As we embrace the new frontiers of AI and consider the pros and cons it is timely to remember that Technology has advantages when used for positive purposes! 

Already AI has found many applications in our world today, often in such subtle ways that it goes unnoticed, despite its widespread use. From Smartphones, security cameras and the invisible algorithms that control our Internet devices our lives have been transformed for the better, providing greater ease and convenience. 

It’s been adopted across Industries such as Finance, Retail, Transportation and Healthcare and into processes, products and services as a tool for improving efficiencies and solving complex problems.

With the progress and surge of rapid advances in Technology you may be asking how does and will they affect me, my Business!  Could we, will we be taken over by robots and avatars!

Let’s get started by getting to know more about AI!  

What is AI?  

AI is a branch of computer science dedicated to creating computers and programs that can replicate human thinking. In simple terms, AI, Artificial Intelligence is the simulation of human intelligence processes by machines, particularly computer systems. Specific applications, components, include natural language processing, speech recognition, expert systems and machine vision. 

How does it work?  

AI systems generally work by ingesting large amounts of labeled training data, analyzing it for patterns and correlations, then using those patterns to make predictions about future states. Chatbox is an example that if fed the information is creating realistic images, text boxes and music. 

Why is it important? 

It has the potential to further change our lives and has been used effectively in Business to automate tasks undertaken by humans, such as, quality control, customer service work and fraud detection. Where the task is repetitive, and detail orientated its capabilities include completing jobs quickly and with few errors when analyzing large numbers of documents.  

Other advantages include unbiased decision-making and systems 24/7 availability.

AI Examples & Trends - How Businesses can improve and optimize their operations: 

• Healthcare: uses AI to improve diagnosis and treatment of diseases and help Providers make more informed decisions.
• Enhance Customer service: Language translation to improve the customer experience such as Chatbox which provides quick and convenient assistance and support at any time.
• Software development: to create new products and services, such as AI powered digital assistants to help people with disabilities undertake tasks.
• Voice Assistants: Instagram and YouTube home pages use AI to create personalised content for their users.
• Automate routine tasks: Performs repetitive jobs quickly and efficiently, that are otherwise mundane for humans
• Streamline operations: AI can be implemented to improve productivity, reduce waste and enhance processes such as used in manufacturing to detect defects. 

Issues, Disadvantages: 

Reminder the ATO is back to Business-as-usual debt collection.

ATO reminds Business to pay before they disclose their debts. 

(Announcement 6 October 2023).  

The Australian Taxation Office (ATO) is warning businesses to engage with their tax and super obligations to avoid having their debts disclosed to credit reporting agencies.

As the ATO shifts back to business-as-usual debt collection, as of July 2023 it has issued Notices of intent to disclose business tax debts to more than 22,000 businesses with a tax debt of at least $100,000 that is overdue by more than 90 days.

ATO Assistant Commissioner Jillian Kitto said paying or engaging with the ATO is the only way to stop a business’s tax debt becoming visible in credit rating checks. ‘We want to work with businesses to help them get on top of their debts. Anyone with a debt is encouraged to reach out to us as soon as possible,’ Ms Kitto said. 

Need help or advice.

Be proactive contact Blackburn Accounting for your Business accounting matters and Cashflow Management guidance. 

The ATO is urging small businesses that have overdue income tax returns, fringe benefits tax returns or business activity statements to take advantage of its amnesty to get back on track with their tax obligations if they have fallen behind. 
 
The amnesty applies to tax obligations that were originally due between 1 December 2019 and 28 February 2022 and runs from 1 June 2023 to 31 December 2023. 
To be eligible for the amnesty, the small business must be an entity with an aggregated turnover of less than $10 million at the time the original lodgment was due. 
 
During this time, eligible small businesses can lodge their eligible overdue forms and the ATO will then proactively remit any associated failure to lodge (FTL) penalties. 
When forms are lodged with the ATO under the amnesty, businesses or their tax professionals will not need to separately request a remission of FTL penalties. 
 
