#businessunleashed

Job costing for construction

In construction, we all know that job costing can be a minefield. With the right resources, software and support, you will be on your way to more accurate costings and you'll save time and money in the long run. In the field of construction, one of the most pressing issues is creating accurate job costings to avoid blow-outs, but estimates can be difficult. There are many variables from one job to the next and the process can be time-consuming and labour intensive. There are a number of practical strategies that can help you achieve greater accuracy, along with some tools you may not have considered. Your business has unique needs, but a simple, easy-to-use job costing software can save you

Get on top of time wasters in your working week

Do you struggle with disruptions, shifting priorities and frustrating re-work? We can help you streamline your processes and boost your efficiency! There are 1,440 minutes in a day and each of us have the same allocated amount. Some people manage to achieve much more than others. So, how can we free up time to help lead a better business and ultimately a happier life? The top 10 time wasters: Lack of clear goals. Planning and setting SMART goals provides clarity. SMART = Specific, Measurable, Attainable or Achievable, and most importantly Time-bound. Have your goals documented and visible. A messy desk. Desk clutter equals mind clutter. Tidy your workspace each day before you leave. Als

How your business can compete with large retailers

Choosing the best retail strategy Competing with big retailers can be a daunting task, especially if you're new to business. Your competitors already have an established customer base, solid marketing campaigns, good store locations and well-trained staff. How can you compete with all of that? Well, there are two main options when it comes to competing with bigger businesses – you can try to emulate what they do, or you can do things differently. Both choices have their merit, so in this guide we'll look at each option in turn. This will give you all the information you need to successfully compete with large retailers. Punching above your weight If you decide to compete with larger business

Automation can ease your business workload

Small and medium-sized businesses are spending on average 120 hours a year on admin tasks, according to recent research into productivity at UK SMBs. If your people are spending 120 hours wading through tedious and unproductive admin, that’s bad for the business and for your overall efficiency. Fortunately, technology and software automation can go a long way towards automating the low-level admin tasks. Better productivity through automation Automation is an important way to ease your business workload, with a host of different business apps and cloud solutions offering ways to automate your admin. With ‘smart business tools’ increasing in number and choice, software is utilising automation

Bookkeeping vs Accounting - What’s the Difference?

Accounting...bookkeeping… “Same thing, right?” In Malaysia and throughout the rest of the world, these two terms are commonly used interchangeably. To the untrained eye, they might seem like one and the same. After all, both fields work with a business’s numbers. Here, we give you an overview of the distinctions and differences that set accounting and bookkeeping apart. Definition Bookkeeping involves just that - keeping the books. That means systematically keeping track of a business’s day-to-day financial transactions (the “books”). Everything from purchases to payments to sales. Accounting on the other hand, focuses on the bigger picture. Qualified accountants expertly analyze and interpr

Building a Better Business in 10 Steps

What are you doing to build yourself a more successful business? There’s no magic bullet, it’s about taking small steps every day to get a bit better than the day before - it all adds up. Starting a business takes courage and commitment. It’s not easy, and at times you might find yourself questioning why you’re even doing it, but you’re here because you had a vision. You decided being in business was a better way to achieve that vision than working for someone else. And, you’re right; you just have to work on it. Good things come to people who hustle. You’re likely an expert in what you do… maybe you’re a mechanic and know the inside of a car engine like the back of your hand. Or, maybe you’

Taking the pain out of pricing - how much should you charge?

Getting your pricing right is one of the best ways to plan for business success. Don’t make a rushed decision, take the time to properly understand the market, your total costs, and how to position your products or services. Figuring out how much to charge is a big learning curve for any business owner. The answer to how to approach it will fluctuate as circumstances and markets change. It is important to revisit the question throughout the lifecycle of your business. There is no magic formula All businesses are unique, with an individual offering of products and services. Before you set your pricing, It’s important to look at the whole picture. This will help to ensure you are being strateg

Price Elasticity of Demand

Before you price your product it’s important to understand how sensitive your customers will be to price changes. This means getting an understanding of your market, your competitors and how price elastic it is. Price elasticity is an economic concept that you should get to know. It is instrumental in understanding demand for your product and the price you can set for it. A price elastic product is one that experiences changes in demand as the price rises or falls. Some products are staples, and their price is inelastic. (Think things like bread or milk). People will buy these regardless of price fluctuations. When your product is price elastic, a price rise might prompt people to buy an alt

Ready to take your business overseas?

A globalised and digitally connected world means that your business isn’t restricted to one country. Expanding your business overseas gives you access to new audiences and a little protection should anything happen to destabilise your home market. But, as with all things in business, proceed with caution. While the saying ‘no risk, no reward’ holds true, it’s important to fully understand what’s at stake before making the decision.What you need to consider: Tax implications It’s essential that you understand the tax implications of this new market before you invest any money or time into your business development. Make sure that this is your first step, and talk to us, we can help. The local

What's your unique selling point?

Why should your customers choose you over your competitors? Establishing your unique selling point (USP) is about understanding the real benefit you offer customers. Making your business stand out in a crowded market can be a challenge, but differentiating your business will be key to attracting the right customers and giving them a reason to choose you over a competitor . That’s why it’s important to identify your unique selling point (USP), so you have a differentiator to communicate in your marketing and sales activity. Giving your company a real differentiator Not all companies are created equal. Every business will have a unique slant on how it develops and delivers the same product or

Are you playing in the growth game?

What’s your business growth looking like and where were you 12 months ago compared to today? If you haven’t given it much thought it is probably because you’re always stuck in the day-to-day operations. But it is worth spending some dedicated time to do some reflecting and planning. Growth doesn’t need to mean more risk, more hours and more headaches. To be successful, you first need to identify where the opportunities for growth are in your business and industry. Then establish what you and your team are going to have to do in order to maximise these opportunities – and navigate the likely obstacles you’re going to have to climb over. Here are a couple of tips to get you thinking about grow

MALAYSIA TAX UPDATES: JULY 2019

Sugar Tax Commenced The sugar tax in Malaysia was expected to be implemented 01 April 2019 but it was postponed to 01 July 2019, allowing time for manufacturers and the Customs Department time to prepare. An excise tax of 40 sen per litre is levied on sweetened beverages with more than 5g (grams) of sugar or sugar-based sweeteners per 100ml, that includes, carbonated, flavoured and other non-alcoholic beverages. Juice or vegetable-based drinks that contain more than 12g of sugar per 100ml will also be taxed. According to the World Health Organization, it is reported that 13.3% of Malaysians are obese and 38.5% are overweight and in addition to having the highest proportion of diabetics at 1

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