I often wonder when talking to business people what their plan is on how to exit the business in future.
And generally when asked, the answer is a shrug of the shoulders and the iconic Aussie response “Dunno”.
For years I was guilty of not taking proper holidays. Id always figured that with the business closing for about 2 weeks over Christmas and New Year, then 6 other public holidays during the year, that was enough.
Earlier this year I was at a business seminar with one of the key note speakers being a Hindu priest and international speaker named Dandapani. I was dubious as what I would get from him, but he was a thought provoking speaker in many ways.
And as such the way GST on construction is dealt with is changing.
Developers and builders are likely to experience tougher days ahead as cash flow starts to get tougher, with new GST laws to start on 1 July 2018 and a weakening confidence in the property sector.
The start of spring brings warmer weather and the start of the cricket season.
Whether you like cricket or not, its hard to ignore as Australia’s number one summer sport. Its a bit like doing your tax; businesses either look forward to this time of year or try to ignore it for as long as possible.
With innovation happening in almost every industry, many business owners are looking at lower returns from their traditional business model.
What determines if a business is successful or not has many elements, that of themselves don't make a business successful.
But successful business tend to exhibit 5 characteristics.
Recent cases and ATO activity might call that into question though.
So how sure are you that youll withstand a review by the ATO?
And it has some excellent lessons for businesses that face pressures due to change.