GET TO THE CONTEST

Uncertainty has been the common theme of our lives for the past two years. With lockdowns and Covid restrictions in constant play even today, we are often stuck at home pondering on nothing. Now that home isolation or sudden lockdowns are part of the norm post-pandemic, our host Warwick Jackson gives nuggets of advice on how to make the most out of your time if in case of mandated quarantine or isolation. Use this time to set your eyes on important matters that you often take for granted– such as your finances. Listen in and enjoy this episode.   

Hot tips outline

1. Look into your finances – will, guardianship, POA, etc.
2. Review your super and plug in your balance.
3. Book-in your non-urgent medical check-ups.
4. Contact your house and car insurance. 
5. Review your recurring subscriptions.
6. Clean up your mailbox– start with unsubscribing from spam emails
7. Learn to use online shopping.
8. Tidy up the cupboard.
9. Review your loans.
10. If you own a business, apply for the small business fees and charges rebate.

Have any questions for us? Reach Warwick Jackson through wjackson@foxgroup.com.au or follow our Facebook account and visit Get To The Contest website for more.

On this episode of Get To The Contest Small Business Podcast, we talk to Stuart Balloch, Payment Specialist at GoCardless. We talked about cashflow solutions and how it important it is to be paid on time especially for small business owners.

Here are some key takeaways from our conversation:


1. Be transparent up front

Transparency is key to making sure that the cashflow is organised and understood clearly. Right off the bat, get clear on how payments will be made, when payments are due and all related concerns in relation to payments. It is important to be transparent and upfront in doing business to avoid surprises in the long run.


2. Get rid of the friction

Make it easy to do business with you. A seamless experience in payments and invoicing makes less opportunity for problems.


3. There is cost to not managing your cash flow well

Chasing debtors is expensive. A poor cash position can  then eventually turn to missed opportunities. Take a proactive approach & don;t allow customers to cost you money.


4. Be open to change

There is always a better way to do things. Open your mind to new technology and making an effort to learn and find ways to constantly improve—may it be in your cashflow system or even in managing your team. If a new system or technology can create a more efficient and effective way of doing things, it is worth looking into. 


Get in touch with Stuart Balloch through LinkedIn --  https://www.linkedin.com/in/stuart-balloch/


Have any questions for us? Reach Warwick Jackson through wjackson@foxgroup.com.au or follow our Facebook account and visit Get To The Contest website for more.

In this latest episode of the podcast, we talk to Brett White, founder of Be Leaders and author of Shift Happens – 10 Effective Thinking Skills and The Lacuna Effect. He is accredited in Life Coaching, Thought Dynamics and Organisational Leadership, having worked with over 50 organisations and 350 leaders and influencers. We are glad to have him with us to talk about team engagement and why this is important for your business. Here are some key takeaways from this interview:

1.What is employee engagement? 

Employee engagement is, simply put, team members and the leadership in the organisation’s love for what they do, enjoying who they do it with, and doing it well. It seems simple but if those things aren’t happening in your team, there’s limited chance in doing their job effectively and successfully. It is important that team engagement isn't just an add-on and an afterthought in your business, but it comes from within and becomes part of who you are and who your organisation is.

2.Employee engagement at an all time low

Brett talked about statistics out in the latest Gallup research that the employee engagement in Australia is currently at an all-time low of 20%-- which means only 20% of the team are actively engaged or fully engaged, while some are partially engaged and worse, disengaged. This data has an impact to your business and should be assessed in your own organisation. 

3.Develop a culture of communication

A connection with people that you're working with builds trust in the organisation. Once this is established, you will be assured that your people are going to help you and are doing their jobs for the right reasons, which also links to contribution. What is the purpose of the organisation? You're not just out there doing things for a dollar then why are we here and what problems are we solving?

4.Create a culture of appreciation

In our conversation, we also touched on appreciation, a really important topic which centres on being valued, heard and acknowledged. Build this culture within your organisation and it will help in your relationships with your employees. 

5.Employees want the opportunity to grow

If you want to grow, you want to be a part of an organisation that you believe gives you that opportunity to grow. Otherwise, you're going to be stagnant and eventually you're not going to be the best version of you. 

All these factors in employee engagement boils down to strong leadership and leaders that believe that these are important. To know more and if you are interested in Brett’s work, visit the Be Leaders website www.beleaders.com.au or email him at brett@beleaders.com.au 

Have any questions for us? Reach Warwick Jackson through wjackson@foxgroup.com.au or follow our Facebook account and visit Get To The Contest website for more.

Check it out on Itunes | Stitcher

In this new episode, we talked to Michael Seton, solicitor director and accredited specialist at Seton Family Lawyers, on the constantly changing landscape around COVID-19 and vaccines for small business owners. We also dived into the rights and obligations of small business owners, their teams and staff, and their obligations to their customers during the pandemic. 