The ATO also encourage all businesses to lodge any overdue forms even if they are outside the eligibility period. Whilst forms outside the amnesty eligibility criteria will attract FTL penalties, the ATO will consider your circumstances and may remit such penalties on a case-by-case basis. 
 
The amnesty applies to income tax returns, business activity statements, and fringe benefits tax returns.

Significant changes to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 are currently being phased in.  

Money laundering is the process of dealing in, disguising or concealing the origin of illicit funds to make it appear that the funds come from a legitimate source. 

The ATO is a partner agency with AUSTRAC. The ATO uses data to detect fraud, evasion, and other financial crimes.  

AUSTRAC is responsible for preventing, detecting and responding to criminal abuse of the financial system to protect the community from serious and organised crime.  

Expanded coverage (Tranche 2) from July 1, 2026, the law will extend to Tranche 2 entities including accountants, lawyers, real estate agents and conveyancers and dealers in precious metal/stones. 

This means the above professional services will need to comply with requests for information from AUSTRAC and meet its legal responsibilities. 

Blackburn Accounting is diligent in providing its range of services and looks forward to working within ATO rules to best serve its clients' interests and obligations. 

Authentic’!

just another buzzword, trendy or trite expression! 

You wouldn’t be alone in thinking that, but I am pleased to say once we delve deeper, we find there is more to "leadership" than just a word. Its real! 

Here are 6 Ways how you can become a more authentic leader!

The idea leaders should be authentic isn’t new but the term ‘authentic leadership’ has come into the spotlight since being coined by Bill George in his 2003 book, Authentic Leadership.  

And it’s a leadership style that has become relevant in today’s more complex and global interconnected Business environment, along with changed industrial relations expectations. Meaningful workplace relationships are the key to successful outcomes. Happy people, happy workplace, greater productivity. If you are a Business owner who doesn’t want that. 

Let's start by identifying and understanding what it is, what are the characteristics, impact and benefits of authentic leadership.  

Definition:  

Authentic leadership is a management style where leaders are genuine, sincere and true to themselves, their core values and beliefs. It’s about being honest and reliable at all times, acting in the best interests of all.  

Characteristics:  

• Genuineness, modesty and humility – a leader acknowledges their learnings and is courageous in sharing their journey

• Integrity – makes decisions made on principles  

• Self-awareness – understands themselves, their relationships with others and is willing to undertake self-improvement, adaptation and growth. 

• Transparency – open communication, open about their thoughts and feelings, sharing personal experiences and stories to create a connection that builds trust. 

• Vulnerability – they embrace vulnerability as a way to foster trust and growth but know when and how to maintain professional boundaries. 

• Empathy – having an understanding of other’s feelings. Stand in their shoes. 

• Ethics – embraces high standards, follows a strong moral code of right and wrong. 

• Results focused – creates a vision for the future and inspires, motivates others to see it. 

Benefits: 

• Authentic leaders inspire loyalty, trust and strong performance from their employees.  

• Employees are more likely to be job-satisfied, engaged and motivated.  

• Leaders who embody authenticity have the ability to create safe supportive workplaces and a culture that boosts team performance and happiness. 

• They create a collaborative and create work environment through open, honest relationships. 

There is more, check our Blog,

6 Ways to Become a More Authentic Leader 

Most importantly, what are the lessons learned from the pandemic to better prepare us for future challenges. 

Read on for our Top 6 Lessons Learned. 

In reflection, the changes brought about by COVID, saw small Businesses forced to learn some hard lessons very fast to counter the devastating impact. Some survived and thrived, and some didn’t.  The common thread is that Small Businesses learned some lessons that they need to apply going forward to brace for the next ‘unexpected’ challenge. We also saw the Australian Government provide Grants and Supplements to help support businesses during this period.

But to look to the future let’s first capture a glimpse of the ‘past’ world, major events that influenced and shaped us!

Pre COVID and post WW2 Australia was embraced by migrants escaping war-torn Europe looking for a better life. The 1960’s brought growth and prosperity, a mining boom in WAs north, a housing boom, Holden cars and employment opportunities. With few major fluctuations it was a stable environment, providing certainty. 

This lasted over the decades although housing booms and busts created interruptions.

