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In all aspects of our lives, personal, career, Business or community, relationships, healthy relationships are the cornerstone of happiness and success and finding our fulfillment.
It therefore makes sense that being more ‘connected’ with our ‘self’ makes us better equipped to engage and connect and build healthy relationships with family, friends and colleagues. If we are happy with our ‘self’ we are more likely to feel good about reaching out and connecting positively with others.
What Makes Relationships So Important to us
From the time of birth, we are wired to connect with others for our emotional needs and it follows that building healthy connections and relationships is paramount throughout our life’s journey.
In a business environment, building healthy relationships is essential to achieving business success. It is now widely recognised that our ‘soft’ people skills such as empathy, compassion, honesty and accountability that are the basis to developing creditability and trust with our teams and sectors. These skills form the emotional connection.
The Why, the Benefits of Healthy Relationships
People who have healthy relationships are more likely to feel happier and more satisfied with their lives. Healthy relationships can also help increase our sense of worth and belonging, helping us feel less alone. These positive feelings also contribute to better mental and physical health well-being.
How to foster and strengthen relationships
A healthy relationship is one where both people are connected and respected. That doesn’t mean there might not be disagreements or challenges but there is a commitment to work through issues, rather than ignoring them.
Developing healthy relationships are fostered by getting to know the other person, building rapport by actively listening, and giving them your time, understanding and attention. These are the building blocks for a strong and solid foundation in any setting, personal or career.
The Takeaway message
In all aspects of our lives, making connections, building and nurturing healthy relationships is an essential part of finding a fulfilling life.
5 Easy Steps to Building a Healthy Relationship with your Team, Clients and Business networks
Step 1: Meet with your Team on a regular basis. Actively engaging is essential to build strong trusting relationships. Share the Vision in a way that your Team see themselves as contributing to the outcomes and success.
Step 2: Make time if needed. Your time is valuable but avoid being unavailable.
The benefits of retaining, keeping your ‘good’ existing staff are numerous! Such as, saving the cost of recruitment expenses, disruption to the workplace and productivity thus creating a more cohesive team e
nvironment.
Looking after your staff makes for happy employees. Happy staff are usually more productive and creative, and less likely to leave, so it makes sense to adopt robust retainment strategies.
Read on to discover our 6 Top Tips on How to Keep your ‘Good’ existing staff
Tip 1: Value your Team. Show you care for them by treating them as individuals. Get to know them to better understand them and visa versa. Reward and recognise their contribution and effort towards achieving the Business goals. Let them know they matter and foster loyalty. Loyalty can't be bought.
Tip 2: Foster healthy relationships. Develop meaningful relationships built on trust, respect and honesty. Lead and support your Team, encouraging open lines of communication to build rapport and understanding. Listen and hear what they say, and act as needed.
Tip 3: Build a positive workplace. Make it a place people want to be part of. Adopt best practice in all areas, and include social events for networking opportunities. Acknowledge differences and diversity as a strength to creating a healthy workplace culture.
If you have answered yes to the above questions keep reading, we have strategies to help you.
We all know the importance of carefully managing your finances to stabilise your Business, so it goes without saying that carefully managing debt is paramount to survival.
In essence controlling debt, effectively managing it is crucial for small Business.
Most of us have a financial business strategy that needs to be carefully managed in order to benefit your Business. But if neglected or mismanaged debt can destroy you and your Business. In the current economic environment of inflationary pressures and rising prices now more than ever managing debt is essential for Business survival. If you are feeling worried or overwhelmed, seek professional financial help if needed, debt problems don’t usually go away or solve themselves. Don’t wait until your Business is in a financial crisis!
Contact us now, Blackburn Accounting we can help you manage your cashflow and get on top of debt.
8 Effective Debt Management strategies to guide you.
Strategy 1: Review and Prioritise your Debts. Gather relevant details, you need to know who is owed what and when is it due and importantly how to pay them. Your liabilities can include
- ATO obligations – GST, Income tax
- Super obligations
- Loan repayments and overdrafts
- Suppliers
Strategy 2: Revisit, Rework your Budget. Your budget should identify all income sources, fixed costs and variable expenses. With careful examination you might find areas for savings, or trimmings. This is a critical exercise to get the full factual picture.
