Business Planning

SFA032 Employee or contractor? There is a difference. (705 words)

SFA032.doc

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This article explains the differences between employees and contractors and warns your clients that there are strict laws protecting employees against employers who may try to reduce their costs by engaging workers under the wrong employment category. A handy reminder for both employers and employees. Written in the adviser's voice.

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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.

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EST031 Estate planning for your business (472 words)

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A more specific article focused on business owners having a written succession plan to ensure their personal wishes will be met if they die or are incapable of working. It addresses 4 important aspects – structure, agreements, insurances and Powers of Attorney.

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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?

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BUS038 Small business insurance - why you need it (534 words)

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Every business is unique, and the requirements of suitable business insurance are just as unique as each business. Using a case study, this article analyses the many insurances available and highlights the importance of seeking professional advice when acquiring cover for your business.

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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.

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BUS037 Five ways to recession-proof your business (767 words)

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Economies tend to face headwinds every ten years as the business cycle moves from periods of growth to contraction. While recessions are challenging for small and medium businesses across Australia, it doesn't mean there aren't significant opportunities to strengthen your business and come out of challenging times stronger and more profitable. In this article, we're sharing five ways you can recession proof your business.

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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.

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BUS035 New Year resolutions for small businesses (516 words)

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This article explains how businesses can also benefit by making new year’s resolutions and includes some resolution examples to consider.

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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.

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BUS034 5 small business strategies for kick-starting the financial year (546 words)

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A new financial year brings new opportunities, and there is no better way of starting the financial year then with a solid business plan. This article includes 5 small business strategies including Insurance, Tax planning, business planning and more to help get you started.

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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.

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BUS032 A guide for selling or closing your business (632 words)

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Selling or closing down a business can be a very emotional time. There is an excellent checklist on the ATO website – this article helps to explain some of the more confusing points that need to be addressed whilst selling/closing a business in Australia.

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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.

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BUS031 Keeping your business safe online (581 words)

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This article focuses on business clients who need to be aware of the increasing risk of cyber-crime. It lists the most common dangers to businesses and outlines what should be included in a security policy to manage the threats. It also mentions Cyber Insurance as an adjunct to normal business insurance.

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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:

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BUS030 What can you tell your employees about super? (488 words)

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There is a fine line between what an employer can tell his/her employees about superannuation. This article points out what can and can’t be discussed to help make sure your business clients don’t get themselves into trouble by inadvertently giving advice on super.

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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.

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BUS029 The latest business model - because sharing is caring (470 words)

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This article discusses the latest economy known as the “sharing economy” that has taken the world by storm. It explains how it works and mentions the tax implications and GST requirements. It recommends seeking professional advice to ensure your readers meet the rulings governing this new economy.

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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’.

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BUS027 Getting your bills paid on time (466 words)

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This article discusses a growing problem for small business owners – late payments destroying healthy cash flow. It gives three easy solutions to this problem which will help your business clients achieve better results from their creditors.

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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.

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BUS026 Good records save small businesses (377 words)

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This article is aimed at small business owners and illustrates how keeping good tax records can save time and money, and ultimately contribute to the profitability of the business. It outlines the various benefits to small business and reminds your readers that the ATO is not lenient when it comes to mistakes.

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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.

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BUS021 The unique needs of small business owners (509 words)

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This detailed article is excellent for your business clients – it addresses their unique wealth management needs highlighting the importance of insurance, superannuation, succession planning and seeking professional advice.

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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.

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BUS019 Make sure your succession is a success (418 words)

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This article asks the important questions to start the succession planning process. It highlights the importance of having professional advisers during all stages – before, during and after.

BUS014 10 important tips for business owners (363 words)

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This is a handy reminder consisting of 10 areas that need regular review when running a successful business.

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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.

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BUS013 Six steps to protect the future of the family business (361 words)

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This article lists and explains six important steps to help ensure the success of family businesses through generations. An excellent reminder for your business clients.

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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:

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