Between August 1968 to May 1989, Australians saw the average mortgage rates rise from 5.38% to 17%. Then followed the 1990’s Recession we had to have according to the then Treasurer Paul Keating. This followed the stock market collapse of October 1987, caused by the international recession and high-interest rates.

In the years leading up to the GFC (2007-2009), economic conditions in the United States and other countries were favourable. Economic growth was strong and stable, and rates of inflation, unemployment and interest were relatively low. In this environment, house prices grew strongly. 

The global financial crisis (GFC) refers to the period of extreme stress in global financial markets and banking systems between mid-2007 and early 2009.   

Australia didn’t experience a large economic downturn or a financial crisis during the GFC due to several factors, including the relatively strong performance of the Australian economy and financial system. However, the pace of economic growth did slow significantly, the unemployment rate rose sharply and there was a period of heightened uncertainty. 

2019: the world as we knew it changed dramatically. COVID 19 a viral infection emerged and spread throughout the world with devastating effects, reaching Australia in January 2020! The rest is history!

COVID a Wakeup call!  

If so, how prepared are you and your Business for the next major challenge or sudden unprecedented crisis?! 

Ask yourself, how prepared am I to make critical decisions to respond to the effects of climate change, world population growth, fluctuating economic cycles, energy supply disruption, workforce instability, Technological changes, and Artificial Intelligence advancements, to name some.

To answer, let’s consider ‘lessons’ learned from the COVID pandemic fallout. Words that come to mind include Resilience, Flexibility, Creativity, new Mindset and Adaptability.  Thinking and acting differently, changing direction and behaviours. Nothing is the same, it’s not Business as usual!

To be stronger and better placed Businesses can adopt strategies, such as; 

6 Top Lessons Learned Strategies: 

1. Be prepared: by planning for the hard times, both financially and operationally. Don’t take things for granted, the unexpected can and does happen. Conduct a thorough risk assessment. Keep your Business model agile and flexible to better respond and adapt to changed circumstances and facing uncertainty. Recovery and continuity need to be part of your strategy.

2. Build resilience: Develop and support human capacity and capabilities. Work with your staff to provide and maximise resources, offer flexible working arrangements and social interaction opportunities. Stay connected, whether face to face or digitally. Build and bond with your Team.

3. Strengthen your Business model: by creating more and different revenue streams. Don’t let your Business stagnate, always be looking for new ideas, products and ways of doing things. Explore digital platforms to promote, sell and engage. Reach existing customers and find potentials thru social media.

Make it a bumper time by starting your marketing campaign now!  

Get in early, it’s an opportunity for small Businesses to boost their sales, engage with existing customers and attract new ones.  

If you are a small Business owner, it is important to understand the significance of this shopping frenzy, now one of the busiest retail periods of the year.   

Australians have eagerly embraced this American tradition and with cost of living pressures still biting, consumers are thinking smarter and are savvier about their festive spending. They are keen to grab bargains now and have most of their Christmas shopping done before December. Recent research found that 56% are spreading the cost. It was also revealed that Black Friday emerged as the biggest shopping day of 2024. Did your Business enjoy that success? 

Black Friday 2025, if you are a small Business, no matter your Industry, explore the possibilities with these 5 Marketing Strategies 

1. Leverage digital platforms: utilise social media channels to boost your exposure, tease and influence your audience. Craft creative messages, run targeted adverts, and create specific landing pages. Personalise email marketing to loyal customers and reward them with special deals. Use hashtags to effectively spread your message. 

2. Create enticing offers: make deals tempting and build anticipation! More than just lower prices, consider bundles, conditional discounts and exclusive Black Friday products. Consumers can be encouraged to spend by offering free delivery or a bonus gift. Create a sense of urgency with limited-time offers or countdowns. 

3. Focus on Customer Connection: Small Businesses can gain an edge by emphasizing the human element, the ‘face’ behind the brand. Share your story and let customers connect with a real person. Build trust and loyalty and make it a memorable customer experience for all the right reasons. 

