In business, your capacity to meet deadlines can significantly influence your reputation. It’s not just about delivering quality work—it’s about delivering it on time. Meeting deadlines not only builds trust with clients but also ensures your operations run like a well-oiled machine.  Let’s explore ten essential tips to help you master the art of timely project delivery. Make deadlines non-negotiable Treat deadlines as sacred commitments rather than mere suggestions. By…  Read more

We are currently witnessing a remarkable transformation driven by artificial intelligence (AI) and automation. While these advancements promise to enhance efficiency and speed, business owners must recognise the enduring importance of soft skills in their teams for long-term success and competitiveness. The World Economic Forum’s Future of Jobs Report highlights the disruption of skills we will see in the coming years, pinpointing critical competencies for future success: Analytical thinking Creative…  Read more

It’s amazing how some books stand the test of time. Stephen Covey’s The 7 Habits of Highly Effective People is one of those. Although it was first published over three decades ago, its lessons are still incredibly relevant for business owners. You might wonder – how do these habits fit into today’s landscape of changing trends, tight deadlines, and constant distractions? The short answer is, they’re timeless because they focus…  Read more

Understanding financial statements might sound daunting, but it’s crucial for small business owners to stay on top of their game. Each financial report offers unique insights into different aspects of your company’s health. This listicle will break down the essentials, helping you make informed decisions and ultimately steer your business toward success. 1. Balance sheet What is it? The balance sheet provides a snapshot of your company’s financial position at…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Chalmers skirts budget deficit question Jim Chalmers declined to directly answer whether a total of forecasted $122.1bn in deficits will increase in the mid-year budget update set to be released on Wednesday. Appearing on Sky on Sunday, the Treasurer declined to directly answer whether the Mid-Year Economic and Fiscal…  Read more

Starting a business is a thrilling adventure, filled with dreams of innovation and success. But let’s be honest—it’s also a bit of a gamble. Many startups face obstacles that, if not navigated carefully, can lead to failure. While vision and leadership are often highlighted as crucial elements, it’s the relentless grind of hard work and experimentation that truly makes the difference. Let’s dive into some common pitfalls that every budding…  Read more

Year-end (and other) staff parties With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients. FBT and ‘entertainment’ Under the FBT Act, employers must choose how they calculate their FBT meal…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s economy growing at slowest pace in decades, propped up by government spending Household spending did not pick up in the September quarter in the way economists were hoping. Australia’s economy recorded its weakest annual growth rate in decades in the September quarter, outside of the pandemic. Private demand…  Read more

Can staff celebrations attract FBT? With the holiday season coming up, employers may be planning to celebrate with their employees. Before they hire a restaurant or book an event, employers should make sure to work out if the benefits they provide their employees are considered entertainment-related, and therefore subject to fringe benefits tax (‘FBT’).  This will depend on: the amount they spend on each employee; when and where the celebration…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Small-business complaints to AFCA on the rise The number of complaints raised by small businesses to the Australian Financial Complaints Authority (AFCA) reached a record high in 2023-24, the agency reported. Small businesses took 4,466 complaints to AFCA in 2023-24, a rise of 17 per cent on the previous…  Read more

Setting financial goals for your business may be one of your most important responsibilities as a leader and business owner. Your financial goals serve as far more than wishful projections, they form the backbone of your road map for success, internal and external. Financial goals are something that every single business should possess regardless of its market, model or size. Let’s explore how you can set and track financial goals…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. What the RBA is really looking at when it sets interest rates Eight times a year, the Reserve Bank meets to decide whether to raise, hold or cut interest rates. The decision impacts the 3.2 million Australians who have a mortgage on their own home and has flow-on effects across the entire…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Is this employment data a sign we are nearing the end of the great resignation? New data on the Australian workforce could suggest the great resignation may be winding down, at least here in Australia, anyway. Findings from Mercer’s Total Remuneration Survey published as part of its Australian Salary…  Read more

As the festive season approaches, many businesses are gearing up for Christmas parties! Many employers (including us) will be planning to reward staff with a celebratory party or event.  However, there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients.  Here’s a quick rundown: **No Separate FBT Category** There isn’t a specific FBT category for Christmas…  Read more

Delegation is a skill often discussed but rarely mastered, especially by small business owners who are wearing multiple hats. The balancing act of managing daily operations while pushing for growth can be overwhelming. Imagine if you could free up hours in your day to focus on strategic decisions rather than getting bogged down in every minute detail. This is where the art and science of delegation come into play. By…  Read more

Hiring employees for the festive season As the festive season approaches, employers that hire new employees to help with their business should remember the following when it comes to their employer tax and super obligations: Employers should make sure they are withholding the right amount of tax from payments they make to their employees and other payees, especially as this will help their employees meet their end-of-year tax liabilities; Employers…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia ‘not immune from trade tensions’, Chalmers says Australia’s economy will not be immune from escalating trade tensions, Jim Chalmers has warned, as the Albanese government prepares itself for an incoming Donald Trump administration. In a speech on Monday, the treasurer will outline the risks of an “uncertain world characterised…  Read more

In any successful operation, accountability is the bedrock upon which trust and performance are built. At the heart of this dynamic are leaders who not only demand accountability from their teams but also embody it in their leadership style. Here’s how they maintain a culture of accountability: 1. Communicate and uphold high expectations Accountability is a framework that helps individuals understand what is expected of them, ensuring they meet expectations…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia inflation slows but sticky core to push RBA cut to 2025 Australian consumer price inflation slowed to a 3.5 year low in the third quarter, though the core measure was still sticky and reinforced market wagers that the central bank won’t start cutting rates until next year. Overall,…  Read more

Celebrating Excellence: Named Finalist in ifa Excellence Awards 2024 We are thrilled to announce that Petra King has been named a finalist in the prestigious ifa Excellence Awards 2024. This unparalleled awards program identifies the top businesses and professionals in the financial services profession across the nation. The finalist list, announced on Monday, 14 October 2024, features over 304 high-achieving professionals and businesses across 33 submission-based categories. Securing a place…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. How Australia’s housing market compares to the rest of the world Australia lags behind much of the world when it comes to home ownership, and households are taking on far more debt to buy a house than in other similar nations. Less than two-thirds of Australians (63 per cent) own their…  Read more