A lot of businesses in Gladstone are prepared, sure.. but just as many are not ready for the up-coming end of financial year.
Read MoreTopics: Business Planning
We’re already preparing for and predicting some changes to be announced to the treatment of superannuation tax concessions in this year's budget. I’ll be hosting a luncheon next month to discuss what the budget might mean for small and medium businesses in Central Queensland and beyond.
Add to that the fact that the Australian Tax Office (ATO) has just released two new rulings in relation to Related Party Loans and it quickly becomes evident that it’s time to review and plan your Self Managed Super Funds (SMSF) to ensure you will be compliant.
So, what can you be doing right now with your SMSF Related Party Loans to pre-empt budget announcements and adapt to ensure you are working within the framework of the ATO’s new changes?
Read MoreTopics: Superannuation
I’ve written about business planning and how failing to plan is planning to fail. This week I want to write about a very important element of business planning… the Financial Forecast.
Read MoreTopics: Business Planning
You wouldn’t set out to drive from Gladstone to Melbourne without a plan of how to get there? Would you?
So why is it that every day thousands of small business owners operate their businesses without any idea of where they are going or how they will get there.
The business plan is like a roadmap—or maybe more like a GPS in today’s world. If you want to reach the destination of financial independence, you have to plan the journey and use the tools at your disposal.
Read MoreTopics: Business Planning
Case Study
Background
A wholesale and retail business is experiencing large fluctuations in its sale, profits and cash flow. The business supplies goods to mining and rural businesses and is required to carry large stock holdings and significant credit accounts. Heavy rains also caused damage to the business’s stock and premises and it was unable to supply refrigerated goods for a period of 2 months.
The owners, William and Laura, wanted advice on how to improve their profit, better manage their cash flow and prevent the loss of income from future unplanned events.
Read MoreTopics: Business Improvement