4. Embrace E-commerce to expand opportunities: make it easy and convenient for shoppers with ‘click & buy’ purchase options, digital payment methods and order processing. Provide flexible payment options. Less hassle for you and your Business. 

5. Get your Business House in order: Instore, ensure your premises are ready for increased customer traffic and you have sufficient and suitably trained staff. Online, make sure all systems are up to date and in good working order. Do a test run and have a backup system, Plan B. 

To capitalize on this year’s Black Friday sales opportunities, crank up your marketing campaign and get your early bird deals out now! 

No matter what your Industry or Enterprise, big, small or in-between, every Business needs a sound accounting system in place. Think of this as the cornerstone and foundation of your Business, with proven practices to manage everyday activities, protect your interests, and meet reporting and accountability requirements.  

But not everyone is a builder or an accountant with the necessary tools at the ready! 

Who to turn to! 

Blackburn Accounting is equipped with skills and experience to deliver a range of services to provide the answers you need to run a successful business that’s running at peak performance. 

Call us if you want to: 

• Increase Business efficiency 

• Stay in compliance with tax laws 

• Boost your revenue and profits 

• Have personalised service 

And if numbers, books and paperwork are not your ‘thing’ or you are simply too time-poor to manage ‘bookkeeping’ responsibilities it’s time to call, not the ‘ghost busters’ but the team at Blackburn Accounting. Calling a professional makes good business sense! 

We know that know matter what the state of the economy, inflation, stagnation or boom, running a Business presents its own challenges.  

If you are a Business owner you will relate to the bottom-line, cashflow ebbs and tides and supply disruption and demand issues. Not to forget meeting your customer's needs, wants, and expectations.  Sound familiar! I'm sure you can identify with most of these. 

Let us help you by taking care of the paperwork!  

Supporting your Business in accounting matters is what the Blackburn team does best. 

Blackburn Accounting is your Family Business Specialists, we cultivate and develop your greatness. 

We offer a broad range of services which include; 

• Family Business Management 

• Cashflow Management 

• Business Development. 

Bluey, a talking dog, as 'bonza' as ‘football, meat pies, kangaroos and holden cars’, with the potential to become an iconic Australian cultural export, just like Crocodile Dundee! 

Yes Bluey, an animated TV series about a Blue Heeler dog ‘family’, lovable characters born in Brisbane that has attracted and won international acclaim. Bluey has captured the world’s imagination and audiences of all ages!

You might ask ‘have we all gone barking mad’! 

With such hype I had to find out for myself! And did so with the flick of the switch!

Bluey, the humble beginnings

• Created by Joe Brumm in a Brisbane – based studio premiered on ABC 2018. The content format is accredited to the talent of the creator and a team of dedicated animators and designers.
• A series about family life, with mum Chilli and father Bandit, caught in the frantic antics and adventures of daughters Bingo and Bluey.

Bluey the influencer! 

The endearing nature of the characters, and storylines has developed a following, and audience's kids and adults alike, globally.

Storylines are relatable, emotionally charged reflecting experiences of everyday family life and parenting, the dynamics, ups and downs and challenges.

Episodes usually involve imaginative play, heart-warming moments and family bonding weaving life-lessons into the narrative, without preaching.

Brilliant Success Story

I first met Bluey in May 2024, and I shared that experience with you our readers. Others had discovered this amazing Blue Heeler talking dog and her family when the animated TV series premiered on ABC 2018. How time flies!

Here we are, 2025! Bluey, look at me now!  

Bluey, is inspirational, amazing and remarkable. As a Business model, it’s the stuff dreams are made of! A global success! If you have a dream, an idea, a concept that you want to develop, produce, deliver and sell to the world, Bluey is your classic example. 

Creator Joe Brumm shared at a recent conference how a simple story grew into a cultural phenomenon that’s reshaping how we see and think about family entertainment. And isn’t he proud of this creative vision that has become a world-wide hit that has positively influenced children’s television and reminds us of what childhood should feel like. 

Story lines link and connect generations through relatable, real-life experiences and adventures that are emotionally meaningful. Based on events that make us laugh, reflect and cry, covering friendships, loss, and chaos! All that family life is made up of. If you haven’t viewed an episode yet, I encourage you to do so, you might see some of your family experiences being played out!  

