info@businessgenie.com.au

Payroll tax audits and court cases during 2023 have brought the issue of payroll tax for medical practices into focus. Until recently, medical practices largely excluded contractors from calculations on the basis that the contractor operates their own business out of rooms rented from a medical practice.  Payroll tax is a state-administered tax with different […]

Develop a Cash Flow Forecast Improved cash flow management begins with creating a cash flow forecast. If your business is struggling, it needs to be quite detailed.  Start by projecting future income and expenses and identifying when cash is expected to be received or spent.  This identifies potential cash shortfalls, and you can plan accordingly.  […]

Understanding your Business Environment:  Australia’s small and medium business (SMB) sector is pivotal to its economy, contributing significantly to employment and GDP. However, the competitive business landscape, regulatory environment, and economic fluctuations means that SMBs need a strategic approach to wealth management.    1. Financial Planning and Budgeting  Begin with a comprehensive financial plan aligned […]

Recognise the Interconnection: Everything starts with introspection. Financial stress impacts mental well-being and vice versa. Acknowledging this (to yourself) can help you work on solutions and encourages conversations, which reduce associated stigmas.  However, be mindful of who you tell about your struggles!  A new or potential client will probably not be interested in using your […]

Understanding SMART Goals:  SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. This framework provides a structured and comprehensive method for goal-setting, enhancing clarity and effectiveness.    Specific: The first step in creating a SMART goal is to be specific about what you want to achieve. Instead of setting a broad objective, narrow it down […]

The new year is a new beginning. If you are a business owner, this is often the time of year when you reflect on where you are at and think about your business goals for the year ahead.  Setting goals is an essential part of personal and professional growth. These could be lofty goals, or […]