Here are the Key Takeaways from this episode.

1. There’s no one-size-fits-all.

Public health orders and mandates are different for every location, industry and jobs. The thing to keep in mind with all of this is that it is rapidly changing and updating and it is largely untested by the courts – so we do not have clear black-and-white answers, which can be very challenging for small business owners. It is important to have an effort to be aware of the developments to do right by your customers and staff. 

2. Keep your eyes on the horizon. 

Seeing the big picture is one of Michael’s Get to the Contest points. If you focus on the bigger goal of what you’re doing now, you will not be bogged down with the mundane of the day-to-day.

 
3. Diversity. 

Exposing yourself to diverse thinking equals to a better background and a better space for decision-making. Seeking out all the possible thoughts can ultimately make a well-rounded decision.

4. Prepare to abandon the past and move on to find a better way ahead.

Experience is a wonderful thing and should not be lost, but that doesn't mean the day-to-day of how you do your role shouldn't evolve and develop. You've got to constantly get your head to adapt and evolve.

5. Backing your people first. 

You're working with your team and they need to know that you have their back. It's hard to develop a reliable team, and if you go into bat for your team, they will back you up and see you through in times of challenges. 

Know more about Michael Seton and his work. Reach him through his contact details below:

Telephone02 4397 1500

Email hello@setonfamily.law 

Web www.setonfamily.law 

LinkedInhttps://www.linkedin.com/in/michael-seton-12b07123/

Have any questions for us? Reach Warwick Jackson through wjackson@foxgroup.com.au or follow our Facebook account and visit Get To The Contest website for more.

Check it out on Itunes | Stitcher

In another two-part episode of Get to the Contest Small Business Podcast, listen in as I talk to Melanie Unwin, Director at Mogrify. We discuss the marketing aspects of selling your business and making your business attractive to a potential acquirer. 

Below are some key learnings that will be valuable to business owners who are in the process of selling their business or want to sell in the future. So, make sure to check out Parts 1 and 2 of this episode and don’t miss out on hearing Melanie’s expert tips.

1.Have a clear plan.

It is essential that you have a clear plan if you are to successfully achieve your business and marketing goals. Get your reason, your purpose clear and from there, execute strongly. If selling your business in the future is part of your vision, put it in the plan from day one, document it and put it in front of the right people.

2.Make sure key people are on board with your vision and plan.

If you don’t have buy-in by all the decision makers in your business, your plan will fail. Having that buy-in is critical, otherwise people will just walk away from it—resulting in wasted time, effort, and resources.

3.Make the journey worth it

Selling a business can be difficult for many reasons. There’s going to be rewarding times, but there's going to be times of stress and challenges. So, make the journey worth it. Make sure you've got people around you who give you energy, are going to add to that experience, and not drain you. 

4.If you want to be acquired, step up your game. 

Take on more challenging work to show that delivering great outcomes is one of the core capabilities of your business, stand out to potential buyers. You want to show that you've got a culture and a skill set in your business that can drive innovation and can deliver projects. Make sure you are heard and seen by your target audience. 

5.Invest in your people and in your own leadership

Be around people, co-workers, partners that give your life and energy. Cultivate a culture of learning and encouraging growth in people. This applies to your team members but also to you as their leader. Invest in yourself and your own leadership, but also invest in the people around you and develop them.

6.Say it, do it. 

This is one of the core values and core culture points of Mogrify. If you're living this culture in your business, it means that you can be relied on. Team members at Mogrify live by this culture—if they say something and don't deliver, they're not living the values of the company. 

7.Let it go. 

Don't invest energy on what you can't control. Now, that’s easier said than done, but you must practice letting go of the things you can’t change and move on from it. 

Find Melanie Unwin on LinkedIn or check out their website www.mogrify.com

Have any questions for us? Reach Warwick Jackson through wjackson@foxgroup.com.au or follow our Facebook account and visit Get To The Contest website for more.

Check it out on Itunes | Stitcher

In another two-part episode of Get to the Contest Small Business Podcast, listen in as I talk to Melanie Unwin, Director at Mogrify. We discuss the marketing aspects of selling your business and making your business attractive to a potential acquirer. 

Below are some key learnings that will be valuable to business owners who are in the process of selling their business or want to sell in the future. So, make sure to check out Parts 1 and 2 of this episode and don’t miss out on hearing Melanie’s expert tips.

1.Have a clear plan.

It is essential that you have a clear plan if you are to successfully achieve your business and marketing goals. Get your reason, your purpose clear and from there, execute strongly. If selling your business in the future is part of your vision, put it in the plan from day one, document it and put it in front of the right people.

2.Make sure key people are on board with your vision and plan.

