Profit is not an accident
One thing 2020 taught us that the old adage “we’ve always done it that way” simply doesn’t stack up anymore. The year of 2020 proved to us that there is always the possibility of undertaking tasks in more than one way, and that taking a step back to consider alternate approaches can be extremely beneficial to your business. When COVID-19 …
With 30 June fast approaching, we are hearing from many accountants and tax professionals about the need to undertake tax planning to minimise the amount of tax that you will pay for this current financial year. Now is the time to be reviewing your business profits and considering what actions, if any, you need to take prior to 30 June. …
There’s been plenty of media coverage about the impact that COVID is having on small business. You can’t read or listen to a news bulletin without hearing something about the Government’s stimulus packages to support business owners through this period of disruption, and there is plenty of commentary about how businesses can use this period of downtime to reassess their …
We’ve all heard the saying everyone has the same 24 hours in a day, choose how you spend your time wisely. Yet we are all guilty of watching the clock tick by, getting to the end of the day and not feeling like we have accomplished as much as we planned to do. Worse still, we use our 24 hours …
After I had been operating my business for a few years, I found myself stuck in a rut. Although the business was growing, I was not achieving the results I wanted out of my business, and certainly hadn’t achieved the outcomes I had hoped for and aspired to when I first established the business. It was at this time I …
I don’t think I know anyone who hasn’t delayed starting a task at some time in their life. Whether it be putting off an assignment, delaying making a phone call or avoiding that difficult conversation with your boss. Wikipedia defines procrastination as the avoidance of doing a task that needs to be accomplished. It could be further stated as a …
They say hindsight is a wonderful thing, and the same can be said about learning (and applying) business principles. I gained a lot of insights about successful business practices after I sold my business than I did from 10 years of operations. Many of the lessons came from reflection after the sale, and others were learnt during the process of …
Whether you have been in business for a number of years, or are relatively new to business, you have probably come to appreciate the realities of business. When you first started out in business you likely had dreams of changing the world, enjoying flexibility and freedom and yet you may have found yourself soon accepting that being in business is …
All too often, when presenting business owners with their end of year financial reports, I would be asked the question “Where is the profit?” The common consensus appears to be that profits should be cash in the bank. The accounting principles, however, dictate that profit is applied on the balance sheet in the form of debt payments, asset purchases, amounts owing …
Walt Disney, Colonel Sanders and Reed Hastings are examples of wildly successful business owners who were either bankrupt or had very little when they launched their business. They had nothing to lose from taking a risk and persevering with their vision. Early in my career one of my colleagues often said to me “What’s the worst that can happen?” At …
n my role as Business Advisor, I meet with an average of 15 business owners a week, and of those 15, typically 3 are business owners I haven’t met previously. I am truly in my element in this environment. I thrive on meeting new people, learning about their business ideas, gaining insights into industry “quirks” and experiencing the motivation and …
You’ve come up with an exciting business idea, you’ve formed a relationship with a business partner. You’re looking forward to launching your business. Whilst all partners are on favourable terms, all is rosy, now is the time to set the rules of the game. A shareholders’ agreement is used to outline the business practices, matters to consider in the event …
