As reported by Kirsten Robb in Fairfax Media, Swinburne University has recently released a report highlighting the increasing number of people who are approaching, and in retirement, who are life long renters. The general expectation for a century has been that you work throughout your life to own your own home. This is so that…
When confronted with a new business opportunity frequently people just think about what name to use and where to bank all of the money they are going to make. The other common issue is how easily and cheaply can they get started. The simple and practical answer may not be adequate.
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We all understand the commercial pressure derived from declining revenues, declining gross profit margins, wages push and aggressive landlords. The intuitive reaction must be to change. The famous football coach Wayne Bennett has been quoted to say when times are tough– “don’t get bitter, get better”! In my opinion, lessons derived from sport can often be applied to business.
As the business climate has changed enormously over the recent years, the role of your accountant has become more important than ever before. In order to optimise your relationship, I suggest the following:
There are some common signs which may indicate that a business is struggling financially. I’m sure we’ve all walked into a business where you’ve sensed that things may not be travelling well. Typical indicators for businesses in retail could be gaps in stock on shelves, old or damaged packaged stock still on display, dirty or damaged fitout, flooring or lighting, lack of customer traffic, skeleton staff rostered on duty, demotivated or disinterested looking employees, etc.
But how do you know when your own business is potentially in trouble? In so many business case studies, proprietors can be in denial of problems which are right under their noses, even if they believe they have things under control. The top 9 indicators of business distress are: