Tag: Business Advice

Owning a business can be brilliant, but you might not want to do it forever. Whether you’re ready to retire, want to cash out, or just need a break, at some point, you will probably want to move on from your business. Even before that time comes, you’ll need a plan for stepping back. Options…

The world is evolving at an unprecedented pace. Industry changes, global trends, and environmental factors will influence the timing and strategy behind your succession plan. The Need for Change and Innovation A successful and profitable business can’t afford to stand still. Unmanaged change and disruption can erode your business’s value—consider how online shopping transformed retail.…

Succession planning involves preparing for the future transfer of ownership of your business. It ensures a smooth transition and helps minimise stress, maximising the outcome during a potentially challenging period. Read more about succession planning here. Why Succession Planning Matters Succession planning is about defining your vision for the future and the steps needed to…

In this video, Ewen confirms the instant asset write-off has reverted to $1,000 per asset. However, there’s draft legislation in progress to raise this to $20,000, with recent proposals suggesting an increase to $30,000. Stay tuned for updates, and we’ll keep you informed as things develop. If you have any questions for Glenn or Ewen…

In this short video, Ewen shares what you need to know about the 2024-2025 Victoria state budget, including the significant payroll tax changes starting 1 July 2024. The payroll tax threshold will rise from $700,000 to $900,000, potentially exempting many businesses. By 1 July 2025, this threshold will further increase to $1 million. However, businesses…

With the end of the financial year upon us, it is imperative to take action to maximise tax savings for your self storage business. To help keep more money in your pocket, here are seven essential strategies to consider: 1: Bad Debts Consider writing off outstanding customer accounts that are unlikely to be collected, such…

Late payments can wreak havoc on a small business’s cashflow, causing unnecessary stress and financial strain. If you are struggling with overdue invoices, fear not! We can help you optimise your cashflow. Here are six straightforward tips to expedite payment processing and get your cash flowing smoothly: Invoice Without Delay: Don’t wait to send out…

In business, cashflow equals confidence and resilience. Take charge of your financial future with these strategies to help you manage cashflow in your business: Establish Clear Payment Terms: Set clear Terms of Trade outlining payment expectations for each customer. Ensure prompt payment by clearly defining payment deadlines and consequences for late payments, as outlined in…

In times of economic uncertainty, small businesses face heightened vulnerability. Despite sluggish sales, overhead costs and payroll obligations persist, necessitating proactive measures to ensure financial resilience and sustained growth will help strengthen cashflow in your business. Plan Ahead and Take Proactive Measures: Anticipate upcoming expenses and assess potential revenue shortfalls. Initiate discussions with suppliers or…

In today’s competitive business landscape, ensuring timely payment is paramount to sustained success. Any business model’s core lies the pivotal process of generating revenue through sales. However, the viability of this revenue stream hinges on the prompt settlement of invoices by customers. Efficiency is key when it comes to cashflow management. The smoother the payment…

In 2019, the soon-to-be owners of a substantial five-acre property in regional Victoria sought the expertise of Ewen Fletcher at Sharp Accounting to navigate the complexities of a greenfield self storage development. Although adept in business operations, the clients were newcomers to the self storage industry and relied on Sharp Accounting to play a pivotal…

In times of economic slowdown, cashflow becomes even more critical for businesses. With fewer funds circulating, some customers may struggle to fulfil their financial obligations. To safeguard your business and mitigate cashflow risks, here are six steps to help you secure overdue accounts: Maintain Firm Terms of Trade While upholding your payment terms is crucial,…