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Target Accounting Service

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24.01.2022 #toptips If you want to grow, to scale, you MUST get your organisation structure right. No matter what size of your business is.#toptips If you want to grow, to scale, you MUST get your organisation structure right. No matter what size of your business is.

19.01.2022 Where my cash is coming from? I have been asked often by clients ‘Where my cash is coming from? How can we make more?’ The answer: We need to generate revenue. ... But what actually drives these revenue? For example, husband and wife coffee shop, whose revenue streams may include coffee sales, cake sales and lunch sales. If 80% of their income comes from 20% of their products - they might need to ditch some of the poor sellers. What about volume? Are they generating revenue based on selling a high volume at low margin, or low volume at a high margin (i.e cake). Is that a good idea to push volume up? The above is one of the areas, that we as business owners should consider, the better we can understand the nature of our business revenue, the more we can manage and control our ability to generate this income.

18.01.2022 Am I a control freak?! Melbourne is back to lock down again. Just like other business owners, having to juggle business, family and home schooling, I struggle with time more than ever. I know one of ways to get through this is by delegation. But I have to admit, I am still having trouble delegating, despite running my own business for a few years. I still tend to do everything myself.... I don’t like the feeling of giving up control and letting someone else to act for me. I also have bias that no one else is going to do as well as me. What’s the consequence of holding on that CONTROL? *I will be burnout and possibly ruin the relationship I have with my family and with my clients. *NOT a good outcome. However I’m not alone on this, so many family business owners I worked with, find it difficult to delegate. It takes tremendous amount of trust and courage for the owner of the family business to delegate authority to their offspring. They fear the younger generation might do some serious damage to the business. Or they are afraid of giving up too much control, they will be eventually driven out of the business. Although these can be valid concerns, what's the best way for others to learn and grow? Is by doing! Letting go can be an opportunity for the younger generation to shine. They can bring in new ideas, create new opportunities and streamline the process, which contribute the future success of the family business. Letting go is not a sign of weakness. It’s a sign of great leadership. We might be amazed what people around us is capable of - i.e making a meal.

17.01.2022 Join me to learn more about the JobKeeper payment assessment process and to gain access to the payment scheme. With payment of $1500 per fortnight to eligible employees and business participants for up to 6 months, there are plenty of risks if you get it wrong! Here’s what I will cover in the webinar on 22 April, 1pm. Determine eligibility of employers, employees and other business entities Calculate turnover, manage registration and ongoing reporting requirements... Mitigate risk to avoid getting it wrong Live Q&A Click the link to register: https://us02web.zoom.us//register/WN_hS5k8sl1ScmzN9qs-btL9w To ensure you submit all correct information, I will provide you with important JobKeeper Payment checklists as part of the registration.

13.01.2022 Being my own boss A friend recently asked me if she should take the leap to start her own graphic design business or continue working for someone else to get a ...decent pay cheque. I can’t speak for every entrepreneur, from my humble experience being my own boss comes with risks, but it also offers pretty terrific perks. Being my own boss means I can the shape the business to align with my desire lifestyle; I can work in a café everyday if I want. My business is here to serve me, I am not the slave of my business! I can travel with mum to UK for 3 weeks in the middle of the tax season not worry about losing clients. Because I have heavily invest time and effort in developing system and resources, I have confident that things will run smoothly with or without me. I have 100% power in making decision of my business and enjoy 100% financial rewards! I know the thought of being your own boss can be very scary. What happen if that doesn’t work??!! . But the freedom of pursing your dream and living the life in your own term may just worth the risk. I certainly took that risk and I am enjoying every bits of it.

12.01.2022 Start with Purpose, not Profit Would it be possible to only focus on exceeding customer needs and expectations rather than generating greater profit? https://rb.gy/ohzz7w

10.01.2022 You don’t have to be an accountant or bookkeeper to understand your numbers, just as you don’t have to be a mechanic to drive a car. Having an overall understanding of your financial reports puts you in a far stronger position to make better decisions. In the webinar, you will learn: Why your bank account balance may not reflect profits Each of your key financial reports tells you about your business... How to protect your assets How to measure your business efficiency Plus we'll provide you with a complimentary Guide to Your Financial Reports. Come and Join me. Registration link is in comment below

