3 Steps and a quarter to achieve your 2011 goals

With 3 quarters of the 2011 calendar year gone, is it time to review on any new years resolutions you made for your business?

Well if you set goals that you have not yet reached, now is a great time to reflect.

You see, with 3 months left, there is plenty of time to take ACTION that will drive you and your business towards those goals.

If you seem a long way off, then remember it is actions that drive results, and it is likely that the actions you and your team have taken (or the actions you and your team HAVE NOT TAKEN) which are responsible for your current state.

But there is time. If you have a goal that you want to achieve before 2012 arrives, take these three simple steps:

Step 1. Decide that you will commit to the goal

Step 2. Identify the key actions required to achieve the goal

Step 3. Make sure you and your team take the key actions

Of course Step 3 is where you are most likely to trip up. I recommend building in accountability to ensure the actions are tracked.

If you would like to know how you and your team can build your own accountability, email me at adam@mbrgroup.com.au or send me a message on twitter @AdamRamage

I will pass on some simple tips we use with our clients to help them achieve their goals.

Yes, 3 quarters are gone. But because there is one quarter to go, you have the chance to nail those goals.

3 Steps.

Don’t wait any longer.

Does your team need a restructure?

From time to time all business owners will come face to face with decisions about team structure.

The challenge is to look beyond the here and now and the demands of the day, and look forward to the future and the makeup of the team you as a business owner wants to have.

As a business owner you want everyone to be working towards the goals of the business, and by having a great culture and an attitude where the team members want to support each other, then the likelihood of achieving your business goals are enhanced significantly.

Of course that does not mean having team members who are identical, or that agree with everything you as the owner says or does.

A strong team will have a balance, will be willing to challenge the stays quo, and will keep each other accountable.

Are there things that you as a business owner need to do to support your team in this progression? Are you willing to be challenged and held accountable by your team, not just be “the boss”?

Do you allow the strengths of the individuals in your team to shine?

If the answers to any of these questions is no, then I would love to have a discussion with you.

Landline, mobile, skype, twitter. I don’t mind. Let me know and let’s have a healthy look at opportunity.

Congratulations Upgrade Commercial Interiors

Our whole team at MBR Group offer congratulations to Upgrade Commercial Interiors on being named Best Specialist Contractor in the Master Builders Excellence Awards 2011.

The Myer Melbourne redevelopment included numerous challenges and the execution by the Upgrade team was recognised by the Master Builders Association of Victoria.

Upgrade Commercial Interiors were responsible for the supply and installation of the level 7 feature ceiling consisting of 15 plaster facets lined with 10,000 metres of Tasmania Oak timber and 15 plasterboard facets all of which were at different planes and angles creating a most striking feature to the top floor of the development.

Upgrade also undertook the recreation of the mural hall ceiling and associated plasterglass mouldings to their former glory after the existing ceiling had to be removed to allow installation of services and removal of hazardous materials.

For contact details for Upgrade Commercial Interiors click here

 

5 Quick and legal tax saving tips for business owners

30 June is approaching fast, so here are 5 tips to help you save tax before the end of the financial year:

1. Superannuation. Yep, it still rocks as a tax saver. You get to spend money that goes toward your retirement and save tax at the same time. And, a simple tip is to pay your staff super pre 30 June too. You have to pay it in July anyway, so bring it forward and save tax this year.

2. Made a capital gain this year? If so, check your portfolio for investments which have lost value.  You can offset realised losses against your gains and, yep, save tax.

3. Small assets. Under the simplified tax system, small businesses can write off assets costing less than $1,000 this year.  So if you are considering buying an iPad, now might be the best time.

4. Consumables. We run an accounting business, so we might stock up on paper, pens, business cards, letterhead, envelopes.  If you are a manufacturer it might be glue, or wrapping materials.

5. Prepayments. If you have a loan, you can check with your bank if you can prepay interest.  You are going to pay it anyway, so if you can save tax this year, worth considering. Same goes for operating expenses such as rent.

6. I said 5, but here is a bonus (super powerful) sixth tip: Call your taxation advisor! You owe it to yourself to have the best information at this time of year, and the right decision can be extremely valuable.

Want to check your options? You can call or text me direct 0418 142 562, or send me a message.

What the budget means for Small Business

The biggie for the headlines

- A $5000 up-front tax break for motor vehicle purchase made by companies with less than $2 million in turnover plus instant deductions for assets costing less than $5000 in 2012-13

Funded by

- Scrapping of the Entrepreneur’s Tax Offset.

Simplified FBT and cars (just one rate) but…

- A reduction in fringe benefit tax breaks for company cars, which will save the Government more than $950 million.

Common Sense for SMSF trustees

- A relaxation of penalties for excess superannuation contributions for first-time breaches.

This will impact on family investors and business owners with children and trusts

- Minors will be prevented from accessing the Low Income Tax Offset for non-work income (like trust distributions)

None of us will argue with this

- More than $150 million for the ATO to crack down on phoenix companies, tax refund fraud and grants fraud.

Keep the mining boom rolling

- A new $34 million program to help Australian suppliers get involved in the Australia’s major resources projects.

Lets assume it will not be another home insulation style debacle

- Increased funding of $60 million for venture capital for renewable energy.

Workforce participation continues to grow but to remain the smart country

- A $3 billion package to increase skills and workforce participation. The centrepiece of this is a $558 million Workforce Development Fund, which will allow companies to bid for funding to train current and prospective workers.

Timing effect only (a headline grabber?)

- A change to the way quarterly income tax payments are made that will reduce payments made by small businesses in 2011-12 by $700 million. The payments will be made up over 2012-13.

Lets just hope it is investing for the future, not investing for votes

- More than $4 billion for regional investment – as promised to the independent MPs when the Government took power last year.

Engaging my team

As a business owner, I have been guilty of taking OUR team for granted. Guys, if you are reading this I am sorry, and have learned the hard way that you are the most valuable asset of OUR business.

Yes, I know that it is our clients who provide the revenue, but without OUR team, the value we could provide would be a fraction of what WE TOGETHER can, and do, provide.

So I will continue to engage the team in helping our clients achieve even more in their business, and the best way for me to do that is to provide the resources they need, but even more importantly, ensure THEY also understand that TEAM really does stand for Together Everyone Achieves More.

I look forward to your comments on how you work with your team to make your business rock.