Handing over the reins of a Family Business can be a smooth ride or as painful as falling off a horse! 

It takes careful planning, consideration and execution to ensure a smooth transition, protection and continuation of the Business success.  

Key to that is having a Succession Plan, one that clearly and comprehensively outlines who, what, when and how and should address any potential conflicts or challenges. 

5 Steps for a smooth transition to handover 

1. Early Planning: succession planning includes choosing a suitable successor, training, and preparing the Business for changeover. It's vital that time is taken and effort invested with preparing your successor/s, whether family members or others, to gain the skills and experience needed.  By guiding and mentoring them you are giving them the tools and setting them and the Business up for continued success. 

2. Choosing the ‘right’ Successor: This needs careful thought and consideration. Handing over the reins to a family member, your children purely for sentimental reasons can be fraught with problems. It's important to evaluate their suitability, experience, skills, and dedication. Are they the best fit? As part of this ‘succession’ changeover process it’s essential that everyone concerned, family and employees, are part of the discussions. This can help make informed decisions, provides different perspectives and with clear communication can help avoid misunderstanding. Get everyone on board to take it forward. 

Who is invited to your Table...or who is not invited?

Invitations to be sent!   Check the list! 

Just like a birthday or Dinner party, when planning a Business Meeting, it's critical that everyone is invited that should be!  

That means inviting those invested in and concerned with the family, connections and networking to have the opportunity to sit at the table.  

In Family-owned Businesses the Business Meeting is a significant event. For that reason, it’s essential that all vested stakeholders are invited to sit around the table, to be there to have a say or not.  An Invitation helps in preventing sometimes perceived favouritism, being left out or neglected, feelings, that if left unchecked foster, can fuel disconnect, and disengagement.  

Bringing everyone to the table provides the opportunity for; 

• Ideas sharing, collaboration 

• Everyone is involved, participation  

• Joint decision making, empowerment  

• Facilitating family harmony, unity 

• Building relationships, strength 

Importantly, in any Family enterprise, key players need to participate to meet their obligations. If operating under a Family Business Board this is critical as there is less opportunity for fluidity of role changes. 

This is where having a strong formalised leadership structure is key. Crucial for all Businesses, including small owner led Family interests, with succession planning for retirement or leave of absence needs to be factored in.  

Smart operators will consider adopting a leadership team model. This can comprise family members and non-family that are selected to undertake specific specialist roles. 

When identifying individuals for roles it makes good sense to consider both job criteria credentials and personality characteristics. Develop the selection criteria for each leadership role based upon family values and the business situation. 

The Table is set. Here is the Meeting Menu! 

1. Send Invitations and Meeting Agenda.  

Give adequate notice. Prepare the Agenda, clearly state meeting purpose, and objectives. Be consistent with planning and scheduling Meetings to give advance notice. This will encourage better attendance and participation. 

A shared passion that creates rewards for all. Yes, the benefits of a successful Family Business are many, including contributing to their own prosperity and the Australian economy by generating employment opportunities.  

A Family Business also brings unique challenges and management complexities such as governance, ownership, leadership and skill abilities.  

Family politics, dynamics, and relationships, for example, can blur the lines of authority. Breakups, divorce and marriage can also disrupt harmony. Nepotism and favouritism can also come into play, along with generational differences, causing friction and faction. 

The new generation is eager to lead but can be held back by hierarchical decision-making, often influenced by traditions and norms. Not to forget the test of keeping family and Business matters separate to avoid dinner table arguments. 

This is why keeping it professional is so important for all concerned. 

Professionalism culminates in the right attitude, commitment, performance, ethical behaviour and discipline aligned with the Business vision.  Professionalising the Business is about adopting such practices to protect the stability, welfare and success of both members and the Business interests.  

How to do it! 

9 Ways to Professionalise your Family Business

Moving chairs can present itself for various reasons, including those from within and outside. And it’s more than just moving furniture! It takes open communication, defined governance, and sometimes external expertise to navigate the complexities of interrelated, personal, and professional dynamics. Ideally, family harmony, relationships and the Business unit survive the move and continue to thrive! 

• From within, examples include retiring members, promotional ambitions, or others wanting a different role.  Deaths, marriage, divorce and births and changing values and aspirations of each new generation can also play a part.  