If you don’t have buy-in by all the decision makers in your business, your plan will fail. Having that buy-in is critical, otherwise people will just walk away from it—resulting in wasted time, effort, and resources.

3.Make the journey worth it

Selling a business can be difficult for many reasons. There’s going to be rewarding times, but there's going to be times of stress and challenges. So, make the journey worth it. Make sure you've got people around you who give you energy, are going to add to that experience, and not drain you. 

4.If you want to be acquired, step up your game. 

Take on more challenging work to show that delivering great outcomes is one of the core capabilities of your business, stand out to potential buyers. You want to show that you've got a culture and a skill set in your business that can drive innovation and can deliver projects. Make sure you are heard and seen by your target audience. 

5.Invest in your people and in your own leadership

Be around people, co-workers, partners that give your life and energy. Cultivate a culture of learning and encouraging growth in people. This applies to your team members but also to you as their leader. Invest in yourself and your own leadership, but also invest in the people around you and develop them.

6.Say it, do it. 

This is one of the core values and core culture points of Mogrify. If you're living this culture in your business, it means that you can be relied on. Team members at Mogrify live by this culture—if they say something and don't deliver, they're not living the values of the company. 

7.Let it go. 

Don't invest energy on what you can't control. Now, that’s easier said than done, but you must practice letting go of the things you can’t change and move on from it. 

Find Melanie Unwin on LinkedIn or check out their website www.mogrify.com

Have any questions for us? Reach Warwick Jackson through wjackson@foxgroup.com.au or follow our Facebook account and visit Get To The Contest website for more.

Check it out on Itunes | Stitcher

In this two-part episode of Get to the Contest Small Business Podcast, I talked to HR expert Kristy Lee Billett of the Your People Powered Business and the People Powered Podcast.

We discussed the key indicators of determining if someone is an employee or a contractor, some of the misconceptions around contractors,  the consequences of getting it wrong and how to de-risk your business on this issue.


Contractors are integral in growing a business.
Contractors will allow you to grow your business, turn off and on your capacity as required without necessarily the overhead. With that in mind, it is important to be aware of what is and what isn't included with your agreement with your contractor. Make sure to be clear and document your arrangement.

It’s employee > contractors for the government.
Not to be melodramatic but I want to make a strong point: Government hates contractors. Unlike contractors, employees make it so much easier for the government to collect tax revenue. If people are on salary and wages, it just takes the gray out of it for them and that is why the government loves that. With contractors, the opportunity for evasion via non declaration and income splitting is higher – Hence the governments attitude.

Just because someone says they're a contractor does not make them a contractor.
Be deliberate about how you engage a contractor. What is their business structure? Are they taking orders or do they have control over completion? Who bears the risk? To help you with this, I would strongly recommend that you use the government contractor decision making tool.

How do you de-risk?
There are a lot of ways to de-risk when it comes to contractor engagement. Some are the following (know more in detail on the episode):

1. Don't engage someone who's just a sole trader or partnership.
2. Have specific terms of engagement.
3. Before anything else, know ALL the risks by engaging with an advisor or a trusted accountant.  Remember that the risk is all on the employer. If you're the employee or the sub-contractor that's doing the work, very limited can go wrong from you if there's anything that blows up. If you are the business engaging the contractor – you might find you are up for super, leave entitlements, workers compensation , payroll tax and a whole range of other costs.

Document, document, document.
Now, this is something that I'm going to steal from Kristy Lee and apply to our sort of business and our advice to clients. Getting these things documented is so important and the best time to get things documented is upfront when everyone's happy and everyone wants to work together.

If you have a business that involves people, get advice from a professional.
May it be employees, contractors, or people that could be deemed employees, seek professional advice on handling in relation to your business. Consult an HR specialist such as Kristy Lee at Your People Powered Business. Such professional can offer a lot of guidance, templates and direct one-on-one support.

Reach Kristy Lee Billett at Your People Powered Business  and The People Powered Podcast. Email me for questions and further inquiries.

Episode references:
ATO Contractor Decision Making Tool Link
Worker or Contractor Tool

Check it out on Itunes | Stitcher

In this two-part episode of Get to the Contest Small Business Podcast, I talked to HR expert Kristy Lee Billett of the Your People Powered Business and the People Powered Podcast.

We discussed the key indicators of determining if someone is an employee or a contractor, some of the misconceptions around contractors,  the consequences of getting it wrong and how to de-risk your business on this issue.


Contractors are integral in growing a business.
Contractors will allow you to grow your business, turn off and on your capacity as required without necessarily the overhead. With that in mind, it is important to be aware of what is and what isn't included with your agreement with your contractor. Make sure to be clear and document your arrangement.

It’s employee > contractors for the government.
Not to be melodramatic but I want to make a strong point: Government hates contractors. Unlike contractors, employees make it so much easier for the government to collect tax revenue. If people are on salary and wages, it just takes the gray out of it for them and that is why the government loves that. With contractors, the opportunity for evasion via non declaration and income splitting is higher – Hence the governments attitude.

