Bing search. If you company does not come up, you don’t get the business; Simple. Majority of us can agree on this point. When was the last time you were planning a dinner or wanted a new car? Did you look online? At reviews? Yes! These are just some of the main points in promoting an online business presence. Not to mention all the other elements of SEO (Search Engine Optimisation) and Adwords.
business Needs to Grow

 

The website in combined with other types of marketing like that of social media work together to build a reputable brand that customers engage with and also share and promote the company. It is important for almost any business these days to have such a web presence, because potential and current customers in some cases will rely on it to get the relevant and important information they are after.

 

Organisation Techniques

We might be slightly biased when it comes to one of the key elements being having an organised system. As an accounting firm, we can appreciate when clients have everything in order either by a bookkeeper or just plain organised. It makes everything simple and fast. Aside from our slight bias however, a well-organised system of records and accounts from the beginning will be easily manageable and economically beneficial. It is also more financially important to keep records in order due to the tax deductions of work supplies and ATO audits if they may occur.

Key areas to consider when attempting to achieve an well organised system are that of:
– Digitise where possible
– Pay on time
– Book keeping
– Structure
– Routine

Mission and Vision

The Overall goal of the business and how it plans to get there. Many starter businesses completely overlook this phase and it is not realised until much later in the organisational lifetime of the company. It can be easy to overlook because you create your lemonade stand and want everybody to buy the product straight away. That is goal enough right? Not quite, it should be the business driving force that is reinforced consistently. For example, if you were to “redefine the lemonade stand industry one glass at a time through exceptional customer service.” Everybody within the company and purchasing from it would understand and appreciate that customer service is the large part of what makes the business special.

This is just a silly example but can be carried over to growing businesses. It will assist in recruitment for example because particular characteristics to promote the company need to be analysed. Unfortunately, less and less businesses have such statements to promote the company’s environment.

At Nudge, We strive to simplify accounting for the end users of starter and small businesses by promoting an efficient and skilful team to achieve consistent, reliable and secure services.

Market Understanding

You have got to know and understand your market, your customers, competitors, suppliers, stakeholders, and every other element involved in and around your company. The more you know, the more educated your decisions are going to be, which is good. For example, your lemonade stand has an apple juice stand across the road. What are you going to do? The first answer I bet you thought of is to make it cheaper. It is a good idea but there is more to it than that. You can make customer service better, give a free mini umbrella in every drink, loyalty cards and even introduce an ‘organic’ or ‘sugar-free’ line of juices are all some minor things to boost revenue streams and promote competitiveness. But if you don’t have the market knowledge to understand what your competitor is doing and how you can best it, you are going to be worse off in the long run.

A great analogy of this is warren buffets quote: “If you’ve been playing poker for half an hour and you still don’t know who the patsy is, you’re the patsy.”

These are but few of what starter businesses need to grow. But they are important nonetheless. When all incorporated together, a more professional identity for the company is born where customers can learn and interact with the company more effectively. And especially when accounts, financial info and records are concerned more time can be spent on actual business operations, growing and selling, not pedantic repetitive and in some cases mundane tasks.

Is your Small Business Ready to go Global?

Going global is a term that should be taken seriously; after all there are over 7 billion people out there. In terms of business, more is better right? Well just imagine if everybody all at once wanted what your business provided. Sound good at first but then you think how would we deal with everyone?

It’s a silly hypothetical but one that carries a lot of weight and opens room for growth predictions to be realised. To go global means to open the floodgates is your business ready for that? Many things need to be understood, prices and currencies, time zones, competitors and even the workload on current employees. For these to be understood, precautions need to be in place and ready before the organisational change it made.

Staff – Workload
Understanding that within the current structure of your business, tasks and jobs can grow. An in depth analysis of staffing both current and projected future workload is needed to be understood. If your employees are already busy with a 10/10 stress level, the last thing that needs to be done is add to the pile.

Where can processes be cut down? Is there room both physically and financially to hire more people? These are elements that may be overlooked by people higher up in the organisational hierarchy.

workload
Competitors
Globally, as you would expect, the potential market becomes enormous but also in contrast the competition grows as well. Opening up your company to a global market ensures competition that is unless you have a truly unique product. Which in that case we wish you nothing but success globally. Now if your product has some direct and indirect competition you should prepare. Methods to prepare against the global market revolve around general business elements, differentiation, price leadership and marketability to list a few.

workload
Hours of Operation
The internet is a store that is open 24/7, 365 even on public holidays. Can customers use the sites and businesses services, products and features any time? From anywhere? If not, where can this particular area improve? Call centres? Round the clock staffing? An international office? Consider what your business is giving the international market and how all areas work effectively around the clock.

workload
Prices – Exchange Rate
Of course it would be much simpler if the world worked on one currency, unfortunately it isn’t like that. Businesses that sell overseas need to understand a product’s worth to particular markets; this especially done with regards to postage. Consider the profit margins inclusive of these expenses for a global ready business model. Some simple fixes can be incorporated, a lock in exchange rate forward contract. Also if one currency falls and other rise, than they will cancel each other out.

When a developed global mindset is gathered, as a manager, you will understand what elements need more consideration as you grow. With the internet being as big a factor as it is, the world gets smaller every day. Understand what your business is offering to the global market and how it can flourish especially with regards to your competitors. Make sure to capitalise on what makes your brand different from what’s already out there and what got you to the size you are currently.

workload

3 Tips to Make Your Business More Efficient

For small businesses, doing tasks and jobs faster and with less downtime is essential is in growing the company and freeing time up. Key benefits of a more efficient business model are limitless and all will only benefit the bottom line and business model.

