Many pinch points can create financial stress – like debts, tight budgets and major life events such as kids, marriage or retirement. It can also add to your stress when you see neighbours with the latest cars, and their children with the latest toys, and wonder why you’re not able to keep up (not always easy to admit those feelings to yourself). Of course, the reality is that there’s no way of knowing how they are affording those things, and many will actually be in worse financial shape than you are.
Build a great business
Small to medium sized enterprises (SME’s) are the backbone of the Australian economy – they constitute over 99% of all Australian businesses.
Many SMEs have plans in place for day to day operation of the business, however very few have any form of Strategic Plan in place – and many can get ‘stuck’ without long-term goals. A recent report ion corporate insolvencies released by the Australian Securities and Investment Commission (ASIC) found that 44% of failed businesses suffered from poor strategic management and planning.
Our last blog talked about our survey that asked clients: ‘What does a great business look like to you?’
We also asked clients a second question: ‘What will help you in making your business great?’ Responses were just as fascinating, and the most popular answer was ‘developing strong systems and processes’.
Our new Secure Client Portal prompted us to note some of the most important precautions that can help everyone to avoid hackers and stay safe online.
One of our own directors experienced the problem on a recent overseas trip. Simply checking his email over a public wifi network – combined with less than perfect oversight by his bank – led to an unauthorised transfer of funds (now refunded by the bank). In this case, the scammers were able to set up an email divert, and emailed the bank who subsequently failed to examine properly a forged signature sent to them by the scammers.
We asked our clients a simple question: What does a great business look like to you? The responses were fascinating – with no answer the same. Nobody mentioned being ‘the biggest’, the ‘most innovative’, or even the ‘most profitable’. In fact these business owners hardly mentioned finances, beyond wanting the security of strong cash flow and no debt.
Getting the best performance from your people and tapping into their talent isn't complicated.
All business owners need a great return on their investment in people. As a leader of those people, you want to motivate them and make them productive. They are the largest expenditure for most businesses, and with the right management they can generate higher profits and create a fun place to work!
As we return to the office for the New Year, it’s a great time to plan financial strategies and budgets for your business. As a business owner, it can be very useful to also think about succession planning. This is particularly important for farmers, a group of business owners who can often be overlooked.
As a graduate accountant, or even as someone who doesn’t come from an accounting background, entering the business world and understanding its complexities can be overwhelming. Where possible, it is important to obtain as much relevant information as possible to further your career or improve your business. There are three key elements to focus on when building your career, these are; experience, growth and presentation.
Australia’s tax system has operated on a self-assessment basis since the mid 1980s under which the ATO at first instance accepts and processes tax returns on the basis of disclosures made by taxpayers. The nature of self-assessment carries an inherent risk of non-compliance that must be managed by the ATO.
Most people have heard of Self-Managed Superannuation Funds (SMSFs) and are familiar with their role in retirement planning, as well as their potential tax advantages. A continually growing market, the SMSF industry now includes over 550,000 funds in Australia and is valued at approximately $2 trillion.
When I tell people that I’m an auditor, people often respond with a joke about me using a green pen. This is because in the past, auditors in banks used green pens so everyone knew they had ticked/marked a document.
Today, the auditing world is completely different. The old part-time auditor (usually a tax professional who dabbled in audit) has been replaced by bright, young, career-oriented people with unique skills.
Watch my video on how to transform a good business into a great business by adopting Jim Collins' "hedgehog" concept - a process that encourages business owners to focus on the area where they are strong and stop doing things they are not good at.
The financial planning process can be a tough one to follow. When investing your money you want to be clear and understand what you’ll be getting at the end. The role of a financial planner is to understand the client’s situation and goals, and deliver solutions to help them achieve their financial lifestyle.
The way we do this with our clients follows a really logical process, which clients really appreciate as they are clear on the starting point and know where they’ll end up.
In our work with clients, building great teams and businesses, we often focus on what’s known as a ‘strength based approach’. This approach focuses on the development of a team’s strength (what they are already good at) not just those capabilities that might need improvement. This balanced approach often flies in the face of the ‘deficit model’, which focuses on what individuals and teams are not good at and tries to take remedial action.
Ric Payne is a preeminent business advisor. As an avid reader he created a must read list: at the top is Steven Covey's The 7 Habits of Highly Effective People.
Through a series of blog posts I will demonstrate the practical applications of the lessons taught in the book.
A recent survey commissioned by the Self-Managed Super Fund (SMSF) Association and the management information solution group, BStar, has uncovered some interesting facts about small business.
92% enjoy being in their own business even in the current economic climate, and 79% are focused on growth in the 2015/16 financial year. But they don’t know if this optimism is justified, with little to no time assessing their own performance or planning.
Accru in Adelaide recently launched ProfitSurge, a profit improvement program aimed at helping clients to build great businesses. So what makes a good business great? James Orchard, Adelaide’s Managing Partner, shares his views.
In his book “Good to Great”, Jim Collins talks about ‘good being the enemy of great’. Running a good business gives a false sense of security and encourages us not to try. Running a great business takes initiative, creativity, passion and courage – but that’s a lot of effort when there’s no burning need to change.
Crystal balls finally seemed surplus to requirements sometime around 2005. There was a long-term and predictable upward trend in most business indicators. You could project a business strategy and budget for up to five years and things would usually work out fine.
Then the global financial crisis arrived. Not only did it hit finances, but it dented confidence too. Since then, an emerging digital economy is also changing the way many of us do business. In fact, ‘emerging’ doesn’t really describe it. Digital technology has forced its way into lives and businesses and it is called ‘disruptive’ for a good reason.