Your Timeline of Business Needs: Meeting Requirements
By Brendan Taylor
January 2025
A Comprehensive Overview
Throughout the past year, we’ve explored critical milestones in the journey of running and growing a business, highlighting key strategies and practical steps to support your goals. This summary brings all those insights together, offering a roadmap for business owners at every stage of their journey.
Wealth Growth
Building wealth involves balancing active earning, business growth, and passive income strategies. Whether you’re starting out, running a business, or planning for retirement, having a framework to guide your financial decisions is essential. Leveraging professional advice and tools like ASIC's Moneysmart can enhance your journey.
Profit Improvement
Profitability is the backbone of every successful business. By identifying key drivers—like sales, pricing, and cost efficiency—and focusing on high-impact strategies, businesses can maximise their bottom line. Tools like waste audits and expert guidance can simplify and enhance this process.
Cashflow & Funding
Efficient cash flow management is crucial for sustaining growth. Tools like three-way forecasts and strong banking relationships can help predict outcomes, manage debt, and secure funding options such as debtor or trade finance.
Reduced Risk
Risk is inherent in business, but the right strategies—like proper business structuring, insurance, and expert advice—can mitigate these challenges. Balancing risk with opportunity empowers you to pursue growth confidently.
Lifestyle
Achieving a fulfilling life means balancing wealth, health, and purpose. With proper planning, you can prepare for longevity, ensure financial security, and leave a lasting legacy through contingency and succession planning.
Start-Ups
For aspiring entrepreneurs, starting a business requires a solid foundation. From creating a one-page business plan to ensuring legal compliance, setting up the right support systems is key. Sustainability and flexibility are crucial for long-term success.
Operation & Management
Efficiency and organisation are cornerstones of successful operations. Using principles like the 5S methodology, businesses can enhance productivity, reduce costs, and create a culture of continuous improvement.
Comfortable Retirement & Business Exit
A well-thought-out exit strategy ensures your business and personal goals align. By planning early, building value, and maximising superannuation, you can secure a comfortable retirement.
Estate Planning
A comprehensive estate plan protects your assets and ensures your legacy. With essentials like a will, enduring power of attorney, and testamentary trusts, you can provide for your family while reducing disputes and taxes.
Tying It All Together
Each of these elements represents a stage or priority in the business lifecycle. Together, they form a cohesive framework to guide you through challenges, optimise opportunities, and achieve lasting success. No matter where you are on this timeline, planning, and professional support are your keys to progress. If you would like to know more about any of these milestones click their headings to go through to those milestones full article.
Let us know how we can assist you on your journey—whether it's planning for today or strategising for tomorrow. Call us at (08) 9841 1200 to make a start.
HR - WA System Employment Changes
Listen up state system employers!
Important updates to WA state system employment laws are set to take effect on 31 January 2025. These changes align closely with existing laws in the national system.
1. Casual loading - the casual loading rate on the state minimum wage rate is increasing from 20% to 25%. For most state awards, this doesn’t change anything as many already meet or exceed the new minimum. However, the Farm Employees Award will see an increase in all minimum casual rates. Make sure you check your minimum award rates to ensure you are compliant.
2. Test for determining casual employment – The definition of casual employment is evolving. While it still includes irregular work without a guarantee of ongoing employment, the new approach aligns with national standards. Determinations will consider not only employment contracts but also the real substance, true nature, and totality of the employment relationship.
3. Sexual harassment – New workplace sexual harassment prohibitions will align with the Fair Work Act 2009. Under these new provisions, employers may face vicarious liability for the acts of their employees unless they can demonstrate they took all reasonable steps to prevent sexual harassment.
4. Public holidays – Employees will gain the right to be absent on public holidays. This means that employers cannot require an employee to work on a public holiday. Instead, they need to request an employee to work on a public holiday and the request needs to be reasonable. Employees will be entitled to refuse the request so long as the refusal is reasonable.
For assistance in understanding or implementing these changes, please call us at (08) 9841 1200.
