In addition to the many challenges of running a business, scammers present a growing (and formidable) risk. Reports from government agencies show they’re having a hard time protecting businesses from scammers. For example, Australia’s investment watchdog - the Australian Securities and Investment Commission (ASIC) - recently claimed to be taking down roughly 20 scam sites each day! What can business leaders do to counter this threat? First, let’s look at some typical examples of scams. Phishing Phishing occurs when scammers impersonate government agencies or large organisations like banks to trick business owners into revealing sensitive information. This can happen over email or text and the recipient usually clicks a malicious link that seems legitimate. The fraudsters often prey on fears and uncertainty, sending out fake updates about safety measures or offering access to supposed government subsidies. Compromised email accounts Email phishing becomes more complicated when hackers access legitimate email accounts and send links or fraudulent payment requests. These emails are especially dangerous because they’re hard to distinguish from legitimate correspondence. False billing In this case, scammers send fake invoices, hoping busy administrators won’t notice they’re fake. Small businesses face significant risk especially where one fraudulent payment could significantly impact cash flow. Supply scams Scammers can set up fake websites or social pages and sell nonexistent products. Buyers seeking something urgently or that they think is scarce are particularly prone to this scam. Overpayment scams More rare, perhaps, but this involves scammers overpaying for goods using stolen credit cards or fake cheques. Then they request a refund for the excess and, once the original payment fails, the business is left with the bill. So what can businesses do about scams? Here are 7 best practices. 1) Recognise that any person or business is a target. Scams are not only directed at small, unsophisticated businesses. Many vigilant, tech-savvy people have fallen victim. And the techniques of scammers continue to evolve. 2) Create a culture of suspicion: Verify the source of emails, SMS, or social media messages before responding or clicking on links, especially where sensitive information is involved. Be doubly suspicious where the sender implies urgency, a common technique of scammers. 3) Train your employees to recognise and report suspicious activity. Anyone can be targeted. 4) Double-check payment requests, especially those involving new bank details. Set up processes which require multiple steps, or involvement by multiple people, before payments are executed. 5) Strengthen password policies, because weak passwords are a common entry point for scammers. Make sure all business accounts have strong, unique passwords that change regularly. 6) Update software because outdated systems are an easier target for scammers, especially those engaging in phishing attacks. 7) Online monitoring tools like Google Alerts can reveal unauthorised use of the business name online. Scammers often misuse legitimate business names to seem credible to other victims. With no end to the threat of scammers in sight, it’s prudent for leaders to be ultra cautious and adopt strategies like those mentioned above. What should you be doing to protect your business from scammers?

Running a small or medium-sized business is challenging. Investing in hiring, marketing and raising prices may drive growth… but also impact the bottom line. Making prudent investments while managing cash is extremely important. Here are some practical strategies to help leaders achieve long-term profit growth, without putting the business at risk . 1. Stay Informed: Monitor Key Metrics Keep an eye on gross margin, net profit margin, and other key metrics which make sense in your business. For example, a financial services firm implemented a real-time dashboard to monitor key performance indicators (KPIs), and this analysis helped make informed decisions about their pricing and cost-control strategies. 2. Price Right: Regularly Review Your Pricing Strategy Research the market to ensure prices are competitive. Your pricing should capture the true worth of products or services in the minds of your customers. For example, a theater owner learned to modify ticket prices based on customer demand, resulting in increased revenue per performance even in slow periods. 3. Bundle Up: Offer Product Bundles Create bundles of products or services to encourage customers to buy more. This can increase the business’s average sale value and boost profits. For example, an e-commerce platform introduced personalised product bundles based on customer purchase history, leading to a significant increase in average order value. 4. Discount with Purpose: Offer Strategic Discounts Use discounts strategically to move slow-moving inventory or to attract new customers. For example, a seller of furniture offered targeted discounts for high-end products during off-peak seasons, which had a long-term positive impact on the bottom line. 5. Start Smart: Streamline Your Operations Review processes and identify inefficiencies. Find ways to automate or simplify them. This reduces costs AND frees up time for the team to focus on what matters. For example, a manufacturing business implemented an automated inventory system, saving 100 man-hours per month. In addition to reducing costs, the time saved was partly allocated to innovation, with good results. 6. Stay Sharp: Negotiate with Suppliers Regularly review supplier contracts and don't be afraid to negotiate better terms. Consider forming partnerships or buying in bulk to get discounts that boost the bottom line. A retail chain which renegotiated supplier contracts, achieved a 15% cost reduction, which directly increased profit margins. 7. Be Agile: Implement Just-in-Time Inventory Keeping a lean inventory helps reduce storage costs and avoids tying up cash in excess stock. For example, a food distributor uses sales forecasts to order inventory only when needed. This has reduced warehouse costs and food waste, leading to higher profitability. 8. Work Wisely: Outsource Non-Core Activities Consider outsourcing tasks like Accounting or IT support to specialised firms. This lowers overhead costs and gives access to expertise to help the business grow. For example, a software developer outsources some projects to an offshore team, which accelerates time-to-market and improves customer satisfaction. Each business is different but consider these practical strategies to improve your business's profitability and set the stage for long-term success.

