Archive for the "Blog" Category
Posted on November 13th, 2017 by Paul Lyons
Why do you own a business?
It’s interesting to consider this because we are surprised at how many business owners haven’t taken the time to consider this fundamental question. From a big picture perspective, having a business provides you with a lifestyle. That’s it!
It gives you cash now to fund your family spending, and hopefully a lot of cash in the future when you sell your business.
And it’s very similar to having, an investment property, share investments or even a Self Managed Super Fund (SMSF). They give you cash either now or in the future, or a c…
Posted on November 8th, 2017 by Paul Lyons
Before we answer this question, remember your business will only be worth what someone else is willing to pay for it. So, you may think it is worth $1 million, but if your best offer is only $500,000, then $500,000 is realistically what your business is worth.
How can you attract a buyer and get them to pay the price you want?
A basic business value formula
Most small and medium sized businesses are valued using a business valuation method known as the “Capitalisation of Earnings” method. This valuation technique works by taking the earnings (before i…
Posted on November 1st, 2017 by Andrew Meredith
As someone who has grown up on a beef cattle and mixed cropping farm I know that farming is a tough business to be in. Whilst the financial rewards of running a farming business can fluctuate greatly year to year, the non-financial rewards of living and working on a farm can help outweigh the long hours in often harsh conditions.
Unfortunately farmers, like every other business, must pay tax when they make a profit. However, there are certain concessions and tools available to farmers to assist them meet their tax requirements.
Farm management deposits (FMDs) are one …
Posted on September 13th, 2017 by Kellie Bressington
So you’re wondering if you have what it takes to be an accountant in public practice. While memorising the legislation might seem like the place to start, it’s not actually the thing that will make you excel. What skills does it take to make a great accountant? Here’s what I think.
An understanding of mathematics
Starting with the accounting stereotype, an understanding of basic mathematics is a must. You don’t need to be able to understand high-end calculus but addition, subtraction, multiplication and division need to be functions you are comfortab…
Posted on September 13th, 2017 by Dean Johnson
I recently met Kumar and his son Vinesh Advani, both gentlemen in the true sense of the word, at a conference on social media and digital engagement. Kumar has run Advani Custom Tailors, a business he has worked in for 50 years and which his father started in Hong Kong, one of the oldest professions in the world. Vinesh has made the decision to join the business and carry on his family’s legacy.
What started as a brief conversation around social media and using it to engage with clients taught me several things about business. I love spending time with people talking a…
Posted on September 12th, 2017 by Marg Marshall
In 2006, when I was pregnant with my second daughter, I was diagnosed with symphysis pubis dysfunction. This is a debilitating condition, not as uncommon as you might think, and meant that I couldn’t walk without crutches. I spent the rest of the pregnancy, and the following 2 years, on crutches. In the time since, I have had a couple of relapses, where I’ve ended up back on crutches.
This is my story of how I got back to health and fitness. But it’s also a lesson in how important it is to have a team of people around you.
After my daughter was born, it became c…
Posted on July 14th, 2017 by Stuart Clutterbuck
As accountants, business and taxation advisors our role covers many aspects of our clients’ financial affairs.
One important matter that often gets overlooked by clients caught up in the everyday running of their businesses and personal affairs is what would happen if they were to pass away. Would their family be well looked after? Where would their assets go? Would the Assets go where they want them to go?
To this end we are regularly encouraging our clients to implement and subsequently review their Estate Planning.
When you think Estate Planning do not jus…
Posted on June 21st, 2017 by Kellie Bressington
Running a profitable business is a balancing act. You need to decide where to spend and where to save in order to get the best long-term return for your business.
But are there some areas where it’s not a good idea to lower your spending? Definitely.
Here are some areas where it may be tempting to cut costs, but skimping now may end up causing you a lot of stress in the long term.
Under-insuring (or not insuring at all) the key assets of your business may work out for you – provided nothing ever goes wrong. But if things do go wrong, it…
Posted on May 4th, 2017 by Stuart Clutterbuck
Successful succession planning allows for a family business to pass through to the next generation, with a smooth transition and minimal impact to business. Succession planning can start as early as the day that you commence business.
It is better to have a plan in place, even if it’s a rough plan that needs to be refined over time. A good succession plan is linked to your business plan and encompasses the business goals and strategies for the next few years. With any succession plan clear communication with the parties involved is critical so that they are fully aware…
Posted on March 22nd, 2017 by Rachel Mendlik
In a recent article for www.entrepreneur.com Harrison Monarth wrote 5 Simple Resolutions That Will Make You Smarter, Happier and More Confident. Number 4 in Monarth’s article was ‘Challenge yourself in martial arts’.
I have been training in various martial arts for nearly ten years and it’s a large part of my life, so I was excited to see it featured in a business article. This got me thinking about what I’ve learned in martial arts and how that translates to business, whether as an employee or owner. Therefore, I have considered the top five things I have …