Just because someone says they're a contractor does not make them a contractor.
Be deliberate about how you engage a contractor. What is their business structure? Are they taking orders or do they have control over completion? Who bears the risk? To help you with this, I would strongly recommend that you use the government contractor decision making tool.

How do you de-risk?
There are a lot of ways to de-risk when it comes to contractor engagement. Some are the following (know more in detail on the episode):

1. Don't engage someone who's just a sole trader or partnership.
2. Have specific terms of engagement.
3. Before anything else, know ALL the risks by engaging with an advisor or a trusted accountant.  Remember that the risk is all on the employer. If you're the employee or the sub-contractor that's doing the work, very limited can go wrong from you if there's anything that blows up. If you are the business engaging the contractor – you might find you are up for super, leave entitlements, workers compensation , payroll tax and a whole range of other costs.

Document, document, document.
Now, this is something that I'm going to steal from Kristy Lee and apply to our sort of business and our advice to clients. Getting these things documented is so important and the best time to get things documented is upfront when everyone's happy and everyone wants to work together.

If you have a business that involves people, get advice from a professional.
May it be employees, contractors, or people that could be deemed employees, seek professional advice on handling in relation to your business. Consult an HR specialist such as Kristy Lee at Your People Powered Business. Such professional can offer a lot of guidance, templates and direct one-on-one support.

Reach Kristy Lee Billett at Your People Powered Business  and The People Powered Podcast. Email me for questions and further inquiries.

Episode references:
ATO Contractor Decision Making Tool Link
Worker or Contractor Tool

What are money moments? We talk to Mark Nagle, executive director at Treysta Wealth and Advisory, to answer this question and listen in as he talks to our host, Warwick Jackson, about people’s relationship with money—the good and the bad.

To guide you through this episode, here are some key takeaways from the conversation:


1. Surround yourself with the right people that add energy rather than take energy from you

Mark talked about inner passion and understanding what gives you energy, what saps your energy, designing your business accordingly and filling your week accordingly. If you love what you do and are surrounded by like-minded people, work doesn't become a chore-- it becomes far more sustainable.


2. Make a commitment to  implement  something

Business and career growth also means significant amount of training and conferences that cost money &  timet. Once you get back to work, it is important to set aside time and make steps for implementation of what you’ve learned and what you can improve upon. Otherwise, you've just had a working holiday that's achieved nothing.


3. Money moments can be wonderful things, but can also be the sad things in life as well. 

Mark talked about a variety of money moments, which is, basically, anytime money touches our lives. From holidays, home ownership, rent, parents with money, rental to buy, retirement, helping your kids, to marriage or divorce, all these things are money moments. Whether they're good or bad, they will potentially lead to anxiety. To help you manage “money moments”, just be aware of these things and have someone in your life, such as a Mark or someone that's a trusted advisor, where you can sit down and talk through the situation, make a plan and have an informed decision.


4. Take action sooner.

 Often, many people will face some anxiety or stress in making a big decision for your career or in life that sometimes, the uncertainty is just too much to overcome. Because of this, some may push back in making decisions which will then result to months or even years of nothing. If you are too scared to take the next step, find a professional or a trusted advisor that can guide you to an informed decision. Come up with a plan and take action – invariably, the downside is never as bad as you think. 


5. Technology designed with the client in mind.

Tech is an important part of business, but making sure that it is designed with the client experience in mind makes it more personalized and improves business relations. Use technology to you and your clients’ advantage. 

Have any questions for us? Reach Warwick Jackson through wjackson@foxgroup.com.au or follow our Facebook account: https://www.facebook.com/Gettothecontest and visit https://www.gettothecontest.com/ for more. 

For more on Money Moments, reach out to Mark Nagle through their website www.treystawealth.com.au or follow their Facebook: https://www.facebook.com/treystawealth and Instagram @treysta.wealth

In this episode of Get to the Contest Small Business Podcast, I want to talk to you about something that’s often overlooked by small business owners—It’s all about supplier relationship and your business reliance on them. I'm not just talking about suppliers of products, but also suppliers of services, referrals, and more.
Listen in as I talk you through a few scenarios of supplier reliance and let’s take a look on how these circumstances may affect your businesses. 

In this episode we answer the following questions and some tips to overcome them:

• What happens if your supply goes broke? 
• What happens if your supplier is taken over? 
• Do you have a relationship with a supplier business, or do you just have a relationship with an individual at that supplier? 
• What if your supplier just retires?
• There are unforeseen sudden changes in supplier circumstance. What happens next? 
• What if your suppliers are exposed to change in the political climate? 
• If your main financier stops financing you, perhaps due to a change of policy and you can no longer have your facility, are you instantly cooked as a business? 
• There’s a sudden supply interruption outside of your control—what do you do when you can’t get the products that you’ve ordered? 
• What are the risks in relying too much on a specific marketing medium or something as public and free like as social media platforms such as Facebook, Instagram or Twitter?

