Reviewing your Self Managed Super Fund Insurance cover

We recently found an interesting article on how to review your SMSF insurance cover published by Paul Baggetta from Baggetta & Co.

Here a quick overview on the 8 steps process outlined in the article:

1. review your cover every year at the same time

2. determin what the relevant aspects of your fund are

3. see if members of the fund already have insurance cover in place

4. Ask yourself what you need to be covered

5. How much do you want to cover for each of the SMSF members?

6. Formally record the decision of the Trustee as a minute or resolution

7. Implement

8. Keep reports, records and research relevant to the process for an audit trail

That’s about it. Once you’ve gone through all 8 steps outlined above you should be all set for your Self Managed Super insurance cover.

You might also want to read our post about coolrooms.

Financial Planning: It’s About More Than Money

In any aspect in life, planning is always a good thing and is important. Especially in business and finance, planning is widely acknowledged to be a pre-requisite to success.

One of the reasons why many businesses fail and many private individuals become broke is because they feel they have neither the time nor the skills for personal financial planning; nor do they want to spend money on hiring a professional financial planner. But the truth is; financial planning should not be as difficult as many people think.

Proper planning leads to success that is why you should be passionate about it. Don’t forget than in today’s world, money is used to make more money since it has become a proxy for the ego, and financial decisions are often made to protect or massage our egos, not to support the achievement of our deepest life goals.

Another important reason why you should start planning your life, especially your finances, is long-term life security. The impact of increasing longevity on family finances is profoundly important. The keys to addressing this are the basic drivers of financial freedom such as savings, compound interest and asset allocation.

In an article posted at Investopedia, it discusses the importance of planning to life and more important than money. Read the full article right here: http://www.investopedia.com/articles/pf/06/lifeplanning.asp

Business Structure

So you are now ready to set up a venture and call yourself an entrepreneur. The next step you are going to take is to decide the business structure you are going to use.

Image result for business structure

Choosing the most suited legal structure for your business is important. It will decide what kind of taxes and how much in taxes you’ll pay, how you will register it, how many people will be in business with you up to the nitty-gritty details of your day-to-day operations. Deciding on the right business structure is just as important as choosing the right product or service to sell. That is because this will play a huge part in the administrative side of your business.

There are different types of structures but these have been categorised into two: the corporate and the non-corporate. Choosing the right structure for your business is crucial as it is probably the most important of all the decisions you make when starting a business. It is also important when we talk about computing your taxes. Moreover, Not only will this decision have a huge influence on your tax payments, it will also affect the amount of paperwork your business has to do, your ability to earn profit and the personal liability you face.

The simplest business structure is sole proprietorship. It only involves one person; he will be the sole owner. When there are two or more people who share ownership, management decisions, gains and losses; that become a partnership. The third form is the corporation where the board of directors manage the business, but the shareholders are the owner.

Read more at: https://www.business.gov.au/info/plan-and-start/start-your-business/business-structure

The Importance of Coolroom Repair Specialists to Perth Businesses

Well, a coolroom breakdown is not something you want to approach yourself, nor leave in the hands of anyone but a professional or specialist at commercial refrigeration repairs. So when something goes room with your coolroom, it leaves you scrambling.

In order to prevent such breakdowns, the best way to do this is by choosing a refrigerator service and maintenance professional ahead of time. It also gives you someone who is on-call and already familiar with your coolroom or cooling and storage facility. You want to be sure that the one you choose can satisfy a number of important points when picking the right service provider for you.

Commercial coolrooms are obviously a big investment; they cost thousands of dollars. Thus it is important to have a good refrigerator maintenance plan. To avoid the breakdown or decrease of your refrigeration facility’s performance, you should avoid aggressive and forcible usage. In other words, you should ask your hired specialist as to how much work load should you give to your coolroom. You should ask the specialist a full maintenance plan, which includes the ability to perform warranty work as well as a thorough cleaning of the system.

coolroom maintenance perth

When running a business, it is important to keep your coolroom performing at the highest level at all times. When something goes wrong to your refrigerator, you need it repaired correctly and as quickly as possible. Keep in mind that coolrooms are sophisticated and tough to repair, so you need to make sure that the refrigerator mechanic you hire is experienced, educated, knowledgeable, and more importantly works with professionalism.

To keep your coolroom work at its best and get free from coolroom repairs, you need to deal with the facility with proper care and attention. By carefully picking a commercial refrigeration specialist, you can be confident that your business’ cooling and storage system is in the best of hands, no matter what the situation is.

 

You can also check out of our articles about SMSF. Click here.

Why do market research?

Perth Businesses

Market research is a vital first step whether you are composing a strategy for success, dispatching another item, or making a pitch to financial experts. Specifically for small businesses, holding expenses down is a progressing need.

