let's talk business nov 2014
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Small Business articles, tips and ideas, written by experts, to assist your business to GROWTRANSCRIPT
Let’s Talk Business
Volume 2 Issue 24 November 2014 Page 1
Let’s Talk Business Back To Basics Business Solutions - Support for Small Business
What Is The Value Of
Your Small Business
(Do You Know?) Inside this issue
Cover Story - What is the
Value of Your Small
Business? ................. ...….2
16 Powerful Ideas to Reward
Your Team
Dr Tim Baker …..….............3
Biz Snippets …………….......4
What is Risk Management ?
Dennis Chiron………...........5
7 Shortcuts to Mastering Time
Instantly
Angie “Speedy” Spiterie ….6
The Recession Survival Kit
Geoff Butler ………………..7
Business Networking and
Fishing
Dan Buzer ……..…………...8
The Top 3 Things Your Home
Page Needs
Karen Ahl ……..………..….9
Small Business WH&S
Obligations
Tony Osmani …..…….…...10
Self Managed Super Funds
(SMSF)
Jo-Anne Chaplin………….11
5 Strategies to Catapult Your
Success on LinkedIn
John Bellamy ……………..12
Direct Debits - Diabolical
Paul Gillmore……..............13
Have Meetings - Take
Minutes
Peter Nicol ………………..14
Editor’s BizTips ……….….15
LTB Objectives …..........…16
Volume 2 Issue 24 - November 2014
Let’s Talk Business
Volume 2 Issue 24 November 2014 Page 2
What is the Value of
Your Small Business?
Do you know what your small business
is actually worth?
It’s a fact that your business is
potentially one of your most important
assets.
So why should you value it yet, because
at the moment you have no intention of
selling your business?
It’s also a fact that the majority of
Australian small business owners are
dependent on the sale of their business
to fund their retirement.
Besides wanting to know the value of
possibly, your most important
possession, there are a number of crucial
reasons why business owners should
know the value of their business., which
include:-
Overall financial performance
Creating an exit strategy
Establishing your business as a
Franchise
Attract shareholders / partners
Business planning and decision-
making,
determining tax obligations,
for litigation purposes (including
divorce)
Death or incapacitation of a partner
Access external sources of funding
Selling the business
Having a realistic understanding of the
value of your business or the value of
your shares in a business will always be
critical to personal decision-making and
planning.
At the ‘end of the day’ ultimately any
business is worth what the market is
willing to pay at a particular point in
time.
No matter how well presented it is; a
valuation that is well above the
accepted, general market price is not
going to encourage experienced buyers
(or their accountants) to pay more.
Knowing the true value of your business
process is a key step in understanding
your business’ position, and it will give
an accurate and essential starting point
for any future negotiations.
An accountant (or a banker) might tell
you that taking your assets and
subtracting your liabilities will give you
what you're worth (that is to say, you
take what you own, subtract what you
owe, and what's left is what you're worth
-- at least on paper).
But is that really what you're worth? In
some cases: hopefully; in other cases:
hopefully not.
You can’t put a value on the blood,
sweat and tears that you have expended
on the business. Nor can you put a value
on the sleepless nights, and weekends
spent doing bookwork.
Another way to determine worth would
be to sell your business. Then you'd
know what it was worth -- at least to the
buyer. A more radical way to determine
its worth would be to die. Then the ATO
would come in to help you (or rather
your heirs) figure out what it is worth.
The higher the value the more potential
tax your estate gets to pay.
There are a number of key factors that
you need to take into consideration
when you are valuing your business:
The history and nature of the
business.
The economics of the industry.
Book value and financial condition
of the business.
Earnings and dividend paying
capacities of the business.
Goodwill and other intangibles.
Sales of stock and size of block to
be valued.
Market price of actively traded
stocks of public companies engaged
in the same or a similar business.
SmartCompany states: “Life as an SME
owner can be really challenging, with
cash flow, marketing, innovation,
technology, competition and staff to
worry about, among the rest. Despite all
of the hard work, financial buoyancy
isn’t a given, nor is the attractiveness of
your business if you want to sell.”
A valuation is critical for all sorts of
eventualities including succession
planning, selling the business, preparing
to float, partnering up, acquiring other
businesses, looking to get investors, or
guaranteeing that the business will
support your retirement.
In fact SmartCompany are offering a
free eBook, Know your worth – the
benefits of valuing your SME, uncovers
why it’s important to understand the
value of your small to medium business.
You can download your “freebie” by
clicking here:
http://www.smartcompany.com.au/
resources/library/ebooks/44632-why-
valuing-your-sme-is-imperative-for-
your-future-a-free-smartcompany-
ebook.html
Do You Know The
Real Value Of
Your Business?
Value Creation is what makes your
business valuable
Let’s Talk Business
Volume 2 Issue 24 November 2014 Page 3
Here are ten practical and powerful
ideas for extrinsically rewarding a high
performing team:
1. Giving verbal praise at a team
meeting;
2. Inviting the team to present its
work at a whole-of-staff meeting;
3. Prominently displaying a poster
showing team photographs and
accomplishments in the lunch
room;
4. Sending the team on an outing,
such as a boat trip or to a sporting
event;
5. Inviting the team to the business
owner's home for a barbecue;
6. Placing a photograph and story about
the team in the company newsletter of
community newspaper;
7. Encouraging team members to attend
and present at professional
conferences by paying travel
expenses;
8. Asking the GM to attend a team
meeting to praise its performance; and
9. Giving each team member a T-shirt,
hat, or mug with his or her name (or
team's name) on it.
