Accountability

As the principal of one of NSW's most trusted chartered accounting firms, Alan McGillivray's experience and insights have been used by everyone from state and federal government agencies through to small business and individuals.

BE A BETTER BUSINESS IN 2018

Making the most of new business opportunities can be tough.

Technology, rapidly changing consumer cycles and economic instability mean sustaining (let alone building) business is a full time headache.

In today’s business environment, sustaining growth and profitability is never a guarantee.

Yet in spite of the hurdles, it's business owners themselves who need to take a step back in 2018 and re-assess what they want to achieve, how they intend to do it and employ clear direction and knowledge to achieve it.

Initial planning should start now, to ensure there's none of the dreaded festive season 'lag' characterised usually by promises of 'I'll do it next week when things get back to 'normal'

Of course, if you need a fresh outlook and new ideas - you can engage a business coach with a detailed knowledge of high performing businesses in your market segment to lend a hand. Not surprisingly, it's an area many businesses are now turning to as part of a re-evaluation on how they operate and source a competitive edge. 

So? What should your 3 immediate (and relatively painless) action points be as we head into the 'silly season'?

Firstly do a direct competition assessment and SWOT analysis. 

Sure, a SWOT analysis is most commonly seen as part of a marketing plan but is also strategic planning tool that helps a business owner identify his or her own strengths and weaknesses, as well as any opportunities and threats that may exist in a specific business situation.

Review your business plan

 Make sure you include your financial statements, to understand what is happening within your business. Reviewing and updating your business plan will help you respond to the risks of an economic downturn or market shift.

You can also use the SWOT analysis tool and a financial analysis to understand how you can best deal with critical issues that may affect your business.

Benchmark

Benchmarking uses information sourced from key businesses within the same industry to establish a range of averages. These can include overheads, hours, wages etc. Then use this information to compare and measure your business performance.

 

 

 
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5 NEW YEARS RESOLUTIONS

With a close to 2017 fast approaching, it's the perfect time to reflect on both the first half of the fiscal year as well as what you can learn from the preceding 12 months. 
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IS SELF MANAGED SUPER FOR YOU?

With Christmas fast approaching and the New Year right on its coat-tails, it's the perfect time to take a look at where you're heading financially - and if setting up a Self Managed Superannuation Fund is right for you. 
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5 Simple Accounting Tips

Running a small business is tough. 
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STILL GOT YOUR HEAD IN THE CLOUDS

Like many small business owners just making their way in the world, you probably look after your own booking. 
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INTERNATIONAL ACCOUNTING DAY

November 10 (for those who don't know) is celebrated globally as International Accounting Day. 
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HEALTHCARE TRENDS

I was interested to receive a call this week from friend (and long time client) in the medical sector,  expressing new found concerns that she needed to re-assess her professional business strategy given changes in behaviour patterns influencing those in the health care market. 
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STING IN DISCRETIONARY TRUST TAIL

Changes to duty and land tax surcharges by the New South Wales Government is likely to sting those with discretionary trust interests and force a thorough review by potentially thousands of affected families. 
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SINGLE TOUCH PAYROLL

The Australian Tax Office (ATO) has released information today detailing the way employers will need to report tax and superannuation information from July 1, 2018. 
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About Alan McGillivray & Associates

With more than 20 years experience, we service clients ranging from small businesses to medium sized enterprises up to $50M in turnover. Our goal is to help you achieve success in growing your business sustainably and profitably.

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