Quite often we talk about opening a business or buying a business, but rarely do we talk about closing a business.

A business may be closed for a number of reasons…the obvious being that it is no longer financially viable, but other reasons include the owner not wanting to run the business anymore (and there being no one to hand it over to), a change in personal circumstances, retirement or illness…to name a few.

Regardless of the reason, when making the decision to close your business, there are many things to consider and take care of…you can’t simply “walk away”…even if that’s what you feel like doing!

The Australian Government’s business.gov.au website, has some great information for those considering a business closure, it discusses the following points:

• make sure closing is the right decision
• set a closing date for your business
• take care of your employees
• notify suppliers and customers
• end lease agreements
• sell business assets and pay outstanding bills
• deal with tax and legal matters
• keep business records
• tie up other loose ends
• look after yourself

If you are considering closing your business, please talk to your accountant and solicitor and seek their assistance to ensure the matter is dealt with as smoothly as possible.

And remember, when one door closes, another one opens!

Regards

So you run a business, have a family, enjoy a social life and play sport?  Who has time for red tape?

The Australian Taxation Office (ATO) have been listening…yes, they have!

Recently, Chris Jordan (the Commissioner of Taxation), made a speech which announced some new initiatives by the ATO to try and reduce the amount of red tape for small businesses on the basis that “meeting your obligations takes you away from your real business and what you are good at”…

Three of the primary aims of the measures are to provide a service which is more personalised, accessible and reliable, take account of the impact their activities have on the everyday running of small businesses and their cash flow, and work harder to ensure that information and advice is provided in a streamlined, personalised, accurate and consistent manner.

Some of the new initiatives announced include:

• an after hours call back service
• small business fix-it squads
• a “business friendly” approach to managing small business debt
• small business newsroom, and
• a web-chat service

These measures were designed in consultation with 24 small business owners, so if you have the chance to try them out, please do so and report back with your experience!

If you would like to read the full speech, please click here.

Regards

I consider myself a loyal person…I’m loyal to my family and friends, I’m loyal to my clients and suppliers, and I’m loyal to my football club and barista (…and I’ve got the club membership and the coffee card to prove it!)

But have you ever considered the term “loyalty” in reference to an employment relationship?

I spent yesterday conducting staff interviews at a local organisation as part of a process towards preparing some policies and procedures on their behalf, and I was struck by the loyalty of the women I spoke to…their loyalty towards their employer, their colleagues and their cause…and it made me proud!

One of the comments made was “when you feel trusted, you give more”…and for me, a huge part of loyalty is exactly that…trust…being trusted and having trust in others.

I’ve worked in businesses before where I’ve felt that I had to second guess every decision I made, or that every move of mine was being watched, and it’s not a nice feeling – I certainly didn’t feel “trusted”.

For any business owners who have staff, I sincerely recommend that if you feel you aren’t quite getting the best out of your employees, try approaching the topic of trust in your relationship, and see if you can work together to make some improvements.

I’d love to the know the outcome…

Regards

Everywhere you look at the moment, there’s a sports final of some sort, I’ve been watching the US Open tennis and the Australian Football League (AFL)…not that my team is playing!

I’ve always thought there are many parallels that can be drawn between sport and business, and I’m sure you’ve all heard many sayings that could be relevant for both.

One of these things is “strategy”…

While we’re watching our sporting heroes fight it out for glory on the television, and even at the local sports ground at grass roots level, you can be sure that each and every coach and team manager has a strategy…being is business should be no different.

As a small business owner, like so many others, I fell victim to having all my plans “in my head”…after all, I’m a sole trader and I know everything that’s going on right? Wrong…

One of the best things I have done recently is start to document my business plan/strategy and my marketing strategy!

Many business owners create these types of documents purely to satisfy the needs of a financier or the like, but they can go a really long way in assisting you to fine tune your business, aid your approach and ultimately help you to reach your business goals!

I have found that since I’ve started these documents, I’ve been able to congratulate myself on the things I do well in my business…and plan for the things that need attention – if anything , it makes me accountable!

If your small business would like to discuss a business plan/strategy, contact The Tax Chic for assistance!

Regards