Business Plans are like maps for tourists – if you don’t know where you are going how are you going to know when you get there? Last week we commenced discussing some of the subject headings that could be included in a Business Plan for an established construction company – we now conclude with the following: Communications Communications is a very important component of the fabric of...

Business Plans are like maps for tourists – if you don’t know where you are going how are you going to know when you get there? The purpose of a Business Plan is to take some time out from the normal day-to-day activities of a business and to sit down and think about specific issues that affect the future well-being of the business and agree on a strategy and to then write that strategy...

As more SMEs set their sights on “scaling up” their business operations to increase turnover, profitability and the value of their business, there will be an increasing awareness of the benefits that experienced accountants, performing virtual Chief Financial Officer Services, can offer to an SME Chief Executive Officer by performing an “accountability partner” service. An...

Queensland Regional Small Businesses Grant Sure To Be Popular! Applications for the “Business Basics Grant” targeted at small businesses operating in regional Queensland with turnovers under $300,000 in 2020/21, opens on Wednesday 8th September 2021 at 9.00am and is expected to be fully subscribed.  Grants of $5,000 are available for a range of services. Towers Business Development...

Stop Press!     Stop Press!     Stop Press! Queensland Government – Business Basics Grants for Regional Queensland The Queensland government has announced a range of initiatives for small businesses to increase core skills and adopt best practice. Grant funded activities must be in one of five priorities: Training and Coaching Website...

For SMEs there are a number of ways that capital can be raised to fund business operations. Non-Companies: Sole Traders and Partnerships can raise funding by applying for loans from banks, other financial institutions and individuals who are prepared to lend money.  Normally the lender will require security for the loan.  Security is normally real estate over which the lender is...

A regular meeting of the leadership team of a business significantly improves the internal communications and awareness of what other people are doing in the organisation.  It’s a great introduction to the concept of “corporate governance in operation” because it involves: follow-up from the Minutes and Action Plan of the previous meeting; ensuring that deadlines are met for the...

Australian businesses, particularly SMEs, can access literally hundreds of government grants that are offered by the Australian, State and Territory governments throughout the year. Grants are available for businesses operating under various entity types including: Sole Traders Partnerships Trusts Companies There are virtually no grants for businesses that are supplied on a 100%...

A company director’s duties are onerous and new appointees as directors should not underestimate the legal requirements that they need to abide by in the performance of their duties. With many companies now taking advantage of the significant changes that were made by the Australian government, about 4 years ago, relating to some companies having the ability to raise capital direct from the...

The Australian government’s Accelerating Commercialisation Grants from $50,000 to $1M, on a 50% funding basis, is a significant contribution to funding the commercialisation of intellectual property in the form of a novel product, process or service. The applicant must be a company, but an individual or partnership can apply for the grant as long as the applicant(s) agrees that, if approved...

Section 708 of the Corporations Act enables a private company to bypass the general prohibition that stipulates that a company, that wishes to raise capital from the public, must issue a Prospectus. Private companies are able to raise up to $2,000,000 in a 12-month period from a maximum of 20 investors by issuing ordinary shares to the new investors. There is a prohibition against advertising...

Finding funds to enable the commercialisation of an invention or a new product that has been developed can be one of the most difficult tasks undertaken by a business, because many of these entities have great difficulty in borrowing money because of insufficient security to be offered to a bank. The Federal Government was aware of this when the government introduced legislation about four...

If you have a company (or even a business that you are prepared to roll into a company) with a turnover under $25,000,000, you have the potential of being able to raise capital direct from the public by utilising the Crowd Sourced Funding Equity Raising amendments that were made to the Corporations Act about 4 years ago. Why would you do this?  You may have problems with banks...

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 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...