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The ATO has registered three data-matching notices on 26 August 2024 for compliance related purposes:
- Notice of a lifestyle assets: The ATO will acquire lifestyle assets data from insurance providers for 2023-24 through to 2025-26 for specified classes of assets, where the relevant asset value is equal to or exceeds the nominated thresholds. The data items include client identification and policy details.
- Notice of a Property management: The ATO will acquire property management data from property management software companies for 2018-19 through to 2025-26. The data items include property owner identification and property transaction details.
- Notice of an Officeholder: The ATO will acquire officeholder data from ASIC, the ORIC, the ACNC, and ABRS for 2023-24 through to 2026-27. The data items include name, contact details, date of birth, ABN, organisation details, state of incorporation, officeholder type, including officeholder role start and end dates.
As with all groups and relationships each member comes with their own views, opinions, values and beliefs. Personalities of all types come together, including conversative, traditionalist, liberal or progressive thinkers each with their own agenda.
Family Business are no exception.
Put in the spotlight, we see Family Business enterprises are unique in that their personal and professional realms are intertwined. Family Members are the drivers, with the power to influence decisions, they govern, own and control operations. But this doesn’t equate to cohesion, they are no different when it comes to differences. Relationships can be strained, and tensions arise.
Do you recognise this scenario in your family Business, 'Mary feels overlooked in the promotions, with little opportunity for growth. Discontentment that is festering as sibling rivalry with her brother. Friction now hampers both their performances'. If ignored this can undermine the operations.
The key is to understand the issues and mitigate potential conflict by taking preventative measures. Foster a harmonious work environment. Happy workplace, happy family.
6 Common differences
- Differing Values, Goals and Family vision
- Lack of Clear Roles and Responsibilities
Failure to implement – Failure to act!
And who hasn’t, despite knowing what to do and how to do it, we just don't take the action to get it done.
And small Business are not immune, they too can suffer the implications and ramifications of FTI.
- They don't do as well as they could
- Growth is hampered
- There is lost opportunity
- Development is stifled
- Owners are caught up in day-to-day activities, can be overwhelmed or distracted.
- There is failure to act, to implement, the job doesn’t get done.
Sound familiar! Do you recognise yourself?
Yes! Keep reading, there are strategies and steps to overcome the tendency toward inaction. Lead by example and say goodbye to FTI!
5 Key Strategies to implement
1.Internal Inspiration: this is the internal light and energy from within that fuels and inspires your visionary thinking. Inspired successful small Business owners see opportunity in challenges, they are always on the lookout for new ideas and ways for improvement, personally and in the Business. They can see possibilities where others don't. Mind-set is key here. Dream, aspire, have visions and believe you can achieve them.
2.Embrace Learning:
This power can’t be underestimated in today's competitive landscape.
In these inflationary times with cost-of-living pressures shoppers are looking to stretch their dollar and increase their purchasing power. To get more for their ‘dollar’ they are seeking bargains, gifts and discounts - enticements that often appear in the form of customer loyalty programs.
This has seen Businesses respond, adopting a loyalty business model. This aims to increase the loyalty of customers and other stakeholders that results in meeting objectives and profits. Rewards, relevance and recognition are considered key elements of strong and effective loyalty programs.
As competition heats up, the big players in various Industries are investing heavily in offering a range of loyalty bonuses and rewards. Discounts, promotions, and incentives with purchases of food, fuel, flying, the list goes on!
What’s happening in your Business/Industry?
More importantly, are you getting your share of the ‘loyalty’ market!
Customer loyalty is best described as an ongoing positive relationship between a customer and a Business. It drives repeat purchases, brand loyalty and retention. Your customer chooses your company over another offering similar or the same products or service. Your loyal customers return, Cha Ching, the sound of the cash register!
Is your register cha-chinging?
If you are a small Business how do you compete with the ‘big’ operators with big budgets?
This is where small Business needs to be smart!
Attracting, building loyalty doesn’t have to come with a huge price-tag. Show your appreciation with goodwill gestures such as the coffee card bonus free cup. Very popular! Who doesn’t have a card ready to be tagged! I do!
Hands up who hasn't shared a story with friends of why they will support and be loyal to a particular Business or service. And this where small Business gain market share.
Building loyalty by delivering good ‘old-fashioned’ service. Loyalty earned with your words and actions.
Check the list below, does it match your 'mantra'
Spring has sprung, bees are buzzing, birds singing and buds budding, bringing a promise of new beginnings. This season radiates energy, a sense of growth and opportunity. Who isn't inspired and motivated!
It’s time to act, dust away cobwebs, freshen up our homes, gardens and minds! And if you are a small Business operator, be inspired and tackle a spring clean of your enterprise.
The Importance of Spring Cleaning Your Business
It's not rocket science! Spring cleaning your Business has the potential to boost productivity by creating a more organised environment and decluttered workspace. It’s also a great way, an opportunity to build morale, revitalize and revigorate you and your Team.
Don’t put it off, roll up your sleeves and get started with the following steps
1. Review and Update Your Business Plan
Start by reviewing your Business plan. Review and reflect. What is your Business vision and Strategic goals. Get buy-in, sell and share with Team members. As leader you can get caught up with everyday operations and it's easy to lose sight of the bigger picture. Take the time to identify what actions are needed to achieve the desired goals and objectives.
2. Streamline Your Processes and Workflows
This is about running operations smoothly, whatever the product or service. That result comes with efficiently designed and run processes and systems. Explore technology, such as AI automated tasks. Eliminating bottlenecks will keep the production line moving, along with well-maintained equipment backed by highly trained staff to maximize input with output. Get the cogs working effectively as they should, machinery and human resources.
3. Clean Up Your Digital Workspace
Your Accounting Partner
Your Management Accounting Partner
Your Expansion Engineer
Your Special Projects Partner