On the other hand, some people respond
better to intrinsic rewards. Here are eight
ideas:
10. Asking the team to accept a new
challenge to resolve in the business;
11. Giving the team the opportunity to
meet off-site at a nice venue;
12. Giving the team improved resources,
such as new equipment;
13. Asking the team's opinion about how
to handle problems or new business
opportunities;
14. Asking the team to help another team
start up or solve a problem;
15. Offering to pitch in and help the team
directly; and
16. Empowering the team to act
independently.
Both extrinsic and intrinsic rewards
are effective in rewarding and
reinforcing exceptional team
performance. Their value will
depend on the team's preference, the
culture of your business, and the
resources at the disposal of the
manager or business owner. A
combination is often the most
effective form of recognition.
The key message here is: If we
want good team work then we must
be prepared to reward it when it
occurs.
This is an extract from Tim Baker's
latest book - Attracting and
Retaining Talent: Becoming an
Employer of Choice.
Dr Tim Baker is an international
consultant and author of four
books. (http://
www.winnersatwork.com.au) He
was voted one of the 50 Most
Talented Global Training &
Development Leaders by the
World HRD Congress last year.
Dr Tim Baker
Managing Director
WINNERS AT WORK Pty Ltd
www.winnersatwork.com.au
www.about.me/tim.baker
Telephone. +61 7 3899 8881
16 Powerful Ideas to
Reward Your Team
Editor’s Note:
Dr. Tim Baker is an international consultant, successful author, keynote speaker, master trainer, executive coach, university lecturer and skilful facilitator.
In a nutshell, he has conducted over 2,430 seminars, workshops and keynote addresses to over 45,000 people in 11 countries across 21 industry groups.
"“Dr Baker leads the world in
offering an innovative new approach
to appraising employee performance.
His research and energy in the
specialised field of performance
management is evidenced by his
international profile as a renowned
speaker, management consultant and
facilitator".
Testimonial from Stephen Hartley,
Australia’s leading expert on
project management and author of
"Project Management: Principles,
Processes and Practices.
Let’s Talk Business
Volume 2 Issue 24 November 2014 Page 4
Early Buy-Out
A very successful
businessman had a
meeting with his new
son-in-law.
“I love my daughter, and now I
welcome you into the family,” said
the man.
“To show you how much we care for
you, I’m making you a 50-50 partner
in my business. All you have to do is
go to the factory every day and learn
the operations.”
The son-in-law interrupted, “I hate
factories. I can’t stand the noise.”
“I see,” replied the father-in-law.
“Well, then you’ll work in the office
and take charge of some of the
operations.”
“I hate office work,” said the son-in-
law. “I can’t stand being stuck
behind a desk all day.”
“Wait a minute,” said the father-in-
law. “I just made you half-owner of a
moneymaking organization, but you
don’t like factories and won’t work
in a office. What am I going to do
with you?”
“Easy,” said the young man. “Buy
me out.”
-----------------------------------------
Early to bed and early to rise
probably indicates unskilled
labour. John Ciardi
When you’re up to your armpits
in alligators, it’s hard to
remember to drain the swamp.
Ronald Reagan
Nothing is illegal if a hundred
businessmen decide to do it.
Andrew Young
HUMOUROUS
BUSINESS CARDS HUMOUROUS SIGNS
Let’s Talk Business
Volume 2 Issue 24 November 2014 Page 5
What is Risk Management?
Dennis Chiron Marketing Means Business
0451 184 599 www.marketingmeansbusiness.com
[email protected] Skype: dennis.chiron2
All of us come across risks in
everything we do - driving to work,
taking your family on an outing,
dancing in a nightclub or simply
going shopping.
Whilst many of us are oblivious to
many of these potential risks or
hazards, most of us try to reduce
the likelihood of risk affecting our
everyday activities.
What is risk?
Risk can be defined as the
combination of the probability of an
event and its consequences1. In
simple terms risk can be seen as a
combination of the chance that
something may happen and the
degree of damage or loss that may
result if it does occur.
A risk is the likelihood or
possibility of something happening
as a result of a hazard or threat
which will impact on your business
activity or planned event. Risk
arises out of uncertainty. It is
measured in terms of the possibility
of it happening and the
consequences if it does happen.
What is risk management?
Risk management is considered to
be a structured approach to
managing uncertainty and includes
actions taken to:
identify;
assess;
monitor; and
reduce the impact of risks to
your business.
Risks are events, situations or
circumstances which lead to
negative consequences for your
business.
Risk management is the process which
is used to prevent, avoid, reduce or
control risks. There should be a
reasonable balance between the cost of
managing risk and the benefits you
expect from taking that risk.
When you set out on a picnic, you are
subconsciously going through a process
to minimise the risks you may
encounter. For example, you check
your car's fuel level to ensure you avoid
the risk of running out of petrol before
you reach your destination.
