“The most important thing in business – indeed in life – is to understand your purpose.” So said our first business coach, who urged me and my fellow founder, Robert Hadded, to document our business ‘purpose’ for The Practice – also called a mission statement. Now for two 24-year-old upstarts in their first year in business, it would have been easy to dismiss this as fluff. But we had our eyes on a bigger prize – building a business that transcended the two founders. We wanted a business that … [Read more...] about The Power of Purpose
I've found the big differentiator between a raging business success and one that just gets by ultimately comes down to taking action. Don't get me wrong - a robust strategy is the critical first step for any successful business. It ensures you stay focused on the actions needed to achieve your objectives. But if you don't execute on that strategy, it's a waste of time. In June this year I took 30 business owners on a business retreat in Fiji. It was life-changing stuff. Business owners get so … [Read more...] about You need to be held accountable
Most business owners don’t get an adequate reward for all their hard work, heartache and stress. Over the last 20 years, I’ve seen far too many business owners who simply don’t make enough money to make it all worthwhile. (In fact, the harsh truth is that some would be better off getting a job...) But we owners can’t help ourselves. We love being the boss and calling the shots. We want to make our mark in the world and build something bigger than us. But gee, it’d be nice to make … [Read more...] about Are you better off getting a job?
I had the privilege to take 30 business owners away for a powerful, challenging and inspiring business retreat in June. It was an amazing three days full of world-class content, actionable content, and the bonding that can only happen amongst fellow passionate and switched-on business owners. The feedback from attendees was so incredible, we’ve decided to run two major events every year – Fiji in June, and Noosa in November. ‘Have your cake and sell it too’ implementation retreat | … [Read more...] about Fiji retreat: “life-changing”
When the going gets tough, Aussie SMEs turn to their accountants first. That’s one of the findings of the most recent MYOB SME Snapshot survey. Not that this is surprising. I’ve seen first-hand how technology changes such as the rise of cloud accounting have helped businesses reduce administration tasks and increase cash flow. The flow-on effect, and the most profound impact of cloud accounting, has been to free up Accountants from a compliance focus so they can move from bean-counter to … [Read more...] about Accountants do it better
Why penalise someone for working hard? For me, that’s what the current debate around increasing the GST boils down to. My belief is simple: it’s far more effective, on a number of levels, to tax spending rather than taxing earning. The benefit of consumption taxes like the GST is the amount of tax you pay depends on how much you spend. This alone would be unfair on lower income households, as the percentage of tax they would pay compared to income would be higher. So any talk of a GST … [Read more...] about Should Australia get a second job?
Think back to those heady, exciting days when you first decided to take the plunge and seize control of your own destiny. What were the reasons you gave friends who were sceptical (or thought you were downright crazy)? “A better quality of life - more freedom and flexibility.” “To create something special, and make a difference.” “To be the boss and call the shots.” “To get a greater share of the profits for all my efforts.” So… how’s that working out for … [Read more...] about Why did you go into business?
The pundits are divided about how much you need to retire on comfortably. One expert will say $1 million is enough, while others say you’ll need a fair bit more, particularly as the make-up of (and accessibility to) the aged pension is likely to change in the future. And crucially, which side of the fence you sit will depend greatly on your definition of ‘comfortably’. Many experts point to a retirement shortfall based on the longevity risk of outliving your super. There are varying … [Read more...] about Don’t be in denial about your retirement – fund the shortfall yourself
There are keys to success that every single business – whether a start-up or a thriving enterprise – needs to master. If you can set your business up with these in mind, you’re half way to building a brilliant business, argues Jason Cunningham. Know your business. The first thing I encourage all small business owners to do is to articulate your ‘why’ – the reason your business exists (and the real reason customers buy off you). Crucially, you need to communicate it to your key stakeholders: … [Read more...] about ‘Start me up’ – 8 keys to start-up success
Cash flow is the lifeblood of any business. The highest profile measures in the recent Federal Budget focus on providing cash flow relief while stimulating consumption. But there are other ways that small businesses can take advantage of the budget, such as the ability to ensure you have the correct structure in place. 1. CASH FLOW MEASURES There are some key budget measures that aim to increase cash flow for small businesses. Importantly, to maximise these opportunities, you should … [Read more...] about How business owners can take advantage of the Federal Budget
We’ve all been there. Standing around the barbie, listening to someone bang on about how little tax they pay. But when you scratch the surface, you often find out the reason they’re not paying tax isn’t due to clever fiscal management… it’s because they’re not making any money. Paying tax is not necessarily a bad thing. For one, you get that warm inner glow from contributing to society. But more importantly, it means you’re making money. Now let me be clear – as the late great Kerry … [Read more...] about EOFY Planning – Why spending money to save on tax doesn’t make sense
There was an increase in the number of businesses for sale in Australia in 2014, hitting an all-time high of 41,200 enterprises up for grabs in October last year. But in an overcrowded market, how do you get the best price for your business? And more importantly, how do you make a play for the big bucks? The Practice’s Jason Cunningham is featured in this SmartCompany article on How to sell your small business for big … [Read more...] about How to sell your small business for big bucks
Video of Jason Cunningham sharing what Kerry told Mark... and what you can learn for your business. [youtube height="HEIGHT" width="WIDTH"]http://www.youtube.com/watch?v=H0bGhSZG_x4[/youtube] … [Read more...] about VIDEO: What Kerry Packer told Mark Bouris…