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The Power of Business Coaching, Industry Groups, and Networking

Running a small business can sometimes feel like you're on a roller coaster. There are highs, lows, and plenty of twists and turns. It's exciting, but it can also be a bit scary and confusing. That's why it can be really helpful to have some support along the way. This is where industry associations, hiring a business coach or business mentor, and networking can be a real lifesaver. Industry associations can give you the inside scoop on what's happening in your field, a business coach or busines...

The Power of Outsourcing: Why Getting Outside Help Can Boost Your Business

Running a small business means you have a lot on your plate. You're trying to sell your product or service, keep your customers happy, manage your money, and more. Doing all this by yourself can be overwhelming and may not be the best way to grow your business. This is where getting help from outside, or outsourcing, comes in.What is Outsourcing?Outsourcing simply means delegating certain tasks or roles to external agencies or individuals. These could range from virtual assistants and freelance ...

Be the Boss of Your Money: How Budgeting Can Boost Your Business

I've been working on my budgets recently - for both my business and my personal life. It's been an eye-opening experience - who knew I was spending so much on software subscriptions and streaming services 🤓 It made me realize how essential budgeting is, not just for my business success but also for personal financial health. So, I thought I'd take a moment to share some insights about why budgeting is so important.Whether you're running a small business or trying to manage your household fina...

What is Business Financial Resilience and Why Does It Matter?

You might have heard people talk about "financial resilience" in business. But what does it mean, and why should you care about it?Think of financial resilience as your business's money strength. It's about being able to handle money surprises and bounce back from them. This could be anything from dealing with a global pandemic, a slow economy, a regional  natural disaster or losing a big customer.So, why is having money strength important for your business?1. Handling Money Surprises:All b...

Get Your Business Ready for Year End

If you're new to running a business, you've probably heard some daunting tales. Even seasoned business owners might have a few nerve-wracking experiences to share. Spending late nights sorting paperwork, rummaging through piles of receipts, and rushing to balance your accounts can be quite overwhelming. This is enough to instil a sense of dread in any newcomer about the end of the financial year.But, don't worry. There's a solution that won't require sleepless nights or frantic searching. The en...

Minimum wage is increasing on 1 April 2024. Are you ready?

The main details of the increase are:Adult minimum wage will go up from $22.70 to $23.15 per hour.Starting-out and training minimum wage will go up from $18.16 to $18.52 per hour.Now is the time to check your employment records, processes and systems are current. Here are some key factors to consider:Maintain employee pay relativity Maintaining employee pay relativity is crucial for fostering fairness, morale, and retention within an organization. It ensures that compensation aligns wi...

Why Set Goals for Your Small Business?

I often find myself being so busy working in the business (the doing part), that I forget I need to also work on the business (the direction I want the business to take).  So, one of first tasks I did this year when I returned from my Summer break was to set my business goals for 2024. I've defined what I want to accomplish and where I want my business to go in the next 12 months.Whether you're just starting out, or looking to take your business to the next level, setting goals provides you...

Escaping the Insanity Loop: Breaking the Cycle in  Your Small Business

There's a famous saying that goes, "The definition of insanity is doing the same thing over and over again and expecting different results." This quote, often attributed to Albert Einstein, encapsulates a fundamental truth that resonates deeply with small business owners. It's easy to fall into the trap of routine and familiarity, repeating strategies and tactics that may have once worked but are now yielding diminishing returns. However, clinging to the same methods hoping to achieve different ...

Are you ready for the minimum wage increases on 1 April 2023?

The main details of the increase are:Adult minimum wage will go up, from $21.20 to $22.70 per hour.Starting-out and training minimum wage will go up from $16.96 to $18.16 per hour.There are also key changes in New Zealand payroll calculations for the new financial year:The annual ACC earner levy rate is increasing from 1.46 percent to 1.53 percentThe annual ACC earner levy threshold is increasing to $139,384The student loan threshold is increasing to $439 per weekWhen there is an increase in min...

The real costs of employing staff or contractors

A client recently asked me about the cost of employing some help in his business.  The client had done some research into hiring an adult apprentice and was aware of the government offered assistance of $1000 per month towards training. They also wanted to know how much work there would be in setting up the payroll side of things as well as the costs involved with KiwiSaver, PAYE and all the other employment requirements that go along with becoming an employer.  Subsidies? If you can f...

Planning for Christmas 2022/New Year 2023

It's the time of the year we all look forward to - the traditional Kiwi "Summer Holidays"  As bookkeepers, it's usually when we're juggling fewer working days in December and January with family and other events, while ensuring your needs as our valued clients are met - bills still need to be paid, invoices sent & payrolls processed regardless of the time of the year. To help us with our workload planning for this year, can you please let me know your plans for the Chris...

Conduit turns 5!

Can you believe it's been 5 years? We are so grateful to all the amazing people we have worked with over the last 5 years! #birthdaybonus Our friends at Xero have a promotion running at the moment that we want to share with you. We can set you up on a new Xero subscription or upgrade your existing plan* and get a 50% discount for 3 Months! (*terms apply) #xero #xeroadviser Here's to many more years of creating order out of your business chaos!...

Continuous learning

One of the things I love about bookkeeping is the continuous learning. Whether its systems, tax & employment legislation or new clients' businesses, we are always upskilling & polishing our craft. We just love bookkeeping! Recently, I undertook to improve the financial reporting we provide to our clients. Not only have we received very positive feedback from our clients during the trial, I'm also very happy to announce I've been awarded Certified Advisor status for Syft Analytics.If your struggl...