Introduction

I can understand during difficult economic times that business owners search for ways to reduce their costs and outgoings, but when those decisions affect others detrimentally, that’s when I get cranky.

Recently I had a phone call from a client who had been retrenched six months ago. Although this man is very skilled and talented, he has been struggling to find full-time work in his chosen profession. He and his wife had savings put aside for such a time but living on one wage for six months was not only testing the savings balance but also their relationship. So he decided to try a different career role.

Introduction

It’s not uncommon for business owners to take short, irregular holidays because they don’t have the support to keep their business running without them for a longer break. Aside from taking time off for leisure, have you considered what would happen if you were forced to take six months off work due to a serious illness or injury?

Would the business survive and how would the bills be paid? Or if you were to die, can you be sure that your business partners would give your family a fair deal?

Introduction

Several years ago, Steve and Brian started a small web-design business, GotyaOnline. Steve was responsible for growing and supporting their client-base, while Brian designed and built the websites.

Expanding to include maintenance of client databases and online shopping facilities, they bought new technical equipment and rented office space.

Recognising the importance of insurance, they sought professional advice about suitable cover for a small business like GotyaOnline.

Introduction

How is Australia in a recession?

Firstly, it's important to understand what it means for a country to be in a recession. Since Australia's last recession in 1991, the country has had an average annual economic growth rate of 3.3 per cent. Technically speaking, a recession is defined by two consecutive quarters of decreasing GDP, which is what started across Australia in March 2020.

Introduction

As New Year resolution time rolls around spare a thought for your business, because every business can benefit from a few resolutions of its own. Here are a few ideas that any business can build some New Year resolutions around.

Make sure you have an up to date business plan.

Many business plans sit gathering dust on a shelf, or haven’t even been committed to paper. But a well thought out, written and effectively implemented business plan is an invaluable tool for any business.

Introduction

How often do you give your business finances a tidy-up? As another end-of-financial-year rolls by, now is as good a time as any to undertake a bit of housekeeping.
The stresses of running a small business often see us rushing, unprepared, towards June 30th. It’s that time when we draw a line under our business finances for one year, take a deep breath, and plunge into the next.
This year, before holding your nose and leaping into July, why not take a moment to dust off your finances and begin the year with a fresh outlook?
Here are five ideas to get you started.

Introduction

As a hard-working small business owner you've spent years building your own livelihood and now, for whatever reason, you've decided the time has come to sell or close down your enterprise.

To assist you, the Australian Tax Office provides detailed guidance on important legal and taxation matters you will need to address here. We have briefly clarified some of the more confusing requirements.

Introduction

The Australian Competition and Consumer Commission (ACCC) received more than 5,800 reports of business scams in 2018, with total losses due to these scam activities of more than $7.2 million, an increase of 53% on the previous year. Almost 75% of those impacted were micro and small businesses, most commonly attributed to false billing scams. Even the average loss of $10,000 could mean the end for a small business.

Many scams simply exploit the better side of human nature. Others rely on sophisticated technology that few people understand. Either way, the first line of defence is awareness.

The most common threats to small business include:

Introduction

It’s a common question asked by employees: “what should I do about my super?” If you are an employer or manager and feel confident of your knowledge of superannuation and investment, it can be tempting to give an answer. However, just about anything helpful you have to say will likely fall within the definition of giving financial product advice, and that could land you in very hot water.

Introduction

With help from the internet, the latest business model is quietly turning millions of ‘average Joes’ into entrepreneurs.

•    Uber is connecting riders with drivers through apps.
•    Airbnb is connecting hosts with travellers looking for a place to sleep through its website.
•    Zopa is connecting lenders with borrowers through its peer-to-peer lending service.

Many individuals are unlocking the value of their underutilised resources by sharing them with others in exchange for a benefit – both monetary and otherwise – giving us the term ‘sharing economy’.

Introduction

Running your own business can be extremely rewarding but there will always be times when it will be quite the opposite. Depending on the business, many factors will determine the success or failure of a small enterprise however the most common is cash flow. Outlined below are three very simple solutions to cash flow problems to help make your business ownership more rewarding.

Introduction

According to the Australian Taxation Office (ATO) many small businesses fail due to poor record-keeping. Aside from the legal reasons, there are many financial reasons for making sure your books are in order.

Good record-keeping is not just about accumulating receipts for tax deductions. Businesses making quarterly income tax payments may be able to reduce their instalment amounts if their records indicate that profits are down from the previous year. Without accurate and up-to-date records this data may not be available.

Introduction

The main reason people go into business for themselves is quite simple – to have more control. For others, wealth creation is the main focus, although small business also brings with it the higher chance of failure and loss. Is the hard work and extra risk worth it? If you are a small business owner or have dreams of becoming one, consider the following and how it might apply to you.

Introduction

If you are the owner and manager of your business it is imperative to plan for a time when you are no longer there. How would you answer these questions right now?

Introduction

As a business owner, there is always something to do, however many owners often spend more time working in the business than they do on the business. Here are ten simple management tips to help you maintain a successful business in good and not-so-good times.

Introduction

To ensure continuity, a succession plan is absolutely essential for every family business. And this is regardless of whether the family runs a global empire, family farm or corner store.

Regardless of your intention, here are six steps to help ensure that your succession is a success: