Let’s Talk Business 1
Let’s Talk Business Back To Basics Business Solutions - Support for Small Business
Volume 2 Issue 16 - March 2014
Brainstorming & Mind Mapping Bringing Back Old Techniques For New Ideas Inside this issue
Cover Story Brainstorming & Mind Mapping ………………...2
Web: www.marketingmeansbusiness.com
Email: dennis@marketingmeansbusiness.net.au
Being Human is Common for Human Beings Dr Tim Baker …………..….4
Tackling the Most Common Success Roadblock for Startups Geoff Butler ………………..5
What is a Profit & Loss Statement ? Jo-Anne Chaplin ………......6
What is Link Building, Why Bother and Where to Start? Karen Ahl ………………….7
Is it 20 years’ Experience or One Years’ Experience 20 Times? Peter Nicol………………….8
Material Safety Data Sheet (MSDS) Ron Court …..………….....9
Tips for 2014 – Pay down that Debt ! Paul Gillmore ………….....10
ATO Tax Tips …………….11
Biz Tips & Snippets ……....12 Mobile: 0451 184 599
Let’s Talk Business 2 Dennis Chiron Marketing Means Business 0451 184 599 www.marketingmeansbusiness.com
dennis@marketingmeansbusiness.net.au
BRAINSTORMING And how to do it right
Skype: dennis.chiron2
Although it doesn’t appear to used that much these days, a very dynamic and effective group creativity technique is Brainstorming - which is not much different to Mind Mapping! Although it was once widely practiced, only seldom is it utilised correctly for optimum benefit. Even if you currently use brainstorming, review these rules to check your technique.
Preparation: Prior to the meeting, give each participant an overview of the subject to be brainstormed: The Problem Statement, background information etc. …. Send each participant a set of brainstorming rules. Brainstorming Rules: The ideal group size is between 5 and 12 people. Ideally all are familiar with the procedure. A facilitator will lead the group, and a video should be taken of the process, which will record the ideas expressed. The entire group should participate in the ideagenerating process. Part One Before working on the “real” situation, it is a good idea to begin with a warm-up exercise (preferably something imaginative to help relax the group). When you are ready to “get to work” the facilitator should state the problem and invite initial input. The facilitator should: 1. Keep the atmosphere relaxed, fun and free-wheeling; 2. Encourage everyone to participate either with original ideas or ‘piggy back’ on other people’s input; 3. Focus initially on quantity, not quality of ideas. Some groups set Web: www.marketingmeansbusiness.com
4.
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a numerical goal, say 25 to 50 ideas and try to reach these ideas in the allotted time; Urge participants to say anything that occurs to them, no matter how wild or ‘far fetched’ those ideas may seem; Allow around 20 - 25 minutes for the idea generation phase. If the group has been too conservative during this phase, the facilitator should encourage more lateral thinking by saying something like: “What are the wildest, most outrageous ideas we can come up with?” (Remember, you may find a brilliant idea that could be “teased” to fit reality; During the idea generation phase, no one should be allowed to judge, criticise or quelch any of the ideas generated. The facilitator should stay alert for non-productive comments such as, “We tried that last year” or “That would cost too much”, “I don’t think that would work”, etc; and counter with, “This isn’t the time for evaluation yet”.
Break: Before you begin part two of your brainstorming session, the group should be thanked for their participation in the idea generation phase. Then the group needs to put closure to phase one and take a break before going on. One creative twist that can be effective is to use two groups to look at the ideas generated, and then these two groups evaluate the ideas. Then switch lists so that both groups offer evaluation of all of the ideas. Part Two: The entire group should then reassemble
Letters to the Editor are most welcome Please send your letters to dennis@marketingmeansbusiness.net.au
to evaluate the input. As this happens, be sure that each member is familiar with the criteria essential for the evaluation. For instance, if price, human resources, or timing is important, let everyone know. Look at all the ideas and suggestions that have been generated for the value that they may contain, both as they have been originally stated and if they need to be altered at all. See if you can scale down an outrageous idea to one which has practical dimensions. Follow Up: Regardless of the results of the session, all team members should be thanked for participating. (A short note may be appropriate). If ideas were suggested that the group decides not to implement, your feedback should be in the form of a very positive response. If a solution that came from the session is accepted, the entire group must receive full credit.. Brainstorming can be dynamic and has the added benefit of people working together to achieve a common goal. TRY IT!
