Managing risk

A crisis really tests a business’s risk management processes, shining a spotlight on gaps and new risks to be managed. Now that we’re out of crisis mode, it’s time for a thorough review to identify areas for improvement to minimise the risk for business owners, as well as highlighting new opportunities. Let’s look at poor debt collection as an example. This particular financial risk presents an opportunity to revamp the…  Read more

Facing challenges? Change your mindset

As adults we try to teach our children the things that took us many years to learn. One of the new buzzwords in schools at the moment is ‘Growth Mindset’. The theory of the growth mindset came from research done by Carol Dweck 30 years ago that investigated how students coped with failure. In the study some students were devastated by small hurdles, while others were not deterred and kept trying. The…  Read more

Managing home care fees

As we get older we may need help with our daily living activities. The frailty of older age or some illnesses may make it harder to live independently without help from a spouse, family or aged care service provider. Asking for help does not mean you will have to move out of your home. The government now subsidises more home care packages which might allow you to reduce the burden…  Read more

Customer relationships are more important than ever

With many businesses struggling to achieve pre-Covid sales levels, and the potential for unemployment to spawn a new breed of start-ups, having a customer retention plan has never been more important. Surprisingly, the most inexpensive way to grow a business is to maximise customer retention. Statistically, the probability of selling to an existing customer is 60 – 70% and drops to just 5-20% for a new prospect. Existing customers are…  Read more

Understanding your revenue drivers

For your business to make money, you need to generate revenue. You produce revenue through your usual business activity, by making sales, getting your invoices paid, or taking cash from paying customers. So, the better you are at selling your products/services and bringing money into the business, the higher your revenue levels will be. But what actually drives these revenue levels? And how do you get in control of these…  Read more

What do you know about property insurance between exchange and settlement?

Buying a property isn’t always a straightforward process, and one area that can cause confusion is the question of who is responsible for insuring it between the signing of the contract and settlement. There are differences in regulations between states, but the basics are as follows. First, it’s important to clarify whether the property is at the buyer’s risk or the vendor’s. Generally speaking, the property only passes to the…  Read more

Governing versus managing

In many businesses, directors have both governance and managing roles. With most businesses being small-medium sized, it’s no surprise that owners struggle with understanding the difference between governing and managing. The line between these roles becomes blurred and it’s difficult to separate associated duties. So, what exactly is the difference between governing and managing? Governance is a strategic role that defines vision, purpose and business direction; Management is an operational…  Read more

Aged Care – What you ought to know

Most people want to remain independent throughout retirement and to stay in control of where and how they live. But your ability to do so may depend on your health and physical well-being. As we age, some things become harder to do on our own.  If your ability to live independently starts to decline and you need help with daily living activities such as cooking, cleaning and personal care, you…  Read more

Efficiency Through Automation

Lockdown forced us to rethink the way we operate our business. The barrier of procrastination has been removed and we’ve had to adopt new technology and automate our processes. Technology exists to increase efficiency, but it can be a double-edged sword. When you apply automation to an efficient operation, it will magnify the efficiency. However, if you automating an inefficient operation will magnify the inefficiency. In other words, we must…  Read more

Ethical marketing

Ethical marketing is simply the line drawn between moral and immoral advertising to your customers. Given the current crisis, it’s the difference between communicating with authenticity and empathy, and taking advantage of customers through emotive or gimmicky messaging. On one hand, it feels wrong to post about anything that isn’t related to the virus… who wants to hear about handmade pendants or luxury facials in a pandemic? On the other…  Read more

Finalising Your Single Touch Payroll

As an employer, you are obligated to report the wages you pay to your employees to the ATO. You would have noticed that in the past year you would be using Single Touch Payroll (STP) to do this. At the end of the financial year, once all your pay runs have been completed, you are required to finalise your STP. If you have 19 employees or less, you must finalise…  Read more

How to set your small business payment terms

Healthy cash flow is important for any business, but particularly for small business owners in those first few “make it or break it” years. Business owners who set clear payment terms with their customers, invoice quickly, and follow up on late payment can avoid the dreaded cash flow crunch that can quickly put them out of business. These simple guidelines for setting payment terms can help you get paid quickly…  Read more

Five things to look for when choosing your broker

A good mortgage broker can be the key to your property portfolio success. Here’s how to find one. Mortgage brokers worth their salt will look to build a trusted relationship with you – one that’s more focused on service than selling. Here are five things to look for when choosing your broker. 1. Recommendations  Asking your personal network for referrals is a good starting point. This could help you find…  Read more

Planning your aged care needs

The wave of older Australians will continue to grow over the coming decades. As such, we can no longer afford to ignore the issues around aged care with over 1 million retirees already accessing aged care services in Australia. Planning ahead can help to demystify aged care and reduce stress levels. With awareness and pre-planning, you can maintain control and choice, have access to the financial resources to pay for…  Read more

Smart money tips for business owners

Small business owners know how important it is to save money. They know that one day that dollar could come in handy, especially during slower times. Saving money is definitely important, but there are also things small business owners can – and should – spend their money on today. It might seem counterproductive to spend money when you want to put it in the bank – and make no mistake,…  Read more

Email Etiquette: How to Respond to Rude Email

The worst thing about a rude message is the author presuming you’ll respond to a complaint or request when his communication lacks any hint of civility. When confronted with an obvious violation of good manners, you can easily delete the email without upsetting anyone who is aware of politeness standards. You can also punt the request to a co-worker, but that would make you the bad guy. It’s best to…  Read more

Downsizer Contributions into Superannuation

If you are 65 years old or older and meet the eligibility requirements, you may be able to choose to make a downsizer contribution into your superannuation of up to $300,000 from the proceeds of selling your home. Your downsizer contribution is not a non-concessional contribution and will not count towards your contributions caps. The downsizer contribution can still be made even if you have a total super balance greater than $1.6 million.…  Read more

Three ways to speed up invoicing

Everyone likes making money, especially small business owners. Invoicing, however, is typically one of the tasks that small business owners like the least. Chores like creating and sending invoices get set aside for other duties that are seen as more enjoyable or even more urgent. You tell yourself you’ll get around to it tomorrow, but tomorrow becomes next week, next week becomes next month, and suddenly you realise your client…  Read more

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