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What’s in the forecast?

When we set out on a fishing trip or hike, we always check the weather forecast. It’s no different in business. The forecast tells us if there’s bad weather (poor cashflow) in store based on the direction we’re heading. Your forecast will tell you: Whether you have enough sales in the pipeline to give you the desired level of profit you want for the year. Whether your margins are appropriate. If you need to review your pricing …

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More Marketing = More Profit?

Marketing is the be-all and end-all for too many small businesses? We see it all the time and all small businesses are bombarded by the latest and greatest silver bullet to take your business to the “next level”. Unfortunately, it seems all too often the sales teams are great at marketing their products and not yours. We have people come in and ask us all the time about how they should go about marketing, how can they …

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maximise your business on the phone with amazing customer experience

Growing your business and team can be hard, not just the numbers but also to improve the team. Creating a policy around the best what to talk and answer the phone, sounds simple, but it can make a massive difference to the customers experience and how they both start and end the first or last contact with your business. While the below is not going to change thing over night, implementing and training up your staff can …

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Can we FIX it? The Fixed or Variable Loan Debate

With the current climate, rates just keep dropping and continue to look like they may drop again, so deciding the right time is alway hard. There is one thing you should be doing every year, and that is ringing your bank and asking for a discount on your current rate. Each time if you can get a small percentage off, it all adds up and shaves thousands off your mortgage. It’s inevitable that with a historically low …

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Do you have a client scheduling procedure?

It’s important to be prompt and organised when scheduling appointments, as your clients need to feel important and valued. Having a process and plan to make sure this is happening correctly in your business is essential. 1. Administrator reviews appointments first thing each day. Your first appointment may be at 9am, so you need to be ready. An unorganised business is not a good first impression. 2. Appointments shouldn’t be made prior to 9am or after 4.30pm, …

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Company profit and dividends can be a part of your wealth strategy

As the director in a limited company, dividend payments are the usual way for you to take money out of the company – and see a financial return on your investment into the company. Dividends are payments made to the company’s shareholders when the business has made a profit. What’s not re-invested into the company can be paid out as dividend payments to your shareholders, of which you’re one. But what’s the most effective way to do …

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Is your Team Engaged? How do you keep them happy and keep up performance?

Only 15% of the world’s workers are engaged and reaching their full potential at work, according to research by Gallup. Increasing that engagement is a key aim for many business owners. No single factor can improve the engagement levels of your staff, but offering a varied and valuable package of employee benefits, and an attractive reward package, can go a long way to enhancing the motivation and productivity of your company’s workforce. Keeping your employees happy and …

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You might not get it, but it can make a massive difference at tax time

Cash vs Accrual Accounting – It’s All About Timing While your accountant may have selected the option for you, you may like to change it or take advantage of it at different times.  What’s the difference between cash and accrual accounting? Cash accounting is all about money in and out. Accrual accounting is all about invoices issued and bills received. We can explain how the accounting method impacts your business. While it’s not a simple cut and …

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Deducting Rent or Home Loan Interest Costs when in Business

Guidance on home-based businesses from the ATO The ATO has released some specific guidance in relation to home-based businesses. The guidance deals with the issues that arise in the context of a range of different business structures, including where the business is operated by a sole trader or as partners in a partnership as well as through entities such as companies and trusts. In relation to businesses operated as a sole trader or in partnership, the guidance …

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Report PAYGW Correctly to Claim Tax Deductions

From July 1 2019, If you don’t meet PAYG withholding obligations for your workers, by not withholding tax from their payments and not reporting it to the ATO, you could lose your tax deduction. This will apply to income tax returns lodged for the 2020 financial year and beyond. If you withhold tax from payments to workers, you must withhold the required amount and report correctly to the ATO in order to receive a tax deduction for …

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