Email: dennis@marketingmeansbusiness.net.au
Mobile: 0451 184 599
Let’s Talk Business 3 Dennis Chiron Marketing Means Business 0451 184 599 www.marketingmeansbusiness.com
dennis@marketingmeansbusiness.net.au
What is Mind Mapping? And How it Can Benefit You and Your Business
Skype: dennis.chiron2
From helping you plan a major (or minor) project and outlining complex documents, to envisioning future scenarios and serving as a powerful information “dashboard,” mind maps can help you be more productive, creative and effective. Some of the ways that Mind Mapping is of huge benefit to business are: Conduct a SWOT analysis. Plan and manage a project. Capture ideas from a group meeting. Maintain an idea database. Creative problem solving. Formulate a plan for the launch of a new business or for an acquisition. Make better-informed business decisions. Business process improvement. Analyze and improve your company’s business model. Brainstorm potential partnering opportunities. Succinctly, a Mind Map is a graphical way to represent ideas and concepts. It is a visual thinking tool that helps structure information, which in turn helps you to better analyse, comprehend, recall and generate new ideas. Mind mapping is an extraordinary creative and logical means of making notes that literally "maps out" your ideas. It is a highly effective way of formulating ideas and information by starting off in a graphic, but sometimes cryptic form, and developing your ideas from this starting point. One simple way to understand a Mind Map is by comparing it to a map of a city. “The city centre represents the main idea; the main roads leading from Web: www.marketingmeansbusiness.com
the centre represent the key thoughts in your thinking process; the secondary roads or branches represent your secondary thoughts, and so on. Special images or shapes can represent landmarks of interest or particularly relevant ideas.” *www.mindmapping.co Using A Mind Map Most young children use mind-mapping techniques easily as they naturally progress from labelling and describing their pictures. The older we are the more reliant we are on our much-used note-taking methods. The time and practice to gain confidence in mindmapping are well worth the effort. Many students already use some mind map techniques such as highlighting, numbered points and summary cards. These skills can be extended into more effective techniques. People may go through a stage of using both notes and mind maps until they become so successful with mind maps that they feel confident to rely on them alone. A good idea is to start by brainstorming new topics, then doing mind map plans for assignments, then moving on to mind map revision summaries. Later, mind maps can be used to record lectures and to summarise readings. Many businesses use mind-mapping and brainstorming as an excellent method to stimulate free thinking. Group decisions can be made about the branch headings, keywords, and other points, but individuals should prepare Email: dennis@marketingmeansbusiness.net.au
their own mind maps to suit their own styles. When to Use Mind Mapping Notes: Whenever information is being taken in or shared, mind mapping helps to organise it into a form that is easily assimilated by the brain and easily remembered. Recall: Whenever information is being retrieved from memory, mind maps allows for ideas to be quickly noted as they occur, in an organised manner. There is no need to form sentences and write them down in full. They serve as quick and efficient means of review and so, keep recall at a high level. Creativity: Whenever you want to encourage creativity, mind maps liberate the mind from linear thinking, allowing new ideas to flow more rapidly. Problem Solving: Whenever you are confronted with a problem professional or personal - mind maps help you see all the issues and how they relate to each other. Planning: Whenever you are planning something, mind maps help you to get all the relevant information together in the one place, and organise it easily. Presentation: Whenever I am speaking or presenting, I prepare a mind map on the topic and the flow. This really helps me to organise the ideas coherently. Mobile: 0451 184 599
Let’s Talk Business 4
Dr Tim Baker
Being Human is Common
Managing Director WINNERS AT WORK Pty Ltd
www.winnersatwork.com.au www.about.me/tim.baker
for Human Beings
Telephone. +61 7 3899 8881
Editor’s Note: Dr. Tim Baker is an international consultant, successful author, keynote speaker, master trainer, executive coach, university lecturer and skilful facilitator. In a nutshell, he has conducted over 2,430 seminars, workshops and keynote addresses to over 45,000 people in 11 countries across 21 industry groups. "“Dr Baker leads the world in offering an innovative new approach to appraising employee performance. His research and energy in the specialised field of performance management is evidenced by his international profile as a renowned speaker, management consultant and facilitator" . Stephen Hartley, Australia’s leading expert on project management and author of Project " Management: Principles, Processes and Practices.
