The Business Behind Your Business Hosted by Paul Sweeney

There's so much uncertainty in the world and it can feel hard to confidently lead your small business when the path ahead is unclear.

Today we're joined by Jim Mills, the managing director of Merit Planning Hills, to look at some strategies to help guide businesses during difficult times.

Jim looks at some of the factors that affect businesses, including:
Economic fluctuationsInterest ratesGovernment policiesGlobal eventsWe uncover strategies that businesses can use at any point to offer greater clarity and increase chances of success, including:
Regular collaboration between business owners and their trusted advisers, like financial planners and accountantsFocus on maximising wealth accumulation and tax efficiencyAttention to superannuation contributions and investment diversificationJim also reminds business owners to think outside of the day-to-day success of their business and look at accumulating personal wealth throughout their time of running a business. This is key to enjoying the fruits of your labour during retirement.

Jim Mills is the Principle Advisor and Managing Director of Merit Planning Hills Pty Ltd, established in 2008. The Merit Planning team are financial strategy and wealth  advisors, with a focus on working with small to medium business owners. They are passionate about ensuring Australian business owners see the benefit of their hard work in the form of significant personal wealth accumulation. In this ever changing economic and legislative landscape it is important to have a partner with a focus on active strategies that align with your strategic goals - both from a business and personal perspective.

Jim is well known across the financial service industry with over 29 years experience, previously holding executive positions in large financial institutions. He is backed by a team of qualified advisors and outstanding service personnel focussed on seeing
Australian businesses thrive. Jim holds a Bachelor of Business, Diploma of Financial Planning - RG146, Stock Broking, Estate Planning, SMSF specialist & Tax Financial Planning qualified.

www.meritfp.com.au
Jim's LinkedIn


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As a small business owner, do you fall back on your business credit card for everything? While using these credit cards is very popular, it's important to recognise when there are better solutions. 

We are joined by Jason Smith (Capital Plus Finance) for a frank discussion on how credit cards can be misused by businesses, plus learn about some useful options for your funding needs such as non-bank business loans and overdrafts.

Jason will also share key points in selecting a lender for your business funding.  

Jason Smith has a passion for business, which started for him at the tender age of 24,  when he bought his first business, a real estate franchise with a business partner.
Selling the business 9 years later, Jason founded a Debtor Finance company (CashFlow Advantage) and discovered his love of finance and assisting small business owners with their cash flow. After successfully selling his debtor finance company to a publicly listed company in 2016, Jason took a well-deserved sabbatical to recharge and explore new interests.

This break only fuelled his entrepreneurial spirit, leading him to found Capital Plus Finance, an asset finance broking firm in March 2018. Leading a team of 10, Jason and his team are committed to exceptional customer service, ensuring a smooth and successful journey for every client.

Jason's LinkedIn
https://capitalplusfinance.com.au/



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Does your business struggle with a constant turnover in employees? This is an issue for many businesses and the cost of hiring and onboarding new employees is high.

Or perhaps you have some amazing employees and you want to learn more about how to retain them? 

We are joined by Paul Cripps from PK People Solutions to look at these issues and more.

Paul highlights some of the Key Takeaways from the 2024 HR Industry Benchmark Report. This latest report published by ELMO highlights the emerging and alarming trends, challenges, and opportunities in the realm of human resources.
Paul also shares effective strategies for you to develop high levels of employee engagement, satisfaction, and retention.
Some examples of how to do this are as follows:
Implement effective feedback mechanismsPromote work-life balanceCreate career development opportunities Key points for employers:
Why Engagement matters and what should be measuredLearn the five most common actions a business can take to enhance Employee EngagementHow improved Employee Engagement aids retentionPaul Cripps, founder of PK People Solutions, provides operational and strategic HR solutions in collaboration with business leaders and key stakeholders He helps businesses to align the activity of their workforce to the business strategy to improve performance and profitability Paul is a licensed member of the HR Coach Network – the largest independent HR Coaching Network in Australia. His HR corporate career has spanned over 20 years (in Australia and the UK) for QBE Insurance, GE, Allianz, Willis Towers Watson and BNY Mellon.

Contact Paul Cripps at paul@pkpeoplesolutions.com.au
https://www.pkpeoplesolutions.com.au/


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In this episode we'll be exploring the transformative power of Three-Way Forecasting and how it can revolutionize your approach to financial planning and decision-making.