You ensure that you have sunscreen,
drinks, eating utensils, enough food,
towels, blankets, etc., This is risk
management.
What are some of the common risks?
Every business potentially faces
challenges, or risks. The types of risk
can vary from business to business but
there are some risks that many
businesses have in common and
generally can be split into two factors-
internal and external.
Why do you need to manage risks?
Ignoring the risk that your car may run
out of fuel puts your car at risk and may
also delay your arrival at your
destination. In the same way, ignoring
the risks which apply to your business
activities or the events you have
planned could impact on the following:
The health, safety and well-being of
employees, customers, volunteers
and participants
Your reputation, credibility and
image, public and customer
confidence in your organisation
Your financial position
Plant, equipment, the general
workplace and the environment.
A systematic approach to managing
risk is now regarded as good
management practice.
Risk Management Process
The process of managing risks
involves a series of steps. At each
step, you should consult with others
to get their points of view. Every
situation is different and requires its
own risk management strategy.
The risk management process is
shown in the diagram below
A good understanding of this
environment will help you develop
the criteria for deciding whether a
risk is acceptable or not..
If you would like a free copy of my
Small Business Risk Management
Checklist, simply text me or send me
an email.
Let’s Talk Business
Volume 2 Issue 24 November 2014 Page 6
Your job is to triage.
What is going to get through now,
what is going to get through later and
what is not going to get through.
Tip Number 4:
Learn how to plan and feed
everything you need to do into 1
system…
Not everything is going to get done
today, not everything needs to get
done today AND you know what,
some things don’t need to be done at
all BUT when we don’t feed
everything we need to do into 1
system… this is what you attempt to
do – everything!
Using 1 system forces you to
prioritise.
Tip Number 5:
Address irritations and time
stealers…
Email, meetings, interruptions…
Batch low priority communications
to be done in 1 hit. Let your client
TimeEqualsMoney
Angie 'Speedy' Spiteri Business Efficiency Specialist
www.timeequalsmoney.net.au
Ph: 0403 970 732
http://www.facebook.com/time.equals.money
know how to get a hold of you if
there is an emergency.
Decide how you work… so you can
get some work done!
Tip Number 6:
Continually improve and stream
line your processes.
Think McDonalds… Create
templates as you do work. Review
projects once completed and update
project plans so you do the work
easier, faster and better next time.
Tip Number 7:
Get a mentor specific to the skills
you want to learn and short cut
your way to success
Specialists can give you straight to
the point, no fluff, and practical
ways of getting to where you want
to go. You can take the long way,
or you can short cut your way to
success.
Doing less is truly the key… doing
less gives you a chance to do more
of what’s truly important?
However you might not be able to
quickly pinpoint what these are
because you are too close to what
you do.
Download this free tool:
Instant Profit Calculator to identify
quickly what to focus on, what to
delegate and what to delete from
your to do list completely.
Imagine for a moment if you had an
extra 10 hours a week during
business hours?
Would you see a visible difference
to your results, to your life?
Many of the people I work with
work very hard because they just
don’t have a simple way to do all
they need to do.
Here are 7 proven tips that work no
matter where you work or who you
are…
Tip Number 1:
Decide on your bulls-eye
What are you aiming to do this year,
this quarter, this year?
And once decided get it up in front
of you so you can see it. Assess new
(and more) projects and tasks
against your goal and only allow in
those that are of value to you and
your business now and/or in the
future.
Tip Number 2:
Set up for workflow.
Flags, printing emails, post it
notes… these are a recipe for
distraction and distractions steals
time and energy. Use a simple
workflow system to keep your work
to do out of sight but not forgotten.
This small action can return you an
hour a day. What is your hour
worth?
Tip Number 3:
TRIAGE
Cut through the deluge of clutter
that comes your way.
7 Shortcuts To Mastering Time Instantly
Let’s Talk Business
Volume 2 Issue 24 November 2014 Page 7
Firstly, real success is sustainable
and happens in any economic
climate, in spite of external
influences. Businesses that survive
and thrive the tough times are those
who adopt an attitude of discovery
rather than resistance. More
importantly, they focus on their
customers
With the current climate with a two
(or even three) speed economy, the
media is predictably focussing on
the negative. Negative stories sell
newspapers, but they do nothing for
people’s confidence.
Negativity creates a sense of
resistance, and while resistance to
unpleasant situations is an expected
human response, it also stymies a
business owner’s capacity to focus
and focus. The reality is that in
tough times there are just as many
opportunities as there are in good
times – maybe even more.
A lot of it has to do with mindset
and education. You must start with
a clearly defined goal in sight and
remember the cost of education is
always going to be cheaper than the
price of ignorance.
Here are some suggests to help you
focus on what is important in your
business in the current climate.
Focus on how you attract, retain and
develop your relationships with
your clients:
Put your efforts into your
existing clients –
Relationships are everything
It sounds obvious, but losing clients
through neglect or sloppiness is
especially painful in tough times.
The cost and difficulty in replacing
them is greatly increased.
Your client list and prospects are
your greatest asset. Even more
important is your relationship with
them and what you’re known for.
