Your business has been operating successfully for some years, with reasonable profits each financial year that are relative to the overall state of the economy. Your staff members are competent at their jobs; customers comment on the quality of your products and services, and repeat business is solid. Have You Noticed Problems in Your Business? It is disconcerting then, when you realise that despite these indicators, the business is not growing at a rate comparable with competitors. Also, you notice
February and March are traditionally the worst cashflow months for small business – the Christmas rush is over, the Business Activity Statement is due, and payments slow down with a dip in consumer spending. You might be okay but your customers could be under pressure and often whoever wields the most influence gets paid first. No one likes a late payer and two Government measures tackle the small business debt issue from different ends of the spectrum. We take a
25/10/2016 by Lavina Webb Most of us are familiar with the saying “can’t see the forest for the trees” which, of course, means getting so involved in minute details that you cannot see the bigger picture. In our everyday lives, this level of focus usually does not cause major problems. In business, though, when management gets too involved in daily operational matters at the expense of other issues, important things can be missed. The Big Company Advantage – The Aggregate,
10/01/2017 by Lavina Webb Unless you are already a qualified accountant who has just bought a business, as the owner, you would not be expected to have detailed knowledge of accounting principles. Most owners have only a passing understanding of how their accounts are generated. They rely on professional help from external accountants like Charter Partners or if the business is large enough, by experienced staff. However, there are some accounting terms and principles that every business owner should understand
Today’s modern businesses face many challenges regarding their ability to attract and keep customers, provide products and services to a fickle public and remain competitive in an open marketplace. There is the challenge of recruiting competent staff, keeping up with ever-changing technology and complying with regulatory bodies. Managements must monitor continually changing markets, make key financial decisions and assess risks to their operations. Most management teams operate with well-tried systems delivering daily reports of all key aspects of their operations.
03/02/2017 by Lavina Webb There are a number of different taxes that people working or doing business in Australia are obligated to pay, the most well-known being income tax, GST (goods and services tax), PAYG withholding tax, CGT (capital gains tax), FBT (fringe benefits tax) and company tax. There are others that apply to smaller sections of the taxpaying public, but suffice to say that the ATO (Australian Taxation Office) has information about all tax obligations on their website for