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Cash Flow tip – Rise to Premium Pricing

images/CashFlow.jpgLast post we looked at the usually hidden effects discounting can cause to the financial health of a business – and most small business owners are not aware of the financial effects! We also looked at what to do instead – add value, rather than offer discount!

A further, or alternative step is to look at your pricing for your service or product – have you considered taking an upper or premium pricing strategy?

Rather than JUST looking at cutting costs, significant profit upside remains untapped in the area of pricing area, and it is much more attractive than focusing on cost-cutting. It is a quick win that goes straight through to the bottom line.

Observe the table to see the amount by which sales would have to decline following a price increase before your gross profit $ is reduced below its present level.

For example, at a 25% margin a 6% increase in price could sustain an 19% reduction in sales volume.

Or, if you are running with a margin of 35% and you raise prices by 10%; then you could lose 22% of your business volume and still be no worse off!

And if you DON’T lose 22% - you are in front as a bonus!

images/price increase table.jpg

So re-assess the value of your product and services, and ask if you are positioning your business offerings in the marketplace at their true value to the customer?

And if you decide that you are worth more; then this table arms you with the courage and conviction as well as a guide to monitor the result to price your services and products at their real value! Surprisingly few price reviews are proactively investigated, let alone implemented.

Remember ultimately, decisions on pricing must be measured against other critical factors, pertinent to your industry and your situation. Pricing can be an exercise in both leadership and innovation. – But always remember to record and measure – act on facts not just “gut feel”!

Need help? Not sure? Call for FREE 30min advice / strategy session today!

Call 0407 361 596 Aust and also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!
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QBO – Quickbooks Online – EOFY – Year End Business Preparation and Planning – Support to prepare your accounts!

images/EOFY - QBO.jpgQBO (Quickbooks Online) have EOFY resources, guides and handy calendars, and here is a summary to help you with preparation and planning your books/accounts well for End of Financial Year.

Most importantly, the reason to have an accurate set of books, is to UNDERSTAND and gain INSIGHT to MANAGE your business BETTER! Your books and accounts are a treasure-trove of information that tell you about the health of your business and what areas you can work on to improve your business financial results!

When is the start and end of Australian financial year?

The Australian financial year (also the Australian tax year) runs from 1 July to 30 June. At midnight on 30 June, the financial year ends, your business books are closed, once completed and reconciled, and you report your financial situation to the Australian Tax Office (ATO). They use this information to figure out how much tax you owe.

The main QBO page is the EOFY (end of financial year) Resource page for –

A. A great tool is the Handy Tax Calendar see tasks for either Sole Traders or Small Business 

images/Handy Tax Calendar.JPG

B. Online Checklist scroll down the page to this interactive checklist

images/Tax Time Checklist.JPG

C. Year End Guide and Checklist – details provided for each step in QBO

In summary, most businesses have to complete and report many of these key steps –

  1. Reconcile bank, PayPal, Stripe, Square and credit cards to 30 June date to the statements
  2. Reconcile Payroll, PAYG, super
  3. Finalise Payroll STP Processing end of year payroll with STP – see Task 7 at each step
  4. Stock Take – reconcile Inventory
  5. Sales and Purchases all entered as dated 30 June
  6. Reports for full year – check for any issues to investigate or rectify
  7. BAS – review detail reports and any adjustments required ready for 28 July
  8. State Payroll Tax – report in July
  9. Superannuation – previous month or quarter – due 28 July
  10. Workcover – can lodge online in July, once Payroll completed
  11. TPAR – Taxable Payments Annual Report – for contractors in key industries

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support –

No-one offers as much! Call and you also get FREE “Avoid these GST mistakes” –

There’s 18 that the Tax Office see regularly – Get them right!

Email  This email address is being protected from spambots. You need JavaScript enabled to view it.  or

call 0407 361 596 Australia
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