The truth is that most businesses fail
because of an inability to keep
customers coming back, rather than
an inability to attract customers,
Grab your customer’s attention
– Be innovative
Most people in business have
unreasonable expectations about the
results they will achieve with plain
vanilla advertising and marketing.
The one thing your clients and
prospects won’t put up with is being
bored.
Your advertising must get
people’s attention
If you can’t make a compelling case
in your advertising to choose your
business over your competitors, you
have no business spending a cent on
advertising.
Does it:
Get attention;
Arouse interest and emotion;
Tell an interesting story in a
believable way;
Offer an incentive to take action
now; and
Ask for action and make it easy
to do what it is you want them to
do.
Make appropriate adjustments
to services, payment options
and products
All advertising should be news. Find
ways to present what you do, the
services you provide, or the products
you sell expressed as news.
Find ways to use what is in the news
about the economy to your advantage.
This does not necessarily mean
slashing prices. It may be message
related or it may mean arranging
payment options.
Better still, focus only on the things
you sell that produce the bulk of your
turnover, and then do it better.
Only run offer-based advertising
– Accept change
There is little point of advertising
without an offer to respond to.
I suggest the most important thing to
create is the offer. The reason the offer
is important, is that it breaks down the
major barriers to business – lack of
trust and scepticism. In tough times
you can’t afford to be boring.
Avoid blame – You are the
answer
The truth is that money is made
mentally long before it is physically
collected. The old saying is true:
‘People have more hang-ups about
money than they do about sex.’
In my experience, most people prefer
to take the easy option and blame
circumstances beyond their control,
like the economy, their education, their
parents, the government of the day or
anything other than them.
In many cases, the difference is acting
on the getting and using of
information.
Geoff Butler FAIM AP, MAITD MACE
Principal/Business Improvement & Implementation Specialist
Business Optimizers
Mobile: 0414 943072
Fax: 3036 6131
Email: [email protected]
Skype: business.optimizers1
The Recession
Survival Kit
Let’s Talk Business
Volume 2 Issue 24 November 2014 Page 8
Business Networking and Fishing …
“There’s a Fine Line Between Fishing & Standing On The Shore Looking Like An Idiot”
The title of this article includes a
quote from the comedian Steven
Wright. After presenting to, being a
guest of and even a member of many
business networking groups, we have
come to realise that at MOST of the
events there’s a proverbial ‘Elephant
in the Room’. If you too have been to
a range of these gatherings, you will
know what we’re referring to.
Is there any dollar productive
‘business’ being generated for the
people attending these events? Our
experience has been, usually very
little. However, for those few who
understand how to get results from
the investment of their time and
money, these meetings CAN be
productive … VERY productive.
Here are 7 tips to help you get results …
1. Select your meetings carefully.
Look up members of the group. Talk
with them and ask for their opinion
and results. How much business do
they get? Who are the key people in
the group? Do they think there is
potential for you to make productive
connections?
2. The meeting is just the show. The
real business takes place at the
follow-up one to one meetings you
arrange after the event. Make sure
your diary is organised and handy so
you can immediately book in any
opportunities that may arise.
3. Arrive early and leave time to stay
late. The pre-amble and after close
of meeting is usually the time to
have good conversations with
people. Plan your attendance to
leave time at both ends of the
meeting.
4. Mingle. The comfortable thing to
do, particularly if you’re new to
these events, is to find people you
know or have similar links to and
stick with them for safety. This is
NOT what you are here for. To
break away from a clicky group,
simply excuse yourself and walk up
to any other person or group of
people and introduce yourself. You
will be respected for doing this, not
shunned.
5. Groups that measure results get
results. Take note of how the leaders
of the group manage the
performance. Some groups are very
casual in their approach, others can
be militant! Each have their
advantages and disadvantages. It
comes down to what works best
for you, but everyone being
aware that productivity is being
measured helps increase results
for attendees.
6. The connections you want are
outside of the group. Imagine that
every person in the group sat
down with you and scrolled
through all their contacts on their
mobile phone and in their email
list. If the group has 20 members
and each member has 50 contacts
(conservatively) that’s 1,000
contacts connected to those 20 in
the room with you.
7. Remember what’s in it for them.
Focus on identifying solutions to
people and their connections.
Don’t hunt people – Attract them
by being a good listener, problem
solver and connector. If you say
you will do something, make sure
you follow through and do it.
This will build your reputation
and people will be more open to
discuss business opportunities
with you.
You’re welcome to experience a
complimentary 30 minute review of
your business that includes a copy of
the popular Profit Mechanics
Diagnostic Questionnaire. You get an
easy to understand report that will
help you see where profit may be
leaking from your business and how
to fix it. Call 0414 567 188 now!
Business is More Fun When There’s
Profit!
Dan Buzer
Profit Mechanics
0414 567 188
www.profitmechanics.net/ [email protected]
Editor’s Note:
Dan Buzer is Co-founder of Profit
Mechanics
Was mentored by BRWRich list
regular Mr Cyril Maloney,
who has a net worth of over
$330 million.
One company Dan worked
with grew from 6 outlets and
$4.2 million dollars turnover
to 36 outlets and $25,000,000
turnover in 7 years.
