Sometimes business profits suffer because of spending too much with certain suppliers.
In the competitive business world, getting the best terms with suppliers improves margins and lays a foundation for long-term success. Startups and well-established entities who negotiate effectively enjoy significant cost savings and improved supplier relationships.
Here are seven ways to get better deals with suppliers:
Read MoreTopics: Business Improvement, Cash Flow, Business Resilience, Expenses, Efficiency, Optimisation
Generational succession - handing your business across to your kids or family - sounds simple enough but, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and diligently as if you were selling your business to a stranger to avoid misunderstandings and disputes.
If you are looking to hand your business to your children or relatives, there are a few key issues to think about:
Read MoreTopics: Business Planning, Succession
The ATO is cracking down on business owners who take money or use company resources for themselves.
It’s common for business owners to utilise company resources for their personal use. The business is often such a part of their life that the line distinguishing ‘the business’ from their life can be blurred. While there are tax laws preventing individuals accessing profits or assets of the company in a tax-free manner, mistakes are being made and the Australian Taxation Office (ATO) has had enough.
Read MoreTopics: Tax, Risk Management, ATO
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.
ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets residential or commercial Australian property, you can forgive the ATO for being incredulous.
Read MoreTopics: Superannuation, Retirement Planning, Accountability
For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement. But what is your business really worth and what sets a high value business apart?
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Topics: Business Evaluation, Business Improvement