What’s Bluey up to now? 

• Bluey just made her second big appearance at Macy’s 99th Thanksgiving parade in New York. She was flying high along with 34 other character balloons, a procession of 28 floats, 11 bands and a cast of thousands, viewed by millions. 

• Bluey is the most-streamed series in the U.S on Disney Plus. 

In other words, creating an environment using strategies that encourage the best ideas from everyone.  When everyone feels heard and valued the possibilities are endless.

Brainstorming in recent times has had some criticism but if used wisely it is still an effective means to gain input and a range of ideas from participants. The answer lies in managing the process efficiently. Lets look at examples.

The Session is arranged, you are gathered with your team, the goal is to, extract ideas, develop strategies, banter, speculate and find solutions to a problem. Of-course, as a reward for participating, morning tea is provided! And don’t forget those sugary sweeties strategically placed on the table. 

Lets get started the Session Facilitator announces enthusiastically. Don’t hold back, shout out your thoughts, the more the better and crazy and wild ideas are not discouraged or disregarded.  Who can forget the Brainstorming mantra 'no idea is a bad idea'! Anything is acceptable in this frantic environment!

And haven’t we all been to a Session where the loudest voice is heard, the most confident hog the agenda and/or the session becomes a free-for-all that sinks into chaos, often ending with groupthink decisions. The results can be mixed, and participants react by loving or loathing the experience. You might find yourself thinking was it worth it!

But there are techniques you can adopt, and steps if followed will make the Session a success!

Yes, unlock the power of Brainstorming by adopting strategies that get the best ideas from everyone. And isn't that what it’s all about? 

Here are 5 Steps you can adopt:

Building Better Business

Unlocking Success – How to Get the Best Results for Your Business  And don’t we all want that?  

If you’re not achieving the results you want our BBB is a must attend!

This is your opportunity to 

• Learn How to build a Better Business, YOUR Business
• Learn Strategies, Techniques and Tips to make your Business the success it and you deserve!

Take action today for a successful future, your future!  Book your place now 

Session dates 2024: ‘Setting the Stage for Success’  

Thursday 8 February  

5.30pm to 7.30pm 

Venue 931 Albany Hwy East Victoria Park 

Tuesday 13 February 

5.30pm to 7.30pm

Venue 931 Albany Hwy East Victoria Park

Friday 16 February  

9.30am to 11.30am Perth WA

ONLINE Zoom

Here is what you will learn from the Session:  

• Understand the crucial elements to Realise a Better Business  
• Identify the key roadblocks that are holding you back  
• Develop clear direction and how to do it  

1 day Workshop: 'Unlocking Success – How to Get the Best Results for Your Business'

Friday 1 March 

10am to 3pm

Venue 931 Albany Hwy East Victoria Park

Here is what you will learn from the Workshop:  

• Crafting a solid Business Strategy that drives results  
• Defining target audience and tailoring your offerings to meet their needs  
• Implementing effective Marketing Strategies to reach and engage Customers  
• Engage in activities and receive valuable related material   

To book your place, Click our link  

https://workshop.blackburnaccounting.com.au/

 Unlocking Success – How to Get the Best Results for Your Business 

And don’t we all want that! 

If you’re not achieving the results you want our BBB is a must attend!

• Learn How to build a Better Business, YOUR Business
• Learn Strategies, Techniques and Tips to make your Business the success it and you deserve!

Take action today for a successful future, your future!  

