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The increased Costs of Living – Who Pays? A complex and complexing question – the answer!
Ultimately, we all pay in some way.
Whether you are the Producer, Grower, Deliverer or Consumer, in the current economic environment, we all attract increased cost of living expenses.
These are conditions we haven't seen in over 30years in Australia. For most Businesses this will be the first time having to address inflationary pressures.
Blame it on inflation! In economic terms, 'inflation is the increase in the general price level of goods and services in our economy, which equates to the cost of how much it costs to live'.
Inflation is reducing our money purchasing power as we face these increased costs for everyday necessities. Items such as fruit and vegetables, healthcare, medications, energy, utilities and housing rent or mortgage payments. Many budgets are stretched!
Lurking in the background
- Reduce inefficiency
- Eliminate unnecessary costs
- Invest in Technology
- Consider Outsourcing options
- Encourage Cost-saving ideas
- Focus on your best-selling products
- Be your best Marketer to get the best results
- Contact Blackburn Accounting
Read on to Get started Now!
- Reduce inefficiency: Review all practices and procedures. Paper use and printing are examples where inefficiencies can be addressed, such as the colour option and single paper use. Black and white print and double-sided selection have savings.
- Eliminate unnecessary costs and reduce wastage:
Audit ‘everything’ and cancel or dispose of unused, unwanted items. Subscriptions, Maintenance and Service arrangements on unused equipment, are some.
Utilities, supply and use are areas for consideration along with Insurance policies.
Change the product mix and price for your Business.
Have regular cost reviews of all supplies and Business operations.
- Invest in Technology:
It's been said and written before and we know it's about setting goals, realistic goals! BUT read on, there is more to it, there are more STEPS TO SHAPING your BEST EVER YEAR.
Let’s begin with these 5 Steps:
1.Believe it's possible: To quote, Theordore Rossevelt, 'believe you can and your halfway there'. When we dream and want to turn those dreams into reality, its important to have self belief built into our thinking. Our habits, physical and mental affect results. Anything is possible! Ditch negative thoughts and replace them with positive ones. When we focus on positive action we will experience greater satisfaction, happiness and successful outcomes.
2.Let the past go: Close the door on unfinished business, unresolved issues. Reflect but avoid carrying or bringing the unwanted past into the future. Acknowledge the issue, what you wanted, what happened and how, and what you can learn from the experience, then move on. Going forward, make behavioural changes if, as needed.
3.Plan your Future: Be the designer and creator of your destiny, your future. This is about setting goals, SMARTER Goals. Goals must be Specific, Measurable, Attainable, Relevant, Timeframes, Evaluation and Revision. (Read more at our Blog, ‘Turn your Smart Goals into Smarter Goals’).
The Christmas tree and decorations are carefully stored, presents welcomed or discretely hidden away and you are now dealing with a hangover, not of spirits consumed but of debt acquired during that shopping spending frenzy! Sound familiar! You are not alone, but how to deal with Debt Hangover!
Here are 4 tips to guide you.
- Get help if needed: Feeling overwhelmed, need advice, contact a professional financial advisor. They have the expertise to guide and support you. Don’t wait until Debt collectors are knocking on your door.
- Consolidate your debts: if you are juggling multiple accounts, debts, consolidation may be an option. For example, with several credit cards there might be the opportunity to move balances into one. Speak with your providers to see what deals are on offer.
- Prioritise your payments: Arrange payments in order of what is due now, overdue or if legal action threatened. Asap contact your creditors, don't throw unpaid bills in the rubbish, that doesn't solve it!
What, Why, and How!
Interested, read on and answer the following questions
- Are you a small Business owner
- Do you want your share of the market
- And would you like, WANT more than that?
- Yes! then go find your NICHE!
Finding your niche will differentiate you from your competitors! You will gain an edge and stand out!
KEEP READING if you want to know more! Let’s begin at the beginning
What is a Business niche: In simple terms, a Business niche is a specialized or particular area of a broader market that your Business specifically serves.
This may be defined by any of the following:
- Quality level: handmade, premium, economical
- Pricing: luxury, discount
- Psychographics: interests, values, attitudes
- Demographics: age, gender, education or income level
Why does finding and having a niche matter? For small Businesses it is key to creating a more focused approach, providing a steady source of revenue and attracting loyal followers, customers. And who doesn’t want those?
It's about finding, establishing your identity, your point of difference, your uniqueness, your approach that makes you 'stand-out', to be noticed.
AND there are benefits! Benefits such as:
Your Accounting Partner
Your Management Accounting Partner
Your Expansion Engineer
Your Special Projects Partner