10.01.2022 Treat our business like our baby. Parents here will probably agree with me children drive us crazy sometimes, but we still love them to bits, we certainly won’t give up on them because we have a bad day! Our business is like our baby. It needs care and attention right from the beginning. It needs constant education and nurturing. We want the baby to become strong, resilient and successful. Hopefully, one day the baby can become self-sufficient and look after us.... If we are treating our business like our baby, we are in for the long haul. Our business learn, innovate, fall and get back up again, it’s just part of the growing process. Yes, we are in a global pandemic, a lot of businesses have faced massive challenges that they have never faced before. Some have given up, but some have fought back and completely transform their business model. A British Honey Company, who makes a range of honey and fruit-infused spirits has made 500,000 from sales of its alcohol sanitiser since its end-of-March launch, which more than offset the decline in revenues from the company’s core product. Who would thought that? Are we going to stop parenting and giving up on our baby just because of COVID19?

09.01.2022 Hospitality shut down? Not a problem. The global pandemic has no doubt affected a huge amount of small businesses and their families hospitality is one of the hardest hit. Instead of focusing on things outside our control, we can focus on solutions, and turn crisis into opportunity. ... One of my coaching clients who happens to be a hairdresser, increased her sales by 50% from previous year, made more sales during the pandemic while working 60% less. Well done Hair by Natalie Jaye I’m so proud of you. Thank you for giving me the opportunity to coach you and make this happen. "Together, we achieve more!"

09.01.2022 Running a business with a blindfold on? Sounds scary!! Most business owners are expert at the technical side of the business, but there are things that they are not so good at, some of them dont know: Where the the cash is coming and where the cash is going?... How many products they need to sell to cover the business running cost? Why the business seem to be making money, but couldnt afford to pay them decent wage? Leading the business with the blindfold on can be very dangerous. We can work with you to take blindfold off - take back control of your business, so you are making the decision base on fact not just feelings.

08.01.2022 Remember the business is here to serve you. Not the other way around. You shouldn’t be a slave to your business. Why not build a plan around what YOU want from the business how you want to work, hours want to work, the return you want.

07.01.2022 Melbourne is now on stage 4 lock down. It’s frustrating, I get it. It’s impacted so many small businesses, including mine. Although we can’t change what’s happening around us, we can change how we respond to it. I have never thought I would be able to run my business 100% remotely, run regular webinars and meeting with clients. In today’s world, we are constantly have to tackle new things and learn new skills and new technologies. The pace of change is more rapid than ever.... It can be overwhelming If we let it. In the last few months not only I’ve learnt how to master Zoom and everything goes with it, but I’ve also learnt how to handle children in the middle of my conference call. Here's what I've learnt: Take it in stages we won’t be an expert overnight so take it one step at a time Failure is just part of the process we often learn more from our mistakes than our successes. (I was so nervous in my first webinar, didn’t hit the record until half way through) Share experience I like to share my experience on Facebook and learn from others. The challenges we are facing might provide opportunity to learn and grow, and give us the ability to set our business apart.

06.01.2022 Getting stress of your personal finance and debt levels? Come and join my webinar where you’ll Learn how to gain control of your personal finances Identify how to manage and reduce debt levels... Discover how to build better money habits Reduce stress and have positive personal spending conversations Plus, I'll provide you with my complimentary Personal Budget template.

06.01.2022 Check out latest blog to help you navigate the JobKeeper Payment. (http://www.targetaccounting.com.au/u/2020-4-jobkeeper-payme)

03.01.2022 What you wish your accountant would have taught you?What you wish your accountant would have taught you?

02.01.2022 Putting my head in the sand I was once a procrastinator I didn’t want to deal with customer complaints until the very last minute, I didn’t want to have the ...difficult conversation with my business partner until we absolutely had to. I thought putting my head in the sand seemed a lot more comforting than having to deal with the confronting situation. But quickly I realised the consequences were bigger than I thought: It ruined the customer relationship, because I failed to address the issue in the timely manner I wasted time and missed business opportunities, because I kept contemplating whether I should or should not take the first step It prevented me achieving my goals, because I constantly postponed taking actions. I’ve learnt that being procrastinator will stop me moving forward and I have to something about it. I am very fortunate, my coach has helped me shake off this bad habit. What about you? Are you putting your head in the sand?