As an experienced consultant, new clients will often remind me that: "Our industry is different ...". Having worked across 21 industries, I appreciate and understand these differences. Different priorities. Different processes. Different approaches. Different products and services. Different organisational structures. But I feel like saying to these clients this: "But there are lots of similarities too. People are people. They have the same fundamental needs and interests". I don't say this to my clients, but I think it; I believe it. Consultants are in the unique position to grasp this. We all like to think we are special and unique. And to a certain extent that is absolutely the case. But the things that bind us as human beings far outweigh our differences. The media likes to portray divisions and Web: www.marketingmeansbusiness.com
anomalies and special cases. We tend to buy into this message that the scale of difference is mammoth between human being inside and outside work. But being human is very much a common practice. Consider this illustration. People often ask me: "Who do you work with? Who are your clients?" I reply with this: "At one end of the spectrum I work with police and at the other end of the spectrum I work with several orchestras, and many industries in between these two". This is my stock answer. They look as if they are the bookends of all industries don't they? I mean one locks up hardened criminals and the other creating beautiful classical music. Polar opposites you might think. But the similarities between these two industries are far greater than you would possibly imagine. For starters, police usually have a distinctive uniform, but so do orchestral musicians before performing on stage. Both organisations have a long and proud history and as such, are very old institutions. As a consequence, both institutions are reasonably traditional, having their own quirky conventions and rituals. Both are hard to change; but both are in desperate need for change. Police organisations and orchestras are very hierarchical. The commissioner of police and the conductor of an orchestra are like God; what they say goes, unquestioningly. Both organisations are highly unionised. You can't blow your nose without Email: dennis@marketingmeansbusiness.net.au
consulting the union in either industry. Both have very distinct cultures and if you are an 'outsider', it is hard to break in to that culture. To gain entry, you need to go through a long and tough indoctrination process. In the case of the police, it is lot's of training and assessment at the academy. With orchestras, you are on what they call a 'trial' for a minimum for six months. If your peers don't like your playing your out. But once you are accepted, your embraced. It's virtually impossible to get booted out. And if you do, you have messed up big time. To be promoted in both organisations you need to have done the hard yards. Police can only be promoted from the ranks. There is no shortcuts and sideway entrances. The commissioner was once a humble constable. The orchestra is the same. To be a principal player or section leader, you need to have been part of the 'rank and file'. And finally, both organisations divide the public. People either loath or love orchestral music and the same goes for police. What's my point? It's simple: People are people and the things that we have in common far out way our differences. I think it is good to be reminded of this when we go about our business. Being human is common for human beings. Mobile: 0451 184 599
Let’s Talk Business 5
Geoff Butler FAIM AP, MAITD MACE Principal/Business Improvement & Implementation Specialist Business Optimizers Mobile: 0414 943072
Tackling the Most Common Success Roadblock for Startups
Fax: 3036 6131 Email: geoff@businessoptimizers.com.au Skype: business.optimizers1
The chances of any startup failing are perilously high. Research shows that 60% of new businesses will disappear within the first three years and 90% within the first ten. This research further finds lack of managerial experience is the most dangerous warning sign your startup might be doomed. Most companies are failing for reasons that are preventable. One of the biggest yet least talked about challenges startups face is accountability. It has been discovered that successful startups take a four-pronged approach to establishing a new business: process, culture, people, and accountability. Unfortunately, accountability is the one aspect most businesses never talk about. It falls by the wayside, but might be the most important aspect of turning your startup from a great idea into a successful company. Tom O’Toole, the Beechworth Baker says ‘I see the greatest problem in my business every time I look in the mirror.’ Unfortunately, for most business owners the problem is the same. Mostly enthusiastic entrepreneurs develop projections, and sometimes it’s impossible to tell how an untested innovation is going to fare. This problem in turn drives the system and leads to a problem called ‘success theater.’