Some major businesses are able to ‘capitalise’ their brands. That means the brand has been valued and included as a balance sheet asset.  Most businesses don’t go to those lengths… but leaders who build valuable brands usually have a better chance of standing out and attracting customers and partners.  Let’s look into what makes a [...] Read More The post Building a Brand Identity to Standout in a Competitive Market appeared first on Green Taylor Partners.

As markets evolve, leaders need to revisit their strategies to stay competitive and thrive. This is challenging because change can be uncomfortable. A mindset change may be required to effectively respond to shifting conditions.  Each market is different, but here are five focus areas to stay competitive in a changing environment. 1. Focus on Customer [...] Read More The post 5 Ways to Stay Competitive in a Changing Market appeared first on Green Taylor Partners.

The Accounting function has the important job of keeping managers informed on the state of their business, while ensuring compliance with rules and regulations. This can get complex… but establishing efficient Accounting systems and processes saves time and improves the accuracy of financial information. What does this mean? Let’s look at ways to improve the [...] Read More The post Refining Accounting Processes to Save Time (and Cost) and Improve Efficiency appeared first on Green Taylor Partners.

Have you set business and personal goals for the coming year? Successful business people often say having clear goals is instrumental to their success. They relish thinking about the exciting things they can achieve and enjoy imagining their lives once those goals are attained. So why doesn’t everyone take goal-setting more seriously? It could be [...] Read More The post Setting Business and Personal Goals for the Year Ahead appeared first on Green Taylor Partners.

Businesses have a better chance of THRIVING when there’s a focus on operational efficiency and productivity. This reduces costs, improves customer satisfaction and results in a competitive edge. Here are 5 practical strategies applicable in most businesses (and industries) which can boost efficiency, productivity, profitability and growth.  1. Leverage Automation Automation transforms routine tasks, like payments, invoicing [...] Read More The post 5 Ways to Improve Efficiency and Productivity in Business Operations appeared first on Green Taylor Partners.

For business owners aiming for growth and stability, keeping track of critical financial metrics is a good basis for deciding strategy. Here are five essential financial metrics that are of value to most leaders. They can, of course, be supplemented by other metrics which are especially suited to your business. 1. Revenue Growth Rate This [...] Read More The post 5 Critical Financial Metrics to Monitor in a Small-Medium Business appeared first on Green Taylor Partners.

What is ‘working capital’? And how do leaders effectively manage it? This refers to managing the company’s short-term assets and liabilities, so the business has the liquidity to meet short-term obligations and fund its day-to-day operations.  Here are some practical strategies to strengthen a business through astute working capital management.  1. Get to Know Your Working Capital Ratio The Working Capital Ratio (or current [...] Read More The post 7 Practical Strategies for Effective Working Capital Management appeared first on Green Taylor Partners.

A cash war chest or financial buffer helps a business weather disruptions like reduced sales, unexpected expenses, or economic downturns. Cash reserves help leaders avoid drastic measures such as debt or service cuts and provide a sense of security and flexibility. Here are six practical steps leaders can take as they establish and maintain cash [...] Read More The post Building a Cash War Chest for the Business – 6 Essential Steps appeared first on Green Taylor Partners.