• Externally, the business environment exerts continual pressure for change, and innovation that can require dramatic change to how and by whom the Business is managed and run. The key is to see change as an opportunity rather than a problem, threat, or obstacle. 

To be successful, a family Business must be prepared, equipped and skilled to respond to both internal changes and external Business developments. It’s a balancing act! If too much time is spent dealing with pressing and sometimes disruptive family issues, the risk is not giving enough attention to the Business, its stability and future.  

8 Key Strategies for Moving Chairs  

1. Establish clear governance – creating a formal structure (Family Council, Board) is the framework for a strong Business unit. They can differentiate between Business operations, family issues, and ownership matters. This distinction helps separate and prevent emotional connections from clouding business decisions. Good governance underpins a strong Business unit. 

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'Parting is such sweet sorrow'! a famous sentiment by Shakespeare. How true, and whether in our personal or professional lives parting ways plays out in different scenes. Let the story begin!

Family Businesses are usually built on a common purpose, commercial activities and a web of intricacies, including kinship and history. All merge, converge and sometimes diverge.  

Diverging, the parting of ways! This can be a time of celebration, planned retirement, and popping the champagne bottle. But on other occasions, it is a more tumultuous time. Divorce, internal disputes or partnership breakdowns can bring irreparable damage. Damage requiring professional financial and legal advice to deal with the complexities. 

Parting on good terms. Early Succession Planning is usually at the heart of this scenario. A typical situation, the Business founders are ready to retire and hand over to the next generation. Time to step away, take and enjoy that well-earned retirement. 

This Business has a strong structural framework, formal governance practices, along with backup contingency plans. These arrangements are developed to support what’s good for the Business and family members. Members’ roles, responsibilities and skills are defined and recognised. Importantly, these arrangements are legally sound and documented. 

Parting on bad terms. Business breakups are painful and costly and if you have experienced one I am sure you will agree. Divorce of Business partners, generational conflict and sibling rivalry are common examples. The stakes can be high, and emotions are elevated, particularly when the interplay of professional and personal dynamics clash!  

There have been some spectacular publicly exposed examples, corporate giants in disarray but family Businesses too can experience breakups.  Dissolution and despair are words that come to mind. Professional help and intervention are usually needed in these situations. Legal advice, Lawyers, and financial experts are engaged to deal with the problems and ideally find solutions. 

7 Key Foundations to build harmony.  

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:

1. Company culture
2. Employee engagement
3. Performance management
4. 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. 

The importance of structures in Businesses can't be stressed enough!

How strong are your Business arrangements?  

You may be a family Business of close-knit members, likeminded and wanting the best for all. You may be thinking that is enough, that you don't need formal processes documenting how decisions are made or who makes them. But as the family changes and grows so do visons and expectations. There comes a time when formal governance structures are critical to provide direction and to reinforce the family's vision and goals. 

In essence, for Family Businesses, strong structures are crucial for the long-term success and sustainability of the business and relationships.  

Without clear governance structures Businesses can lack direction, experience miscommunication and be vulnerable to tensions and family-dynamics conflict. 

The benefits of strong Structures include: 

• establishes clear roles,  

• facilitates transparent decision-making,  

• better manage potential conflicts,  

• ensures a smooth transition of ownership and leadership across generations,   

• supports best practice and professionalism by providing formality, authority and clarity. 

What can a Family Business Structure look like 

• A Board 

• Family Council/Forum 

• Advisory Board 

• Senior Executive Team 

Business Structures come in two forms (Bodies) and Documents. Bodies including the above and Documents, for example; Family Constitution/Charter, Mutual Obligations Charter, Meeting Procedures and Decision Making, Pre-Nuptials and Binding Financial Agreements. 

4 Reasons why Structures are Important 

1. Governance structures, such as a Family Business Plan or Family Constitution establish clear roles and provide a framework for decisions and effective communication, serving both the interests of family and the Business. This framework that separates Ownership and Management provides a clear distinction between family members as owners and those in management roles, helping avoid conflicts of interest. Also, formalizes decision-making procedures and processes by outlining who has authority, and ensuring decisions are aligned with the Strategic plan.  

Ask a successful family Business owner what it takes and likely they will give you a number of basic ingredients. A recipe that is common to success.  

