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Cashflow Management
Proactive Financial management is key to keeping your Business in a healthy financially viable state. Hoping things will solve themselves isn't the answer nor is avoiding the issue.
Tips:
- Set up a Cash management system that includes budgeting, forecasting and financial planning.
- Ideally implement automated payment and processing options.
- Monitor your cashflow diligently and regularly. Daily if needed.
- Seek expert help if required.
- These measures can help small Business foresee future obstacles by predicting cashflow crunch periods.
- This allows Business to build up cash buffers in advance.
- Contact Blackburn Accounting to assist.
It brought together Business groups, economists, employers, civil servants and unions, not to forget the Prime Minister Albanese and Treasurer Jim Chalmers.
A collection of sectors, mining, universities, banking and superannuation, prepared to tackle topics, such as building and construction, taxation and artificial intelligence.
Three days of discussions, debate and conversations concerned with and aimed at lifting living standards, mainly by boosting productivity. Productivity has stagnated in recent years in Western countries, including Australia. The PM in his opening address, promised to strive for consensus to achieve long-lasting change. Let the forum commence!
Outcome: For struggling small Business it delivered few instant solutions, but the Government has offered support for longer term tax reform and policies to boost Business investment.
Small Business – Tax Reform
Ask a successful family Business owner what it takes and likely they will give you a number of basic ingredients. A recipe that is common to success.
Most likely they will also share some opposites, a few home truths of what doesn’t work, and they will finish by saying, ‘running a Family Business has its rewards, but it isn’t always easy going!
Here are 8 Ingredients to include and those to avoid.
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Acknowledge Family Dynamics: crucial to success is recognising that despite being family, not all family members have the same ‘taste’, values and work ethic. It’s important to work on building strong healthy working relationships and directing efforts to bring out the best in all. The opposite, ignoring these dynamics, will lead to sibling rivalry and discontent. Everyone suffers.
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Roles & Responsibilities: Clearly define, articulate and establish each member’s position, role description and their overall place in the Business unit. This helps create a better understanding, minimises confusion, and promotes accountability. It also builds a strong team and ensures that everyone is working towards a common goal. Avoid the opposite, a laizafaire approach that fosters uncertainty, jealousy, and conflict. These feelings destroy loyalty, trust, unity and the Business disintegrates.
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Embrace the Family Legacy: If the Business has a rich history that has been passed down, embrace it. Tell and share your unique story. Make your decisions aligned with these core values and principles. The opposite, to simply throw-away what was working can result in losing brand-name, reputation and customer base.
Whether you already possess ‘natural’ leadership abilities, you can become a better leader by understanding and developing your skills and abilities. That's a fact!
But it takes a commitment to personal and professional development, building soft and hard skills over time. Back this with a willingness to learn, work hard, listen to and accept feedback, and you will grow from both training and experience.
This contrasts with the Leader who believes they are a ‘born leader’. They believe they have an innate ability to lead, confusing that with over-confidence, arrogance, or ego. Self importance and ‘right’ do not create or make the ‘best’ Leaders. They dismisss learning and development as not for them!
It's a fact also, that all Leaders, if they are to have authority, need to have respect, respect gained through demonstrating effective leadership.
Key qualities to develop:
- Communication – to be effective, be open, honest and transparent. Active listening is an essential skill in the art of communication.
- Self-awareness – know your abilities, strengths & weaknesses, develop and build on these.
- Integrity & Ethics – uphold strong values, demonstrate them and take responsibility for your actions. You will build respect, trust and loyalty.
The stuff of science fiction, the imagination of dreamers or the best thing since sliced bread!
It’s all of those!
And it has arrived! Revolutionary technology that’s changing our world and us at a rapid pace. Blink and you will miss it!
If you are like me, this raises questions! Let’s ask some!
What is AI? AI is technology that enables machines and computers to simulate human learning, problem-solving and comprehension. It is a broad field within computer science with subfields including Machine Learning.
How does it work? It uses algorithms to process large amounts of data, recognize patterns within that and then learn from those patterns to make decisions or predictions without being specifically programmed for every single task. Similar to how humans learn from experience.
What does AI do? Learns from data, makes decisions, creates new content and understands and generates language. As they are exposed to more information, AI systems improve their performance over time, allowing them to perform human-like tasks.
Who invented it?
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