In case you didn’t know there’s a $30,000 instant asset write-off for small businesses If businesses are wanting to purchase assets, now may be the time given recent changes to the instant asset write-off (IAWO) thresholds. The IAWO was first introduced in 2015 as a means to help small businesses through a period of economic […]
One point that can be made about ‘Business Benchmarks’ is that they are a tool. They are not the ‘complete answer’ to every possible question a client might ask you. It’s not the one tool that will fix absolutely every problem that you are going to run across. But they will enable you as an […]
Feedback loops are seen everywhere, from biological systems where they are used to achieve a stable environment to sports where performance is measured and used to make enhancements. No matter the application, the process is simple: production occurs, measurements are taken and the information is used to make improvements. The surprising thing is that despite […]
The Italian mathematician Luca Pacioli was the first to publish the Venetian method of bookkeeping over 500 years ago, and this has been the primary source of modern accounting ever since. You can see the relevance of his work by looking at some of the accounting terms and principles still used today, which include: double […]
The Australian Tax Office (ATO) provides a high-level benchmark tool for business owners to compare their company’s performance to a wider range of similar businesses. There are essentially three purposes behind the ATO Small Business Benchmark Tool. These are: encourage business owners to perform annual health checks to see if their costs are above or […]
Franchises are often considered, and sold as, a win-win business-model by both franchisors and franchisees. However, the recent Fairness in Franchising Report by the Federal Parliamentary Joint Committee on Corporations and Financial Services, released in March 2019, highlighted that franchisors are currently winning at the expense of their own franchisees. The scathing report has recommended […]
As a business owner, competition can be intimidating. However, it can also drive us to achieve impressive results. The important factor is knowing how to beat the competition. With this sentiment in mind, for business owners and advisors, gathering intelligence on a business’s competitors in a systematic and rigorous format is critical to success. […]
A benchmark is often considered as the optimum performance to be strived for, or, the average performance which is either outperformed or fallen short of. The meaning of a benchmark, in a nutshell, is a reference point or a standard which something can be measured against. In the context of business, there are many benchmarks, […]
