Make more profit from July 1st: Owen & Jordan's top 8 ways to crush your business financials and make more profit

The economy is on the rocks. Your business could be about to get knocked. Don't leave your business strategy to chance! The Australian Business Podcast is back and your host Owen Rask speaks with Jordan Kidis, co-founder of Grey Space Advisory, about their 8 best tips for managing your business in the new financial year. These business tips are simple, effective and can be implemented right now. Owen & Jordan's tips for the new FY: Get the optimal number of bank accounts: how to manage your finances day-to-day. Jordan suggests two bank accounts. Use software (use Xero for good sized businesses, and perhaps Hnry for tiny businesses). Know how much cash to put aside for tax. Scott Pape recently said he puts 35% away. Is that too much? Automation - tradies and self-employed - get the ATO app. Everyone: take photos of every receipt and upload to Xero. Use e-commerce tools (even if you're not in ecom). If you sell a product or service, ask yourself, can it be done online via a website? Think courses, consulting packages, memberships, etc. or even merch? Have a centralised planner for content and your team's resources. Put 3 hours aside every month, same day, same time, to retro (look back on the month) and look forward. We're biased but get an expert: the cost of good accounting and bookkeeping isn't much when you consider the return from great advice. If your accountant isn't pulling their weight, shop around now! ~~ Resources ~~ Ask a question: https://bit.ly/3QtiY00 Grey Space website: http://bit.ly/3DG5lWS Free business course: https://bit.ly/rask-biz-course Owen Rask's business coaching (beta): https://bit.ly/coach-owen This Australian Business Podcast Episode is for founders, business owners and investors in private companies. Join 2,300+ students in our free business course! If you liked this episode, don’t forget to consider taking our free business course and tuning into the Australian Business Podcast episode one, in which I shared my journey. Love the Australian Business Podcast? Let me know about it by leaving a review on Apple or Spotify.  If you want to help me out with the course, right now the best thing you can do is subscribe and review this podcast in Apple or Spotify. Please use the “Ask a question” menu link on the Rask websites, or leave your questions in the Apple Reviews. ✅ Grey Space Advisory – accounting today for a smarter tomorrow Do you get stuck worrying about your business’ finances? Or what needs to be paid to ATO, employees, Super funds and so on? The Australian Business Podcast is proud to announce that our sponsor, Grey Space Advisory, is offering all business owners a financial health check. Jordan and Danil’s expert team of accountants will conduct a review of your tax structure, bank set-up, ATO obligations and reporting, business insurance and provide some advice on how to manage all of this — for just $99! Book a $99 business health check with the Grey Space Advisory team and tell them Owen sent you. ☕️ Rumble Coffee Roasters — our OG sponsor & coffee genius! Rumble Coffee Roasters is dedicated to helping you drink better coffee. Knock-out blends, world-class single origins, bold espressos and flavour-filled filter roasts. Rumble Coffee prides itself on personal relationships with producers and customers alike. Tell them Rask sent you.  *** The information on this website and in our podcasts is general financial and tax information only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser or tax agent. Learn more about your ad choices. Visit megaphone.fm/adchoices