3 tips to help you build a more profitable business

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Tip 1 – Dreaming alone isn’t enough!

It’s fine to have dreams about being wealthy one day but only if you put actions in place to achieve those dreams. Start by focusing on small, simple things you can do to increase the revenues of your business. It might be to attend 1 networking event each week or make 5 prospecting calls each day. Getting in front of more people will generate more enquiries which should lead to more sales and hence, more profits. This is a very realistic, achievable way to increase wealth.

 

Tip 2 – Do you really need it?

It’s easy to be enticed into thinking the latest technology will make your business life easier. But it isn’t always true. Before you make the decision to update your devices or phone ask yourself:

  • Will this plan save me money or cost more?
  • Will this new device shorten my work day?

 

Unless the new device will save you money or time, you probably don’t need it yet!

 

Tip 3 – Know your numbers

If you don’t thoroughly understand your financial situation both in your business and personally, you will never get ahead. That doesn’t mean you need to spend your weekends going through your accounts and statements. It simply means getting the help you need to manage your money better. That’s where we can help.

 

For straight-forward, practical accounting, taxation and financial advice
contact our knowledgeable team at SVA and WPA by calling 02 8850 0388.

Parents beware!

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With the high price of Sydney housing, many parents are helping their children enter the property market by lending or gifting deposits and guaranteeing their loan. While this is commendable, it’s important to understand that if you fail to formalise arrangements, you could regret this decision for years to come.

In particular, some mortgage brokers and banks are asking parents to sign “last minute” statutory declarations just before settlement. In this highly emotion-charged time, parents are foregoing their rights to seek repayment of the loan and/or claim any rights to the property should their child (or the child’s partner) fail to repay the loan.

Statutory declarations are legally binding so these parents have no recourse to claim repayment of the loan – even if their child and his/her partner break-up. Even worse, if these parents advance a portion of the deposit money to their child without a formal loan agreement, it is considered a gift. As a result, the parents have no rights to seek reimbursement of the funds.

Of course you want to help your children as much as you can, but when it comes to financial issues, speak to the team at Sashi Veale & Associates (SVA) or Wealth Planning Advisory (WPA) BEFORE you act.

 

For straight-forward, practical accounting, taxation and financial advice
call us on 02 8850 0388.