Has owned several businesses,
including an Australian based
franchise operating in 16
countries. Out of 44 stores one
of Dan’s was number 1 in the
country from its first month! It
consistently sold 1,000% more
of its lead product than the
franchise group average.
Let’s Talk Business
Volume 2 Issue 24 November 2014 Page 9
Nothing is more frustrating then to
visit a website and not find what you
are looking for. I am sure you have
experienced this yourself.
Consumers are looking for that
“quick” piece of information to
answer a question or confirm a detail
and you cannot find it.
Here are my TOP 3 things your
homepage NEEDS.
1: A phone number!
Having your phone number on your
homepage is vital. It not allows for
new potential clients to contact you
immediately, it also allows existing
clients to reach you easily.
It is the one immediate method of
contact for customers and you want
to make it as easy as possible for
visitors to your website to find it.
Make it Obvious! Have it appear in
the top header/banner of your
website or somewhere near the top
of your page.
Make it Clickable! A truly mobile
site has it so that, when clicked, your
phone number opens up in the
mobile users keypad with the
number ready to dial. All they need
to do is hit “call”. No more trying to
remember your number from your
website or trying to scribble it down
on a scrap piece of paper. Now that
is CONVENIENT!
Make is Easy for them!
2: Your Address/s!
There are a few reasons as to why this is
important.
What if someone is on their way to your
shop or office? You want to make it
super easy for them find your address
and fast. They might be on their phone in
the car trying to find you. A google map
somewhere on your site is also a great
idea. Link to your google map from your
homepage if you don’t want the map
being immediately visible.
Now, if you are hosting an event,
workshop or attending a show that is
NOT at your regular place of
business...have this on your homepage
too. Have an area that clearly states any
events you are hosting and where they
are being hosted. Chances are you will
be too busy setting up to field any calls
about “so where do I need to go again?”
The only time you wouldn’t provide your
FULL address is when you are
appointment only or offer a purely
internet only service (online shop). If
you are home-based even, at the very
least, mention the suburb you are located
and/or the areas you service. This can
also help with Google searches too. It
also helps weed not-so-quality leads.
E.g. imagine someone from Perth
stumbles across your site, but you only
service Brisbane...if this is obvious, they
are less likely to waste their time and
yours.
3: List of Services/
Products/Brands!
It’s all about making it super easy for
your customers to: Contact you, Find
you AND Learn about what you do.
This could be nothing more than a
simple list, dot points even.
If someone visits your website
expecting you to offer one service,
then to find out you offer ten, they
may be more inclined to spend more
money with you. You suddenly have
more to offer them and never assume
that they will assume what you do.
E.g. Just say you are a pest controller
and someone wants to you perform a
bond pest control. And just say you
also offer bond carpet cleaning too.
But, this is not clear on your website
(or worse still, not even mentioned on
your site), how are they going to know
before speaking with you. They may
just select a competitor without you
even realizing.
Also, nothing is more frustrating for a
business owner then to find out that
one of their existing customers say “I
didn’t even know you offered that. I
just paid such-n-such down the road
do that for me.” ~ Spare yourself ~
Keep it SIMPLE
Make is EASY
For further information, please feel
free to email Karen ~ The Webgirl.
Karen Ahl
Bac. Bus (Mark, Man), TAE40110, Cert IV IT
Caboolture, Queensland
Ph 0415 142 178
www.web-sta.com.au
The Top 3 things your homepage needs
Let’s Talk Business
Volume 2 Issue 24 November 2014 Page 10
Tony Osmani C.E.O.
Tell : 1300 421 914,
Mob: 0411 09 5539
Small Business Workplace
Health & Safety Obligations
Under occupational health and
safety (OH&S) and new work
health and safety (WHS) legislation
you are obliged to provide:
safe premises
safe machinery and materials
safe systems of work
information, instruction,
training and supervision
a suitable working environment
and facilities.
Complying with these duties can
prevent you from being prosecuted
and fined, and help you to retain
skilled staff.
Workplace health and safety
authorities in each state and territory
and Safe Work Australia have
responsibilities for enforcing the
OH&S legislation. They provide
education, training and advice on
health and safety at work.
You can get information about your
OH&S obligations and other
valuable OH&S resources both in
hard copy and online from their
websites.
The Work Health and Safety Act
has recently been amended, and
some of the Key Changes that are
relevant to small business are:
The concept of the employer
with responsibility for WHS has
been broadened by using the
term person conducting a
business or undertaking
(PCBU)
The concept of the worker also
has been broadened to someone
who carries out work for a
PCBU in any capacity
Small business owners or
employers will have to consult
more directly and widely with
both workers and other PCBUs
on related work activities
Under the WHS Act the
prosecution will have to prove
the case thus abolishing the
current reverse onus of proof
situation
Officers of a PCBU now have a
duty to exercise due diligence to
ensure compliance obligations
are met
What is a PCBU?
A PCBU is a person or duty
holder such as a company or
partnership that operates the
business
Examples of PCBUs would be
companies, franchisees, self
employed, contractors and sub
contractors
PCBUs are not persons employed
solely as workers, or volunteer
associations who do not employ
anyone
Who are PCBU’s responsible for?
