Restructuring or Selling your Business?
In a challenging business landscape, if you are considering a major change, your head is no doubt filled with questions. I’ve decided to restructure. What’s the best way to do this? Restructuring is never easy but if it’s necessary to keep your business afloat, there’s a process you can follow to keep stress to a minimum. Write a proposal outlining why roles need to change for the business to succeed. Email employees to let them know you’re proposing a restructure and invite them to a meeting (at least 2-3 days later) to learn more. At the meeting talk through your …
WORKING FROM HOME EXPENSE CLAIMS
During COVID 19 there were three methods that could be used to calculate working from home expenses Shortcut method available from 1 March 2020 to 30 June 2022 (whilst working from home due to COVID 19) Fixed rate method available from 1 July 1998 to 30 June 2022 (home office running expenses and electronic device expenses) Actual expense method – that is calculating the actual expense incurred as a result of working from home. From 1 July 2022 taxpayers can continue to claim their actual expenses or alternatively use the revised fixed rate method. The shortcut method is no longer …
Managing Change in your Business
Successfully implement change in your business Research by Kotter International found that more than 70% of change projects within a business fail. Why is this? The research findings show that employee engagement is the biggest factor. Whether it is a small change to one or two processes, or a company-wide change, it’s common for staff to feel intimidated by it. So what can you do for successful implementation of change? Here are the principals from Kotter’s 8-Step Program: Get the team onboard Build support and create momentum behind the changes you are making by communicating the benefits with the whole …
Bringing your cashflow processes in to the digital age
Keeping on top of your cashflow is even more important during tough economic times. With a global slowdown on the cards, energy prices soaring and supply chain still challenges, cash is likely to be tight over the coming year and beyond. Cloud technology and fintech apps, can give your business the best possible control over its cash. Why is cashflow so important? To keep your business operating, you need enough money coming into the business to cover your outgoings – with enough surplus cash to deliver a profit. When recession begins to hit, this can have a significant impact on …