5 myths you need to beat, before they beat you!
Myth 1: To succeed, you have to work long hours.Starting and growing a business takes commitment, time and effort. People seem to think that working long hours is the solution; this however is not often the answer. Working long hours without taking a break can lead to ineffective work production and exhaustion. It is important that your own wellbeing is at the top of your priorities. This will…
Continue ReadingCommon challenges of starting and running a small business
For self-motivated individuals with an entrepreneurial spirit, starting and running a business can be a rewarding experience. It is important to remember that with new businesses, come a great deal of challenges that can test entrepreneurs' skills, dedication and resources. Being prepared for these challenges can help you to succeed, but the key is to remain flexible and persistent while always planning for the future.
Continue ReadingSaving for GST, PAYG and Super
Who has a personal savings account for holidays and unexpected bills? Why should you treat your business any different! Many NT small business’s find themselves in a panic at the end of every month or quarter trying to scrap together enough cash to cover the GST and PAYG liabilities when they fall due. With some commitment and discipline to following this best practice you will be able to chill out and pay you ATO bills when they fall due.
Continue ReadingCash flow is King!
How’s your cash flow? Are you able to pay your debts when they fall due? A common issue I'm seeing in Darwin small business is their inability to collect payment from customers. Crazy, I know! Things are done a bit different in the NT, million dollar deals are done at the pub over beers and handshakes. There is a lot of good faith shared between small business owners in the NT, But what measures do you have in place to protect yourself?
Continue ReadingThe End is near! (The end of the financial year that is) Are you ready?
Has the tax man got you shaking in your work boots yet? No time for beers, the EOFY is coming! It’s not too late, have you had some quality one on one time with your accountant? A quick review of the trading year could identify some tweaks to minimize your tax liability.
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