Download William Buck's end of financial year guide for small businesses, with important EOFY dates and tips to help you stay compliant and in control of your tax obligations.

It’s never too early to get organised to protect and maximise the future value of your business.

For most owners, their business is their number one asset, investment and income stream. Yet according to recent research (the Exit Smart Survey) by accounting and advisory firm William Buck, 55% of owners do not have an exit plan. Failing to proactively plan for the future can result in a loss of income, limited options for exit and a failure to realise the full value of your most valuable asset.

Understanding your future exit is fundamental in determining the strategic direction of your business today.

Many business owners take a one-dimensional approach to business succession, asking ‘do I want to sell my business?’ rather than taking a much wider view of where the business is positioned in its lifecycle, as well as the financial and personal needs of the owner or owners.

Approaching the issue from this angle would lead to asking better questions, such as ‘how can I maximise the value of my business and prepare it for an orderly succession in the future?’

Understanding your options

Several exit strategies are available. Do you hand over the reins to the next generation, sell all or part of the business, or even consider going public? To achieve the right outcome for all key stakeholders, some important questions need to be considered:

• Do you wish to continue owning the business? Are you ready to retire?
• Is the business dependent on one key person (‘key-man risk’) and how can this be managed?
• Is there a sufficiently capable management team to continue growing the business?
• Is the business your main income-producing asset and how can this be unlocked?
• What estate planning issues need to be considered?

Exiting a business is a two-step process, as shown in the following diagram. The first step involves determining your objectives and understanding the options available.

Issues to bear in mind:

• When would you like to exit?
• Do you understand the current value of the business and how it’s derived?
• What do you hope the business will look like in the future? How are you going to get there?
• What are your expectations on sale?
• Are there any impediments to achieving these expectations?

An advisor can work through these questions with you and develop a plan to improve the value of your business and align your personal and business objectives.

The second stage involves the practical steps involved in selling your business or handing it down to the next generation. Achieving a successful outcome in stage two often depends on the level of planning in stage one.

The planning process can be years in the making, so it pays to start early. We generally recommend preparing for the succession of a business at least three to five years prior to a planned exit event.

Expert advice is essential to maximise the value of your business ahead of an exit. With the support of experts, such as an accountant, you can continue to focus on profitability and growth, rather than being distracted by the exit itself. To find out how William Buck Accountants and Advisors can assist you with your exit plan contact your local advisor.

Download your copy of William Buck’s Exit Smart report here.

Medical research is moving faster than ever, but investment is much slower. This month everyday Australians, from individuals to schools and businesses are being urged to register to fundraise for Jeans for Genes Day which is on Friday 5th August. Jeans for Genes supports the incredible research done in the Westmead labs at Children’s Medical Research Institute to help the 1 in 20 children facing a birth defect or genetic disease.

This year there are even more ways for you to support CMRI’s research. There is a new physical challenge – 100 Skips a Day where you get your own fantastic jump rope that counts every skip you do! The popular Sofa to 6K event is also back, and this year you are supported by sports scientists to guide you through your fitness goals. Of course, you can take part in the old favourites - hold a Bake it Blue morning tea or simply wear jeans at school or in the office.

CMRI researchers are working on treatments and cures for diseases including epilepsy, cystic fibrosis, cancer, devastating metabolic conditions, genetic blindness, and many more of the 6000 genetic diseases that impact Aussie kids like Emilia.

When first-time dad Chris found out his daughter Emilia had Cystic Fibrosis, which is a chronic lung condition, he was filled with guilt and grief.

“You're sitting there and she's screaming because she doesn’t want to do her treatment,’’ Chris said. “It's hard because often people don't see that side of a genetic condition. This is what we have to do, there's no choice in this.’’

Chris decided to visit the labs at CMRI to see what work was being done for genetic diseases, like Cystic Fibrosis, and was excited to meet the scientists and hear about the progress.

“Jeans for Genes for us is hope,’’ Chris said. “We're at a stage where research is making leaps and bounds, particularly in the genetic field. We've gone to the clinic, we've seen the researchers, you can see how far it's come even in the last 10 years. We want to work with Jeans for Genes so that genetic conditions can be a thing of the past.’’

Professor Ian Alexander is Head of the Gene Therapy Research Unit at CMRI. He is also a paediatrician and one of the people leading the “genomic revolution’’.

“I’ve never been more excited about where the gene therapy field is going than I am now,’’ Professor Alexander said. “The things that have become possible are absolutely astounding. I’m now seeing things I’ve dreamt about all my life coming to pass.

“As a clinician, I’m motivated by the fact that I do see children with devasting diseases, and the reality is there are still many conditions that we don’t have good solutions for.

“But it is imminent. For the last 25 years, many of the conditions that we’d like to treat have been beyond the reach of the technology, but just in the last 12 to 18 months there’s developments we’ve made here that I think dramatically change the landscape and the possibilities.’’

Jeans for Genes Day is on Friday 5th August this year. Sign up now to start fundraising or donate any time at JeansforGenes.org.au

Hundreds of builders have gone bust this year and more are expected to follow, according to “Construction Woes”, an ABC TV 7.30 Report episode that aired last night.

