What should you be thinking about when it comes to the structure of your business?

So how do you know which structure you need? There are a number of factors to consider when choosing a structure. Some of the key ones are as follows: • Asset protection – The first consideration when choosing your business structure is how you can best protect your personal assets,

Do you have the right financial support for growing your business this year?

As a business owner, there will be many times when it feels like you’re on your own as you’re managing the entire business. Business has many demands and challenges, and you need to cover many bases. One of the single biggest mistakes business owners make is that they try and

Do you have access to funds to help grow your business?

You can fund business operations and investment from debt (a loan from the bank or another third party), equity (your own funds), an equity partner (taking on an investor) or internal funds (profits). Each of these options comes with its own set of risks and advantages, and it can sometimes

Are you spending too much time on managing your accounts?

Financial management is all about having accurate, up-to-date financial information so you can make informed business decisions. You want to protect your investment and make sure that you don’t do anything that can jeopardise that investment. Good financial management will ensure that you can detect, if not prevent, any problems.

Are you lodging and paying all your ATO commitments on time?

You need to ensure that all of your statutory compliance is met on time and with complete accuracy. If you don’t, you’ll be hit with penalties, interest and extra costs to fix the problem. This is even true in areas that you may believe are simple or straightforward, such as

Did you pay too much tax last year?

Human nature may suggest the answer is “yes”, but do we really know? The answer lays in the structure of your business. The benefits of having the right structure are that it saves you money by reducing the amount of tax you need to pay; it gives you flexibility when

Have you prepared your budget/cashflow for the upcoming year?

It’s essential that you take the time to sit down and map out a plan to get control of your money. That means knowing where, when, how and why it is coming in and going out. As a result, you need to prepare your cash flow forecast for the next

Build Your Business – Protect Your Future.

As a business owner, there are many issues you need to consider, including taxation, legislation, protecting your wealth and assets and managing risks. Your financial plan should outline how you intend to manage these issues and what you have done to minimise their impact on the business and you personally.

How can you set effective goals?

How can you set effective goals? You need to be SMART. The SMART goal-setting method is one way to help you set more effective goals, which then makes you more likely to achieve your ultimate goals. You do this by setting goals that are: • Specific: What do you specifically

The 5th Step to Business Mastery is…..Support

Support ‘Give light and people will find the way.’ – Ella Baker As a business owner in building and property development, there will be many times when it feels like you’re on your own as you’re managing the entire business. This industry has many demands and challenges, and you need