Most likely they will also share some opposites, a few home truths of what doesn’t work, and they will finish by saying, ‘running a Family Business has its rewards, but it isn’t always easy going!  

Here are 8 Ingredients to include and those to avoid.    

1. Acknowledge Family Dynamics: crucial to success is recognising that despite being family, not all family members have the same ‘taste’, values and work ethic. It’s important to work on building strong healthy working relationships and directing efforts to bring out the best in all.  The opposite, ignoring these dynamics, will lead to sibling rivalry and discontent. Everyone suffers. 

2. Roles & Responsibilities: Clearly define, articulate and establish each member’s position, role description and their overall place in the Business unit. This helps create a better understanding, minimises confusion, and promotes accountability. It also builds a strong team and ensures that everyone is working towards a common goal.  Avoid the opposite, a laizafaire approach that fosters uncertainty, jealousy, and conflict. These feelings destroy loyalty, trust, unity and the Business disintegrates. 

3. Embrace the Family Legacy: If the Business has a rich history that has been passed down, embrace it. Tell and share your unique story. Make your decisions aligned with these core values and principles. The opposite, to simply throw-away what was working can result in losing brand-name, reputation and customer base.  

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Family Businesses are an integral part of the Australian economy and significant contributors, making up to 70% of all Australian Businesses and employing around 50% of the workforce. Family Businesses are enterprising and adaptable, providing unique benefits to the economy, local communities and their family units.  

The positives of working with family include members usually sharing a deep sense of commitment and responsibility and a shared vested interest in the success of the enterprise. For members it is an opportunity for growth, and contributing to and investing in their own and the Businesses success.

The challenges! It can be a delicate balance between the needs of the Business and expectations of family, along with the intertwining and overlapping professional and family roles, that often compete, causing strained relationships. 

Yes, just like in any Business conflict is a reality, occurring for a variety of reasons. Tensions arise over differing visions and opinions, power struggles, financial arrangements, competing priorities and clashing personalities!  When conducting Business, these tensions are brought to the table, with the potential to influence decision-making, relationships and communication, positively or negatively. If left conflicts can escalate resulting in fractured relationships and undermine Business stability.

Ways Forward: 

• The key is to understand and appreciate members differing perspectives and harness these differences. When managed effectively conflict can be a powerful force, a catalyst for innovation and growth.
• For example, family disagreement over strategic direction or expansion can bring about closer examination through a more thorough evaluation. Beth and Jason see opportunities in new markets, expansion, and adopting updated practices, while their parents, company founders, Bill and Mary are concerned about 'big' change and potential risks. Importantly to move forward,  it's about listening, exploring and engaging differing viewpoints, and addressing underlying issues. This approach leads to a more robust decision-making process. 
• It's about bringing everyone to the table, supporting respectful engagement and discussion. By practicing the skills of negotiation, diplomacy, compromise and weighing up all the arguments, solutions can be found, supporting, the best interests of all, and importantly the Business. Conflict can be harnessed to unify!

Family Business can harness the strengths of the family dynamics to achieve long-term success by recognizing and dealing with the complexities of those dynamics. 

6 Best practices for harnessing difference in your Business: 

In a family Business, just like other Businesses, not all members perform effectively to expectations or role requirements!

This is not an uncommon situation. The underperformance of a staff or family member is challenging, putting all concerned in an uncomfortable position, threatening family and workplace relations and ultimately can affect productivity. 

The dilemma is how to deal with it, what to do, particularly where both the family and Business relationships are at stake. Not an easy matter to deal with and not an easy conversation to have! If you have experienced this, you will understand the predicament! 

But action is needed. If the matter is not addressed, the outcome can be disastrous. 

A closer look shows that the reasons for underperformance are varied; 

• Recruitment selection may be done based on family relationships, or obligation, not merit and competence. 

• A Member’s place of family importance is considered an excuse or ‘pass’ to overlook mistakes, poor behaviour or performance, by them and the family team. 

• A Member’s sense or belief of entitlement, with no accountability, makes them disruptive and they slack off. Such behaviours threaten the Business operations running smoothly.   

• Family rivalry, position and sibling power struggles resulting in lack of commitment. Members disengage and disconnect from personal responsibility. 

