Innovation July Blog
July is Innovation Month
Learning and innovation go hand in hand. The arrogance of success is to think that what you did yesterday will be sufficient for tomorrow. William Pollard
What are the Benefits of Managing Change and Innovation to accelerate your business?
10 Tax Saving Tips
- Immediate Write Off: For eligible businesses, assets that cost less than $6,500 can be written off immediately and applies to the purchases of assets used in business. Check with your accountant to see if you are eligible.
- Trading Stock: A stock take is the best possible way to write off any damaged, obsolete or lost stock and can help to reduce your taxable income. Remember unless you know the true value of your stock your Profit & Loss will be incorrect.
- Pay Super Early And Split With Your Spouse: Even though superannuation guarantee payments for staff are not due until July but paying these in June will give you a deduction for them in this financial year as opposed to the next. Also if your spouse's total income is less than $13,800 this financial year, you can claim a tax rebate of up the $540 if you contribute on their behalf
Opportunity is knocking in your business – right now!
Do you often feel that there aren't enough hours in the day? Let alone the time to work on your business goals or the bigger picture? This is the reason many micro businesses don't grow to their full potential. The focus is on the everyday issues and obstacles, being reactive instead of proactive. Too often, micro business owners are buying themselves a job instead of buying themselves an investment.
If the above sounds a lot (or a little) like you and your business - then STEP BACK! Step outside of your business and look at it through the window. Can you see the potential that is around it, probably right there in the room with you every day? Opportunity is knocking.
It's All About Finance
"Business is a game of numbers and relationships" Helen Cowley
In this series we talk all about the numbers that affect your business.
Today - we'll simply say, in your business if you don't:
Working with Staff
What happens if I train staff and they leave?
What happens if you don't train them and they stay?
I was recently asked if by allowing all staff to undergo a personality test, would this mean that I would then have to put off, those staff that didn't have the right personality for our business?
My response was - as I believe Personality tests often, give us "Great Opportunities for Growth"