Fortunately, there is a variation of innovative methods small organisations can get to the data they need without spending a lot of money. That is by doing a market research. It is used by many businesses in their marketing mix. It is normally understood as the activity where a company compiles information and then researches the markets for specific product or service acceptability.

What is market research? There isn’t a consistent definition or common understanding of the term market research. There are a lot of different definitions of the term market research and the differences can results in a business understanding and using only one aspect of this instead of the large field and limiting its methods.

Market research is basically the function that links the marketer to its consumer, customer and public through information used to identify and define marketing opportunities and issues. Aside from generating and evaluating marketing actions, market research is also used to monitor marketing performance; and improve understanding of marketing as a process.

For more understand on market research and how this process can help your business, you should read this: https://www.smallbusiness.wa.gov.au/business-topics/marketing/market-research/step-1-why-do-market-research

Comic book teaches children how to become startup superheroes

Since the rise of the Internet, the career of being an entrepreneur has become one of the driving forces in the economy. Today, more and more people are deciding to start their own business.

Perth Business News
Entrepreneurs are like superheroes: no obstacle is too big. Photograph: Allstar/Warner Bros/Sportsphoto Ltd

The entrepreneurs’ job nowadays has become so broad that they have made a major impact in economy. In fact, these entrepreneurs have become very important assets in any company as they are the ones that control the flow of Australia’s and the whole world’s economic growth.

So if you are planning to become an entrepreneur, you will become part of the valuable resources in a business. Truly, becoming an entrepreneur is very rewarding. However, you need to anticipate the many challenges brought by entrepreneurship.

Entrepreneurship is a big decision as it can be one of the most important events of your life. Aside from the funds you will need to start your own venture, there are many tasks and responsibilities you need to shoulder. Furthermore, you also take all the risks both financial and emotional challenges.

In an article posted at The Guardian, Matthew Jenkin published an article about tips for start-up businessmen. According to Matthew, start-up entrepreneurs can learn a lot from COMIC BOOK SUPERHEROES just like how they teach kids how to become start up superheroes.

Click this link to read the full article: http://www.theguardian.com/small-business-network/2015/aug/24/comic-book-teaches-children-startup-super-heroes

Understanding the Concept of Partnership

Business partnership is a form of business structure wherein you have two or more partners running and managing the business. It is a very attractive form of business because it helps the partners in many ways. Teaming up with other person or company could certainly infuse more fresh ideas and increase your customer reach.

However, achieving the success of every business partnership is not as simple as a work in the park as it is tricky and it requires a lot of planning and knowledge about the whole idea of your partnership.

Watch the video below for more on partnership:

Entrepreneurship

There are many great reasons why people leave their job and build their own business. Entrepreneurship gives a ton of advantages and opportunities to everyone.

People who decided to become entrepreneurs enjoy the freedom of making their own financial decisions and becoming their own bosses. They also have the control and stability that could never be achieved by a regular employee.

On the other hand, running your own business has some disadvantages. Entrepreneurship doesn’t have the security of having a paycheck each month, requires longer working hours, etc.

To learn more about entrepreneurship, you can check out the video below:

Fundamentals of Real Property Investing

Do you have sufficient savings and you want invest your money? Investing in real estate can be the best option for you as it can give you so many benefits. This type of investment generally carries low risks and stable returns.

Another great advantage of real property investing is that it does not depreciate over time unlike most forms of investments or assets. Rather it increases its value as years passes by. With the right strategy and financial decisions, real property investing is truly a good form of investment.

Do you want to learn how to invest on real property? You can check out the video below for you to be able to learn the fundamentals of investing in real property:

How to Prepare an Employee Performance Review

There are two primary objectives of writing an employee performance review. The first one is to sum up the employee’s performance and its proper evaluation for over a definite period. And the second aim is to motivate the employees to perform better by helping to modify their weak points.

Unfortunately, errors in the performance reviews may lead to the loss of a promising employee affecting the business whereas proper evaluation boosts the business. So, you really need to be very careful when getting into this process.

Susan Steinbrecher published an interesting article at Business News Daily which talks about how to prepare for an employee performance review.

You can check out the full article here: http://www.businessnewsdaily.com/4529-performance-review-tips.html

The Power of Conversational Leadership

People construct understanding through conversation, yet our meeting agendas rarely provide time for any conversation at all. The really useful discussion occurs after the organisational meeting has been brought to an end, as stimulated minds seek to make sense of what they’ve just heard.

A good leader who seeks to preside a truly meaningful meeting in which actual change and progress occur will want to enhance the capacity for effective interaction among the participant so that there will be something to be gained from their attendance.

According to Carmen Nobel of hbswk.hbs.edu, communication is always very important to all business organisations but it is always a challenge. In his article, he emphasised the real value of conversational leadership and its effect to the business performance.

Read the article here: http://hbswk.hbs.edu/item/6876.html