How do service based industries earn passive income?

When we offer a service we are continually living in the ‘hour-for-money’ mindset. But as a service provider it is possible to generate income in other ways. As service based providers we are basically selling our knowledge and expertise. The key to service based industries earning a passive income is to package your knowledge and […]

How do I overcome ‘Missing Link Syndrome’?

Every business spends money on either a bookkeeper or an accountant and in some cases, both. So, why do 87% of businesses fail because they don’t understand their numbers?  This is what I call the ‘Missing Link Syndrome’.  The missing link is you, the business owner. The information you are missing is what is happening […]

Why budgets in business are a must have!

Many business owners fail to set a budget and don’t consider this to be important for them. They either think they are not big enough to need one or they have one ‘in their head’. So, why is it important for every business to set a budget? A budget is the success plan for a […]

How do I increase profit with limited time available?

If your small business falls under the service based industry category and are charging by the hour, increasing profit can often present challenges. There are two aspects to profit: the first is your income, and the second is the expenses you deduct from that income to get your profit. I spend a lot of time […]

What is the difference between a bookkeeper and an accountant?

There is quite a difference in what your bookkeeper can do for your business and what your accountant will do for your business. A bookkeeper deals with the source documentation of your business. They record data for payments and receipts, they reconcile your bank account, in some cases they can deal with your customers e.g. […]