Your business needs cash. Cash is what keeps your company in operation and enables it to grow, so you should know how much cash your business needs to survive. Although many people think the answer is linked solely to operating expenses, this isn’t the case. There is no single factor that determines how much cash every business needs to have on hand. Somewhere between 3-6 months of operating expenses is… Read more
If you want your business to grow, at some point you’ll have to think about scaling it. Scaling it isn’t exactly the same as growing it, though they are often used interchangeably. Growth refers to adding resources and increasing your revenue in a linear fashion. You double your number of offices to double your number of customers, for example. Scaling means increasing your revenue without a substantial increase in the… Read more
This season’s edition of the Collins and Co wealth management newsletter is packed full of news and interesting wealth management topics that we’re sure you’ll love. We cover the latest news in the wealth creation space, aged care payment options, superannuation insurance and flourishing vs languishing mentality. Read more: Flourishing vs Languising, Superannuation insurance and Aged Care Payments Read more
Working away from home, the ins and outs of being between homes and more SMSF news. This month’s tax and superannuation newsletter is brimming with information about emerging risks in SMSFs, changes to travel costs for those working on the road and buying a new home before selling the old one. Read more in this link. On the road again, being between homes and emerging risks in SMSFs. Read more
“Good things don’t last forever” The unfortunate reality is most business owners don’t take proper holidays. Usually, this is because their business relies on them and they don’t have the support to keep the business running without them. As a business owner, have you ever considered what would happen to the business if you had to take a six months break because of a serious illness or injury? Would the… Read more
Starting your own business requires enough capital to ensure you can pay your bills until your company turns a profit. Depending on the type and size of your business, you may need thousands of dollars monthly to cover overhead. If you’re wondering where to find business start-up funding, there are a variety of options available to you. Each of these options has its advantages and disadvantages, and it’s important to… Read more
The winter edition of Tax Matters is now available for you to read. Cryptocurrency is a hot topic at the moment. The ATO treats any profit made from cryptocurrency as either capital gains or income. Please read for further information. In this edition, we discuss the following topics. Tax Consequences of Cryptocurrency Record keeping tips for your next tax return What to avoid doing when making a car-related tax deduction… Read more
Starting a business means you’ll be in competition with other companies that already exist. It’s actually a good thing if you have competition to go up against. Competition pushes you to be innovative. It also means there’s an established market for your goods or services. The key to benefitting from competition is knowing how to effectively take on competitors so your company earns a profit. Here are some ways to… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time. Read on for assistance that may be available to you. Australia Closes One-Way Travel Bubble from NZ Australia has paused “green zone”… Read more
You started your business with plans of earning a living and being successful, but an unfortunate fact of business life is that companies suffer financial hardships. Whether those hardships are pandemic-related or linked to other urgent situations, the effect is still the same. Your finances are negatively affected and it’s up to you to lead the recovery. Here are 5 steps you can take to help your business recover after… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time. Read on for assistance that may be available to you. Tougher COVID-19 Restrictions in Melbourne New stricter COVID-19 restrictions came into effect… Read more
Running a successful business requires you to make smart decisions about everything from who you hire to how you spend your money. There are many legitimate expenses to cover, but it’s easy to overspend in areas that aren’t helping you or your business. Spending wisely is key to owning a sustainable business. Here are four practical money saving tips for business owners. 1. Have a list of all your subscriptions,… Read more
It’s August, and this chilly winter and periodic lockdowns can’t end fast enough for many of us. One bright spot, along with the golden wattle at this time of year, is the golden performance of our athletes in Tokyo. After a shaky start, last financial year was an excellent year for investors. Returns from shares and property exceeded most expectations, as did returns from super funds. But amidst all the… Read more
Support is available if you are impacted by the Victorian lockdowns. A series of grants and top-up grants are available to support Victorian business. There are two main streams for grants in Victoria: New grants – Grants or grant extensions for businesses that previously did not qualify or did not access the available grants: Licensed Hospitality Venue Fund 2021 July Extension Business Costs Assistance Program Round Two July Extension Small… Read more
What the new Your Future, Your Super means for you Recent legislative reforms to the superannuation arena are set to change the retirement savings landscape for many Australians. Capital works deductions for rental property Rental property investors can claim capital works deductions for construction costs for a rental property, however there are limits imposed in relation to the dates such works were completed. The deductions are only available on residential… Read more
The Not for Profit Advisor newsletter has just been released. The topics include Governance, Compliance, Fraud and Financial Reporting. In this issue, you will find information on the following. Governance institute releases guidance on Board papers New guide on AGMS Fewer fees for Directors Three institutions fail to join NRS Victoria Pioneers Wage – Theft laws Governance Standard strengthened Know the Charity sector and more……… All of these categories and… Read more
One classic mistake business owners make when money gets tight is to stop marketing or cut their marketing budget. At first glance, it seems logical to cut down your expenses during tough economic conditions. However, in reality, it’s the opposite of what you should do. When your business is struggling, cutting your marketing budget will further hurt your business. It is during this time that you should go the extra… Read more
Our quarterly Business Matters edition is out now for your perusal. In this issue we cover the following topics. New Support Payments for workers affected by COVID-19 Lockdowns Managing Employees working from home Worker shortage to drive potential wage increase Superannuation Guarantee Rate Increase Are you in the right business structure Succession Planning and your family business. The publication is for guidance only and is available here. Should you seek… Read more
Every business needs a financial plan. Your financial plan gives you a way to monitor and review your cash flow, make adjustments to your spending, and anticipate any upcoming financial issues. It can also make you more prepared to request funding or find investors so you can bring more money into your business. Although many business owners are aware that financial planning is important, it is often overlooked. Without a… Read more
Solid cash flow management is vital to ensuring your business survives, but not everyone understands what cash flow is or how to manage it. That’s likely what makes it a leading cause of stress for small business owners. In fact, a Capital One study found that 42% of small business owners say cash flow management is a major concern for them. Cash flow refers to the movement of money into… Read more