Web: www.marketingmeansbusiness.com
In success theater, entrepreneurs build a business model around unknown and highly unpredictable idea to make it seem like a great idea. They will optimistically project growth while underestimating the costs, making the project look appealing to investors and financiers. This promise can blow up in entrepreneurs’ faces when their uncertain projections don’t exactly pan out in investors or bank’s favor.
It also makes it OK to fail since mistakes are much less expensive in this model. Don’t be afraid of innovation By preserving the status quo we think we’re making the safe choice, and the next thing you know you’re out of work. Remember if you’re not innovating, you are probably dying.
It’s time to address your startup’s accountability problem head-on. Here are a few fixes to consider:
Rupert Murdoch was quoted as saying ‘It’s no longer the big beating the small, it’s the fast beating the slow.’ Our biggest advantage in the SME sector is that we are nimble and can change direction and markets virtually overnight.
Innovation accounting
This is why I love it.
It’s time to use a different set of metrics to measure progress in new or unstable industries.
SME’s can come up with a new strategy and begin implementation today, whereas a corporate will take a proposal to a board meeting who will appoint a working party to come up with a White Paper for consideration. By then the SME has had a chance to grab the new market position and exploit it. How cool is that for us in small business?
How to fix the problem:
The old KPI’s are tailored for wellestablished industries, so it doesn’t make much sense to apply them to fledgling startups. Instead, find new metrics you can use to show stakeholders value without resorting to success theatre. Build self-organized teams It’s important to build crossfunctional teams that can pivot when strategies aren’t working. Develop a flat and team-based structure which helps to be more agile as a whole. With a flatter organization small, independent, and crossfunctional teams can innovate more quickly.
Companies from Blackberry to Kodak thought they were safe by sticking to the road most traveled, but this isn’t the way to build an innovative company that can change with the times. Understanding the accountability problem is the first step to fixing it for entrepreneurs. It’s time to leave the success theater behind, and instead rethink the way you measure success.
Email: dennis@marketingmeansbusiness.net.au
Mobile: 0451 184 599
Let’s Talk Business 6 Jo-Anne Chaplin Tax & Superannuation Professionals Pty Ltd PH 07 3410 8116 / Mobile 0457 960 566 Email : taxandsuperprofessionals@gmail.com Web: www.taxandsuperprofessionals.com.au
I am a qualified Accountant and will celebrate my 20 th anniversary as a Registered Tax Agent this year. During my time in Public Practice I have assisted clients to achieve business growth and prosperity. My earlier career included positions in banking, manufacturing, construction and retail. My particular interest is in promoting a culture of using local industries and business in order to build a strong community.
What is a Profit & Loss Statement?
Each year your accountant will prepare financial statements for your business. An important part of these is the Profit & Loss statement. This statement might also be called 'statement of income & expenditure', or 'Operating statement'.
Electricity - discovering savings here might mean researching if off-peak rates are a suitable option for your business, utilising more energy efficient lighting, heating / cooling options or signing up with an alternative energy supplier.
This statement is a particularly valuable, often overlooked, tool for managing the financial side of your business.
Advertising - review and evaluate which type of advertising is working for you and which is simply an extra expense.
If you take a closer look at the list of expenses on this statement it will give you indications of where there are profit leakages. Each item on the list of expenses should be reviewed to understand how it impacts on the profitability of your business.
Bank fees & Merchant fees - stiff competition amongst banks now means savings could be made, just ask.
Controlling expenses is one activity which can be used to generate higher profits. Review each line item carefully and consider where savings can be made without affecting the quality or operations of your business. If the statement lists the previous year’s expenditures as comparatives, anomalies will be evident, which gives a clearer picture of the business' pattern of expenditure . Controlling expenses - possible items to consider: Telephone & Internet services - the products of this industry change regularly, are you on the most cost effective plan available and is that plan meeting your business needs? Web: www.marketingmeansbusiness.com
Interest expense - is your business funding appropriate for your type and size of business? Speak to your bank manager about your options for business funding. Trading stock - are you buying at the best price? Approach your major suppliers to see if they can give you a better price/rate. Are you holding too much slow moving stock? Insurance - obtain quotes from alternative suppliers who offer the same or better insurance cover and compare your position. Stationery and consumables - these are by far the hardest of all to control. Consider the merits of implementing a 'paperless system' where some or all of your record keeping is kept in digital format. Purchase at the best price and take advantage where appropriate of bulk buying discounts.
