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How to achieve sustainable business growth!

How to achieve sustainable business growth!

No matter what industry you’re in or how big your business may be,
business growth relies on practical management.

1. Maintain good books


To achieve real, sustainable business growth, you need to measure and analyse your profits, your budgets, your cash flow and your costs.

In other words, you need to know your numbers.

Many people make the mistake of just monitoring sales and assume that good sales equates to growth. But this isn’t the case.

You need to understand your costs, monitor your outgoings and have strong bookkeeping foundations, so you know exactly where you are at a glance.

2. Set measurable, realistic goals


Sustainable growth isn’t just a single number that indicates success.

To achieve growth, you first need to set measurable goals – not just budgets, but business goals as well.

Setting arbitrary goals like, ‘I want to earn more money’, won’t work. You need to be able to measure and be held accountable for achieving the goals.

A more specific goal that you can measure would be: ‘I want to improve my administration efficiency so I can take on two new clients’. By achieving this goal you are not only increasing your business earnings, but you are reducing costs by becoming more efficien

3. Diversify so growth doesn’t rely on one factor


A key indicator that your business is on track to achieve sustainable growth is that you have adequate diversification of your products or services in place.

Just as you can’t keep your prices stagnant over time, you also can’t keep your service, or product offering to one stream.

Diversification means you have a more comprehensive range of profit sources, so you aren’t relying on one income source.

4. Focus on customer/client success


This brings us to a critical element in successful sustainable growth: maintaining your clients or customers.

By making sure you satisfy your customers’ needs and understand how they perceive your business, you can improve your services.

If you keep your customers happy, they turn into repeat customers, which is a critical component of success.

Loyal, satisfied customers will not only happily pay for your products or services, but they’re also your most efficient marketing channel.

For more information please read the original post by MYOB
https://www.myob.com/au/blog/sustainable-business-growth-practices/

Tips to build your own home!

Tips to build your own home!

Whats your budget?

The first step to building your own home is deciding what you can afford to spend. Once you’ve finalised your budget you’ll know if you need finance. We can help determine your borrowing capacity to get your build underway.

Select a home building option

When it comes to building your own home, there are several ways to go about it. You can select a house and land package, or you can work with a designer to custom-build your property on your own land. There are a number of websites where you can find estimates of how much it will cost to build your home. Remember, you can explore these options more effectively once you know exactly how much you can spend.

Find the right block of land

Some people buy their land before choosing the home they want to build. Others choose the home design first. Either way, make sure the home design will work on the block of land you choose.

Choosing a builder

Its important to do plenty of research when it comes to choosing a builder. Recommendations are a great starting point. You should also check in with the Master Builders Association to make sure your preferred choices are legitimate. Its also a good idea to get a number of quotes from different builders.

Secure Finance

A construction loan is the most popular option if you are building your own home. These differ from a regular loan as the lender releases portions of the loan, or progress draws, throughout the construction process.

There’s nothing more exciting than watching your home grow from the ground up. We’d love to help you build your dream home today!

Book an appointment with our Lending manager today!

Small Business Tax Time Toolkit.

Small Business Tax Time Toolkit!

The ATO has a range of information, tools, calculators and services available to help small businesses at tax time and all year round.

Information

  • ATO Tax inVoice podcasts – Tax inVoice is the easy way to keep updated about the latest tax and super information, including episodes on good record keeping and Single Touch Payroll.
  • atoTV Business channelExternal Link – access a wide range of videos that cover tax time information, to watch at a time that best suits you.
  • Due dates by topic – find due dates for all of your obligations by topic.
  • Lodge with a registered tax agent – how to lodge your tax return using a registered tax agent.
  • Small business webinars – register and watch to find out about tax and super obligations and entitlements for your business. Topics covered include income tax deductions, concessions for small business and employer obligations.
  • Small business workshopsExternal Link – register to attend our face-to-face workshops to help you understand your tax entitlements and obligations.

Stay up-to-date

  • Small business newsroom – get all the latest tax news delivered straight into your email inbox.
  • Social media – get the latest tax and super information on the go. Follow us to get tax tips and updates, share information and stay informed.

Tools and calculators

  • ATO app – download for quick access to handy tools and calculators, and answers to frequently asked questions.
  • myDeductions – for sole traders with simple tax affairs, to track your business income, expenses and car trips.
  • Other calculators and tools – to help you run your business.
  • Small business benchmarks – help compare your businesses performance against similar businesses in your industry.

Get In Touch

P.O. Box 495
78 Henna Street, Warrnambool, VIC
Phone: (03) 55 618 618
Fax: (03) 55 618 600
Website: www.shbbusiness.com.au
Email: office@shbbusiness.com.au

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