Over the last decade, business coaching has become more and more fashionable. There is a subtle distinction between a business coach and a business consultant. A consultant will come into your business, identify any problems, and fix them. On the other hand, a coach will come in and review your business, and then teach *you* how to do what needs to be done. Like a sporting coach, a business coach will bring in an outsider’s point of view and experiences, and often pinpoint weaknesses in your business which you or your staff may have overlooked.
Despite the number of business coaches out there now, it can be difficult to find one which suits your business style and personality, or who can recognize and respect your goals. Some business owners merely want to improve processes and systems in their business for lifestyle reasons, others want to significantly grow their business with a view to selling it. All the better if you can find a coach who has actually been in a similar business situation as you, and has successfully overcome the challenges. Read More
I so often hear this question: “I am showing a profit in my business but I have no money. Where is it???” There are a number of places to look, and a few things you can do to improve your cash flow.
Debtors
When you review your income statement, the sales might look great and the bottom line nicely in the black. Yet, you look at your bank statement and the balance is depressingly low. The answer will be lurking in your balance sheet. The first thing to look at is your Accounts Receivable (Debtors) balance. These are your outstanding invoices for which you haven’t been paid.
How promptly *do* your customers pay you? Read More
Good News for Aussie Business Owners
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The long awaited Small Business and General Business Tax Break legislation was passed by the Senate last month.
Small Business Investment Allowance
In summary, businesses with turnover less than $2 million will be able to claim a 50% tax deduction on any purchases of new equipment costing more than $1,000. This is up from the proposed 30% and has been extended out by 6 months. The Investment Allowance applies to most types of new plant and equipment, including motor vehicles and computer equipment. To be eligible, the equipment must be purchased between 13 December 2008 and 31 December 2009, and be installed and ready for use by 31 December 2010. Read More
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