Is it your wish to have the spouse of your business partner as your next business partner? The issue is that you and your partner have worked together to build a business successfully. But you are sure that you don’t want to run the business with your partner’s spouse in the event your partner dies. […]
Small businesses typically have cash flow problems. However, it is hard to understand why if your business is making money. The reality is many businesses fail because they don’t have sufficient funds to keep their operations running. Being profitable doesn’t mean you have cash. You can make profit only after you’ve generated sales and taken […]
Keeping your accounting organised must be an attainable objective when running a business. However, the lack of discipline can sometimes result in problems later. So instead of getting into trouble in the future, here are some tips that can help you keep your accounting in order. 1. Separate your bank accounts. You are courting disaster […]
You can recognise and reward the important roles that your employees play in your business by giving them benefits. However, remember that certain benefits or perks trigger Fringe Benefit Tax (FBT). This is a tax employers pay on most non-cash benefits they give to their employees. The Types of Fringe Benefits that are Taxable: The […]
One of the most crucial aspects of running a business is payroll. However, managing everything can be a little challenging for a lot of employers, particularly while in the middle of growing and expanding their business. Payroll is an essential element of the business process, and employees cannot afford to commit blunders on this. Follow […]
Contractors, or tradies, in the building industry, are being targeted by the ATO (Australian Taxation Office) in an effort to recover undeclared income and unsettled GST. The Tax Office has always been focused on the cash economy, but with the introduction of a new reporting process in 2013, construction companies are now required to report […]
The need to have a fixed place of business outside the home is no longer as important as it was once with the advent of cloud technology. As a result, many business owners are favouring to operate their business from home. A good café is a far more comfortable and welcoming environment for meeting your […]
“Fail fast and learn faster if you want to succeed,” this will often come out of the mouths of many entrepreneurs. The lessons from those failures are what make business owners better and what improved their chances of succeeding in business. What makes a business more likely to succeed or fail? There was a survey […]
Capital is the magic ingredient in helping to expand of your business. “Cash flow” involves deferring outgoing expenses long enough to ensure your business has sufficient incoming revenue to pay for overhead costs and leave a small amount for profit. There are times discovering the right balance between “cash in” and “cash out” seems like […]
Are you one of those people who spend more time planning their holiday than they do their business? Employers often pay more attention on matters such as running a tight ship, instead of focusing on finding and investing on the right resources to expand the business. It’s acceptable, and likely helpful in the short term, […]