Cloud

Having a fluid and constantly updating work system will reduce data and information loss. The ‘Cloud’ is digital space that can incorporate majority of business processes. From typing up content to sending and receiving emails, the cloud offers a threat and human error free space for companies to grow. Below are some key and highly reputable cloud vendors that offer services to promote an ease of use online system.

cloud
  • Google docs
    Google offers a range of software that allow for a constantly updating and saving format that just about eliminates loss. Google docs is the ‘office word’ of the future, The web based platform allows for easy sharing and also constantly saves any progress as in real time.
  • DropBox
    This is a secure file sharing and storage space that is easily accessible from any device that has a connection to the internet. Physical loss or damage cannot occur due to the multiple locational storage system in place; this means that sensitive business data and information won’t be either lost or stolen.
  • Microsoft Exchange
    A well rounded emailing system will allow businesses both small and large the ability to communicate effortlessly around the globe. Exchange has platforms for any device that all share and store data and content online. This safe and unmonitored communication medium promotes a seamless business environment.

Delegation

The task of telling people what to do may have people cringe. Not wanting to develop negative business relationships is a good thing but if it’s at the expense of your time then it will impact the business financially. Here are some key factors in delegating effectively.
cloud
  • Choose the right People
    You wouldn’t tell your 3 year old child to service your car; it is important to make sure the people your selection have the right qualifications and experience necessary to undertake the role. Make sure you understand what the task requires and choose the appropriate people with relevant knowledge in the subject to attend.
  • Patience
    Knowing that people have varying skill levels is a good first step to understanding how long particular tasks will take. This is especially true if the person has never done something similar to it before. Respect the time it takes and understand from other points of view what is expected.
  • Recognition
    Everybody like to be acknowledged when they do something well. It has been proven that maintaining a promotive and enthusiastic environment in the workplace will boost morale and also a noticeable spike in productivity.

Template

The humble template is also a great way to boost effectiveness. Having methods to eliminate mundane tasks, for example, contact outlines with repetitive details that are used for every client already made will decrease such wasted time substantially. Re-writing content that could simply be pasted in, will compound and everyone will agree is a much better way to eliminate such wasted time. Such templates to maximise efficiency are:

cloud
  • Contracts
    For businesses that have multiple similar contracts the ability to easily switch and change the relevant words and numbers will save hours. Hours that also translates into money by the way of wages. Cut your cost, maximize on efficiency and use templates.
  • Signatures
    It might seem small but the few seconds it takes to write ‘regards etc.’ can be eliminated through settings. Those few seconds add up and when eliminated can save countless hours in the long term.
  • Business Plans
    When a small business is constantly undergoing growth and change relying on business plans and objectives is essential. Having such plans that all look the same and relevant to everybody will promote and ease of understanding across the entire organisation. This in turn will promote communication and the changes in general.

These are some of many key elements in slimming down business process in order to maximise on efficiency. Areas that cut down on wasted time, double handling and bottlenecks all should be carefully analysed in order to promote a fast and efficient business design and structure.

We Are E.S.T. 2012

Who WE Are

At Nudge, we do it all for your small business: bookkeeping, accounting and tax. we can also help you with tax advice, company setups, personal tax, monthly performance summaries and specialist advice for small business owners. All work is completed by Aussie Accountants so you’ll never have to worry about compliance again.

Nudge Accounting
100% Online Accounting
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FREE Business Health Check
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Scalable Pricing Packages
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Easy Signup Process
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XERO Integration
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100% Satisfaction Guaranteed

TESTIMONIALS

OUR COMPANY

OUR COMPANY Quality

With the uprising of technology and the plethora of competition in the majority of industries, business owners tend to seek help and assistance in managing and tailoring their business to suit the era’s needs and expectations. The process of accounting provides reports that bring key financial indicators together. Understanding financial concepts and gearing clients to financial success is what we exceed at here at Nudge Accounting.Our expertise lingers throughout the field of online accounting and engulfs all financial cases. With years of extensive experience and a dedication for our clients success, we endeavour to evolve our existing methodologies, in order to transform into Australia’s leading online financial firm.

OUR COMPANY Commitment

A successful marriage between bookkeeping and accounting will contribute to the long-term financial success of any business. Nudge Accounting takes pride with their online bookkeeping and online accounting services that encompass all aspects and sectors of finance to ensure our clients receive the utmost finest service. Commitment is an attribute we stand for as client satisfaction is always key to evolution.Our reliability is second to none, as we ensure our clients are well organised and pursuit their financial tasks with accuracy and precision. Nudge Accounting propelled their excellence and with their dynamic team of online accounting professionals transcended competition and have cemented themselves as the leading online bookkeepers in Australia.

OUR COMPANY Success

Our software and technological client interface is meticulous and seldom do alternative online accounting companies acquire this quality of infrastructure. This is what portrays our excellence and gears Nudge Accounting towards success. We ensure client satisfaction, by going through all the details and explaining financial situations to our clients. Engaging the client is what makes us stand out!Online accounting software, combined with online accounting techniques is a much more effective procedure than filling out paperwork because half the work is already done for you! Nudge Accounting take pride in providing the utmost finest online accounting service across Australia, with a variety of small to medium businesses and accounting excellence, technology and Nudge go hand in hand, just like the glove fits the hand!

WE HELPING SMALL BUSINESSES

Nudge provide exceptional accounting service and support whilst remaining price competitive. All of our packages provide the same great features for your small business accounting needs, which includes:

  • Performance Management Reporting
  • Annual Tax Return Preparation and Lodgements
  • Annual Financial Statements
  • Financial Monthly Statements
  • QTR BAS Preparation and Lodgements
  • Monthly KPI's to Identify Improvement Areas
80
YEARS OF
EXPERIENCES
$250m
UNDER MANAGEMENT
REVENUE
$150m
TOTAL
ASSETS
100
% SECURE
CLOUD STORAGE

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