When dealing with a family member's underperformance it's crucial to address the situation professionally, using open communication, setting clear expectations and a focus on Business needs while balancing family dynamics. 

6 Steps to effectively managing underperformance 

1. Have the candid conversation: Don't let family relationships stifle this action. Arrange a private formal meeting. Treat the member with respect and dignity while clearly stating your concerns. Provide specific examples to support your feedback.  

2. Find the underlying cause: Facilitate a constructive conversation and avoid emotional complications. Be sensitive, listen to their perspective to understand why there is underperformance. E.g. due to unclear role responsibilities, personal issues, lack of motivation or skill gaps.    

Getting away, holidays, travel it’s easy for some, simply, plan, book, pack and go!  

But what does it mean for Family Business owners. How do they take time off, get time away from the Business to take a much-needed holiday! 

Who takes care of Business when you and family members are all away!   

It's never easy, particularly if you are an enterprise that can’t simply shut up shop and head off.  

And there never seems to be a right time to take a well-deserved break. Always needed, Family Business operators tend to be the Business, investing time, hardwork and their passion. Exhausting and consuming! 

But evidence shows we all need time to get away, to recharge, re-energise and gain a fresh perspective. Owners like employees need work-life balance, with longevity and the health of self, Family members and the Business critical. 

When and how to plan and take vacations will depend on circumstances. 

For example, factors including, business structure, type of Industry and location are key considerations. Some Family and small Business owners may decide the Christmas or Easter periods are family value special times and choose to close shop.   

This arrangement will be widely advertised in advance, with pre-orders taken and delivered to counter time-away. Importantly, customers are warmly acknowledged thanked for their patronage, present and future. Other operators may take their vacations during slow or off-peak periods. 

If you are one of the other Family Businesses it might be a balance of getting away with some check-ins. Importantly it’s about planning what your ‘accessibility’ is or isn’t! 

Getting away! How to make it happen? 

Try these 9 Simple Steps  

1. Pre-Plan leave with Family and Staff 

2. Prepare your Team  

Most Small Businesses will experience ‘cashflow challenges’ those times when the sea of money seems to be adrift, with more money going out of the Business than there is cash coming in! 

If this sounds familiar you are not alone with ‘92% of Australian small Businesses experiencing negative cashflow with owners struggling to pay essential costs such as rent and wages’ (Insight report July 2022). This is financial pressure small Business doesn’t need!

The good news is that there are ways to help stay afloat! With foresight and adopting sound financial management strategies some common mistakes can be avoided and obstacles overcome.

  Here are some common challenges with our Top Tips to help you overcome them!

1. Profit margins: Particularly relevant in the current inflationary spiraling pricing cycle, it’s critical to have true-cost pricing. Don’t let your profit margins be eaten away by increasing costs.

 Tip: Regularly check the cost of goods and products and determine realistic profit margins by setting prices not too low or too high. Pricing points are needed to keep you competitive and in the red. Offer value for money and your customers will keep coming back!

2. Overdue payments: monies due to you: Slow and late payments pose the greatest risk to small Business. Cash in keeps the money flow flowing, without it the cash river dries up!

Tip: Have an efficient invoicing and billing system in place, one that generates accounts at point of sale and offers various payment methods. Electronic systems can also monitor receipts and overdue accounts allowing you to better manage and avoid late payments. Keep on top of your debtors ledger, remember you are running a Business. 

3. Personal and Business financial matters: Mixing money, personal and Company transactions is fraught with danger, including relationship friction and can easily lead to ‘robbing Peter to pay Paul’!

 Tip: Keep separate systems and records and avoid ‘borrowing’ from either.  Makes it simpler for all concerned including for providing true and accurate Business financial reports, taxes and audits.

‘Tis the season to be jolly’, and ‘it's the most wonderful time of the year’! 

Yes, it is!  

But after the festive celebrations, if you have overindulged, you now might be singing a different tune.  With the ease of buy today, pay later, choose, click, collect, are you humming ‘Singing the Blues’! 

If that’s you, you won't be alone. Many Australians are reported as facing Christmas holiday debt that can take months, years to pay off.  

