Got a Good Grasp on Your Finances?
Got a Good Grasp on Your Finances? As a business owner, it’s never been more crucial to have a good grasp on your finances. For many businesses, priorities have changed, customer behaviors have mutated. As a result, revenue streams have had to evolve and pivot in order to create a viable business model. To track, […]
Supply Chain Crisis: A New Business Opportunity?
Supply Chain Crisis: Possible Business Opportunity? The ongoing supply chain crisis is slowing down production and pushing up prices. But there might be a way to turn this business challenge to your advantage. If you’re a business-to-business (B2B) supplier, this could be a golden opportunity to become a supply chain saviour. If a competitor is […]
GST on Overseas Business Purchases
GST on Overseas Business Purchases Does your business purchase products and services from overseas suppliers? If so, you may be charged GST on those overseas purchases – but not always! Overseas businesses must register for GST in Australia if they have a turnover of more than $75,000 for sales connected with Australia. Many large online […]
Business Tips: Adding Value Before an Exit
Business Tips: Add Business Value Before an Exit Generally speaking, an exit strategy will be put in place years before your planned exit date. This gives you time to work on your sale plan and deal with any succession issues. But more importantly, it gives you the time needed to add additional value to the […]
Business Tips: Set Goals for a Business Exit
Business Tips: Set Goals for a Business Exit Every business has a finite lifespan. Some may last for decades, and others may only last a few years. As a business owner, your business’s life is likely to be strongly aligned with your own life goals and personal plans for the future. When it comes time […]
When to Register Your Business for GST
When to Register Your Business for GST Should you register your business for GST? Many business owners register their businesses from day one, regardless of income. Others, for example, many sole traders, choose not to register for GST until it is mandatory. However, it is common that new businesses don’t realise they have exceeded the […]
Do You Understand Your Balance Sheet?
Do You Understand Your Balance Sheet? To understand the financial position of a business at a specific point in time, look at the balance sheet. The balance sheet may also be called the statement of financial position. Together with the Profit and Loss Statement, and possibly other reports such as the Statement of Cash-flow, these […]