Cashflow is one the biggest secrets to success in your business. Understanding how this works, and more importantly understanding the mindset of the players on the field driving this game, is incredibly important. Some of the players that you will found in almost every other business are as follows:
1) Kelly– As soon as a match is won, and the prize money is in the bank, stressed out Cash Grab Kelly (who is harassed daily by creditors), dives in and takes all to pay overdue bills. Not ideal, however a better position to be in than having Killer Carl take the lead.
2) Killer Carl –Cashflow Killer Carl infiltrates Team Manager’s psyche encouraging him (or her) to spend big on Lifestyle and living it up with the result th...
Here are some of the tips for SMSF that elaborate what you should do and what you should avoid in order to make the best decision out of it.
What Not To Do?
Lend money to you or any relative (not even for a day)Pay yourself for work for the SMSFBuy Residential property from yourself or a relativeRent Residential property to yourself, relative or entity you have an interest inBuy shares in a private company, trust or partnership without checking with your accountantborrow money without consulting your accountant Run a businessBreach Annual Contribution Caps
What To Do?
Have an investment strategy and invest in line with the strategyIf in Pension mode, physically pay pensions before 30 JuneKeep all documentation in respect of SMSF transactions. SMSFs are audited and a...
Once you’ve reached the point where your business is operational, the real hard work starts. Although the preparation and planning are time consuming and emotionally draining, getting the business up and running is only a prelude to the stress of keeping it operating at peak efficiency. You won’t have time to worry about whether or not you have enough liability insurance, so you should take care of that detail beforehand. Following are a few tips on how to get business liability insurance.
What Is Business Liability Insurance?
Basically business liability insurance is protection against claims of damage to property or injury to a person that is the result of a product or service you provide. If you produce children’s toys and someone alleges their child was injured due to shoddy wor...
You have biggest head ache of the year staring at you. You need to file the tax return. The deadline is nearing. You fail this, you get into severe trouble. You accountant is ill and you cannot get hold of anyone who can help you in this situation. What do you do now?
You need to go through the previous papers. Read them all. Understand the terms and conditions. Then fill out the form yourself. Make sure that you do not make any mistake or else the total procedure will be delayed and you may even miss the deadline. Then you need to do all the calculations, yourself. There also you cannot make any mistake. Your documentation should be totally error free. Or else, you are heading for lots of return trips. Moreover, you will have to make sure to do this all before the deadline.