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When I start to reflect on discussions, interactions and business dealings with entrepreneurs over the past years they all seem to have some things in common. Typically, they have a good appetite for risk, but more importantly is that they are able to think quickly and make changes in their business that allow for adaptation as they realise what it is the market wants.
If we don’t actively encourage true problem solving and endless opportunities to try and fail until they succeed so they learn how each feels and to get up and try again our children will have a hard time as adults in the future job market.
Understanding your business numbers isn’t always easy. So here are 5 Financial Ratio’s you can use to gain further insight into the performance of your business.
You’re looking to buy an investment property and wondering how it will affect your tax situation?
Firstly, it’s important to note the difference between a residential or commercial property. If you purchase a residential investment property, there is no GST applicable. This also means you cannot claim any GST, however a commercial property will require you to charge GST and lodge BAS on a Quarterly basis. There will also likely be GST on the purchase and sale which you need to consider.
Our advice to clients is to try to set things up correctly from the outset, but if you are in a situation with workers who really need to be moved over to be employees start planting the seeds and making them aware things will need to change. It can take time and you want to avoid losing good team members if you can.
Setting goals is the key to achieving pretty much anything worthwhile in life. Whether it be in business, in your personal life, with health, with your family and children. If you don’t set goals how do you know where you are going? How do you know when you get where you wanted, so you can set some more goals?
