Opportunities can often come disguised as insurmountable barriers.10.01.2022
Every business can earn more, and every business can be better – the difference between a wealthy plumber and a poor plumber is one can plan and run their business well, and one doesn’t take the time. I usually find most plumbers are great at their job and intelligent. It’s a question of approach. (OK, I’m not just talking about plumbers, but you know what I mean.)
Are you prepared to overcome the barriers and improve your business and financial life?
There are often barriers to cross improving your business or financial benefit, but you don’t see them because there is money in the bank, and it’s Friday already.
For some, the barrier is survival. Businesses face the cyclone of COVID and rely on tourists and travellers to arrive. Others are struggling with staff numbers once some of the tourists come.
No matter your business, there is always a barrier to overcome to improve your position.
Take a lot of tradies. Are you doing OK, yes? Of course, there is a lot of work around for a tradie, and the ABN gets taken out each day so that an invoice can be written at the end of the week. But how many tradies stay as sole traders, racking up more significant tax debts than they should have to pay, drawing off the business and then they are hammered with a large tax bill once a year.
Most sole traders and partnerships forget to pay themselves super and are never covered insurance wise as they should be.
How your business is structured is a barrier most don’t see, and never pause to ask why I pay so much tax.
For businesses hammered by COVID, survival may have meant not paying any tax for a while. That has been possible because the Australian Taxation Office hasn’t been chasing. But as we understand, at the end of January, they will get very active.
You may ask what the opportunity would be in this?
For a start, this creates a need to look at the business and see how it could make a profit. It also may be that this is a time to look at your finances and see if there is a one-off solution that can lead to a better structure and a more substantial business.
Opportunities are sitting staring you in the face. The government-guaranteed loans are such an opportunity. Businesses that have or may have been impacted by COVID can now borrow at a great rate for their business. Many business owners have a chance to grow, improve and make more from their business with a loan that supports a great businesses strategy.
New and more efficient equipment, better stock on the shelves and the funding for new staff or new marketing can all drive things forward. Now is there is a great opportunity.
Your Business Angels is an accounting firm, and yes, we complete the BAS and the tax returns quickly and efficiently. And yes, we are champions at negotiating with the Australian Taxation office, but that’s the sideshow.
If the accounts are correctly completed, we have the evidence to help you make significant decisions. From a sole trader who is sick of the tax cycle and wants to change to a business sitting on a great opportunity to take, or a business that needs help with finance.
So, what’s your barrier to picking up the phone and calling us? It is not going to cost you anything, we will spend a few hours looking at your business, and it isn’t going to cost you anything. I am happy to come and see you; no matter how small or large your business is, we will put in the time to help you, and that’s before we ask you to be our client.
Give us a call 1300 982559 www.yourbusinessangels.com.au