PCBUs are responsible for the health
and safety of:
Workers - but more than just
employees. The new Act does not
rely on just the employment
relationship
Workers could be direct
employees, labour hire
workers, employees of
contractors, apprentices or a
student on work experience
Others who could be affected
by the business’s activities
such as visitors, customers or
members of the public
Who owes duties to you?
Workers and Others
Must take reasonable care of
own health & safety
Must take reasonable care that
conduct does not adversely
affect others
Must comply, so far as he/she
is reasonably able, with
instructions
In addition workers must cooperate
with reasonable notified policies
and procedures Other PCBUs need
to ensure their operations do not
create a risk for your workplace or
workers
Please note that legal obligations of
employers vary according to
circumstances. You may wish to
seek independent legal advice on
what is applicable to your situation.
You should visit Safe Work
Australia for more information
which is relevant to your State and
your industry http://
www.safeworkaustralia.gov.au/
sites/SWA
Let’s Talk Business
Volume 2 Issue 24 November 2014 Page 11
Jo-Anne Chaplin
Tax & Superannuation Professionals Pty Ltd
PH 07 3410 8116 / Mobile 0457 960 566
Email : [email protected]
Web: www.taxandsuperprofessionals.com.au
I am a qualified Accountant and I have celebrated my 20th anniversary as a
Registered Tax Agent this year. During my time in Public Practice I have
assisted clients to achieve business growth and prosperity. My earlier career
included positions in banking, manufacturing, construction and retail. My
particular interest is in promoting a culture of using local industries and
business in order to build a strong community.
There has been a lot of media
attention to SMSFs of late, both good
and bad. An SMSF Is essentially a
self-directed entity which is used to
save for your retirement.
They are subject to the same
legislative requirements as retail
super funds, with a few exceptions.
What’s in it for me?
For those investor or business people
who like to make their own
investment decisions, with selected
guidance from advisors, then SMSF is
the perfect choice for retirement
savings.
SMSF’s enjoy significant tax
concessions both in accumulation
phase, and once the member converts
to pension phase.
Super Choice legislation introduced
some years ago, allow employers to
contribute to their employee’s SMSF,
provided that the SMSF is registered
with the ATO as being a bona fide
Superannuation Fund.
Families, particularly spouses, can
benefit from investing their
superannuation entitlements together,
in assets that are more suited to their
investment risk profile.
Recently, the law was changed to
allow a form of borrowing by
SMSF’s called Limited Recourse
Borrowing, which has further
the fund are not for the use of the
member or their family and
associates.
Types of investments include cash,
shares, managed funds, real property
and property trusts, as well as some
exotic types of investments that are
beyond the scope of this article.
Trustees determine the mix of the
investments by having regard to
their personal investment risk
profile, and the liquidity
requirements of the Fund.
Trustee responsibilities
The Trustees are ultimately
responsible for the operation and
management of the SMSF. To make
this job easier, the Trustees usually
engage a professional firm to
undertake the administration and
assist with the preparation of
investment strategies and the like.
We can help you decide on whether
an SMSF is the right entity for your
retirement savings strategy, and also
show you that the duties of the
Trustee are not as onerous as many
of the media advertisements would
have you believe.
If you have a fund, and would like
some advice on strategies available
to you, then please contact us for a
Fund Health Check Review.
widened the scope for investments
opportunities. Basically, the Fund is
permitted to borrow to purchase assets –
either shares or property in order to
achieve income and future capital gains.
There are many rules surrounding this
particular strategy so professional advice
is a must.
Once the Member reaches retirement
age, a pension can be drawn from the
members fund balance.
Under current tax law, the amount of the
drawing is exempt income in the hands
of the pensioner if they are aged over 60
years. As well, the earnings of the fund
which support the pension are also tax
free earnings of the fund. This results in
a preservation of your retirement capital.
What can an SMSF invest in?
Your SMSF must meet the “sole
purpose” test. This means that the
selection of investments must provide
income and capital gains for retirement
This means, basically, that the assets of
SELF MANAGED SUPER
FUNDS (SMSF)
Photo courtesy of www.usatoday.com
Let’s Talk Business
Volume 2 Issue 24 November 2014 Page 12
John Bellamy
Co-Founder
Phone: +61 404 473 755
Email: [email protected]
John Bellamy is recognised as one of
the foremost LinkedIn experts in
Australia, having spoken to thousands of business owners,
helping them to turn their LinkedIn profile into a virtual
ATM where they can withdraw cash at will.
With the festive season already upon
us, now is the time to ensure that you
are communicating, and most
importantly adding heaps of value to
your LinkedIn connections and future
connections.
The success of your 2015 depends on
the actions you are taking right now.
So what actions could you be
focusing on when it comes to
LinkedIn?
Well there is literally hundreds that I
could rattle off, from posting in
groups, creating updates, sending
personalised and/or group messages,
and keeping in-line with my" “Dumb
and Boring" methodology. Here's five
actions that come to mind:
Start Connecting: Consider this.
LinkedIn is merely an extension of
your offline networking initiatives.
And just like an in-person networking
event, your aim is to meet and
connect with new and interesting
people. The same is true when it
comes to LinkedIn, so start
connecting with your ideal target
market.
