It’s likely that you have purchased something from someone you don’t trust. But it’s doubtful that you’d dealt with the same person for a second, or even a third time. This is because it’s human nature not to deal with people that we don’t trust. Buzz words like solution-selling, strategic-selling and more recently social-selling are […]
Almost all businesses must work with third party suppliers in some form. This may include the supply of material goods such as retail stock or parts for your business’s manufactured products, or rendering of services such as skills outsourcing or tech support. Whatever the capacity is for your external working relationship, there are some important […]
It is important to know the value of a business if you are looking at buying or selling a business. The problem is that the figure you have in mind and the figure from that of the other party are not the same. If you are the seller, you would probably be disheartened if buyers […]
There are many aspects of your business that can impact the amount of cash you have on hand. You can boost your cash flow by monitoring your expenditures and raising your profits. Here are more tips: Watch your stock levels You will tie up your cash and multiply your storage and insurance expenses by keeping […]
Business owners who have invested a lot of time and money growing may strongly feel the need to retain ownership of the business within the family when they exit. If you are looking at handing over the reins of your business to a relative, either by gifting it or selling it, you must consider the […]
That time of the year when every business is advertising their product or services, taking advantage of the “End of Financial Year”, has just ended. It’s great to be up to date with as many tax deductions as possible, but what plans are you making for “Beginning of Financial Year”, which started this July? Most […]
In cases where no family member is interested in taking over your business or if you do not have a potential successor in your family, there are two options for non-family succession: Buy-sell option – selling your share of the business to other owners Management buyout – selling your business to employees Buy-Sell Option For […]
A vital part in planning your will is the creation of a family trust. It can entail terms and conditions to protect your assets that you will leave behind and guide your family in handling the financial consequences of inheriting your wealth. Testamentary trust The Australian Tax Office (ATO) defines testamentary trust as a trust […]
Trust A trust structure is a tool that provides flexibility to investors and businesses. It is a way for income to be distributed to lower income earners, assets to be safeguarded and wealth to be passed on to the next generation with little trouble and minimal or zero tax. There is no “one-size-fits-all” form of […]
Before the financial year ends is the best time for small and medium sized businesses to assess outstanding invoices and bad debts. Many SMEs are no stranger to bad debts. As a business owner, you most likely have had customers who failed to pay for your goods and services. You’ve performed the work, invoiced the […]