It’s critical for businesses to monitor their performance effectively. But there is no single list of KPIs which apply to all businesses. Here are some guidelines when choosing KPIs suited to your business.  Restate Your Business Goals KPIs should directly align with your business’s short-term and long-term goals. For instance, if your goal is to [...] Read More The post Tracking the Right Key Performance Indicators (KPIs) for Your Business appeared first on Green Taylor Partners.

Sometimes business profits suffer because of spending too much with certain suppliers. In the competitive business world, getting the best terms with suppliers improves margins and lays a foundation for long-term success. Startups and well-established entities who negotiate effectively enjoy significant cost savings and improved supplier relationships. Here are seven ways to get better deals with suppliers: Research Market [...] Read More The post 7 Ways to Get Better Deals from Suppliers appeared first on Green Taylor Partners.

In recent years, Environmental, Social, and Governance considerations (ESG) have become an increasingly strong influence on businesses. What does this mean for leaders? Each business (and regulatory environment) is different… but here are some steps leaders can take as they navigate this part of running a business. Learn the regulations This is a good starting point because it’s important to be compliant with laws. Engage a specialist, consultant, or advisory firm to clearly define your obligations. In many cases, you’ll find the laws and guidelines are still under development. Knowing your obligations provides a baseline on what you may need to invest in this area. Invest in education and training ESG should not be seen as “a management challenge”. Make your team aware of the obligations and opportunities so they can get involved. Many universities and online platforms offer ESG courses and certifications. Establish benchmarks Assess your organisation’s current performance in environmental, social, and governance areas. How do you compare to your industry peers? Define any financial and reputational risk and set measurable goals to close any gaps. Integrate into business strategy For some businesses, ESG activities focus on ensuring compliance. Others will make fundamental changes in their business, such as in product development, supply chain management, and investments to realise ESG goals. That requires planning and careful assessment of the risks in various scenarios. Manage stakeholders Customers, suppliers, the media, employees, shareholders, and regulators may take an interest in an organisation’s approach to ESG. Transparency, detailed reporting, and regular engagement helps allay ESG concerns and set reasonable expectations. Innovation and technology Antiquated business methods can compromise performance on ESG metrics and investment in sustainable technologies may reduce environmental impact and improve social outcomes. A common source of opportunity is the Supply Chain, where collaboration with suppliers can result in sustainable practices. Make ESG part of long-term success Ask how ESG initiatives can contribute to organisational success and resilience in the long-term. The answer will vary by organisation and industry but there may be immediate and long-term benefits from diversifying the workforce, investing in ESG-focused funds or assets, setting ambitious sustainability targets, and consulting ESG guidelines when choosing partners and customers. For some businesses, a highly evolved ESG strategy will be a source of competitive advantage. How does ESG strategy fit into your long-term plans?

We sometimes see businesses which are healthy, growing, reputable, and stable… but their cash resources are limited. And that’s an impediment to operations running smoothly and ensuring long-term success. Here are 10 practical strategies to help you boost your business’s cash flow: Invoice Promptly Send out invoices promptly after completing a job or delivering a product. Offer incentives for early payment to encourage prompt settlements. Tighten Credit Terms Review credit terms with customers and suppliers. Shorten payment terms for customers and negotiate longer terms with suppliers to improve your cash flow cycle. Monitor Expenses Keep a close eye on your expenses and identify areas where you can cut costs. Look for opportunities to renegotiate contracts, switch to more cost-effective suppliers, or eliminate unnecessary expenditures. Improve Inventory Management Optimise inventory levels to avoid excess stock sitting on shelves tying up cash. Use forecasting tools to better predict demand and adjust ordering accordingly. Negotiate Supplier Discounts Negotiate discounts with suppliers for early or bulk payments. Take advantage of any available discounts to reduce purchasing costs and improve cash flow. Offer Discounts for Early Payment Encourage customers to pay invoices early by offering discounts. Even a small discount can incentivise customers to settle their accounts sooner. Monitor Cash Flow Regularly Keep track of cash flow on a regular basis using cash flow forecasts. This will help you anticipate any potential cash shortages and take proactive measures to address them. Improve Debt Collection Processes Implement efficient debt collection processes to minimise overdue accounts. Follow up with customers promptly on overdue invoices and consider using automated reminders. Explore Financing Options Consider alternative financing options such as lines of credit, invoice financing, or business loans to bridge any cash flow gaps during periods of growth or unexpected expenses. Focus on Profitable Sales Concentrate efforts on generating sales that contribute positively to your bottom line. Identify your most profitable products or services and allocate resources accordingly to maximise revenue. By implementing these strategies, you can improve your business’s cash flow and ensure greater financial stability for the future. Remember, effective cash flow management is key to sustaining and growing your business in the long run.

