Being in business is a lot of responsibility. Your employees rely on you to pay them regularly so they can pay their mortgages, and your family rely on you to be profitable so you can provide for them.
How do we best set up your business to make sure you are not only surviving, but thriving for over 25 years.

Step 1: 

The boring bits

Make sure your business keeps up with all the boring bits. BAS lodged on time, and paid on time. Numbers up to date, super paid on time, payroll tax, creditors, staff entitlements, and of course bank debts.
 
Not everyone enjoys this aspect of running a business, but the first success in business is the discipline to keep on top of these things at all times.

Step 2:

Profitability and cash flow

Make sure you know your margins, your break even point, how much it costs you to provide your goods and services.

You need to know these details to be able to manage and improve them.

Do you have a budget? This should be for all income, and all expense items. 

Do you measure yourself against your budget? What is going well, and what is dragging you down?
It is very important to work on your profitability, and this leads to healthy cashflow.
Once you have the profitability and cashflow humming along, it is time to work on step 3.

Step 3: 

Personal financial success

There is no point in investing all of yourself into your business, being successful, and making healthy profits if you do not get the right benefit from all your hard work.

Do not use your profit to just keep feeding the debt treadmill of new equipment and new vehicles. You must develop a very controlled and tax-friendly way of extracting the cash flow from profits and using them to build wealth outside your business.

Pay off your mortgage, invest in additional super, buy your premises…every family will have different goals, but they must lead towards growth assets that can sustain you when you no longer work full time.

The discipline and planning for this lifetime goal is onerous, so contact us to find out how to make it work for you and your family.

                                 info@grenfellmurray.com.au  |  07 5436 0300  |  www.grenfellmurray.com.au