Starting a business begins with a great idea that is pragmatic and future oriented. It takes dedication to drive a business towards success. Success comes to those who think carefully about each business decision, and are devoted to turning the business into something bigger than what was initially expected. Even if your abilities and traits go well and beyond those mentioned above, there are many other considerations which affect the running and set up of a new business. One of the foremost is capital that is made available. New business owners could fund their enterprise with their savings, or could look to a bank for getting financial help. However, it is well known that banks are easier to approach for personal loans as opposed to business loans or lines of credit for entrepreneurs. Accordingly, if...
September – 2017 Practice Update covers the following points
- ALP announces massive (potential) changes to Trust Taxation.
- Single Touch Payroll update.
- Keeping ABN details up to date.
- Limited opportunity to avoid 'transfer balance cap' problems.
- New Approved Occupational Clothing Guidelines 2017.
- Ability to lodge nil activity statement in advance.
Ideally, a business is run tirelessly and either passed on to the next generation within the family or sold off to the right buyer, at the right price. However, most business owners only gauge the value of their business when they decide to sell. This often leads to several lost opportunities during the tenure of the business. Knowing the worth of your business can help you in several areas such as planning investments, exit strategies, insurance and much more. Why keep track of a business’s value?
- To Expand your Business When thinking about business expansion, awareness of your business’s worth can help you gauge the need for external funding and assist in acquiring the required finance. You are more likely to cultivate confidence in lenders where you able to show awareness of the various components of your...