Month: October 2022

Once you begin trading, you’re faced with a new challenge – successfully managing the course of your brand-new business and making sure it’s a profitable enterprise. It’s easier to manage your startup’s sales and finances when you have access to the best possible information and data about your performance. Tracking specific metrics and key performance indicators (KPIs) allows you to see how you’re performing against your targets – so you can take action to improve performance, sales, growth and profitability. But which KPIs should you be tracking? Sales and conversion rates An obvious metric to track is the number of …

The Federal Treasurer, Dr Jim Chalmers, handed down the Labor government’s first Federal Budget on 22 October 2022. Here are the highlights of the tax and accounting measures announced. Businesses Electric vehicles under the luxury car tax threshold will be exempt from fringe benefits tax and import tariffs. A number of Victorian and ACT based business grants relating to the COVID-19 pandemic will be non-assessable non-exempt income for tax purposes. Grants will be provided to small and medium-sized businesses to fund energy efficient equipment upgrades. The tax treatment for off-market share buy-backs undertaken by listed public companies will be aligned …

When setting up your new venture, the people you hire may well become the most important assets in your business. They’re your trusted workforce, the face of your new brand and the people you’ve entrusted with getting your business idea out into the real world. Because of this, it’s vital that you choose the right talent, the right personalities and the right mix of people for your team. Making a mistake with your hiring at such an early stage can really hold you back, so be sure to put some real thought into who you need on the team. Consider …

Are you familiar with the ancient Japanese philosophy of ‘Kaizen’? Kaizen is the principle of continuous improvement that can make a huge difference to the efficiency of any company and is saving some of the world’s most powerful companies millions of dollars a year. Sound good? Here are ways you can embrace Kaizen to improve your business. What’s your waste? – This isn’t just about what’s ending up in the rubbish, it’s also unnecessary movement, overproduction of stock, waste due to mistakes, and time spent waiting. Examine whether the waste is avoidable or could be made more efficient. Get organised! – Create …

A capital gain (or loss) occurs when an asset is sold. The difference between the purchase price and the sale price is the gain or loss. Capital gains tax (CGT) applies to money you have made from selling an eligible asset. Capital gains tax events occur when an asset is sold, or other triggers arise, such as the loss, theft, or destruction of an asset, or creating contractual or other rights to an asset. Not all assets are subject to CGT. Common exemptions include the main residence or family home, granny flats, cars and motorcycles, personal use assets such as …

Scaling up your business isn’t about steady growth over time. It’s about having a clear strategy for quickly expanding the business to achieve full-scale hypergrowth. Most startups grow organically, adding customers here and there and gradually expanding over time. Scaling up aims to accelerate this process, pushing your growth to move beyond that slow, organic pace. To achieve this, every element of your business model needs to be reviewed, refined and systemised – so you have scalability built into the company from the ground up. Systemise your processes and build scalability into your DNA Scaling up is a fast-paced, hectic …

It takes guts to start a business. It also takes a strategic mindset to succeed. Business owners are no strangers to weighing risk and navigating uncertainty, but the current climate has dialled everything up. Many business owners face the uncomfortable position of having to remap carefully thought-out succession plans and exit strategies and to consider selling their business before they’re ready and, possibly, for less than it’s worth. Transition may be a better option Rob Young, Managing Director of Platform 1, works with business owners on ensuring they get the best possible return when selling their business. Rob’s advice is …