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Starting a business is part science, part art, and a large part hard work! It can get lost in all the excitement but you need to get the balance right.
Approximately 20 percent of all small businesses fail in their first year; and your chances of your business making it to five years are around 50/50.
One thing is for sure: leaving your success up to chance is not an option. Get clear on where you want to take your business and how you are going to get there.
Thinking of selling? Or just curious to know the value of your business in case you do decide to put it on the market at some point?
Many business owners are well-wide of the mark when placing a value on their prized asset. They overvalue it and under-prepare for their exit, believing in a huge potential for their business that buyers unfortunately don't see.
Your business is only worth what someone is willing to pay for it!
It's easy to be wise after the event. Taking out certain types of personal insurance is being wise before the event!
What happens if you're in a bad accident and need to take an extended period off work to recover? Or you were left permanently disabled - or worse? What would happen if you got sick and needed around-the-clock care for a few months?
Have you been doing the numbers and panicking a little recently?
If your super fund is a little 'light' as you start to think ahead to your golden years, you're not alone.
Millions of Australians are reviewing their retirement plans. We have been taught to believe that the money that flows into our super fund (equivalent to 9.5 per cent of our salaries) will look after us when we retire.
Small business owners – replace hoping for leads with marketing strategies to generate them
05/10/2018 by Andrew Stubbs"I get all my business from word-of-mouth marketing."
"I'm a referral business."
"I don't have the budget for marketing."
"I'm just too busy to market my business!"
If you find yourself saying any of the above, it's likely that you experience considerable peaks and troughs in your small business.
Why?
When Benjamin Franklin said that the only things certain in life were "death and taxes" most people didn't consider that they may be closely linked.
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But problems with taxes can lead to the death of your small business unless you take steps to keep the taxman off your back.
They say only two things are certain in life: death and taxes. For a lot of people, there's also a third certainty in life: the pain of keeping track of every receipt when it's time to do the taxes.
How many times has your bookkeeper or finance manager asked you for a receipt (that you swore you stuffed somewhere in the wad of receipts in your wallet) that you've then had to scramble and search everywhere to find?
Intellectual property. It's a hot topic.
Why?
Because, in the globalised and ultra-connected world we live in, the intellectual property (IP) of individuals and businesses is increasingly at risk.
A: "My goal is for my business to win more new clients."
B: "My goal is for my business to take on 12 new clients by June 30th next year."
Which of the above goals is more likely to be achieved?
As a business owner, do you or your managers spend a lot of time recruiting, conducting exit interviews, and onboarding new staff?
When the 'revolving door' in and out of your business doesn't stop revolving, it can impact so many parts of the business that it soon becomes a priority to address the problem.
