Effective management is the key to success in business. Now that we have started the New Year, business owners must prioritise refining their skills to navigate challenges, capitalise on opportunities, and ensure the overall prosperity of their business.
When it comes to running a business, it is essential to have a handle on your business processes.
Single Touch Payroll Phase 2 (STP) came into effect on 1 January 2022 and was required to be fully implemented by 31 March 2022, unless you are a customer of compliant accounting software.
In early September, the Treasury released draft legislation that will introduce a Skills and Training Boost and a Technology Investment Boost tax incentive. These incentives will support businesses and address skill shortages in the workforce
Business troubles don’t often come out of nowhere. There are always warning signs that may indicate a business is heading towards financial distress.
Australia’s labour and skills crisis is worsening, with businesses struggling to fill nearly half a million jobs amid a mismatch between people’s expertise and the work available across the nation. There were a record 480,100 job vacancies in May–more than double the number at the start of the pandemic and up 14% from the previous three months.
Whilst we still continue to aid business owners when their business experiences a crisis, we can never seem to stress enough the importance of looking at your risks and impact of such risks early (before these impact on your personal life). Preparation in business is as necessary as it would be for a holiday (business plan – check, low debtor days – check), imagine packing your bags just hours before taking a flight – you wouldn’t! So when it comes to your business, why wouldn’t you allow some time to plan for a possible crisis?