Here are some key takeaways from this episode: 

Conduct a risk review. Go through and look at your business at the various mentioned risk factors and see what applies to your business and make no assumptions that the status quo will be in place. 

Look at the likelihood of each risk. I know some of these things might seem unlikely, but also look at the size of the damage to your business should something happen. Now, that will then lead you to a course of action where you either take steps to reduce the likelihood of the event happening, or you take steps to reduce the damage that would occur if the event did happen.

Do this assessment on an annual basis because as your business grows and evolves, so will its risk. And so will your supplier's risk change and evolve as well. So, do this on a regular basis, just to make sure that your assumptions around your business continuing, your business just doesn't fall apart due to something that's beyond your control that happens to a supplier. 

Check it out on Itunes | Stitcher | Spotify

Listen in as I talk about the end of JobKeeper payments and what small business owners need to be aware of as they navigate the next 12 months—all these and more in this episode of Get to the Contest Small Business Podcast.

Here are some key takeaways from this episode.

Covid 19 brought many challenges and changes. The Federal Government offered a number of initiatives to help small businesses. These included: 

• The cash boost 
• JobKeeper wages reimbursement
• Changes to rules around insolvent trading – protecting directors somewhat. 
• Virtually turned off all Debt recovery & penalties – More than 5000 staff reassigned from Debt to JobKeeper.
• Other assistance around delaying the payment of commercial debt. 
• Changes to asset depreciation laws allowing instant right off. 

Check out this PDF File: http://bit.ly/JobKeeperPDF

Impact of the Government Initiatives on Small Businesses

• Confidence
• Zombie Business kept alive until March 31. 
• Major Decrease in small business liquidations
• Unemployment peaked July 2020 at 7.6% but dropped and was 5.8% as at Feb 2021. 
• Demand has spiked for plant & equipment.

Once JobKeeper ends, what’s next?

• ATO to turn on the recover switch of the 53 Billion Dollar book of debt 
• Insolvency’s will go up – Keep an eye out for the notices .Don’t ignore
• Many voluntary liquidations will take place, now that the free cash has stopped.
• Commercial debt and other supplier payments will now need to be repaid. 
• Above hasn’t impacted consumer confidence.

What should you do?

• Don’t ignore ATO correspondence. Director Penalty notices can be very time dependent. 
• Get numbers up to date
• Get lodgements done – even if you can’t pay
• Ask for ATO repayment plans now – get on the front foot; you should be able to get over 24 months.
• Supplier terms – lock in NOW
• Have a budget & cash flow
• Go hard on debt collections NOW. Before people are too far removed from the free money
• Have funding approved – Even if you don’t need it. Banks are ridiculously busy. As are alternate funding providers assisting SME’s with products like trade finance.
• New clients – Do a credit check. Make sure they haven’t been cut off. Put them on a limit. 

Are there any opportunities through this pandemic?

Every Boom Bust has the impact of cleaning out industries. Those that were weak die off, leaving those that were left to thrive. Covid 19 will be like the GFC on Steroids. 

There will be a lot of opportunity such as—there’s never a better time to sell 2nd hand equipment than now. Limits to supply from Overseas, Depreciation Policy changes and low interest rates are driving the demand. This is great – provided you aren’t also stuck sourcing a replacement asset.

With other businesses folding, this is also an opportunity for you to recruit a valuable team or workforce for your business. 

Also, strategically purchasing struggling business for a nominal cost could add significant dollars to the bottom line. Clean up your own balance sheet if you can. Keeping your numbers up to date will make for an easy review of your finances and help you not miss out on business opportunities. 

Feel free to email me at wjackson@foxgroup.com.au for questions and further inquiries.

Check it out on Itunes | Stitcher

In this all new episode of Get to the Contest Small Business Podcast, we have Melanie Raimundo. She is a relationship coach and generously gives us a bit of her knowledge on how to build better relationships and, therefore, better business.

1. Knowing yourself

Understanding yourself is critical to relationships. Know your triggers &  know what makes you tick. Understanding yourself and how you like to communicate will give clarity that will allow help you to better build  your relationships with others. If you don’t understand yourself, then how can others be expected to.

2. Relationships and culture is important in Business.   

Dysfunctional relationships and poor culture in business will have a cost.  Poor team relationships can lead to sub-par performance, team turnover, retraining costs and missed sales opportunities.  When relationships are good, the impact will be felt not only in the progress of the business but most importantly, it will be felt by your customers. Customers can sense when a culture isn’t quite right and will be less inclined to deal with you. I highly recommend the book Delivering Happiness: A Path to Profits, Passion and Purpose by Tony Hsieh which takes a deep dive into why this is so important.

