Inland Revenue does not attempt to collect GST on low-cost imports (costing $1000 or less), because it’s uneconomical to do so. This has meant Amazon, and other overseas suppliers, have had an unfair advantage over local retailers
How many days is it taking to convert your debtors, stock and work in progress into cash? This is your ‘lock up days.’ The higher your lock up days the more cash either you or the bank needs to tip into your business
If your business has stock or inventory for sale it is essential you understand what stock turn is and how to increase it. Slow-moving, obsolete or ‘dead’ stock will seriously reduce not only your cash flow but your ability to increase profit
One of the most powerful questions you can ask in business is why? Why do you do what you do? Why would people want to work for you or become your customers?
The New Year is a great time for reflection; a celebration of the successes of last year, a review of what didn’t go so well and thoughts about what to do better this year.
It’s all very well to grow your business by generating new leads but if you can’t convert enough of them into customers then you’ll waste a lot of money on marketing.
