New Startup? Get Your Business Operational
New Startup? Get Your Business Operational If you are ‘pressing go’ on your new business, what are the key elements to have in place before your business is operational and you begin trading? The complexity of your operational model will vary greatly, depending on the kind of business you’re setting up. For obvious reasons, a […]
New Startup? Set KPIs and Measure Performance
New Startup? Set KPIs and Measure Performance Once you begin trading, you’re faced with a new challenge – successfully managing the course of your brand-new business and making sure it’s a profitable enterprise. It’s easier to manage your startup’s sales and finances when you have access to the best possible information and data about your […]
New Startup? Identify Your Ideal Customer
New Startup? Identify Your Ideal Customer Customers form the beating heart of your startup. Without a stable customer base, you can’t generate sales, bring in income or create a viable business model. So, it’s vital for your new business to have a very clear and fleshed-out idea of your ‘ideal customer’. Your perfect customer may […]
New Startup? Hiring Employees
New Startup? Hiring Employees When setting up your new venture, the people you hire may well become the most important assets in your business. They’re your trusted employees you are hiring, the face of your new brand, and the people you’ve entrusted with getting your business idea out into the real world. Because of this, […]
Offering Salary Incentives to Staff
Offering Salary Incentives to Staff Are you thinking about offering incentives to staff in the form of salary packages? Sometimes the terms ‘salary sacrifice’ and ‘salary packaging’ are used interchangeably, but there are differences between the two. A salary sacrifice is when the employee chooses to forgo an amount of future earnings before tax for […]
Supplier ABNs: Do You Check Them?
Supplier ABNs: Do You Check Them? Are you in the habit of checking your suppliers’ Australian Business Numbers (ABNs)? When you make business purchases, you should receive a valid tax invoice from the supplier. The invoice should prove that your purchase is a business expense. The ABN holds certain information, including contact details, business structure […]
High Inflation: What It Means for Your Business
High inflation: What does it mean for your business? High inflation has hit businesses and households hard in these past few years. Across the world, inflation is running high, thanks to factors like pandemic disruptions, monetary stimulus, and supply-chain issues. You’ll see the effects of inflation at the supermarket and the fuel pump – and […]
New Family Trust Tax Rules – Will it Impact You?
New Family Trust Tax Rules – Will it Impact You? If your trust pays adult-child beneficiaries, then you’ll need to know how the new ATO tax guidance rules could alter your beneficiary arrangements. The proposed changes won’t affect every small business operating through a trust arrangement. But it’s important to check that existing provisions meet […]
Looking After Your Well-being and Resilience
Looking After Your Well-being and Resilience When you’re busy with work, it can be easy to overlook your own well-being and resilience to retain mental health. Stress can seriously affect your ability to function. You can’t consistently make good decisions and lead your team if you’re under a weight of pressure or struggling with poor […]
Your ABN: Is it Still Active?
Your ABN: Is it Still Active? Is your ABN still active? The ATO has brought in an automated cancellation notification service for potentially inactive Australian Business Numbers (ABNs). Suppose you haven’t had any business activity or are behind in getting your activity statements lodged. In that case, the ATO will review your ABN. Then they […]