5. Offer To Help: The greatest
gift you can have, is the ability
to help solve other peoples
problems. If you truly believe
that you can help your
connections, then encourage and
empower your connections to
take the next step with you.
So there you have it. Five really
simple action items for you to focus
on, that will set you up to better
utilising LinkedIn now and therefore
having an amazing 2015.
Let me know how you go
John Bellamy
P.S. In line with point #3 "Value,
Value, Value" I find that many of
the hundreds of people I speak with
each month, find it challenging to
know where to focus their time and
energy to get the best result from
LinkedIn. So here's a free gift, It's
the exact blueprint I use on LinkedIn
everyday.
Download it here for free: www.Linkthority.com
2. Get Curious: Now is the perfect
time to be speaking with your
connections and discovering what
they are planning to achieve in 2015,
and the roadblocks that they
perceive could possibly present
themselves along the way.
3. Value, Value, Value: Find out what
your connections want, and give
them as much 'valuable
information' (tools, cheat sheets,
resources) as possible, with the
intention of assisting them achieve
that. This is all about helping your
connections get results in advance.
4. Fill Your Calendar: Time is your
most precious commodity, and if
you're not focused on filling your
calendar with high priority actions -
that will propel you forward, then
your time will get filled with
everybody else's stuff... And I know
you don't want that :)
5 Strategies To Catapult Your
Success On LinkedIn
Let’s Talk Business
Volume 2 Issue 24 November 2014 Page 13
We have been paying bills
electronically for quite a long time
now and it is true to say that most
people are adept.
However I want to share my thoughts
on different types of payments and
some pitfalls versus advantages.
Direct Debits
Most financial institutions and
creditors will try to make you set up a
direct debit to pay them. This is
where the creditor will access your
bank account and withdraw money to
pay themselves.
They sell this idea on the basis that is
easy for you and you will never miss
a payment, and most of the time it
works well.
The major problems I see are that you
give authority for someone else to
directly access your bank account.
If you want them to stop, the bank
will refuse. You must go back to the
creditor and ask them – they might
not do it this month or they may wish
to make other charges that you
disagree with against your account.
Giving away control is never a good
thing.
Further, creditors have the power to
access your bank account but the
RESPONSIBILITY remains with
you !
Creditors will tell you that it is up to
you to have the funds in your account
for them to debit.
However, what if you become
unemployed or have some unexpected
expenses (such as a child becomes
ill)?
Bill Shock
What if you have an unexpectedly
high mobile phone bill because of
‘roaming’ or ‘excess data’?
The Direct Debit (DD) simply debits
your account. Then you get a higher
than expected power bill which is also
DD.
Then interest rates on your home loan
goes up and your mortgage is DD’d.
Then your water rates come in and
even though you try to keep your
water use down, the bill has gone up. .
Paul GILLMORE DFS
Founder and Director
Southern Cross Financial Services
07 5429 5561
. . . All this occurs but your wages
or income has not gone up . . . . .
you can see that there can easily be
a knock on effect that can easily
have you in arrears on several bills.
You begin receiving letters and
phone calls “informing you of your
arrears and asking when you can
pay?”
My Message is to take control of
your own finances. Do not
outsource it
through direct debits and tell
creditors that you do not want DD’s
and you don’t want to give them
your credit card details either.
Companies will tell you that you
have to have a DD but stand your
ground OR vote with your feet . . . .
only this will bring them to heel and
my advice to you is
MAINTAIN CONTROL OF YOUR
OWN FINANCES to maintain
control of your own destiny !
For more information call:
Paul Gillmore DFS
07 5429 5561
0402 685 032
Direct Debits – Diabolical?
Direct
Debit
Let’s Talk Business
Volume 2 Issue 24 November 2014 Page 14
Peter Nicol Wisdom Marketing & Management
Services 0417627097
www.wisdommarketing.com.au [email protected]
Have Meetings - Take Minutes-
But don’t waste hours having them
The emphasis on every businesses
should be on selling and indeed good
customer care.
All of my articles in “Let’s Talk
Business” have continually talked
about the need for more efforts in
enhancing selling methods and closing
sales.
I have always been a person to
“practise what I preach” and I try each
week to get to see as many new
prospects as I possibly can for my
consulting work and, the Gardening
Tool - The Prong (an invention of mine
now being sold through Home Timber
and Hardware.)
The product was promoted through
their National Catalogue last month
and during the week another container
was ordered to meet demand. It has
been a gratifying few weeks.
It validated my belief in the old adage
that “the more calls you make the more
deals you get”. From my home office I
have taken an idea to a National Brand
in a little less than 12 months. You
have to find the “opening - the
opportunity” and once you have a
belief that the product matches the
prospect then off you go and tell them
enthusiastically about your wares.
My gardening tool was a finalist in the
National Innovation Awards in 2013
(see “Let’s Talk Business” Volume 2
Issue 14 January 2014)
From the moment my entry was
announced as a finalist I then had to
get out there and bang on doors. It is
not easy getting to major chain stores
and, yes I got knockbacks from some
but, the one that made it over the line
was worth all the hard work.
I cannot sit on my laurels.