Strategy 3: Cashflow Management. Managing Cashflow is tracking and knowing what's coming in from revenue and what's going out for expenses. Managing this flow is vital for any Business and is the lifeline for small enterprises. And there are effective ways to better manage and keep on top of this.
ATO taking firmer steps to recover debts!
As we emerge from the COVID crisis the ATO has announced it will be more active with its debt collection recovery actions,
- particularly targeting those refusing to engage with them or those posing higher risks.
- These actions include recovery of director penalties, disclosure of business tax debts, garnishes and legal steps including creditors petition, summons and insolvency action.
The ATO’s preferred position is resolution through engagement rather than enforcement, acknowledging many small Businesses have been doing it tough during the pandemic.
To back this approach and help Debtors, they are offering tailored support and assistance to those with overdue debts.
You can take steps to avoid aggressive action.
Options include:
- importantly contact the ATO to discuss your situation so payment arrangements can be set-up.
- Alternatively, taxpayers with debts should speak with their registered tax agent who is authorized to act on their behalf.
Need help!
Blackburn Accounting is a tax specialist. Contact us today.
The ATO can be contacted on 13 11 42 or go to their website ato.gov.au/debt
Getting the most out of your money and resources - who doesn’t want that?
Living beyond your means! are you overcommitted, caught up in a lifestyle that is financially beyond your means?
Do you want to cut expenses, curb costly habits and have more money, and get more out of it?
Yes! Keep reading, frugal living may be the solution you are looking for!
What is Frugal living?
Frugality, frugal living, it’s an old-fashioned concept, a thing from the past but now back in ‘fashion’ in these times of spiralling costs of living. Many households stretching their budgets are looking for ways to find savings, refine their spending patterns, and rethink the use of resources. Others, a new generation see this lifestyle as a means to save to retire earlier. For some, it’s a philosophical approach to life. Whatever your reason following frugal living habits can offer benefits.
Frugal living is about being resourceful and economical with your money and spending habits, knowing what you are spending on, maximising the money you spend and avoiding spending on things that aren’t important to you. Its about being smarter, intentional, with greater control.
To reiterate, it's mastering the art of resource maximization!
What are the benefits of frugal living:
- By spending less you are on the path to becoming more financially independent
- Wasting little and recycling
- Avoids unnecessary consumption
- Find fulfillment that doesn’t come from consumption!
- Escape extravagance, excess and lavishness
Being frugal doesn’t mean being tight-fisted, mean with money, or a ‘cheapskate'. Frugalists are more considered in their approach to money and its use. Cheapskates on the other hand usually hate and avoid spending money, and when they do buy they always buy the cheapest product. The frugal however will consider the options and may purchase more expensive items if it offers better quality and value for money. They adopt values-based spending patterns, spending on what is important to them rather than just spending and buying for the sake of it, and accumulating material goods.
Frugal is about being discerning with your spending. You don’t have to sacrifice everywhere or everything!
For example, if you are running a marathon buying the cheapest pair of runners may not be smart or have any savings, for either your feet or budget. The frugal shopper considers what is better, ‘smart’ value. Purchasing a better-quality shoe, the more expensive style will come with features to help support and protect your feet and you in undertaking an epic event.
A frugal approach is worthy but being cheap isn’t, particularly at the expense of others! Dining out with friends on a regular basis, when the bill comes, make sure you have a turn at paying! Don’t be the cheapskate always looking for a free meal. Cheapskates will soon find they don’t get invited back!
Same with the shout of drinks! When it’s your turn to ‘shout’ the round and pay the tab, don’t disappear or head for the exit!
8 Top Tips to Living Frugally
1. Get back to the basics. Ask yourself, what do I need to have a safe, comfortable lifestyle?
2. Create a realistic Budget, and track all your money, income, and spending.
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