Remember, GST collected is not your money!
As a business, you are collecting GST on behalf of the Australian Taxation Office which you have to give to them through your Business Activity Statement (BAS) lodgments.
Set up a separate bank account and put the GST collected straight into it when you receive it.
If your BAS payment is less than what you have in the account then this is a bonus – if you have to pay the full amount, then the money is there.
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!