Chris Pearce, executive chairman of EV20 and former Toll Global Logistics president, urges construction companies to reach out for local, expert assistance.

EV20 is an Australian software developer with a combined 400 years of software development and integration experience amongst their Australian developers. They have used their knowledge in logistics software to develop a construction software solution that will improve operations thereby improving margins and reducing the financial stress for Australian construction companies.

According to the 7.30 Report last night, many more construction companies are expected to collapse due to skill shortages, rising building material costs and fixed prices in contracts.

“We are a small business who has just happened to be extremely successful in the logistics industry, helping some of Australia’s largest logistics businesses become more efficient. And we’re here to stay.

“So, if you are grappling with razor thin margins, and are in need of a digital transformation or can exit an expensive software contract, we can help you become more efficient in your operations, win more work, and resource the work through efficient project management, making better use of your resources at hand.

“We promise, at this stage of our product’s development, to service you to our best ability to ensure your viability in today’s exciting building boom,” said Chris.

Key mistakes in construction

• Manual processes carried out by expensive project managers that take them away from the critical area of key oversight of their projects
• Paper based processes which require administrative data entry. On some major projects, there can be between 4-8 site administrators helping workers complete timesheets, log and manage leave and time off
• Idle periods for project resources or worse – time theft (people standing around on site doing nothing because they are waiting for materials but still billing time)
• Many small software solutions that don’t talk to one another (as opposed to ours which replaces many small apps with one app)

Key improvements for construction

There are some macro improvements. Structural factors such as industry culture, pricing and procurement overhaul, increase in apprenticeships and traineeships are needed. Seasonal and cyclical factors such as COVID and now in Post pandemic, working conditions will see gradual return of immigrants and this should provide a solution to shortages across the industry and slow the pace of inflation.

Key improvements for construction businesses

• Construction companies that are embracing technology will be better placed to remove the manual, tenuous and routine-based tasks (and make it easier to onboard new people)
• Companies need to invest in the right people (overheads)
• ‘Think out of the box’ to procurement and mobilising project resources
• Proper and prudent planning and job control underpinned by core technology to support
• Promote efficiency and have the plans and processes in place to take action to minimise business disruption and key person loss. 

Check out the Drive Lynx construction software and get in touch with them today.

It's that time of year again - the end of the financial year is looming and businesses are preparing for their recruitment rush. If you're looking to get ahead of the competition, ChandlerWoods can help!

As one of Sydney's leading recruitment providers, ChandlerWoods have access to some of the best candidates and search networks in the market. Their experienced recruitment consultants can help you find the perfect person for your business.

If you need help filling a position, ChandlerWoods is offering a one-off special rate of 10% off on all placements, plus a 6-month guarantee*. T&Cs apply.

Do you have any positions that need to be filled? If so, now is the perfect time to get in touch with the recruitment team at ChandlerWoods, who specialise in accounting, engineering, manufacturing, IT, HR, sales and marketing and more.

ChandlerWoods provides one of Sydney's leading recruitment services, and we can help you find the perfect candidate for your business. Contact their team today to learn more!

The City of Parramatta has an active campaign to support their local businesses by encouraging employees to return back to the office.

This program focuses on providing businesses information, encourages collaboration and incentivises working in Parramatta.

Council's return to office revitalisation toolkit contains content for use on your internal communication channels to support creating a sense of belonging and confidence for workers spending time in Parramatta.

Click here to access Council's return to office revitalisation toolkit and visit At Parramatta to view the campaign.

By Institute of Strategic Management (ISM)

Finding it hard to attract and keep staff? Want to grow your business? ISM have a solution!

Consider offering a NO COST - NO FUSS BSB30120 Certificate III in Business Traineeship.

As our region re-builds post pandemic, it is proving difficult for some businesses to attract and retain good staff. ISM can help you to offer a BSB30120 Certificate III in Business Traineeship, as an incentive for staff to join your business.

A Traineeship combines formal study with on the job learning and offers benefits to both employees and businesses. On successful completion of a Traineeship, participants receive nationally recognised BSB30120 Certificate III in Business qualification. Your business also benefits through higher productivity from superior skilled staff.

Did you know?

• You can receive Government rebate of up to $7,000 per quarter for every eligible Trainee.
• ISM has available NSW Smart and Skilled funding (reduced course fee or fee-free, upon approval) which you can also take advantage of with a Traineeship.
• ISM looks after all the administration and training involved, so all you have to do is focus on growing your business!

Register now for ISM's no obligation Traineeship information webinar:

Date: Friday 20th May 2022 

Time: 7.00pm to 7.30pm

Phone: 1300 200 705

Email: admin@ism.edu.au

Want to know more about ISM: www.ism.edu.au

Over the past few months the Metallum team have been working tirelessly alongside Fluid Building Services Pty Ltd on the design and manufacture of an upcoming project on Sydney Harbour.

They have entered the final stages of prototyping, which includes Formwork (as shown below) Crank Beams for a large number of high end apartment balconies.

