I really hope you're not leaving meeting your budgets and targets to the whims of chance.
The only way to make sure you're actually achieving what you set out to achieve in $ terms, new customers, visiting clients - is to chunk it down and monitor it.
But what does that actually mean?
Negative gearing in the rental property market is very popular with such a broad range of Australians.
From those starting out in the property market to mums and dads, it seems so many people think generating a tax loss from having a property is a great idea.
But is it really??
Over a decade ago a young cricketer at the Australian Cricket Academy was approached to bat whilst the Australian team were practicing in the nets nearby. The teams fast bowlers were asked to try and bowl out the 16 year old star of the future.
Caught in the economic downturn?
The key to operating a successful business and making money in an economic downturn or recession is to know where your business performs well and where it can improve.
A "Business Value Gap" is the difference between the value of your business today and what you need it to be at time of sale.
A shortfall can have a significant impact on your retirement plans and may force you to reassess your desired standard of living in retirement.
Worst case - it can mean you cant afford to sell.
As business owners we often want to feel essential to the success of our business. Some common quotes from business owners are:
“My Customers are totally loyal to me”
“I am the face of my business”
Given that the average age of business owners within Australia is currently 56, it is more likely that you will be a "Baby Boomer" business owner yourself.
This can pose a number of issues for you and your business.