Do you ever sit back at the end of a hard week of work and ask yourself  “why am I putting myself through the wringer each week?” Well if you do, the answer to yourself is probably that it is your job to feed the family and to do this you need to work hard and make a profit. Read More

Apparently according to an article I read the other day almost 71% of people use a tax agent each year.  However this doesn't mean your tax return will be correct - almost 22% of tax returns lodged this year by agents to the ATO have contained simple errors. Would you believe that the most common errors include year of birth, sex code and surnames.  This is not surprising when many returns these days are completed for the bargain price of $70 via big tax agent chains with a 'factory mentality' of just getting the job out the door. In addition the rate for errors by those who self prepare is 25%.  So what is the moral to the story?  If you pay peanuts, then that’s what you’ll get!  Time needs to be spent on each job to make sure it is compliant with the ever changing tax legislation. It’s knowing what to do that is important, not just the processing of the job. Our guide is to make sure that the best financial outcome is achieved for the client every single year. Read More

New legislation known as the Personal Property Securities Act 2009 (PSSA) will change the way security is taken over personal property other than real estate.  The PPSA incorporates a single national register for Security Interests in Personal property.  It replaces around 70 existing national, state and territory laws and registers including the ASIC register of changes and the Register of Encumbered Vehicles (REVs) consolidated into one personal property securities register (PPSR).  The register will be web based and available 24/7.  Personal Property is any asset other than real estate and includes: motor vehicles, plant & equipment, stock, intellectual property & intangibles and accounts receivable. Read More

At some stage every business owner must sell or pass on - transition from - their business. Many business owners have predicated their post exit plans on having a nice nest egg from the sale of their business.
What will it really take for a business owner to successfully extract themselves from their business? To leave on their own terms; when they want to; and get the price they need?  Here is a plan of attack: Read More

Just read an article where a financial planner advised a client to sell two investment properties that had achieved significant capital gains as they looked fully valued and it was time to "de-risk". REALLY!! Hope that the advice was not to put the money in the share market. The advisor "advised" that to keep the properties would have reduced the clients net wealth position.

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Imagine you are a juggler with 5 balls in the air.  This is something like what a business owner must feel when managing their business. Four of the balls are the same colour representing product, sales, marketing and people.  All important for a business to survive and grow.  The fifth & final ball is profit - the most important ball to keep in the air.  Why?  Too many people make the mistake of focusing on sales alone.  You should never take your eye of the profit ball.  Remember profit is the difference between revenue and expense.  Sales are for dreams, profits are for keeps. Read More

Why do the Reserve Bank keep blaming the inflationary pressures on the increase in the price of bananas. Sure the price has gone up. But this is purely a function of supply and demand. If the supply is short the price goes up. This does not mean the quantity sold has increased.
When did you last buy bananas for your family? Probably 6 or more months ago !! This is because the floods wiped out Queensland. The total value of bananas sold would not have increased. Bananas don't cause inflation any more than Freddo frogs do!  Read More

Craig James from Commsec delivered his predictions for the economy last week over breakfast hosted by Sullivan Dewing.  He advised if anyone asked you about the economy you should give the answer "China".  Why?  Because the ascent of China is the greatest change to happen in the Australian economic landscape in the next decade.  China's growth is now equal to where Japan was in the early 1970s.  With only 15 cars per 100 households (versus the 150 cars per 100 households in Australia) China has huge capacity for growth.  And guess what ... a lot of it is coming our way. Read More

The other day I was reading Alan Weiss’s eUpdate.  He was saying there are no “bad seasons” or “poor economies” in terms of the promotion of your business and its products and services.  In the worst times the US is about a $14trillion economy.  The Aussie dollar is at par or better right now.  The Euro is suffering.  No matter.  People are buying.  The key isn’t lowering price or cutting expenses.  You can’t cut your way to growth!  The need is to demonstrate high value so that you’re needed in any economy.  If you can’t do that, then you ‘re merely a commodity and will always suffer in price comparisons.  What are you thoughts?  Have your say! Read More