Obviously we at BLA are hoping it's going to be a rewarding and successful one for small business especially those of you who follow us regularly. Oh yes, a big thank you for reading our weekly topics and for the feedback you take the trouble to share with us from time to time. This is really helpful in knowing we're striking the right chords.
Last year's blogs talked a lot about vision and goals and the changes that need to be put in place to turn our plans into reality rather than simply crystal ball gazing. A great way to start is to identify what those goals might look like but without necessarily trying to qualify them against too much market place detail; especially the negative stuff, such as what we're hearing in the lending space and falling property prices etc.
Start by looking at where they sit in a life-style sense: family, friends, health, well-being, values, learning and so forth. Think about how you can truly pursue your passions and return something back to the community. A vision, by definition, is more than just words but a picture, sometimes a simple illustration, other times a more detailed one, maybe even a masterpiece! Whatever the case, if hidden in the picture are lots of smiles on the faces of those close to us (family, customers, suppliers and other stakeholders), then that should spur us on towards all the practical stuff that supports our commercial endeavours.
So what exactly is that practical stuff for small business? The logical start is your new business plan for 2019, most likely based on last year's performance and how it sits against new opportunities for growth and increased revenue . Carefully ask yourself, how different are conditions likely to be in 2019 in terms of how much will they dictate the year's likely outcome?
For small business, there may well be challenges with liquidity, obtaining credit and other more onerous financial conditions so it's important to take stock of what changes there are in the world of taxation. Start with a meaningful conversation with your accountant but, before doing so, please take time to view this important ATO link which outlines those changes.
Indeed, welcome to this new year! And remember, if you do know of any small business that maybe struggling, we're ready to speak with them.