With the magic of Christmas spirit it’s easy to be caught up in the euphoria and excitement of festivities and with the joy of giving gifts we get carried away. Tapping a credit card or taking up bargain offers too good to refuse, along with celebrations, parties and outings that all have a cost. 

Yes, unfortunately, spending overindulgence does come at a price! It all adds up to a debt hangover. Sound familiar? You find yourself struggling to make ends meet, and it’s overwhelming, causing strain on your health, wallet and often relationships.  

With the arrival of bills, particularly those highlighting accounts outstanding, now due, ‘pay to avoid legal action’ it’s time to find solutions for dealing with your Debt hangover.  

And in a time of cost-of-living pressures getting on top of your finances is a positive step forward.  Consider the following;   

Here are 5 tips to guide you. 

1. Get help if needed: Feeling overwhelmed, need advice, contact a professional financial advisor. They have the expertise to guide and support you. Don’t wait until Debt collectors are knocking on your door. 

2. Consolidate your debts: if you are juggling multiple accounts, debts, consolidation may be an option. For example, with several credit cards there might be the opportunity to move balances into one. Speak with your providers to see what deals are on offer. 

More specifically, navigating uncertain economic times! 

As the conversations become more despairing with talk of continuing economic turmoil, rising inflation and a looming potential recession, it’s easy to become bogged down in a doom and gloom mentality. This can soon fester into negative market paralysis, with consumers and investors pulling back!  It’s created a volatile situation for everyone! 

But there are ways forward. If you are a small Business owner now is a good time to take a deep breath of optimism, get off the back foot and seek ways to counter these challenging events.  This doesn't mean putting on rose-coloured glasses, being overly optimistic or ignoring the facts. 

7 Key strategies include: 

1. Take Stock – of product inventory, premises and include a Business entity assessment. Is the model best serving your interests? Are there product lines or services that are underperforming? What are the best sellers, or popular items?  

Additionally, are you prepared? As shoppers start to stockpile their pantries, if you are affected, do you have extra stock on hand?   

2. Customer care – make your customers the centre of attention. Focus on existing clients to maintain revenue and reward them with loyalty and other add-value incentives. Provide service excellence with a smile, delivered by enthusiastic and well-trained staff. Create a friendly, welcoming vibe and encourage, take, and listen to customer feedback.   

3. Financial resilience – It's all about the bottom line!

Inflation! Yes, it’s back! Not happy Jan!  

And the question everyone is asking, ‘Who is to blame?’ 

Before we go down that bunny-hole let’s reflect. 

We first explored this conundrum back in March 2024. We examined ‘Inflation and Interest rates 70 Years 1970 to 2024’ then followed with ‘Inflation - What’s it all about! Where did it come from?’ 

It was an interesting and enlightening journey that revealed, amongst other things, the policy adopted to beat inflation.

I.e. ‘In Australia, the Reserve Bank (RBA) conducts monetary policy and is a means to control inflation. This policy aims to achieve goals of price stability, full employment and economic prosperity and welfare of Australians. It does this by targeting inflation at between 2-3%. By raising interest rates, the Reserve Bank aims to deter consumer spending and limit the purchase of higher risk assets.This policy was applied in 2023 with total rate increases of 1.25% per annum.

In this strategy framework, last year, the Reserve Bank (RBA) cut rates three times as inflation declined. The last rate cut was in August.  

Time passes, and although inflation has fallen since its peak in 2022, it has risen in the second half of 2025, with annual inflation running above the 2.3% target on all measures. Inflation! It’s back! 

To counter this, at its first meeting in February 2026, the Reserve Bank Board lifted interest rates by 0.25% percentage points.  The new cash rate is 3.85%, up from 3.6%. 

The RBA issued a statement saying, ‘it considers inflation is likely to remain above target for some time. Capacity pressures reflect, in part, the greater momentum in demand seen in recent months. Growth in private demand has strengthened substantially more than expected, driven by both household spending and investment.’ ‘Activity and prices in the housing market are also continuing to pick up’, while conditions in the labour market were also a ‘little tight’. 

There you have it! And begs the question, who’s to blame? That has seen finger-pointing and accusations played out in the media. 

• The RBA Governor suggested ‘the pickup is due to a combination of factors across a broad range of components and sectors’ and was reluctant to assign blame or accept it. 

