Business Plans are like maps for tourists – you need a plan for where you’re going to go, what you want to look at, where you’re going to stay and, if you deviate off track, you need to be able to identify where you’re at and then navigate to get back onto your original path. Planning a business activity is very similar.  You need to develop a strategy and be able to determine...

The creation of innovation is a very important journey for many business operators.  It can result in an asset that is worth a lot of money. Research and Development It all starts with an “idea”. The questions then start.  What could you do with this idea?  Is there any government support for research activities?  Who can claim government support? There is government...

Innovation is the creation, development and implementation of a new product, process, service, marketing or management methodology with the aim of improving efficiency, effectiveness or competitive advantage. Businesses confront “innovation” virtually every day.  A slight change in a process, a different way of greeting customers, developing a new methodology for a process are all...

Innovation is crucial to the continuing success of any organisation. Innovation is the creation, development and implementation of a new product, process, service marketing or management methodology with the aim of improving efficiency, effectiveness or competitive advantage. Businesses confront “innovation” virtually every day.  A slight change in a process, a different way of...

A Business Plan contains a commentary on the strategies to be implemented over a range of activities and the business’ vision. “Predictive Accounting” creates a “financial picture” of the visions and strategies by preparing 4 key documents: Key Drivers - the key compilation data relative to the predictive reports. Budgets - prepared for each business activity. Cashflow Forecast...

  “Scaling up” is a process that follows after the directors/owner has developed the vision for the business. The business needs to assemble a “leadership team” that is committed to ongoing training and professional development. Businesses need enthusiastic “team members” who are well trained and are committed to the culture of ongoing skills development. The leadership...

The best place to start is to develop a written plan for your business. What you need to do is to write down your vision for your business – what you want to achieve relative to: Income working hours capital growth in the value of the business prestige Many business operators seek assistance from experienced business consultants in the development of a business plan. A key analysis...

With the end of JobKeeper there is certainly a lot of issues confronting business operators.  Some of the issues that we believe small and medium-sized enterprises could look at over the next 3 months include: *  Research and Development Registration for 2019/20 has to be lodged with AusIndustry by 30 April 2021.  *  The 50% Australian Government Guaranteed Loans for...

In the daily rush of business it is very difficult for the leadership team to have some quiet time to think about the future of the business and to plan for that future. The preparation of a Business Plan is a “high priority” item which should be conducted as a “quality time project” – no interruptions with the leadership team members offering input on a range of matters relating to...

NAB, Australia’s largest bank, is “seeing clear and widespread signs” of business getting back on track according to an article in the “Financial Review.” What does this mean to SME owners as they consider the opportunities but also risks?  Many businesses have suffered significant drops in income over the last 14 months and this has depleted cash available for gearing up to a...

Various economic commentators are referring to an upsurge in business activities and are forecasting significantly higher sales being achieved by businesses.  A significant opportunity for businesses, as long as they incorporate as a company, is to attempt to raise capital direct from the pubic as a: -  Crowd Sourced Funding Equity Raising Company – which can raise up to $5...

Virtual CFO services are provided by accountants who have wide commercial experience in a range of business activities to assist growing SMEs. A key aspect of the role is to be able to “dig down” into the business records other than just to extract key financial data. Virtual CFOs perform this function for smaller or growing businesses who haven’t yet reached the scale to justify the...

If you’re a company director you might be looking at the funding opportunities that are available to your company at present. For over 35 years Australian small businesses have been able to raise up to $2 million, in a 12 month period, from no more than 20 investors without having to issue a Prospectus.  This capital raising opportunity is available by utilising Section 708 of the...

There is a special company status known as “Early Stage Innovation Company” to assist “young companies” to raise capital direct from the public. This government initiative is expected to be celebrated many times in the next 12 months as companies, which have been undertaking research activities, seek to raise capital to facilitate the commercialisation of their invention. The “Early...

With the end of JobKeeper there is certainly a lot of issues confronting business operators.  Some of the issues that we believe small and medium-sized enterprises could look at over the next 3 months include: *  Research and Development Registration for 2019/20 has to be lodged with AusIndustry by 30 April 2021.  *  The 50% Australian Government Guaranteed Loans for...

Prepared by Peter Towers, Managing Director Towers Business Development Pty Ltd and ESS BIZTOOLS. Organising appropriate finance for their businesses is an ongoing concern to directors and managers of small and medium-sized companies.  The recent amendments to the Corporations Act, which enables companies with turnovers under $25 million per annum to raise capital direct from the public,...