Spring the season of new life and beginnings!
With that in mind, why not spring into action by undertaking a
‘Health’ Check-up of your Business!
Act now, and get into shape for the coming year!

The 5 Point Business Health Checklist
1. Are your insurances sufficient, up to date?
2. Are your computer systems reliable, adequate?
3. Are you aboard Digital platforms?
4. Do you have sound Accounting systems?
5. Do you need expert advice?

Useful Tips
Processes. Check the efficiency of your practices and processes. Streamline and automate as needed.
Plan Meetings with a purpose. It is amazing what a difference small can make. Time is money! Your money!
Review materials and utility charges. Are there more efficient methods or practices available? Consider paperless options, more effective heating or cooling systems etc.
Empty your mailbox/Inbox. Stay on top of your correspondence for greater efficiency and a clearer mind. Better for you and your customers!
Explore new ways to sell. Online is with us and is adaptable to most Businesses. Don’t get left behind! There are customers out there waiting to see and buy your products and services.
Examine your Inventory. Poor management can cost you. Look to move old stock with sales or promotions to bring in new products.

 

Need expert advice?
Need help with the above matters, don’t wait.
Blackburn Accounting is available to provide answers, solutions and professional advice.
Contact us today!

 

Establishing and maintaining an Online presence is critical, providing a number of opportunities. This has been demonstrated over the past year during the challenges of COVID.
Online, regardless if through your website, social media platforms or email marketing, Online, is a must for many reasons.
• to attract new customers
• stay connected with existing customers
• show-casing your goods and services
• promoting new lines
• advertising specific ‘deals and offers’
Importantly,
all ONLINE information must be up to-date, accurate and customer user-friendly.

 

Tips: Going Forward
• Refresh your digital marketing approach if needed
• Boost your Business by Blogging
• Be Online to be seen and heard and to generate sales
• Have fun with your Marketing; it can help lift spirits during these tough times

New Trends: Identify Opportunities
2020 saw interest and increased demands across and array of goods and services; such as homewares and home improvements; DIY Projects; wellness-based activities; at home cooking and people wanting to learn new skills. This interest has continued in 2021. Already Retailers and Suppliers are suggesting we start thinking our ‘Christmas list’ purchases. Now is the time to consider how your products, goods and services can tap into these market trends.
Importantly, consider also how you can do your Business differently to respond pro-actively to a changed environment.

 

More Opportunities
Seek out and embrace new Events and Activities.
Check out Seasonal Calendar promotions, including at the Local and International level. For example, ‘Black Friday’ a traditional US pre-Christmas shopping sales and marketing event has gained a wider following. Check out more to see if you can find a niche.
At the local level many Local Government Councils actively support and promote community Events, such as Market days, and similar, that during COVID have become popular. With travel and other restrictions many potential customers are looking to attend and spend.
Why not let it be your goods, services and products they choose.

1. You can’t do it all yourself no matter how good your time management is!
2. Learn from your mistakes!
3. If you go into Business ensure everything is done legally.
4. Cash is king!
5. Being good in your profession doesn’t guarantee a successful Business.

 

1. You can’t do it all yourself no matter how good your time management is!
A trap for solo Business owners is thinking that you should always be doing more and more, but that is a path to burn-out.
Tip: Identify between important tasks that can help move your Business forward, rather than wasting energy on ones that simply keep you busy.

2. Learn from your mistakes
Most of us make mistakes! The lesson is to learn from them. Treat it as a lesson in what not to do and how to do it differently next time.
Tip: Remember there are professional Business advisors you can turn to when making key decisions.

3. If you go into partnership ensure everything is done legally,
regardless of partnering with family, friends or others. The same checks apply if entering working arrangements. Formalise a legal partnership Agreement.
Tip: Evaluate potential Business partners to see if you share goals or compliment what each brings.

4. Cash is king!
Aim to get paid on time and also pay on time! It is critical to that you get paid for the work you do if you are to be a viable Business. Paying your own suppliers on time positively builds your Business reputation and your credit record.
Tip: Staying on top of your cash-flow is essential even if it means having that awkward conversation, sending a ‘demand letter’ or tightening up your terms of trade with your customers.

5. Being good at your profession doesn’t guarantee a successful Business.
Just as you gained skills in your profession so to as a Business owner you need a range of specific skills. Business planning, sales, and marketing, financial literacy are some skills needed to run a successful Business. These are the Business accruements beyond the skill set of your ‘tools of trade’
Tip: Seek professional training/ Courses and engage experts if needed.

 

 

 

Many West Australians are generous and supportive offering donations to various ‘Charities’.
When it comes to tax-time we are reminded to check that donations claimed in our tax returns are legitimate to turn our charitable giving into a positive for all.
This reminder comes from the ATO, with the message there are four reasons why a claimed gift may not be deductible.


For example;
Not all Charities and Not-for-Profit organisations are endorsed by the ATO as deductible gift recipient. This includes many online crowd funding campaigns to raise money for individuals and various causes.
Another example is people donating directly to foreign Not-for-Profits and Charities. Such donations are not tax deductible unless the organisations are a registered Australian DGR.
Tax-payers were also reminded to keep their receipts to verify payments.
It is worth noting if you make one or more donations of $2 to bucket collections run by an approve organisation you can claim a tax deduction of up to $10 for the total of those contributions, without a receipt. Worth remembering when the donation-bucket comes your way during the year!

 

Another reason your claim may not be deductible is where you expect to receive or receive, monetary or personal benefit or advantage in return, such as raffles.
Have questions Blackburn Accounting can help with all your taxation matters,
including Gifts and Gifting.

Blackburn Accounting are your family Business and Tax specialists.
We offer;
• Preparation of Business and Individual tax returns
• Prompt, personalised service
• No return is too big or too small
• We aim to legally minimise your tax and maximise your return
• We are experts in Tax law

 

Take the first step by reading this article on the 5 Steps to Creating a Basic Business Budget, your Business Budget!

 

Step 1: Identify and tally all your Income sources.
This step is critical to determine exactly how much your Business is bringing in each month and the source of that income. For example, start by reviewing your Sales figures. Your sources of course will depend on your Business model.
Step 2: Establish all Costs (expenses)
Begin with ‘fixed’ expenses items. Examples are rent, payroll website/internet and phones. These are usually fixed monthly accounts that can be gathered from records (contract /lease or other similar arrangements).

Step 3: Record Variable Expenses

These are costs that vary each month such as usage charged utilities (gas, electricity); travel costs or sales commissions. At the end of each month tally these expenses and if you monitor over time you will be able to see fluctuations and trends that will help with your financials and budgetary planning.
Step 4: Forecasting One-Off Spends
Predicting One-Time spends provides a buffer for both one-off and unplanned expenses. For example, a new laptop or unexpected like hiring an IT expert to deal with a security issue. Remember, it is important to factor these less frequent items into your planning as they do happen!
Step 5: Bringing It All Together
Now is the time to bring it all together to create a complete picture of your financial affairs for the month.
Firstly, list and tally-up all Expenses and do the same for Income. This exercise includes adding your total fixed costs, variable expenses and one-off spends; then compare cash flow in (Income) to cash flow out (Expenses) to determine your overall financial position.
Next, to summarise; Total Income minus Total Expenses = Total Net Income.
This calculation provides a snapshot of your profitability (or otherwise) to guide your financial decisions going forward.