Busy leaders need to focus on the needs of customers, prospects, employees, regulators, suppliers and so on. However, we encourage these leaders to also take an active interest in the FINANCIAL health of their business. Conducting a periodic self-audit or financial health check helps identify areas for improvement and ensures the business remains on track towards the financial goals. Here are some important topics to cover in a self-audit. Cash Flow Analysis Analyse your cash flow to understand the movement of money in and out of your business. Review the cash flow statement to identify patterns or trends, such as seasonal fluctuations or irregularities. Ensure that your cash reserves are sufficient to cover operating expenses and emergencies. Debt Management Evaluate your current debt obligations and ensure they are managed effectively. Consider refinancing high-interest loans, consolidating debt, or negotiating with creditors for better terms. Prioritise debt repayment to minimise interest costs and improve your financial position. Profitability Metrics Assess business profitability through metrics like gross profit margin, net profit margin, and return on investment (ROI). Compare your performance to industry benchmarks to gauge competitiveness and identify areas for improvement. Find opportunities to increase revenue, reduce expenses, and enhance overall profitability. Financial Reporting and Analysis Review your financial reports, including income statements, balance sheets, and cash flow statements, to track performance and identify trends. Update your accounting software to ensure accurate and timely financial reporting. Risk Management Identify risks to your business’s financial health, such as economic downturns, market volatility, or regulatory changes. Develop contingency plans and risk mitigation strategies to minimise the impact of unforeseen events on your business operations. Schedule time to conduct the self-audit and address areas of concern. Involve your Accountant to gain access to expertise in these areas. This also helps keep leaders accountable and confident that they’re on track to accomplishing their goals.

Here are some guidelines to help business leaders manage their tax affairs in conjunction with their Accountants. Effective tax planning helps minimise tax liability, ensure compliance, and improve cash flow. Put Tax on the Leadership Agenda Waiting until the end of the financial year limits options. Start early and actively engage in tax planning. Develop a tax strategy which is aligned with your current financial situation and goals. Develop a Tax Strategy Your tax strategy provides guidelines on how you manage tax. It includes: optimising the business entity structure to align with your financial goals and minimise tax making accurate tax forecasts to avoid underpayment, penalties and interest capitalising on tax credits, deductions, income splitting, tax deferral, tax-advantaged accounts and exemptions where these are legitimate means of achieving tax efficiency a schedule of compliance requirements and deadlines to avoid penalties and audits scenario planning for decisions such as taking on debt, making investments or purchasing assets Stay Educated Business leaders need not be ‘tax experts’… but a rudimentary understanding helps. That includes: being aware of tax laws (as they evolve) delaying income or accelerating deductible expenses to manage taxable income understanding available tax credits and deductions specific to your industry or location Use Technology Accounting software (especially cloud technology) helps to track (and forecast) income, expenses, and taxes. Automation streamlines record keeping, improves accuracy and saves time. Implement systems which simplify record keeping. Take a Long-term View An upcoming tax deadline requires planning but effective leaders think long-term, even beyond the current financial period. Decisions taken today can save huge amounts in tax years or even decades later. An example is Retirement Planning, where contributions to certain plans can be tax-deductible and secure your financial future. Consult with Experts Consult with your Accountant who understands your industry or business structure. Meet year-round rather than waiting until tax season, which limits the strategies available. Be aware that tax laws change frequently and research may be required, especially on complex matters. Have the confidence to ask questions on tax. There are no ‘bad questions’ and tax can get complicated. Your Accountant will help you minimise risk while availing yourself of all benefits under tax laws. A little time spent on (early) tax planning will ensure you have certainty on all tax matters… so you can focus on building the business!