Benchmarking Another use for this statement is 'benchmarking'. This means comparing your business to other similar businesses via the use of trading percentages. Benchmarking is a powerful tool to gauge the business viability, and is used by prospective purchasers to assess and value a business. If you are using benchmarking in your business, you can be sure that you are driving your business toward greater success. Meeting with your advisor and preparing an interim profit & loss statement (prior to the end of the financial year) will provide tax planning options, as well as the opportunity to rectify profit leakages earlier. Using this interim profit and loss statement trading margins can be reviewed, projections for the remainder of the year estimated, and any corrective action required can be taken. I urge you to spend some time with your profit and loss statement as a part of your business management processes, and view this as an active document with significant potential to drive your business to greater success and profitability. Please call me to arrange advice, assistance in interpretation, or to prepare an interim profit and loss statement. ďƒž
Email: dennis@marketingmeansbusiness.net.au
Mobile: 0451 184 599
Let’s Talk Business 7
Karen Ahl Bac. Bus (Mark, Man), TAE40110, Cert IV IT Caboolture, Queensland Ph 0415 142 178
www.web-sta.com.au info@web-sta.com.au
What is Link Building, Why Bother and Where to Start?
Link Building is part of an overall, effective SEO or Search Engine Optimisation strategy. SEO is the act of making a website more appealing, to the search engines (Google, yahoo, Bing etc), than its competitors. The end objective: to get a website ranking at the top of a search engine search, and, for a range of related search words and phrases e.g. for Web-Sta, one of our targeted search phrases is “Caboolture Web Design” – we currently rank second on page one on www.google.com. So, what is it? Linking Building is the listing your website/business on other websites online that provide a “link-back” to your website. This can be done by listing and creating links on forums and blogs, other people’s websites and online business directories. Link Building is considered “OffSite” optimisation whereby no access to your actual website is required – you are merely directing a bunch of traffic to it. “On-Site” optimisation is where physical edits to your website wording, images and background content occur (I will cover On-Site optimisation in my next article). The two go hand in hand and doing both well can result in great search engine rankings. For the most part, online business directories, like www.hotfrog.com.au and www.truelocal.com.au are deemed the most effective. Web: www.marketingmeansbusiness.com
They allow you to list; your business name, contact details, description, industry, maybe a logo and most importantly – A third party LINK back to your website.
The Why?
Listing your business on more of these online directories, creates more LINK backs, and the more LINK backs you have, the more ‘popular’ your website is deemed to be. It is called “Link popularity” and the more quality links you have the better.
While Link Building is aimed at helping a website rank better, Link Building is also aimed at getting your business on multiple ‘online’ locations. This can help reinforce your brand. Imagine having your business advertised on a bunch of bus stops – eventually, people see your brand enough, they are more likely to want to deal with you, or at least, be unlikely to forget who you are and what you offer.
Now, I did just mention the word quality.
Where to start?
Google in particular, is so clever that it can actually tell if a LINK is considered quality or not. For example: if you are listed on a dodgy overseas blog website that has nothing to do with your industry – don’t expect any gold stars from Google.
A great way to find more directories is to Google your competitors. See what websites come up with their name on it, other than their own. Most of these will be directories. If they are free, list your business on them too.
These days, Google can actually penalise you for the effort. Also, the number of links created in a short space of time can be held against you…there are many offshore companies offering 200+ link backs for $99.
Here is a quick list of our top 5 directories:
These are usually artificially created so quickly, that Google deems them dodgy. Of those 200+ links, most are poor quality. The trick is to find online directories or quality/related forums to promote your brand message on.
www.dlook.com.au
If you can find it easily on Google, then chances are Google already likes it. AND, most online directories are FREE.
www.hotfrog.com.au www.truelocal.com.au www.localbusinessguide.com.au www.companylist.com.au If you require any assistance, please feel free to email Karen (The Webgirl) at webgirl@websta.com.au. Goodluck and Happy Link Building!