Ask yourself are you doing the right
thing by your business by having such
a culture. The one thing I ask each
client is “do you have regular sales
meetings?” I do not care if it is a two
person operation or huge operation
there HAS to be a sales meeting each
week. Set an agenda and ask what is
happening in the marketplace.
Oftentimes your perspective of the
market is completely different from
those who work for you.
In many small business enterprises it is
simply the husband and the wife. On
many occasions I have asked the
owners “how does it work here”. The
husband invariably pipes up and says,
“I go out and do the work and, she
does the books”.
I then turn a little “frosty” as it implies
that doing the books is really a
walk in the park and, undervalues
the huge contribution the wife is
making.
“He” often goes off and buys some
significant items without
consultation and invariably
tensions arise.
I find that to keep the peace the
wife goes along with many things
that are really not good for the
business as they are unaffordable
or just not needed as a resource
because the figures show that work
is not really available to cost
justify the purchase.
It is in these environments I make
significant inroads into a business
as; I demand yes, demand that
from that day forward “she” is
referred to as the Business
Manager”.
I also convince them to have a
daily 15 minute meeting as to what
the day has achieved and the needs
that have arisen that need to be
addressed.
Time and time again I can prove a
simple well considered meeting
and asking the right questions of
each other is the key to many
maladies that face any business no
matter the size.
Keep minutes but do not waste
hours.
Let’s Talk Business
Volume 2 Issue 24 November 2014 Page 15
Do You Multitask?
Small business have to be
resourceful to stay afloat. With
smaller budgets, more competition,
cheap imports, higher prices, the
business owner has to consider
everything from consistent industry
changes, cash flow, customer needs
and the unexpected challenges that
they never expected or planned for.
Competing on a fraction of the
budget to keep up with the larger
firms is why small businesses have
to always consider a multitasking
approach to staying competitive.
The Price Trap
It is not unusual for a business eager
to attract clients and customers to
undercut their prices. And all too
often, these businesses face a similar
fate.
Firstly, their business starts to grow,
more customers start to come in and
buy, and these businesses are busier
than ever. Everything appears to be
a success — except the bottom line.
In fact, the more products the
business sells, the more money they
are losing. ….. Welcome to the
‘Price Trap’
*Under pricing. Pricing your
products for too low a cost will have
a devastating impact on your bottom
line, even though business owners
often believe this is what they ought
to do in a tight economy. All too
often, it turns out that the business is
losing money with every sale.
*Over pricing. Overpricing a
product can be just as devastating
since the buyer is always going to be
looking at your competitors’ pricing,
as well as service and quality.
Pricing beyond the customer's desire
to pay can also decrease sales,
quickly and dramatically.
Factors in Determining Price
the method of establishing the price
for a product or service based on the
level of demand.
Demand-based pricing uses
consumer demand (and therefore the
consumer’s perceived value) to set a
price for goods or services.
Some methods of demand-based
pricing can include price skimming;
price discrimination; price points;
psychological pricing; bundle
pricing and premium pricing.
A Few Advertising Tips
KISS: Keep it simple stupid! Don't overcomplicate your advert -
if it looks cluttered, people won't
even attempt to understand what it's
about, they will simply turn the
page.
Have a captivating headline Don't just use your business name at
the top of your advert. The headline
must be compelling enough to
instantly grab someone's attention.
Try and make your headline fun and
play to the readers' interests.
Use only one photo image and
choose it wisely. A good picture
should instantly bring to mind the
experience and inspire someone to
'jump at this opportunity’.
Have a call to action What do you hope to achieve by the
advert? If it is bookings then give a
call to action “YOUR
ADVENTURE STARTS HERE,
CALL ……..
Use colour if possible Because, without colour your ad
may be less noticeable, and people
could perceive it as being bland
before even reading it.
Some of the factors to take into
account when determining your price
are:
The overall expenses of your
business
Your break-even point
The margin you need to be
profitable
The effects of competitors on
your business
Threat of cheap imports
The bargaining power of buyers
The bargaining power of suppliers
Pricing Methods
There are 3 basic methods that all
businesses use to determine the price
you choose to sell your products or
services.
Cost Oriented
Competitor Oriented
Consumer or Demand Oriented
1. Cost oriented method comprises
determining all the costs entailed in
the running of your business and then
deciding on the profit margin that you
need to make.
2. Competitor oriented method is
basically, the “going rate”. You need
to know:
What your competitors are
charging;
How similar are your products to
theirs;
Can you value add to justify a
higher price than your
competitors;
Or what impact would there be on
your business if you where to
undercut your competitors.
3. Consumer or Demand oriented
method virtually means the price that
the customer is willing to pay, and is
Dennis Chiron Marketing Means Business
0451 184 599 www.marketingmeansbusiness.com
[email protected] Skype: dennis.chiron2
Let’s Talk Business
Volume 2 Issue 24 November 2014 Page 16
“Let’s Talk Business” Small Business Publication
PO Box 569 Bribie Island QLD 4507 P| 0451 184 599 [email protected]
www.marketingmeansbusiness.com
PUBLISHER: Marketing Means Business
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organisations or individuals and/or
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Small Business Publication
One of the primary objectives of “Let’s Talk Business” (LTB) is to provide a
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We believe that by offering this free service, we are achieving our goal, and
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