Most leaders acknowledge the value of setting goals and measuring their progress. But many of those same leaders complain of not setting the ‘right’ goals OR say they have trouble achieving the goals. Here are 5 methods to help you make goal setting (and goal achievement) a more productive exercise. See yourself in the future What will things look like in the future (say, after 1 year) when you have completely achieved your ambitious goals? What’s the status? How do you feel? It’s OK to dream… and imagine the practical AND emotional outcomes of hitting these goals. Get into detail because the more vivid your dreams, the more likely you are to get inspired and motivated. Then write it all down. That brings clarity and precision to your thoughts. Establish milestones Everyone is different… but consider: Giant, transformational goals . Maybe these will take ten years and put you in a fundamentally different place Foundational goals. These are the building blocks for the giant goals and may take 2 to 4 years to accomplish Tactical goals . These are the priorities which may take one year and enable you to achieve the foundational goals Tasks . These are critical action steps which move you closer to longer term goals. They may take 30 to 90 days Milestones help the giant, transformational goals feel more achievable and clarify what you need to do next. And when things get tough – and they will – you’ll be able to persevere, knowing you are on track. Clean up your environment It’s tough to succeed when held back by limiting beliefs or highly unproductive relationships. Remove obstacles which keep you from getting where you want to be. This may mean ending negative relationships, changing behavior on social media, setting aside time to accomplish specific tasks without distraction or eliminating activities which get in the way of your task list. Recognise that your environment has a big impact on outcomes. Shift your mindset A mindset which is inconsistent with your goals inhibits progress. For example, if your goal is to “be an innovator in your industry” but you fundamentally believe you “lack creativity”, something needs to change. Otherwise, there is no realistic shot at achieving your goals. Make a list of identities you want to embrace and ask others to affirm these identities. Self-persuasion is incredibly powerful. We become who we identify as. Engage with accountability partners Even the most astute leaders need to be held accountable. Coaches, mentors, mastermind groups, friends and family members help keep you on track and change course, if necessary. External validation also accelerates results. What are your goals for the coming year? And how are you giving yourself the best chance of achieving them?

Recruiting employees is challenging for many businesses. Leaders need talented and loyal teams… So how are they responding to the changing recruitment landscape? Here are some recent trends. Virtual Recruiting Virtual recruiting has taken hold. It was once unthinkable that an employee could be hired without an in-person meeting with their manager. Virtual recruiting means candidates may not get a close-up look at the company (and vice versa) but businesses increasingly see merit in finding candidates outside their geographic area. To improve the virtual recruiting experience, employers are providing more control to the job seeker, including the ability to schedule interviews, choose an interviewer, and have visibility into where they are in the process. Remote Work Offices won’t disappear… but remote work is here to stay. Businesses which are good at setting up remote workers will stand out. This includes providing equipment like standing desks, noise cancelling headphones and collaboration technologies, while enabling learning and connection with colleagues. Automation Automation can reduce the length of the recruitment process and improve the experience. Examples of automation include applicant tracking, digital interviewing, candidate matching, resume management, scheduling interviews and candidate screenings. One area experiencing huge growth is asynchronous video technology; software that allows applicants to film themselves answering a set of questions. Artificial Intelligence (AI) and Predictive Analytics AI technology is used to source candidates, develop (unbiased) job descriptions, review resumes, schedule interviews and analyse answers to written interview questions. The technology then learns from the data and uses algorithms to push the best candidates forward. Chatbots Career sites with chatbots can convert more applicants and increase the number of candidate leads. They help candidates learn more about the organisation and reduce time spent answering questions on how to apply, the status of applications, benefits and compensation. Comprehensive Benefits Medical and dental coverage are important for many employees but employers can stand out by offering programs to help save for retirement, balance work and life and address mental health concerns, for example through mental health apps, activities like yoga or a wellness coach. Empathy Candidates will recognise a culture that encourages thinking about the needs and feelings of others. An active recruiter who puts themselves in the shoes of candidates and is ‘present’ throughout the recruiting process is likely to get the best results. Flexibility and Adaptability An employer which demonstrates agility, or the ability to quickly maneuver and adapt, will be positively perceived. This could be through flexibility on the contractual terms but also how the organisation is responding to its own business challenges. The ability to adjust is a desirable attribute. Social Recruiting Recruiting on LinkedIn is old news but use of Facebook, Twitter and Instagram is growing, especially to attract younger candidates. Successful campaigns should be designed to suit the platform. For example, one employer set a challenge on Instagram asking users to crack a code… and then apply for a job! Webinars Webinars may feel like ‘old hat’ but still have a place, especially with the decline of traditional job fairs. Successful webinars will be themed and specific while providing valuable career advice. Marketing Approach to Recruitment In marketing, we build ‘funnels’ but this can also apply in recruiting. Break the process into awareness, interest, decision and action stages and be sure to address key questions about the target audience, how to reach them, what content will appeal, how to manage ‘leads’ and how to measure progress. Then focus on continually improving your process and the ROI. Internal Recruiting Some existing employees may want a different role for which they are well-suited. That’s a win-win for employer and employee but it won’t happen by chance. A proactive approach is needed, for example, by tracking employees’ aspirations, skills and interests and matching these with job openings. Staying Current with Trends Candidates are increasingly aware of, and care about, social trends. Priorities will differ, for example, a commitment to Diversity, Equity and Inclusion may be a point of differentiation for some employers. Employer Branding Another pathway to differentiation is employer branding. This is best achieved when current employees talk about their positive experience with their employer. The most powerful advocates for the Employer are existing employees. So, among other things, successful recruiters are taking a long-term approach, embracing technology, improving processes and looking for ways to stand out. This makes sense because someone who is not a fit right now might be a valuable addition to the team later on. Good luck with your recruiting!