The team at Metallum are looking forward to the next exciting stop on this project. Production will commence on the complete fabrication of the balcony balustrades within the coming months.

This is just a small example of the capabilities of Metallum Fabrications. Click here to find out more. 

By PARKROYAL Parramatta

Following on from London’s West End, this international sensation is returning to PARKROYAL Parramatta in June 2022.

Become part of the action as Basil, Sybil and Manuel serve up mayhem on a plate alongside a three-course meal, three-hour beverage package and two hours of non-stop laughter. This highly interactive, hilarious and 70% improvised show is a truly unique experience where anything can happen...and usually does!

Australian born in 1997, Faulty Towers The Dining Experience has appeared in 41 countries over the years and just recently sold its millionth ticket. Join us for the most successful interactive comedy show of its kind. You don't want to miss it!

Click here for further information or contact the PARKROYAL Parramatta team:

P: 02 9685 0377

E: dining.prsyp@parkroyalhotels.com

By ChandlerWoods

Whether you're running or managing a business, it's important to make sure that you're doing everything you can to make HR and recruitment as smooth as possible. Unfortunately, many businesses make common mistakes that can end up costing them time, money and resources.

ChandlerWoods is an award-winning HR and recruitment agency based in Sydney with a wealth of experience helping clients overcome these common HR and recruitment mistakes.

Let's take a deep dive into the five biggest HR and recruitment mistakes businesses make, and how to avoid them.

Not writing clear job descriptions

When it comes to HR and recruitment, one of the most common mistakes businesses make is not writing clear job descriptions. This can have a number of ramifications, including difficulty in finding qualified candidates, increased time to fill the role, reduced productivity as employees struggle to understand their role and what's expected of them and perhaps even poor retention rates as employees feel that they're not able to do their job properly or don't see a future with the company.

To avoid this, make sure that you take the time to write clear and concise job descriptions that outline the key duties, responsibilities and required skills for each role. You should also consider using a job description template to ensure that all your job descriptions are consistent.

Not adhering to employment legislation

There are a number of ramifications for businesses that don't adhere to employment legislation. Firstly, you can face fines and other penalties from the government if you're found to be in breach of employment law. Additionally, you can experience increased HR and recruitment costs as a result of having to deal with employee disputes and hiring replacements for employees who have left the company. Moreover, bad publicity can damage your reputation and make it difficult to attract top talent. Finally, not adhering to employment law can lead to decreased productivity and lower morale among employees.

Ensure you're up-to-date with all the latest employment legislation and that you have systems and processes in place to ensure compliance. You should also consider using an HR software solution to help automate HR processes and keep track of employee records.

If you're not sure where to start, ChandlerWoods can help. We are an award-winning HR and recruitment agency based in Sydney with a wealth of experience helping businesses comply with employment law. Contact us today to find out more.

Filling roles to address short-term needs

When businesses need to fill a role quickly, often the temptation is to hire someone without doing a proper recruiting process. This can lead to a number of downsides, including increased HR and recruitment costs as a result of having to hire and train a new employee (potentially more than once), reduced productivity as the new employee, who might be a poor fit, struggles to adjust to their new role and poor retention rates as the new employee may not be a good fit for the company.

To avoid this, make sure you take the time to do a proper recruiting process. This includes writing clear job descriptions, advertising the role, screening candidates and conducting interviews. It's also important to make sure you're taking into account your company's culture and values when making a hire.

Not engaging with a recruitment consultant

The main downside of not engaging with a recruitment consultant is that you may not be able to find the best candidates for the role. A recruitment consultant has access to a large pool of candidates, including those who aren't actively looking for a new job, and can help you find the best fit for your company. Additionally, a recruitment consultant can provide expert advice on the latest HR and recruitment trends, help you stay compliant with employment law and save you time and money.

If you're looking to fill a role in your company, we recommend engaging with a recruitment consultant. At ChandlerWoods, we have a team of experienced recruitment consultants who can help you find the best candidates for your business. Contact us today to find out more.

Not having an onboarding process

The main downside of not having an onboarding process is that new employees may not be able to hit the ground running and may take longer to become productive. This can lead to decreased productivity and lower morale among employees. Additionally, if a company doesn't have an onboarding process, new employees may not be familiar with the company's culture and values, which can lead to disputes and conflict.

To avoid these problems, it's important to have an onboarding process in place that outlines the key steps new employees need to take to get up to speed. This should include things like completing HR paperwork, attending orientation and training sessions, and meeting with their manager.

Hiring and HR mistakes can be costly for businesses, both in terms of money and lost productivity. In order to avoid these mistakes, it's important to have a process in place for hiring new employees, write clear job descriptions, keep up-to-date with employment legislation and engage with a recruitment consultant. Additionally, you should make sure you have an onboarding process in place that outlines the key steps new employees need to take to get up to speed.

If you're looking for help with HR and recruitment, contact ChandlerWoods today for a free consultation. We have a team of experienced HR consultants who can help you find the best candidates for your business, develop streamlined HR systems and processes and ensure you comply with employment law.