Email: dennis@marketingmeansbusiness.net.au
Mobile: 0451 184 599
Let’s Talk Business 8
Peter Nicol Wisdom Marketing & Management Services 0417627097 www.wisdommarketing.com.au manager@wisdommarketing.com.au
IS IT 20 YEARS’ EXPERIENCE OR ONE YEARS’ EXPERIENCE 20 TIMES? As a young salesman in the early 1970’s in Sydney I saw many talented managers on my calls. I sold advertising in those days in a series of journals that related to the electronics and mining industry. My calls took me to many businesses who wished to sell products to these marketplaces. I was privileged to meet many marketing and sales people who often shared their life experiences with me. One such call still resonates with me and maybe you might get the same education from it as well. The man was English and was at that stage about 50+. He had a huge amount of life experience. At that time 1973/4 the Australian economy was undergoing massive changes (sound familiar). In a few short dramatic weeks British Leyland closed down leaving the P76 as an albatross. Then a huge electronics company Plessy closed its doors with 3000 out of work and there was general scaffolding down of many iconic businesses. Just like 2014 seems to be doing. I asked this very intelligent man what was his call on it. I still recall to this day his answer. He said not long after the Second World War world growth was fantastic as the world had a voracious appetite for anything that could help re-grow the world economy. Plastics were in their infancy and DuPont had just developed NYLON (a name made up of the words New York and London) where the Web: www.marketingmeansbusiness.com
laboratories that made the product were located. It was a product that went ballistic and soon NYLON was on everyone’s lips as a must have product. Sales abounded and a massive business was created. Then, others marketplace.
came
into
the
Using different formulas and learning from the marketplace they too made inroads into a world economy that by 1960 had begun to feel the effects of too much growth so things began to slow down. Young sales people were at a loss as to what was happening to them in a market that had hitherto been boundless in its support of the new and innovative. There was less demand and plenty of products to select from. These sales people were in an environment they had not experienced. They went to their managers and asked them what they should do. The management culture of many businesses at that time was based on “success breeding success”. They had been elevated (yes based on talent of that there is no doubt) but they had never really felt the chilly winds of failure and had no real advice they could offer to the problem. The last 20 years has seen the world awash with money. Some of it I believe not real just an entry on a page that overvalues something. Success was breeding success until we have a GFC that seems to be lingering for far too long. Email: dennis@marketingmeansbusiness.net.au
Now is the time to hunker down and look closely at your sales mix, the competition, develop and hone inventory levels, look for new product options and how you sell and package the current ones. If there are any folk you know who were in business successfully in the 60’s & 70”s then go and have a chat with them. See what tips they have as to how to compete in the markets of today. They did not have the tools we have today e.g. internet, mobile phones etc. But, they had the savvy to work their way through issues. They had the 20 years’ experience not the one years’ experience 20 times. This is a time to hunker down and take a long hard look at the past and from that work on trying to predict your future. An old boss of mine once said “he who lives by the crystal ball shall surely eat glass” Do not turn forecasting into a massive time wasting navel gazing exercise. But have a real good look at where you are – where you want to be and – how are you going to get there. A few minutes now might save a whole world of grief. Cheers Peter
Mobile: 0451 184 599
Let’s Talk Business 9
Ron Court, AMC Dip (Funerals) MQJA JP
OH&S Advisor 0419 679 619 roncourt@aapt.net.au
No matter where you work or what you do you will come into contact with chemicals of some description, this also applies to the home environment. An MSDS contains information on a particular substance, including its uses, physical & chemical properties, health effects, and precautions for use, safe handling requirements, and first aid and emergency procedures. The information in an MSDS helps users of the substance to: Know how dangerous the product is; Assess the risk associated with the handling of the product; and Develop the controls needed to minimise that risk. Anyone who manufactures or imports a hazardous substance for use at a workplace must prepare and keep up to date its MSDS and ensure it is available before the hazardous substance is supplied to the workplace.
Material Safety Data Sheet (MSDS)
to the criteria of Safe Work Australia. A statement of the manufacturer's intended uses of a product is important.
