Run your business like a business.
Many business owners operate their business as an extension of their personal finances using personal bank accounts and credit cards.
This is not a good idea. Make sure you have the right structure to run your business (eg, company, trust etc) and separate your business finances into it’s own bank accounts and credit card/s.
What do the Wallabies, Roger Federer and Richard Branson have in common? They all do their jobs with a game plan.
Business planning are not dirty words because it is difficult to succeed in business without plans, strategies, risk analysis and a detailed understanding of your opponents, as well as, of the industry and environment your business operates in.
Business planning sets you up to succeed even if the plan suggests the business is not a good idea!
Are your people working in a hot factory, out selling houses or work in other outdoor jobs?
How about stocking the office freezer with ice blocks or icy poles, frozen fruit sticks or other icy treats to show your people you get it and you care!
Oh – and if you are passing their worksite why not deliver!
Public companies not listed on a stock exchange such as the Australian Stock Exchange (ASX) or Chi-X will soon be able to raise funds through crowd-sourced funding. From 29 September 2017, companies will be able to use crowd-sourced funding to raise funds to assist with start-up or expansion.
The Australian Securities and Investment Commission (ASIC) advise that eligible companies can raise up to $5 million a year, as long as they have less than $25 million in assets and annual revenue.
Anyone providing crowd-sourced funding services must hold an Australian financial services licence. Investors can invest up to $10,000 a year per company and, in exchange for the investment, the investor will receive shares in the company.
More information for intermediaries and companies seeking to raise funds is available at ASIC’s website. Further information about investing in a company via crowd-sourced funding can be found via a link on ASIC’s website.
Before considering this type of funding, make sure you read the information provided by ASIC and seek professional advice from your Accountant, Solicitor and Financial Advisor.