Session dates – ‘Setting the Stage for Success’ 

Wednesday 1st November 2023

5.30pm to 7.30pm 

Venue 931 Albany Hwy East Victoria Park 

Tuesday 7th November 2023

5.30pm to 7.30pm

Venue 931 Albany Hwy East Victoria Park

Friday 17th November 2023 

9.30am to 11.30am Perth WA

ONLINE Zoom

Here is what you will learn from the Session:  

• Understand the crucial elements to Realise a Better Business 
• Identify the key roadblocks that are holding you back 
• Develop clear direction and how to do it 

1 day Workshop – ‘Unlocking Success – How to Get the Best Results for Your Business’ 

Friday 8th December 2023

10am to 3pm

Venue 931 Albany Hwy East Victoria Park

Here is what you will learn from the Workshop: 

• Crafting a solid Business Strategy that drives results 
• Defining target audience and tailoring your offerings to meet their needs 
• Implementing effective Marketing Strategies to reach and engage Customers 
• Engage in activities and receive valuable related material  

To book your place, Click our link 

https://workshop.blackburnaccounting.com.au/

Unlocking Success – How to Get the Best Results for Your Business 

And don’t we all want that! 

If you’re not achieving the results you want our BBB is a must attend!

• Learn How to build a Better Business, YOUR Business
• Learn Strategies, Techniques and Tips to make your Business the success it and you deserve!

Take action today for a successful future, your future!  

Session dates – ‘Setting the Stage for Success’ 

Wednesday 1st November 2023

5.30pm to 7.30pm 

Venue 931 Albany Hwy East Victoria Park 

Tuesday 7th November 2023

5.30pm to 7.30pm

Venue 931 Albany Hwy East Victoria Park

Friday 17th November 2023 

9.30am to 11.30am Perth WA

ONLINE Zoom

Cost only $30 per Session

Here is what you will learn from the Session:  

• Understand the crucial elements to Realise a Better Business 
• Identify the key roadblocks that are holding you back 
• Develop clear direction and how to do it 

1 day Workshop – ‘Unlocking Success – How to Get the Best Results for Your Business’ 

Friday 8th December 2023

10am to 3pm

Venue 931 Albany Hwy East Victoria Park

Cost $295 (Meals inc) 

 Here is what you will learn from the Workshop: 

• Crafting a solid Business Strategy that drives results 
• Defining target audience and tailoring your offerings to meet their needs 
• Implementing effective Marketing Strategies to reach and engage Customers 
• Engage in activities and receive valuable related material  

Staying in fashion does matter!

Think beyond retail, whatever your Business, staying in fashion, in-trend and in touch with the changing landscape of your industry is paramount to your ultimate success.

Staying relevant is vital, and starts with having the right accessories to find, attract and keep customers returning. This isn't about half-measures, poor quality or exploiting others. 'Popularity' is gained by delivering excellence in all you do and your sales results will show this.

Want to know more!

By applying some simple 'fashion' tips you can learn how to stand out, be noticed and gain an edge over your competitors. 

Look in the mirror, consider your Business image, does it reflect and radiate excellence and success? 

When you think of words to describe your Business profile and attributes does it include, amazing, awesome, remarkable and memorable for all the right reasons? 

If those words don't resonate, and you are feeling out of date, or in need of a makeover now is the time to act.

You don't have to be 'flashy' to attract attention or throw money around! 

Apply these tips and with a touch of polish you will be a winner in the fashion stakes of success. 

5 Top Tips to enhance your Business image.

1. Deliver Quality Products – test and try your own products for quality assurance. Do a walk thru, know what is being produced, packaged and provided to ensure quality satisfaction. Satisfaction that excels, delights you and your customers.

Read on for our Useful Tips and 7 Point Business Insurance Checklist! 

Are you one of the Small Businesses, facing the key challenges of balancing your budget and cashflow in our current economic climate? 

Are the competing costs of running a Business, including labour and rising energy prices, along with cost-of-living pressures impacting consumer spending habits, leaving you financially strained. Have rising costs have become a significant concern. 

If you have answered yes, keep reading.

For many Busineses, in this environment profits are being squeezed as inflation rises affecting fixed expenses costs such as rent and utilities along with the increased cost of goods and services. Everything is more expensive, including the cost of Insurance premiums. 

And when looking for cost savings, reducing insurance coverage can be tempting. But consider carefully as the financial risk can be greater if a Business is not insured or adequately insured against unforeseen events.  Imagine floods, fire, or theft damaging, disrupting or destroying your Business. The financial consequences can be consequential! How would you recover?

Insurance is the protection every Business needs. Build the premium into your budget.

