Advice
An individual earns income, pays income tax and then pays expenses with what’s left. A business basically pays for expenses with pre-tax dollars whereas an individual pays expenses with post-tax dollars.
Advances in technology and cloud computing have made working from anywhere possible. Recent tax amendments in the latest federal budget have also incentivised this, allowing businesses to give their staff all the equipment they need to be truly mobile.
As easy as it might be now to juggle a full-time job and work as a freelance writer in your spare time, you may not have considered the tax implications – a mistake that can leave you out of pocket for several thousands of dollars when your tax bill comes in.
Although there are many new challenges for businesses to deal with, the interconnectedness and collaborative nature of the 21st century global market enables businesses and leaders to exchange ideas and information that can help resolve these issues.
Nobody understands the pressures you face on a daily basis and the threats and challenges you have to overcome to succeed. You might say it’s a bit like being a superhero.
The concept of working to live rather than living to work reigns true in many people’s minds and issues like limited work-life balance, unsatisfactory pay and lack of development opportunities become big reasons why staff leave.
For all of the well-known entrepreneurs, there are many who take too great a risk, only to fade into insignificance, never to be heard of again.
Three-quarters of small business employees, and not to mention the majority of freelancers, maintain an office in their home. But a proper workspace at home doesn’t come cheap.
With the end of the financial year behind us now is the time of year to come up with resolutions, especially for small to medium sized enterprises.
Even small business owners are project managers — no matter what business you may be involved in, from construction to Internet services, you are involved in project management.
Everyone has the same frustrations – it’s always about being exhausted with no time, having no team or a dysfunctional one, and seeing no profit. But did you know that turning your business around starts with you?
The recent budget has given small businesses a lot to think about, and it’s no wonder some are struggling to prioritise what needs to be done in the next couple of weeks.
While the $5.5 billion package has been well received, the questions facing Australia’s two million-plus small business owners are two-fold: what does it mean for me and what to do with the incentive?
It’s crucial small business owners use this time to take stock and analyse the business to try and find small opportunities or improvements that could be made, and make a strong plan for the year ahead.
If you are a contractor or tradesperson, you’ll know that your insurance needs are a little different to those of standard white collar workers.
Nothing new about the ‘doing more with less’ strategy, but what happens when a business operator ‘doing more with less’ decides to ‘do even more with even less?’
With the End Of The Financial Year on the not so distant horizon, it’s a good time to organise your financial affairs and assess whether your investments are structured to give yourself the best tax advantage.
There are plenty of cost effective practices and technologies SMBs can borrow from larger enterprises which will help you run your business more efficiently.
If this time of year fills you with regret and disappointment, don’t despair. There is still time left to get to work on finishing this year off as well as we can. Set out to make it a Personal Best.
Every business is a boat on the economic seas. Although bigger boats have a better chance of riding out storms, the small ones can have as much of a chance if navigation is mapped out with care.
