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Astrolabe Accountancy
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Yellow pages vs Facebook ads

Should you cancel your print listing? If you’re a small business owner with a modest marketing budget, every dollar you spend has to be worth the investment.
For decades buying an ad in the local Yellow Pages was a reliable way for people to find a business. This has changed since the web, Google, and social media transformed the nature of marketing. The fact is, these days most consumers across the globe use the web. They use review sites like Yelp, TripAdvisor, Amazon, or even Yellow Pages online to discover products and services in their area.
Consider these recent stats: more than 88% of consumers use online reviews when deciding to make a purchase, and 85% of consumers trust online reviews as much as personal recommendations.
Comparing an old-fashioned business directory with Facebook ads is a lot like comparing apples and oranges. Although they both offer customers a way to find you, a phone book won’t let you micro-target your demographic, reach potential customers around the world, or easily track your ROI. These are crucial for making better, more strategic future advertising decisions.
Read more: https://www.astrolabeacc.com.au/yellow-pages-vs-facebook-ads/
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Wealth the Warren Buffett way – a short guide to value investing

Value investing is the share selection strategy famously used by business magnate Warren Buffett. Buffett is the third wealthiest person in the world, with total net worth exceeding $100 billion in Australian dollars.
Columbia University professor and economist, Ben Graham developed value investing in the 1930s. Value investing involves screening securities to find shares undervalued relative to peers and the market. The investor first assesses shares for their intrinsic value, using a fundamental metric such as the price-earnings ratio. They then only purchase shares if the share price is less than its intrinsic value.
With value investing, dividends, cash flow, and earnings growth matter more than market factors on the share price. The idea is that the market will eventually correct—and when that happens, the undervalued shares will rise in price and the investor will make money.
Buffett’s investments have consistently outperformed the market, decade after decade. This is the reason he’s become known as the “godfather” of value investing.
Read more: https://www.astrolabeacc.com.au/value-investing-warren-buffett-way/
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Encouraging word of mouth

If you have any doubt that word of mouth referrals are important, consider these recent stats:
According to Neilson, 92% of shoppers trust recommendations from friends and family more than traditional advertising
20% to 50% of consumer purchases are made because of a word of mouth recommendation
81% of buyers are influenced by their friends’ social media posts.
Try these three strategies to encourage positive word of mouth for your small business.
Read more: https://www.astrolabeacc.com.au/encouraging-word-of-mouth/
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What’s the difference between a quote and an estimate?

The nature of some types of businesses make it challenging to come up with a standard price list. For tradespeople and some freelancers, for instance, what’s required in terms of time, skill, labour, and materials frequently vary from job to job.
Offering an estimate or quote provides potential clients with a customised figure that they can expect to pay, based on what you require to complete a specific project.
Read on to learn the difference between estimates and quotes, and tips on how to prepare them like a pro: https://www.astrolabeacc.com.au/estimate-or-quote/
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Tips for getting rid of slow moving stock

Stale inventory is a costly nuisance for any business owner. Ideally the rule of thumb is to sell the goods taking up space on your sale floor within 90 days; after the three month mark stale inventory becomes dead inventory. Products are much harder to move and nearly impossible to get top dollar for.
Fortunately there are a number of ways to recoup at least part of your investment on old, slow-moving stock. Get rid of your old inventory with these six tried and true ideas.
Read more: https://www.astrolabeacc.com.au/getting-rid-of-slow-moving-stock/
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How an accountability group can help your small business succeed

It’s one of those tricky balancing acts most business owners struggle with – how to spend as much time on their business as in their business.
An accountability group can help you plan for future growth and set goals that move your business forward. Most importantly, checking in with other people on a regular basis to report on your progress makes it much more likely you’ll take action and get things done.
Whether you decide to join a group locally or meet over the internet, sign up for a paid group or set one up yourself, the key to success with an accountability group is consistency.
Learn more about how to organise an accountability group and make yours a success.
Read more: https://www.astrolabeacc.com.au/accountability-group/
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Does “mindfulness” have a place in business?

According to Google, which offers employees a course on mindfulness meditation, and Lululemon, a company that keeps a Director of Mindfulness on staff, the answer is a resounding yes.
American scientist Jon Kabat-Zinn defines mindfulness as simply “paying attention in a sustained and particular way – on purpose, in the present moment and non-judgmentally.”
Research has shown that practising mindful meditation can lead to reduced stress, lowered blood pressure, increased brain activity, and improved immune response. It’s also been shown to have measurable value for companies when their leaders and employees practice mindfulness, too.
Here are a few ways taking a more mindful approach to running your business can lead to greater success.
Read more: https://www.astrolabeacc.com.au/mindfulness-in-business/
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Tips for Managing Debtors

You’ve poured passion, time, and money into fulfilling a contract, have agreed on payment terms and invoiced your customer—and then nothing. Days turn into weeks, and you still haven’t received payment.
For sole proprietorships and small start-ups, uncollected invoices can sink your business. Suddenly, you’re cash flow negative. Income you needed to cover expenses and pay vendors dries up. Without the safety nets larger companies enjoy, small businesses often face bankruptcy when a large client refuses to pay.
Wondering how to tip the balance of power in your favour? Try these strategies to get paid quickly and avoid non-payment.
Read more: https://www.astrolabeacc.com.au/tips-for-managing-debtors/
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Tips for writing effective performance reviews

The performance review has become a tradition in business, but many managers fail to benefit from these important discussions. When used properly, the annual review process can provide managers with real insights. They can reveal things from employee perceptions of the company to ways to make the firm better and more profitable. When not properly used, the annual review process is worse than useless; it becomes a waste of time and may foster resentment and bad feelings among the rank and file workers.
Whether your business has been using annual reviews for years or you have just implemented such a policy, it is important to use the process to its full potential. You may need to adapt these ideas to meet the needs of your own business and employees. However there are some things all managers can do to make the reviews they give more useful to themselves, their workers and their business.
Read more: https://www.astrolabeacc.com.au/writing-effective-performance-reviews/
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Can Blockchain help your small business?

If you’re familiar with Bitcoin’s revolutionary cryptocurrency then you already know about an innovative technology known as “blockchain”.
A blockchain is a transparent digitised public ledger – in essence, an unhackable record of transactions. The computer of each blockchain user shares in maintaining and hosting the system. Blockchain is also a truly transparent system; everyone involved has access to every blockchain transaction in real time.
As a small business owner the value of secure financial transactions may be obvious – but blockchain technology offers much more than a safe option for data transfers. Once you can imagine the variety of applications blockchain technology has to offer, you’ll understand why some are calling its development more important than the internet.
Read more: https://www.astrolabeacc.com.au/can-blockchain-help-small-business/
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