Codes from different classification systems. They provide a quick meansof identification of the hazard presented by the substance and the response required in an emergency involving that substance. Of particular importance is the Hazchem Code. An example of a Hazchem Code is: 2WE The number (1, 2, 3 or 4) indicate what firefighting medium should be used (water, fog, foam, dry powder); The first letter indicates what personal protective equipment and in particular what type of respirator the firefighters should wear; and the "E" indicates evacuation of surrounding areas might be necessary, some examples of signs are:
MSDSs must be compiled in accordance with the National Code of Practice for the Preparation of Material Safety Data Sheets. Reading a material safety data sheet will include: The Australian organisation that manufactured or imported the substance. There should also be an emergency telephone number to call in case of an incident such as a spill, fire or exposed person, for example: List alternative names that the product is known by and any manufacturing codes. A statement as to whether the product is hazardous according Web: www.marketingmeansbusiness.com
proportion of constitutes.
the
product
it
Health effects: outlines any short (acute) or long-term (chronic) health effects that may result from exposure to the product. It should state the symptoms associated with varying degrees of exposure, from least to most severe, will also give the routes of exposure for harmful effects. Most likely routes of entry to the body are: Inhalation (breathing the substance into the lungs); Skin absorption; and Direct ingestion (swallowing). Physical contact with a substance may also have harmful effects. Examples include dermatitis, corrosion, chemical sensitisation and eye damage. Under the First Aid section of the MSDS you will find details of immediate action to be taken to minimise harm and stabilise the victim until treatment from qualified persons can be obtained. You will also find emergency handling information under the subheading of Spills and Disposal.
The Physical Description and Properties subsection tells you what the product looks and smells like. This information can be used to double-check the identity of the product. If the colour, smell or appearance does not match the description, then the product may not be what the label says. Under the sub heading of Ingredients you may find the chemical names of any hazardous ingredients and the Email: dennis@marketingmeansbusiness.net.au
It is essential that you know how to read &understand an MSDS. You can get information about your OH&S obligations and other valuable OH&S resources both in hard copy and online from their websites. http://www.deir.qld.gov.au Always seek independent legal advice on what is applicable to your situation. Mobile: 0451 184 599
Let’s Talk Business 10
Paul GILLMORE DFS Founder and Director Southern Cross Financial Services 07 5429 5561 0402 685 032 paul@sc-fs.com.au 2013 has left us with a new federal government after a tumultuous year politically. Other legacies are substantial federal debt. This is unfortunate because in 2007 we had no net debt but now we have the highest debt ever! We, as families and businesses know that we cannot continue to run up debt and at some point, it needs to be repaid. When we repay debt, we must use surplus funds which might otherwise have gone into investment or perhaps lifestyle. In short we have to live poorer because we ran up debt. We are in this position as a nation right now and instead of investing money in the nation’s future we have to pay off debt thus stifling our ability to grow our economy. This is a grossly irresponsible thing for a government to do, to slam our economy into so much debt. A few short years of ‘partying’ for a small group of politicians has resulted in years of debt reduction discipline. What Else? We cannot use surplus money for investment because it must be used for debt reduction means that we are ‘hogtied’ regarding investment of ours and our children’s future. Naturally this places massive constraints on our capacity to drag our economy out of the aftermath of the Global Financial Down turn which is still rippling through world economies. It becomes a Web: www.marketingmeansbusiness.com
Tips for 2014 – Pay down that Debt !
very fine line to try to stimulate investment AND reduce debt Structural Debt We hear terms like this being ‘bandied’ around in the media but it simply means ongoing debt or expenditure responsibilities that become an integral part of one’s budget. You might think of a business loan as structural debt in your business because it must be budgeted for as long as the debt lasts. Structural debt in our nation are things like education expenditure, medicare and the latest major item – the Disability Scheme. Now don’t get me wrong. We as an advanced compassionate society MUST afford to look after those who are less ‘well off’ simply because it speaks of us as a people and a society if we don’t. Nevertheless, if we budget for expenditure when we are already in massive debt we can easily see that something has to ‘give’. Debt and Taxes If we raise taxes to reduce debt, it stifles our economy. If we don’t pay off debt, it allows the creditors to remain in control and interest payments remain a drag on the economy. It’s a distasteful dilemma in which to leave a nation. So we must walk the tightrope of trying to invest in our nation simultaneously paying down debt to reduce the risk that debt creates. What about Good Debt v Bad Debt,
I hear you say? Robert Kyosaki, author of Rich Dad Poor Dad describes good debt as debt that creates cash flow as opposed to bad debt that doesn’t. We might think of an investment property of a share portfolio as creating cash flow but borrowing for a holiday including spending money as bad debt. This is precisely my point that as a nation, businesses and families, we must consider the nature or ‘structure’ of our debt and what the implications might be. A good way to do this is to utilise modelling or projections. You can do this with your budget or your investments. Good modelling can assist with comparing investments and considering the outcomes in relation you your specific position and goals. Don’t know how to do this? Get Some Help This is ‘bread and butter’, for your advisor but ask yourself: how can I make an informed decision without considering the implications of my decision? What about cash flows, your tax position, your debt levels, your borrowing capacity, your credit history, the potential risks and drawbacks, what if something goes wrong, do I have a ‘Plan B’, what is my exit strategy? We business owners tend to try to be Jack of All Trades but a fresh pair of eyes and some specialist knowledge can be invaluable. You have heard of “Surround yourself with good and delegate” haven’t you?