3. Write down your version of success and the KPIs of your success

Answer this question: What is your version of success? This doesn’t always mean money or financial growth—success varies for different people. Success could mean being able to go home for dinner every night or being able to walk your kids to school every day. Once you are aware of your definition of success, make sure to document it so that you can work out a plan to make sure it’s successful. Getting clear on what success looks like & documenting this is the key. You can then measure your success and adjust you’re your business accordingly.

4. It all comes down to leadership

As a leader, you will have a team looking for you to set standards. If you can help your team to achieve their version of success, then it is likely that your business will reap the benefits that come from having motivated, appreciated team members. When Melanie referred to Joe Biden’s message to his team when he became Vice President & the importance of family – he was showing leadership that gave his team permission to be able to commit to their respective families.


To get in touch with Melanie, visit her website www.melanieraimundo.com
Feel free to email me at wjackson@foxgroup.com.au for more on this topic.

Check it out on Itunes | Stitcher

AN ALL NEW EPISODE.

We have Damien Lehman, commercial and tax lawyer from Andreyev Lawyers. He generously shared his expertise in payroll tax and how it can affect small business owners.

Here are some of the key takeaways from this episode:

1. Be aware of your current payroll position to avoid nasty surprises.

Payroll tax is a tax many small business owners aren’t aware of at first, and as their business grows, it can creep up on them and come as a rude shock. It is very important to be aware of its intricacies as early on as possible in your business. Payroll tax is a fact in business and something that you can’t avoid as your business grows, so it is better to learn to manage it as early as possible.

2. Be clear of what counts as wage

With such a broad definition of payroll tax, it is vital to know what counts as a wage. Wages, Allowances, Superannuation, Employee Share schemes and Fringe benefits are just some of the things subject to payroll tax. Once you get a better grip of what counts towards payroll tax, you are then in a better position to structure your remuneration. Getting advice from professionals, such as your trusted partner accountants, is a great way to manage this.

3. Have clear contracts

From our talk with Damien, it was clear that the grouping of employees and even contractors can be broad by definition. It is important to be transparent with contractors in dealing with their contracts with your business. Make sure your contracts are professionally worded so that it is clear they fall outside the guidelines of payroll tax.

4. Get everything documented

Documenting everything you do in business can be simple but often ignored by small business owners. For something as complicated as payroll tax, it is important to have clear contracts and documentation at your disposal. In the event of audit, you are then best placed to respond quickly.

5. Be proactive and don’t stick your head in the sand

In every tax complications that you may encounter with either the ATO or Revenue NSW, do not ignore it. It is better to be proactive and face the issues head on. It is actually an advantage to respond immediately than to ignore, which will then lead to a more complicated issue in the future.

6. Always take the opportunity to learn

Damien touched on the importance of learning constantly. By doing this, you’ll realize your passion and a new way of thinking will present itself.

7. Break down the barriers

For a lasting business, be sure to remove the barriers between you and your customers. Find or develop ways to make it easier for you and your clients to do business.

Check it out on Itunes | Stitcher

We have Nic Coffill, Commercial Transactional Lawyer from Aubrey Brown Lawyers, on this all new episode of Get to the Contest Small Business Podcast. We talked extensively about PPSR, asset protection and matters that are very important to small business owners.

Here are some key takeaways from that interview:

1. Be proactive in business

Be curious of anything and everything in relation to business. Stuff like PPSR (Personal Properties Securities Register) may be a very important tool for your kind of business. Get advice upfront when a transaction is taking place, or do the searches when a transaction is taking place before it's too late.

2. No one ever plans for failure, but it doesn’t hurt to protect yourself

If you are protecting significant chunks of money and assets, then the nominal cost of the
lodgments on the PPSR and any advice around that is going to be absolutely a cheap insurance policy. No one ever plans for failure but that doesn't mean that you shouldn't at least take the appropriate safety steps to protect yourself.

3. Think laterally.

When a problem comes their way, most people can just charge out and try to solve a problem the way it’s always been done. Thinking laterally is taking another perspective in dealing with problems and different tasks. Take time to see everything in a wider perspective and allow new ideas in by speaking to a lawyer or an accountant.

To know more about PPSR and how to protect your assets, feel free to email me at
wjackson@foxgroup.com.au

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On this special episode of Get to the Contest Small Business Podcast, we are going out of our studio to interview Sensei Pauline and Sensei Adrian from Black Belt Martial Arts, a karate school in Mingara. This is one small business I really admire, from the customer amazing experience that I’ve experienced first-hand to how they utilize simple but very clever marketing techniques in their business. There’s some real gold here that I’m sure you can apply in your respective businesses so make sure to have a listen. 