Not all businesses need (or can afford) a full-time head of finance. But, in addition to accurate and regular financial reporting, they need a strategic view of finance, whether that means budgeting, business planning, forecasting, fundraising, financial modeling, acquiring a business and so on. Outsourcing Outsourcing is a common way to save overhead… and ‘remote work’ is increasingly accepted in business culture. This has led to more organisations engaging a CFO on a part-time or contract basis. They collaborate with the bookkeepers, accounting team and management so the finance team can make a critical contribution to the development of the business. An outsourced CFO is usually paid on an hourly basis or by a monthly retainer. This is a modest investment compared to a full-time hire which could involve a six-figure salary along with expensive benefits. What should you look for in an outsourced CFO? Communication skills are essential because the candidate will need to quickly get up to speed on your business, challenges and opportunities. They will also need to interact effectively with all stakeholders in the finance process, both senior and junior. On top of this, they may work remotely… which increases the need for exceptional communication skills. Experience as a CFO: You are looking for someone who can QUICKLY be effective. Yes, they will require some training on your business but they should have significant (think 8 to 10 years’) experience in the field and be up-to-date on the latest tools and best practices. Vertical expertise: Your market and industry will also require some expertise. A CFO who has worked in multiple industries may display the ability to quickly learn new industry practices. (On the other hand, they may have tried and failed in those industries and the opposite may be true!!) Network: An effective outsourced CFO should have built a network of specialists, advisors, executives, potential employees and vendors who could add value to your business. References: Look especially at references who speak for the candidate’s work as an outsourced CFO in your industry for a business at a similar stage of development. Education: While this is not a requirement, most CFOs have a bachelor’s degree and/or an advanced business or finance degree. CPAs and other financial designations are also common. Your own unique needs: Be really specific here. For example, perhaps you require certain ‘soft skills’, flexible hours, fast response times, research capabilities, proactivity, the ability to challenge management, fresh ideas or a long-term commitment to mirror a long-term project underway. How do you find an outsourced CFO? You might find candidates through job boards, workshops, referrals or your network. Some agencies specialise in outsourced finance roles and they may have access to a larger pool of qualified candidates. Your accounting firm may also offer a ‘CFO package’ and they have the advantage of already understanding your business. Ideally, you want to consider at least three candidates for any role. Make sure you finalise a clear scope of work in advance and then allocate time and resources to onboarding. Time spent upfront familiarising the candidate with your business and needs is time well-spent. And it sets the candidate up for success. After that a regular check-in with clear reporting lines is essential. When is an outsourced CFO successful? With clearly outlined objectives, detailed reporting and a regular meeting schedule, all parties will know how results are measured and evaluated. There’s also value in flexibility because goals and needs will inevitably evolve. A final thought Be ambitious! An effective outsourced CFO is a strategic hire and can have a massive positive impact on a business in terms of growth and profitability. Aim high, get results and don’t accept platitudes or excuses!