All businesses, even great ones, face challenges. Despite your best efforts as a director to maintain your company’s prosperity, some challenges can be too much to overcome on your own. In Australia, 7,464 companies entered liquidation or administration in the 2016/2017 financial year, according to the Australian Securities and Investments Commission (ASIC). Financial difficulties are […]
It’s that time of year (again) when you have to decide whether you should “take the hit” and write-off that bad debt and (subject to complying with ATO requirements) claim a deduction OR keep chasing the debtor. You can do both of course, but often once the debt is off the books and not front […]
You’ve done the work, you’ve invoiced. Now you wait. Every business owner knows the challenge of getting debtors to pay on time. But is there more you can do to keep the collections train moving forward when other businesses stall? Put simply, yes. Businesses that are effective in making collections have aligned their credit control […]
It is very common these days to see Companies using trading Trusts as a vehicle to run their business. So how should you open an Account for your Customer if the Credit Application has been filled out in the name of a Trust? A couple of points should be made at the outset: – A Trust […]
Recently the general lack of cashflow within SMEs in Australia was investigated by Kate Carnell, the Australian Small Business and Family Enterprise Ombudsman, ASBFEO. She found that, contrary to what many might believe, the actual reason why small businesses are experiencing cashflow problems is due to slow payers, and those payers just happen to be […]
We all start the new year with the usual well-intentioned resolutions (lose weight, get fit, find love…) but after a few weeks (or sometimes, hours) we are back to our old habits. In 2017, more than any other year, the outlook both nationally and globally is uncertain. Will the Turnbull Government’s one seat majority last? […]
Plumbing is a very competitive trade. If you want to be successful in running your own plumbing business you need to make sure that you have all of the right skills, priorities and marketing in place. You should aim to at least break even in the first one to two years of trading, although it’s […]
Malcolm Turnbull’s recent announcement putting economic growth and development at the top of the national agenda is welcome news to me. As managing director of an Adelaide startup, I know first hand how much hard work and financial risk it takes to start a successful business. Australian entrepreneurs should grab this opportunity to test […]
The startup world is alive and bustling with entrepreneurs, investors, accelerators and a growing network of support industries. The Startup Economy study undertaken by PwC and commissioned by Google highlights that with the right support and growth, this could contribute over $100 billion to GDP and create over half a million new jobs by 2033. One of […]
Australia and Canada used to depend a lot on resource extraction for the Australian Government. During the mid – 2000s commodities super – cycle, China absorbed new supplies of metals and energy as quickly as projects could be brought on stream, keeping global prices high. Boom towns sprung up in Western Australia to house miners […]