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Get your invoices paid on time

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Allowing late invoice payments can set a harmful precedent for your business.

Keep your cash-flow steady and avoid wasting time chasing up invoices by following these tips.

Have a written agreement of your payment terms
Clear communication is key to ensuring your terms of payment are met. You should explain your desired payment terms and allow the client to negotiate. Once you have reached an agreement, put it in writing. Not only do you have evidence, but you have decreased the likelihood of miscommunication.

Consider upfront payments
You can demand your payment before the work gets done. If the work occurs on an ongoing basis, your written agreement can state you will start work only if the payment is made at the beginning of each month. Holding the work will be an effective way of ensuring you are paid on time.

Make it easy for the client
You should give your client the benefit of the doubt and assume that they want to pay on time. If your invoicing is inconsistent or inaccessible, you are setting yourself up to fail. Invoice on time and switch to an electronic invoicing system to streamline your process.

Hiring high potential staff

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Your business is only as good as your staff, which is why you want to hire high potential employees. You may find it hard to spot a high potential candidate in an interview.

Our tips will tell you what to look for and ask when you are recruiting.

High potential employee traits
A common set of characteristics can identify high potential employees. These candidates will:

  • Have leadership qualities
  • Take on extra responsibility
  • Be team players
  • Think outside the box
  • Solve problems
  • Have a passion for their industry

Spotting high potential employees in an interview
In an interview, you can identify an employee with these high potential traits by:

  • Asking about their goals, to assess ambition
  • Asking about industry current events, to see if they are passionate about this area of work
  • Listening to the questions they ask you, to judge their interest in the position
  • Asking about prior challenges they overcame, to provide you with evidence of their problem-solving skills

A guide to consolidating your super

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Merging your super is vital to maximising your retirement savings.

Changing jobs over the years will put you at risk of losing some of your super if your previous employers have set up accounts you have forgotten about. Fees will erode the balances on these inactive accounts and result in you losing your hard earned super. You should also consolidate to maximise the interest accrued on your single super balance.

Merge your super with this checklist and keep your super savings on track for success.

Research your fund’s policy
Compare your active super accounts so you can make the right choice about which one you should close. You should assess:

  • Exit fees
  • Insurance policies
  • Investment options
  • Ongoing service fees
  • Performance of the funds

Rollover process
Once you have made your decision, you can combine your super balance by:

  • Requesting to merge your accounts through your chosen super fund
  • Apply through your myGov account or the ATO

Keep in mind that funds will take time to process your request and rollover.

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