Starting up a business takes a lot of hard work and is daunting to many people. It is often difficult to tell whether or not the business will fail or thrive until after the startup period. You can, however learn from the mistakes that other people have made when starting up a small business. Here are 5 common blunders to avoid when starting up a new business.
Are you stressed about your upcoming BAS obligations? For many small business owners, lodging your quarterly BAS and finding the money to pay on time can be quite daunting. If you find yourself in this situation, don’t stress; there are steps you can put into place to ensure you are on top of your BAS obligations moving forward.
If a taxpayer has an overdue obligation, the law allows the ATO to make an assessment of their taxable income. The assessment is known as a default assessment because it is made as a consequence of the taxpayer defaulting on their lodgement obligation.
One of the most common questions people ask about estate planning is when they should review their Will. It’s important to review your Will on a regular basis, to make sure it still reflects your wishes. It is more than likely your wishes will change as you grow older, and, as a result, you’ll need to make revisions to your will at different stages of your life.
If your business plan does not discuss risk it may in fact make the company more vulnerable, especially if you’re not aware of the market or industry shifts that can affect the viability of the company overall. A risk management plan can help minimise the impact of cash flow issues, damage to brand and other risks. It will also help create a culture of sensible risk awareness and management in your business.
Unfortunately, when dealing with customers on credit terms, you’re likely to encounter the customer who just doesn’t pay despite having received your goods and/or services.
Under the Property (Relationships) Act, a de facto relationship is defined as a partnership between two adults who are not and never were married, living together as a couple and are not related to each other in any way.
As we embark on a fresh year, it really pays to reflect on some of the fundamentals of marketing a small business beginning with creating the perfect customer experience.
A perfect customer experience will keep the customers coming back time and time again; it can turn first time customers into lifelong customers. Customer experience should be included in your marketing strategy and should be one of the main aims of your business. So how do you make sure your customers are getting this perfect experience?
For small businesses, social media sites such as Twitter are a great tool as they allow the company to be in direct contact with its customers. However, many businesses are missing out on this useful and easy to use tool because they don’t know how to use it effectively.
Everyone should consider writing a Will, even more so if you have any assets or children under the age of 18. Many people aren’t quite sure what’s involved in a Will or why they should have one. Your Will not only states who inherits your assets, but also who looks after your children and your estate. Below are common issues covered in most Wills.