Here are some of the key learning from this episode:

1. Listen to your customers and identify a potential new market

Sensei Pauline and Sensei Adrian made the smart move to do some market research early on in their business. From there, they recognized the specific programs that they need to target their main clientele and maximize the use of their gym by offering other programs for their secondary market. This move also shows that they listened to their customers and provided the demand just by being strategic in their offerings and programs.

2. Simple, effective marketing is low cost with high returns

By creating simple marketing programs such as reward coupons, your business will have the opportunity to entice potential target audience members. It's really easy, effective and measurable. If we were to think about our own respective businesses, I'm sure there's something similar that we can bring in.

3. Keep the parent involved

For a kid-centric business such as Black Belt Martial Arts, it is very important to get the parents involved. Make sure they are comfortable with the program so they’re getting enjoyment out of it, too.

4. Connect with the clients once they are in

If you’ve built a good relationship with your clients, you can make sure that the retention of their business will be great. Not only that, they will be encouraged to recommend your business to their colleagues and friends. A high level of customer service and care via good communication is the secret to a successful business.

5. Resilience is a skill

Business can be a struggle sometimes. But taking from a lesson from Sensei Pauline and Sensei Adrian, “A black belt is just a white belt who never quits”, they teach that resilience is a skill. It must be practiced and learned. Keep pushing and focus because you’ll eventually get there. Nothing great is easy and if you can show that absolute focus around pushing towards your goal and pushing beyond what you think is possible, eventually, great things will happen.

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This week on Get to the Contest Small Business Podcast, we have Fiona Wicks from Aubrey Brown Lawyers. We talked about all thing estate planning. There is a lot of nuggets of wisdom in this episode so be sure to have a listen.

Key Learning from this episode:

1. When it comes to estate planning, have a chat with a professional.

Do not underestimate a good lawyer when it comes to estate planning. Get the uncomfortable discussions out in the open and all laid out on the table. A really good professional will sit down with you, help stop you from being intimidated, and guide you through the planning process so that you are comfortable asking the uncomfortable questions.

2. Estate planning is not just about having a will.

A will incorporates your personally held assets, but good estate planning will cover things like your power of attorney and guardianship. Various business related matters such as  Superannuations are not covered in wills so make sure that your estate plan addresses what will happen to such. Business succession after a death is also a very important matter that needs to be sorted in an estate planning. 

3. Don’t be selfish.

Death and wills are not the best topic to discuss but these are facts of life. Death is as certain as living. Don’t leave a problem to your loved ones just because you’ve put your head in the sand and refuse to deal with the topic. Don’t be selfish and step up otherwise you’ll be turning in your grave. 

4. Give the full story.

When dealing with professionals such as your accountant, lawyers, financial planners, and even your doctors, be completely honest and give them the full story. Truth can sometimes be embarrassing and uncomfortable but being transparent in planning your will and estate is very crucial. If these professionals are going to advise you on how to best structure your affairs, they need to know everything. 

5. If you think it, ask it

Get comfortable. Don't try to be someone you're not just to impress. You have to be comfortable asking sometimes uncomfortable questions and understanding the outcome especially when dealing with professionals. It is important to be on the same page with your advisor so clear communication is truly important. 

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“I lost my shirt, I pawned my rings

I've done all the dumb things

I melted wax to fix my wings

I've done all the dumb things” - Paul Kelly  - DUMB THINGS

In this week’s episode of Get to the Contest Small Business podcast, I talk about a topic that was inspired by a chat I was having with my guitar coach Jake Dobson.  We were talking about the songs I was hoping  to learn over the next month & the classic song “Dumb Things” by Paul Kelly came up. 

In the song, Paul Kelly sings about all the mistakes he has made in life, and how he now recognises all the “Dumb Things” he has done. 

It got me thinking about some of the mistakes I have made in business - or have seen others make, and what to do about it.  And this is what this episode is all about.

Here are some of the  “dumb things”  that we as small business owners can often are guilty of.  

Listen to this episode as I discuss each of these &  give strategies that you can use to eliminate these in your business:

1. Not knowing your margin

2. Not knowing your break-even point

3. Having a poorly structured finance

4. Not having your financials up-to-date

5. Not speaking or consulting with an accountant which can result to poorly structured financials

6. Having high-value team members doing low-value tasks.

7. Ignoring technology

8. Chasing the bright shiny objects

9. Making it hard to do business for your clients

10. Taking on any customer

11. Starting with the end in mind

12. No documentation

13. No clear roles and responsibilities for team members

14. Not making the business about the client

15. Not having a mentor

16. Focusing only on the business and not having an outlet outside of it

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On this brand new episode of Get to the Contest Small Business Podcast, we are pleased to have Mark Wilkins, Managing Director of Capital Claims. We talked about depreciation that guide you through tax deductions on your property investments.