• In the Reserve Bank Statement on Monetary Policy overview, February 2026, it was stated ' Australian economic growth and inflation have been stronger than expected compared with six months ago.' 'some of the increase is driven by capacity constraints' . 

• Inflation is impacted by ‘a time of uncertainty’ as nervous global markets and investors respond to the changing trading environment. It’s a fluctuating landscape with no rules!. 

• An influx of English cricket tourists' spending during the recent Ashes tour series hit the headlines as ‘Blame the Barmy Army’ for the rate rise. Claims that associated spending on accommodation, food, flights and related items were a driving force behind a rise in inflation.     

• Household spending over the year remained high, up 5% compared with December 2024, according to ABS Business stats just released. There are recent declines in some areas post-Black Friday and promotional sales, while demand in others rose. 

• One Tech retail giant attributed its recent record sales to customers defying the cost-of-living pressures and upgrading to the latest computers, phones, games, and other gadgets. 

• Record high ‘runaway’ Government spending was stated by the RBA Governor as fueling inflation, contributing to the need for this latest rate increase.  

• Treasurer Chalmers has argued that private sector spending is fueling inflation, not public sector spending. 

• Years of low and weak productivity growth are part of the problem equation. 

So, what does this mean, how are we affected?  Consider these differing views, thoughts, and opinions.  

• Some experts suggest that much of the recent rise in inflation will be temporary. 

• Others say mortgage holders should brace for more rate rises this year. 

• The RBA expects headline inflation to climb higher to 4.2% by June, up from 3.8% in 2025. 

• Governments to help lower inflation can reduce spending levels in the near term and, in the longer term, help boost the supply side of the economy. 

• Keeping inflation low and around target is vital in terms of maintaining and maximising living standards in Australia.  

• In the longer term lower and more stable inflation can ultimately reduce borrowing costs over time. 

• Increased productivity is a way to dampen inflation. 

• Fighting inflation is harder in a tight jobs market, with lower than average unemployment and rising spending according to a Reserve Bank spokesperson. The housing construction industry cited, with finding a tradie in WA, the example of a symptom.

• Many households with large mortgages will feel the pain as related repayments increase. Additionally, the cost of living expenses also add to this financial pain. 

• Tighten your belt, throw your hands in the air, shop wisely and carefully! Are you suffering from cut-back fatigue? Or travel, take a holiday, buy a new car! How much you are affected, little or severvely usually depends on your financial circumstances. Always has and always will be. 

• Watch this space, rising inflation can be good for your superannuation.  There's more to this in the finer detail. Speak with Blackburn Accounting your Family Business Specialist if you need advice on Superannuation and Retirement Planning and Business matters.

Whose to blame!

To sum up, strong private demand, robust consumption at the end of last during a time of low unemployment and not to mention the effects of high Government spending has fuelled inflation resulting in the latest rate rise!

Watch this space!

Join in the conversation. Terms to know include: headline inflation, capacity constraints, market conditions, volatile items, inflationary pressures, and discretionary spending. 

Tariffs the word of the year!  

Certainly, the topic of conversation in recent times as the world awoke to the phrase ‘Trumps tariffs! 

Were you caught unaware wondering what’s this all about, if or how does it affect me, as a consumer and or Business owner? What are the implications! 

Here we go, Tariffs explained! 

Tariffs are taxes charged on goods or services coming into a country (i.e. bought from other countries).  Generally, they are a percentage of a product's value and is a duty (tax) imposed by the government. Typically, the cost is usually passed on to the consumer. 

How tariffs apply differs between countries. Australia’s rates are relatively low, around 5% on most goods, relying on GST and other methods depending on the type of goods and any free trade agreements. 

That wasn’t always the case. The direction and makeup of Australia’s trade changed over the past fifty years, evolving in response to shifts in the global economic climate and our economy. For example, in 1997, the rate of assistance was just 5% compared to 35% in 1973 and 22% in 1984. 

Looking back, most developed countries, after World War 2, gradually removed major tariffs, embracing free trade. Australia was the exception, keeping high tariffs up until the 1990s to protect the manufacturing industry. An example is the electronics industry. Australia's largest company, AWA, up to the 1950s, prospered with the help of government assistance. The government supported a domestic electronic industry and protection of Australian jobs.  