Understanding Three-Way Forecasting:


What exactly is Three-Way Forecasting? We break down this concept into digestible pieces, explaining how it integrates income statements, balance sheets, and cash flow statements.Learn why this holistic approach to financial forecasting is crucial for small business owners to gain a comprehensive view of their financial health.Advantages for Small Businesses:


Discover the numerous benefits that Three-Way Forecasting offers to small and medium-sized enterprises (SMEs).From comprehensive financial planning to improved risk management and enhanced stakeholder communication, understand how this strategy can drive your business forward.
Forecasting is an essential tool for business owners who want to gain a clear picture of what is happening in their business. It helps with planning and allows you to be financially prepared for the highs and lows of running a business.

Learn about the tools and resources available to simplify the forecasting process, and understand the importance of regular reviews and updates.

By embracing Three-Way Forecasting and integrating it into your business strategy, you can unlock new opportunities and navigate challenges with confidence.

Connect with us on social media and share your thoughts on today's episode. We love hearing from our listeners!

Paul Sweeney Chartered Accountant & Business Advisor, launched Pretium Solutions after a long and successful career in accounting and business advisory. Paul credits his passion for small business with growing up in country NSW, where family-run businesses were the cornerstone of everyday life.
For Paul, the driving force behind The Business Behind Your Business was to make high end, proactive, directed and value-based advisory services available to small to medium businesses.

Paul brings to the table decades of experience as a highly qualified accountant and business advisor at every level of business. Through consulting, coaching and on-the-ground training and operations, his focus is on unlocking the untapped potential for greater profitability. Paul’s qualifications allow him to pair strategic advice with an advanced understanding of taxation and compliance matters.
www.pretiumsolutions.com.au


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If you watched our last episode, you will have learned that it is never too late to make a business plan. You can also download our Simple  Business Plan Template to get started.

In this episode, we look at some of the common mistakes business owners make when creating and using business plans.

So look out for these 5 common business plan fails:
Not actually making a planLack specific goalsPlan isn't implementedNo accountabilityNothing is measured

Paul Sweeney Chartered Accountant & Business Advisor, launched Pretium Solutions after a long and successful career in accounting and business advisory. Paul credits his passion for small business with growing up in country NSW, where family-run businesses were the cornerstone of everyday life.
For Paul, the driving force behind The Business Behind Your Business was to make high end, proactive, directed and value-based advisory services available to small to medium businesses.

Paul brings to the table decades of experience as a highly qualified accountant and business advisor at every level of business. Through consulting, coaching and on-the-ground training and operations, his focus is on unlocking the untapped potential for greater profitability. Paul’s qualifications allow him to pair strategic advice with an advanced understanding of taxation and compliance matters.
www.pretiumsolutions.com.au


https://thebusinessbehindyourbusiness.com/

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What are your business and personal goals for the year? What plans have you made? How will you implement these plans? How will you assess if your goals are being met? If these questions leave you feeling overwhelmed, never fear!
It's NEVER too late to make a business plan.

Find out the benefits of making a business plan, plus some simple tips to get you started.
Learn about the simple framework for assessing your starting point - where you are now so you know the base for where your plan startsHelp you pinpoint where you want to be in 1 year, 3 years and 5 yearsHelp you identify the big issues you need to deal with to achieve your goalsHelp you identify the actions you need to take and the resources you will need to achieve your goalsProvide a framework for determining where to start - what are the priorities for you right now and what can wait?Learn how to capture your goals in a simple business planThe 90 day review - why you must review your actions and results and check on your progress regularly!How to avoid the 5 most common reasons business plans failDownload our Simple  Business Plan Template to get started.

Paul Sweeney Chartered Accountant & Business Advisor, launched Pretium Solutions after a long and successful career in accounting and business advisory. Paul credits his passion for small business with growing up in country NSW, where family-run businesses were the cornerstone of everyday life.
For Paul, the driving force behind The Business Behind Your Business was to make high end, proactive, directed and value-based advisory services available to small to medium businesses.

Paul brings to the table decades of experience as a highly qualified accountant and business advisor at every level of business. Through consulting, coaching and on-the-ground training and operations, his focus is on unlocking the untapped potential for greater profitability. Paul’s qualifications allow him to pair strategic advice with an advanced understanding of taxation and compliance matters.
www.pretiumsolutions.com.au



https://thebusinessbehindyourbusiness.com/

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