Posts Categorized: Tips of the week
SMSF – minimum balances
ASIC is considering mandating a minimum balance for a self managed super fund (SMSF) to be opened.
Certainly there is good reason for this given reports as to how many SMSFs have unviable balances.
What is most important though is that one receives financial planning advice as to the appropriateness of opening a SMSF.
Computer safety – insurance
Incidences of cyber crime are sharply on the rise.
What would happen to your business if you were subject to a hack or ransom?
Did you know you can take out cyber insurance?
Check with your insurance broker as it is now a normal add on to core business insurances.
Customers – not all your customers are profitable
Not all your customers are profitable. You know who the ones are that give you the wrong specs, are difficult to deal with, rude to your team and probably add further insult by paying you late. There is a point of view that a business should cease acting for its lowest 5% of its customers.
Who are your worst 5% of your customers?
What extra profit would you make by not servicing such customers?
How would you and your team feel if they you know worked with them?
Please contact us if you would like help in devising a customer ranking tool.
Employment – WorkCover injury poster
It is compulsory in Victoria to have If you are injured at work poster displayed in your work place.
Please call us on 9899 7511 if you would like on of these posters.
Cash flow – include due date on your invoices
You will find your customers & clients pay you quicker if you state the actual due date (like 15th October 2018) rather than 15 days.