Key pension issues for SMSFs The ATO is now targeting SMSFs in pension phase as part of its SMSF compliance program. It is critical for trustees to assess their current circumstances for any major risks relating to pensions for SMSFs. The ATO has expressed concerns about SMSFs in or transitioning to pension phase that hold illiquid assets such as real property. Many funds […]
Your breakeven point Knowing your business’s break-even point is fundamental in determining whether or not your business venture is successful, failing or ultimately worth pursuing. A business’s break-even point is the point at which the business’s total revenue equals the total costs and expenses of running the business. Knowing your business’s break-even point is crucial when determining product rices,setting budgets and preparing […]
How your office environment can impact productivity Business owners looking to increase productivity shouldn’t overlook the important role of the office environment. Office design is directly linked to employee wellbeing, and can significantly affect overall employee motivation and morale. A well-planned office space can assist employees to carry out their daily tasks effectively. Some important influencing factors include: Lighting Lighting […]
Getting started on social media Creating a strong presence on social media is fundamental when it comes to a business’s online marketing strategy. Unfortunately for those who are new to, or inexperienced when it comes to social media, knowing where to begin to achieve a strong online presence is not always clear. While the overwhelming availability of social networks has made […]
Maximise your word-of-mouth marketing Word-of-mouth is a valuable form of marketing that provides business owners with the opportunity to leverage technology such as social media to generate buzz around their business. Word-of-mouth is generally thought to be organically created through recommendations from friends and family. However, businesses can drive these kinds of conversations by incorporating word-of-mouth tactics into their marketing strategy. Customers are more […]
Stop networking and start building Traditional networking tends to focus on meeting and connecting with as many people as possible in a business setting. However, simply handing out your business card or talking up your business to others does not necessarily foster trust or build strong relationships. Those who attend regular networking events but feel they are not making true and […]
Selling your business GST-free Business owners preparing for the sale of their business can take advantage of the “going concern” exemption which allows a business to be sold GST-free. The supply of a going concern requires the seller to provide all things necessary for the continued trading of the enterprise in the foreseeable future. Once a business is considered to be a going […]
Delivering quality customer service Every business has a basic obligation to provide customers with quality goods or services. That is, quality in the sense of delivering on a promise to a customer. It is the responsibility of a business to ensure they are not selling shoddy or unsafe products or services. However, whilst they would like every customer to be fully satisfied with […]
The start of the new year provides small businesses with the perfect opportunity to improve their credit management and cash flow conversion cycle. Cash flow was one of the biggest causes of small business failures last year, with around 90 per cent of enterprise insolvencies due to businesses putting their tax debts last to supplement their working capital. Managing cash flow is more […]
Signing a personal guarantee For those who operate their business through a company or a trust, there may be times when you need to provide a personal guarantee. A personal guarantee is a written commitment or promise from a business owner to make a payment or perform an act or duty that is owed to […]
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