History and economic policy tell us that this approach is fraught with problems.

Are you in the Business of providing Health and Fitness services that play an important part in our community!  Most importantly, helping to keep us active, fit and well.  

And are you a small Business owner that makes up this diverse and broad Industry offering a range of products, services and activities. An Industry of; 

• Gyms, Yoga, and Pilates classes, just some of the popular activities tailored to improve our function, strength and well-being.   

• Not to forget Boot Camps, Strength programs and Wall-Climbing for the more flexible and adventurous.  

• Add Spa’s, Relaxation Clinics, Dietary Counsellors and Physios to this range,  

• Along with providers of ‘niche’ market sportswear, clothing, footwear, accessories and specialist foods. Products and services delivered by Franchises, professional and 24-hour models to complete what makes up the Health and Fitness Industry. 

If you have answered yes, I’m part of this industry, you already know the benefits of having a healthy body and mind and what it takes to achieve that.  Regular routines, discipline, commitment and activities to build and maintain a stable level of fitness. That’s your daily regime! It takes time, skill and stamina! 

And you need those attributes to deal with the behind-the-scenes demands. Running a Business comes with its own challenges and complexities, including, keeping up to date with Industry changes, trends while meeting your customers' needs and wants! 

Staffing, Business Planning, Industrial Relations, Debtors, Creditors, Taxation, responsibilities and obligations, you are on a treadmill and thinking about it is enough to make you perspire! Don't forget compliance!   

At the heart of your enterprise how comprehensive is your Business Plan. Is it a roadmap that directs you by clearly articulating your company goals, strategies and financial projections. Importantly, how to achieve your desired outcomes. Or are you left muddling thru the maze, lost in the business wilderness. 

And how do you stand out from your competitors! Do you have a sound Marketing Strategy. A Plan designed to sell your brand, reach and engage your target audience, prospective buyers, by understanding their needs and wants. What is your USP? 

Along with advertising initiatives, essential for any Business. Actively engaging social media platforms and other publicity mediums to promote and showcase your goods, services and wares! 

Exhaustive isn’t it! There are so many facets and dimensions in operating a Business. 

And when it comes to the Accounting circuit there are many stations. This is where the numbers and figures endurance test take staying power and the necessary skills to meet targets and goals. Business acumen is another skillset. 

At Blackburn Accounting we are experienced, and ready to go the distance!  

Just as your Lycra gear stretches and expands to fit our services are designed to suit any Business needs. 

Our Team can 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 personalized service 

Contact us today, book a ‘get your Business fit and healthy session’. Let us take care of the paperwork while you take care of your customers' activities.  

Why! Read on 

If you are in ‘the Business’, and Healthcare is no different, it is easy to overlook your own condition. Monitoring performance and functioning abilities is neglected! Too busy, no time, no resources. 

Sound familiar! 

Your time is spent responding to market disruptions, price pressures and adapting to new business models. These are all challenges in an environment with cost management, a key objective of all agencies. It can be stressful and exhausting but it's critical you regularly check your Business health status to detect any signs of disease or problems.   

Raises the question, ‘How is the pulse and heartbeat of your Business?'.  

If X-rayed what will it show?’ How strong is the skeleton framework! 

• Strategic Tax Planning – is this in good shape  

• Structure – are the parts arranged to best support your operations 

• Financial check – do your finances have a healthy heartbeat  

• Benchmarking & Management reporting – are these monitored for performance 

Tax Planning provides the opportunity to assess business and operational tax obligations before the end of financial year. Considerations such as, PAYG instalments, forecasting estimates and assisting with cash flowing for any pending residual tax liability or possible variations. 

Take a closer look at your Super contributions. Are you using these effectively, to maximise deductions and facilitate future earnings. 

Business/Wealth Strategy, at a personal level checking your own and family strategy goals and aspirations is a timely exercise. Are you achieving the best results and outcomes. 

Structure: Is your business structured for optimal performance and efficiency and suited to your needs.  Importantly, be prepared to undertake a Business Health Check to determine if it commercially best serves your Business.  

Avoid setting and forgetting, the Healthcare industry is rapidly changing, and it is critical you stay up to date. Technology, funding and client demands impact your operations. Consider staffing performance, patient fees pricing structure and suppliers' costs. 