7 Point Business Insurance Checklist: 

1. Review all your Insurance policies and check policy inclusions and exclusions.

2. Has anything changed? Have you bought new equipment or vehicles, expanded your premises, signed a new lease, disposed of any assets or hired subcontractors?

For Business Performance, getting maximum output and BEST results requires sound Business practices along with an understanding of trends and issues affecting the current marketplace.Critically its understanding the significant shifts facing Companies today, and more importantly, for Business, finding how to respond to keep market share and stay competitive. 

There are ways. READ on! 

To respond effectively smart Businesses are developing strategies designed utilising their human and technological resources.

It’s about developing, joining forces and combining the best of all resources to produce maximum effort and performance.

Smart Businesses also recognise the importance of building a high-performance culture as the cornerstone for future growth and success.

Strategy 1: Offer Employee Balanced Working options. The Hybrid model of remote/at-home and in-person has gained popularity. With structure and support, employees can fully operate to deliver maximum performance. The answer lies in finding the right balance for all designed to produce optimal outcomes. This approach nutures and supports a high-performance culture.

Strategy 2: Technology Capability and technological advantage requires the ‘right’ capabilities to be effective. Businesses need to build institutional capabilities. That is, an integrated combination of people, processes and technical knowledge designed to produce better results and gain an edge over competitors. Seek expert help if needed to audit your 'capabilities' and provide solutions for improvements as required. 

Strategy 3: AI – applied intelligence, embrace the technology or be left behind. Explore the benefits and opportunities available to improve ways of working and make faster, data driven structural changes. The future is AI and smart Businesses are addressing risks and ethical concerns. Again seek professional expert advice if needed.

1. Ignoring, putting it aside or thinking or assuming ‘someone’ will step up or in to take-over the reins is fraught with problems. This can result in family and Business breakdown and breakups that often end in financial and emotional disaster for all concerned.  

• Solution - Start planning early. 

2. Promises, scribbled notes, and handshakes are not enough.  

• Solution - Seek legal advice and services as needed. Ensure your wishes are clear, comprehensive, feasible, legally binding, commercially sound and are kept up to date. This helps protect everyone and everything. 

  Read more...

The tell-tale warning signs of trouble are there, but perhaps you don’t see them or more critically you ignore them. Either way, if you don’t take action to remedy the situation your Business will suffer, be severely damaged and even fail.  

The 4 warning signs of trouble include: 

1. Poor cashflow 

2. Weakening financial position 

3. Not keeping up with compliance obligations 

4. Changes in customer behaviour 

1. Poor Cash Flow 

Signs such as, 

• You have a cash deficit, or you are unaware of your cashflow position 

• Creditor/customer payments are late or irregular 

• Payments to suppliers are unreliable or you struggle to pay 

• Profits are low despite a healthy turnover rate 

What you can do, possible remedies. 

Starts with improving your cashflow management and starts with the following steps; 

• Set up a cashflow forecast and closely monitor it 

• Chase up late payments and any monies owed to you 

• Establish/review Terms & Conditions for Customer payments & credit 

• Review your operating costs across all areas to find opportunities to reduce outgoings 

• Seek expert advice from an experienced Accountant. Blackburn Accounting your family Business Specialists, offers a broad range of personalized professional services.  Act now, contact the Team today. 

2. Weakening Financial Position 

The crux of the matter, simply said, without sufficient funds your Business will no longer be able to continue operating or trading. 

Warning signs include

Kevin has a successful cleaning Business.  

He started up in the mid 1970’s, beginning small then expanding to cover both domestic and industrial cleaning. Dirty windows or floors inside or out call Kevin's Cleaning Service. 

He employs a team, and his two children are part of the Business. Kevin is a widower. 

His children are keen to inherit and take over when Dad retires. 

Scenario 1: Dad, for sentimental reasons and family loyalty, simply says both children will have equal ownership and authority. That's good enough, it's written in his will. Family is family, everything should be fine. 

Scenario 2: Kevin loves his children and while they have jobs in the Company, he has reservations about their ability and suitability to manage and run the Business.