Here are some of the key takeaways from our talk with Mark:

Always ask the question when it comes to depreciation schedule. It could be worth thousands and thousands of dollars’ worth of tax deductions each year. Be aware and ask the questions to your advisers and accountants.

Capital Gains Misconception: Some people believe it is not worth claiming, as I will pay more tax at when I sell.  Whilst most depreciation deductions are added to your capital gains on sale – the 50% CGT discounting & other concessions typically means you are a mile in front claiming depreciation along the way. This, plus the additional benefit of the time value of money means you will almost certainly be better off.

If you haven't even had a depreciation schedule, it's not too late. Amendment periods, depending on the type of tax payer you are, are typically between two and four years. If you're not sure, ask your accountant. We've had multiple cases where it's been missed earlier. We've been able to do amendments and its money in the bank for the taxpayer.

To run a successful business, it's about making sure you've got the systems and procedures all in place. A great team and the right platforms utilising cloud-based technology means you can scale & work from anywhere.

Lose your ego. Hire people that are better than you and be authentic. Don't be someone you're not and don't attempt to control everything.

Don't be intimidated. This is a lesson for small business owners. Get out there and back yourself because business is all about relationships and if you know your stuff & you're confident, you'll do a great job. You have the right to be competing with the big end of town. 

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We have Leon Black, Director of Inspiration at Inspired Techs, in this episode of Get to the Contest Small Business Podcast. We talked about the Data Breech Legislation, using IT in your business and so much more. Here are some of the key takeaways from our talk with Leon:

Train your staff.
There are a lot of phishing and scams trolling around the internet these days. Attack via email is the most common phishing activity. The first step to combating these scams is to make sure your team is trained. It is your responsibility as a business owner to make sure your staff is aware of what phishing is and how to avoid it. Take time in training them and invest in learning more about multi-factor authentication. It is absolutely critical, particularly in a cloud based world, to be doing this to protect your and your clients' data.

Know about the Data Breach legislation.
There are laws to protect clients and consumers with regards to mismanagement of personal data and information entrusted to businesses. If your business does not take the extra measure of protecting clients’ data, this may cause a problem down the road.

IT is an investment not a cost.
Find an IT partner that will work with you strategically and will understand your business, and will ultimately align the technology with your business goals. IT services is more than fixing a slow computer, it is an investment vital to your business if you do it right. 

Done is better than perfect.
Most people wait for the right time to present their product commercially. Tell you what, there is never a right time or the perfect product. Get out there and take the risk in launching your product. As time passes, you can work on improving your product rather than holding back and trying to create “perfection”.

Consistency is key.
With consistency, your clients always will know what to expect. If you can deliver consistently and all procedures are documented, your team members’ work flow will be much more efficient as well. 

CHECK IT OUT! Leon Black shares the key book that has influenced his personal and business life. The book's title is TRACTION by Gino Wickman. 
​

https://www.linkedin.com/in/leon-black/

https://www.facebook.com/inspiredtechs

https://twitter.com/Leon_Inspired

https://twitter.com/inspiredtechs

leon@inspiredtechs.com.au

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What is an ERP and Does Your Business Need It?

On this episode of Get to the Contest Small Business Podcast, we are glad to have Andrew Tolhurst, Partner Manager at JCurve Solutions. We talked about ERP or Enterprise Resource Planning, business management software that brings all core business functions together. Find out how important this is especially for growing businesses by listening in this episode. But first, here are some key takeaways from my chat with Andrew:

ERP is all about getting more visibility, increased productivity and enabling your business to scale.
As your business grows, it is entirely possible that multiple systems will be used that do not integrate. An ERP helps in the management of the core business functions. This visibility over all areas of the business means management data is available to truly know the position of the business. 

Do not throw labour at a problem.
One of ERP’s functions is to streamline tasks for a better efficiency and business flow. ERP will be the "One version of the truth" . When a business grows quickly often more & more Human Resources /Labour is used - often doing tasks that could be automated  in a very manual, inefficient & expensive fashion . An ERP allows those businesses release employees from these low value task so they can instead focus on high value activity. 

Get the team onboard.
Most people do not like change or disruption so it is important to motivate your team members and appoint a team leader or champion when implementing new systems. They will serve as the go-to person in educating the team about clearly explaining the timeline for the changes.  

Being  prepared is a key to success.
Be the most informed person in the room to avoid surprises. With enough preparation, you become more confident and in a position to respond to any client queries. This preparation give confidence and enhances your chance of successful business outcomes. 

Don't try to do anything too much too fast, implement slowly.
Too much too fast doesn’t work. Have a plan, be deliberate around the focus or the areas that you're going to improve on and don’t try to do it all at once. Have a long-term plan and stick to it.