Blackburn Accounting

Business

Helpful Tips

Don't we all want to enjoy and reap the rewards of having a successful and harmonious Business environment.

I'm sure like most readers you said Yes!

What does it take?

Check these 7 Tips to building a happy, successful family Business

Have and share the Vision

Communicate, collaborate, and facilitate to unite the group

Treat the Business as a Business. Separate personal and work matters

Business

Leadership

As a leader when it comes to selecting your Team ideally you have some choice.

And if you are a savvy, smart leader you will acknowledge your leadership style and how that will, can, influence your team selection.

For example, in the ideal model the Leader leads a strong team combining a group of individuals united in their effort to achieve common goals. They bring together their unique skills and abilities, sharing ideas, solutions and solving problems. As a Team, working and supporting each other to enhance a collective performance.

Building a ‘winning’ Team.

This begins with assessing your leadership style, strengths and weaknesses and using that to guide your recruitment. Form your team picking members that complement your abilities plus diverse others to fill any gaps. The skill is to draw on the best from all members, including yourself.

The four most common leadership styles are:

Coaching (Conscious) - focuses on developing people

Authoritarian, (Autocratic, Coercive, Commanding) about mobilizing people towards a vision.

Democratic, (Participative or Facilitate), involves creating consensus.

Laissez Faire (Delegative), a 'hands-off' approach.

1. Coaching style:

An example Satya Nadella, Microsoft who stepped into the role of CEO, when the business was experiencing a time of stagnation. He encouraged employees to embrace a growth mindset and made himself readily available to support them. His coach-like approach ultimately shifted the company culture bringing a successful and innovative period for the company.

This approach highlights:

Success Formula

A question often raised. Is there an answer!

In the current inflationary trading environment small Businesses and not so small are looking for answers, ‘fixes’, ways to get an edge and keep the cash flowing. Reinvention, revival, survival!

Sound familiar? What does it take!

A Winning Formulae!

Start by going back to sound Business basics, learning from mistakes, turning disappointment into opportunity, and keeping your belief and passion. No simple answer but consider the following gained from experience and research.

10 Tips and Snippets, check if you tick the list.

Build Trust: Who wouldn’t like to be ranked highly on the ‘most trusted brand’ list. According to a recent report Bunnings scored top with its pillars of trusted brand, including, great customer service, solving customer problems, being an active part of the community, communicating what it stands for and product knowledge.

Understand your market and develop a solid, sound Business Plan. Find your niche, know ‘the what’, why and how you will deliver your product to achieve the results you are wanting to achieve.

Invest in yourself. To stay ‘current’ be prepared to further your knowledge, with formal education and learning new things to grow as a person, be informed and help stay ahead of your competitors. You are never too old or young to learn or keep learning!

Family Business

Behind and at front of a family Business are the family members, the driving force of success. It is this performance, investment of self along with family unity, pride and loyalty to the Business that achieves the best results. This is often described as socioemotional wealth that contributes to overall performance and results. A positive harmony of relationships.

But this harmony sometimes goes off key. Family Businesses become management nightmares, with conflicting missions of making a profit and providing jobs for family. For example, problems arise when family are underperforming at the expense of the Business performance.

What happens when relationship dynamics are not dynamic. How do you deal with under-performing, uninterested or unenthusiastic family or relatives? And What to do if rules are not adhered to, or relationship lines become blurred or overstepped!

What to do! Get back into tune by adopting some sound ‘people’ management techniques.

Firstly, let's look at performance, what influences and determines it. The top 4 factors are:

Company culture
Employee engagement
Performance management
Dealing with people problems

Company culture sets the framework. This is an agreed Mission statement and vision for the future that underpins the organisation. It is the shared values, behaviours and attitudes that make up a work environment and aligns with company branding and messaging. Culture is what creates the day-to-day experience at a company. The key is getting everyone on the same page.

Employee engagement. Whether employing outside recruits or family members, fair and equal processes and systems must be in place. Appointment on skill and merit is vital, supported by appropriate training as needed for all employees. Nepotism is a weakness of family businesses when those not qualified are selected or promoted, causing inefficiencies or resentment.

Tax
Business

2024 Budget

It's out!

Here are highlights from this month's Federal Budget 2024-25 announcements.

Checkout what they mean for you and your Business.

The instant asset write-off policy has been extended for another year. This allows Businesses with a turnover below $10 million to an immediate deduction of $20,000 per eligible asset.
The Budget also sets aside $641.4m over the next financial year for ‘targeted support’ to small Business including the above initiative.
Includes energy bill relief of $325 to eligible small Businesses
Investment to deliver and expand the Digital ID System and
Building cyber resilience, providing free cybertraining for Small Business operators and their staff.
To help increase the number of Apprentices and Tradies includes funding for 20,000 new fee-free TAFE, VET, and pre-apprentice courses related to the housing sector, and $1.8 million to help fast-track assessment of potential migrants, that may have relevant construction-related qualifications.
The government has pledged to expand its ‘new energy’ apprenticeship scheme to encourage greater uptake.
Stage 3 tax-cuts from 1 July this year:Reduce the 19% tax rate to 16%; reduce the 32.5% to 30%; increase the 37% tax threshold from $120,000 to $135,000; increase the 45% tax threshold from $180,000 to $190,000.