Financial Health check: Finance, the heartbeat of your Business, it's a vital organ that needs nurturing supported with sound accounting practices, systems and processes. Keeping your paperwork, files, records and billing in good health is vital to survival, along with careful cashflow management to keep the pulse of your Business beating.  

That’s where Blackburn Accounting your family Business specialist can help. Business Management, Taxation and Business structures are our field of expertise. 

Benchmarking & Management: Ask yourself, how does the financial health of your Business compare to Industry standards. Do you know what they are? Is your practice performing well when assessing these factors; 

• Have you reviewed patient’s fees 

• Are you getting value with your suppliers 

• Does your practice size fit your premises (rent) 

• Is space fully utilized 

• Is staff mix and wage costs appropriate  

What to do with your results! If you are small Business you can get caught up in running the Business and true analysis can be put aside. Spending time in the Business is common, instead of time spent on the Business.  

If that’s you, let us help ease the pressure. The Blackburn Team can provide the answers you need to run a successful Business that’s running at peak performance.

You may be a specialist, Cardiologist, Surgeon, Medical or General Practitioner, or one of the many Health Service Providers in the various fields, Pathology or Radiology, Pharmaceutical, Dentistry or an allied health professional.  

This is where a professional accounting service can help reduce the pain. Just as you are Practitioners, experts in health, Blackburn Accounting is your family Business specialists. Our dedicated Team provides essential accounting services, adopting best practices and systems to support the health and wellbeing of your Business.  

To get the Best results you need the Right ingredients! 

Sound familiar!   

In the services industry, specifically, providing hospitality and related products, you will know it is vitally important in choosing high quality goods across the range. 

No matter if you are serving a la carte dishes, coffee or a cold beer you need the right ingredients to get the best results.  

I’m sure I don't have to tell you that!  

Smart operators, successful Businesses know the value of adopting sound business and accounting methods, the key ingredients in their Business activities. And they know the value of engaging a Master Accounting chef to dish up and deliver the goods. 

This is where Blackburn Accounting provides a ‘menu’ of professional services backed with experience and a qualified Team to produce the best outcomes.  

Choices include: 

• Cashflow management  

• Business plans  

• Bookkeeping services  

• Taxation  

• Accounting services to help you and your Business succeed and thrive. 

We let you get on with running your Business. We stay out of the ‘kitchen’ and let you be the ‘master chef’ of cuisine and refreshments. 

With our office located in the cafe strip we are familiar with the Industry that is hospitality, encompassing a range of cafes, restaurants, hotels, Clubs and bars. Whatever your enterprise, every Business needs stable and reliable accounting systems to support transparency, recording and reporting requirements.  

At Blackburn Accounting, we will work with you to deliver efficiencies and minimize costs within tax laws, help you get on top of the paperwork and provide critical analyses of business performance.   

Contact us now to discuss your Business needs.  

Let us help you with your Business matters, share aspirations and with you plan steps towards achieving your business goals.  

The festivities are over, decorations packed away, the relatives have left, and the last of the Christmas cake is eaten! It’s time to sit back, relax, and take a break. 

But are you one of the many now dealing with a festive debt hangover?

Yes! In the excitement, the spirit of giving and spending, you have built up a sizeable debt. An amount that may take months or even longer to pay off. It's enough to give you a throbbing headache!

Additionally, in a time of cost-of-living pressures, there is no escape from stretching the dollar, trying to do more with less! 

You are not alone! But that is no consolation! If you are struggling to make ends meet, you may be feeling overwhelmed, causing a strain on your health, wallet and often relationships.  

And with the arrival of bills, particularly those highlighting accounts outstanding, now overdue, ‘pay to avoid legal action’, it’s time to find solutions for dealing with your festive hangover. Consider these 6 Steps to Recovery 

1. Get help if needed: Feeling daunted, stressed, and need advice. Contact a professional financial advisor. They have the expertise to guide and support you. Don’t wait until Debt collectors are knocking on your door. 

2. Consolidate your debts: if you are juggling multiple accounts, debts, consolidation may be an option. For example, with several credit cards there might be the opportunity to move balances into one. Speak with your providers to see what deals are available. 

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