Email: dennis@marketingmeansbusiness.net.au
Mobile: 0451 184 599
Let’s Talk Business 11
Tax Tips The Australian Taxation Office recently launched a new campaign to help Australian businesses meet their tax obligations. The social media and promotional campaign provides business owners with practical tips to increase awareness of their tax rights and obligations and make it easier to comply. It also provides information on support available from the ATO for business owners. With New Year resolutions in full swing, the first stage of the campaign focuses on tax resolutions to ensure businesses have the help they need to become more productive, efficient and profitable in 2014. Resolution 1 – lighten your tax debt weight in 2014. Tips:
Avoid penalties and interest by lodging and paying on time.
Contact the ATO if you can’t pay on time.
Keep the GST you collect separate from your business account.
Resolution 2 – give your business a health check. Tips:
Check your systems and records are in order to avoid mistakes
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on your BAS.
Leave paper behind and keep records electronically.
Use the ATO’s business viability tool on ato.gov.au to help assess the financial performance of your business.
Resolution 3 – better tax habits. Tips:
Don’t be afraid of the ATO – ask for help and boost your business performance. Always lodge your BAS on time even if you don’t have anything to report.
Avoid the paper shuffling – lodge your BAS on line.
Missed the 28 February Quarterly BAS Deadline? Most businesses lodge and pay on time with over 1.3 million BAS lodgements received by the due date for the last quarter. If you haven’t yet lodged, you may be missing out on a credit, or you could be accruing penalties and interest charges. The good news is it’s not too late to get help if you need it. “Every business is different and there may be a range of reasons for not lodging on time such as short-term financial difficulty, challenging business conditions, and unexpected events.
Depending on your business circumstances, we may be able to offer payment arrangements or a remission of the general interest charge. However you must contact us as soon as possible and have the arrangement in place before we contact you”, says Deputy Commissioner Steve Vesperman. Remember that even if you have nothing to report, you still need to lodge a nil activity statement. If you have an amount owing, you can use the Payment arrangement calculator to get an idea of how quickly you may be able to pay it off. On the flip side, during the 2012-13 financial year 20% of BAS lodgments were entitled to a credit. If you’re expecting a credit this year, remember to check your bank details are up to date when you lodge. Tip It’s never too early to get organised. If you think you’re likely to have difficulty lodging and paying your BAS for future quarters, get in touch with us before the due date and you may be able to get an extension to lodge and avoid the failure to lodge penalty For more information on how the ATO is working for Australian businesses visit www.ato.gov.au/ worksforme
Email: dennis@marketingmeansbusiness.net.au
Mobile: 0451 184 599
Let’s Talk Business 12
Your Business Name Selecting the right name for your business can be a very important aspect of your overall Image, and can sometimes be a powerful marketing tool. The right name can create a unique business identity, but the wrong one can mar it, along with your chances of success. The best names for small businesses are those that customers can easily remember and associate with your business. For this reason, many small businesses prefer to use words that cleverly suggest qualities about the underlying product or service without describing them outright, such as Lending Tree for loans, Slenderella for diet food products, or The Body Shop for personal hygiene products. These names are also considered distinctive and are therefore protected as trademarks. Think carefully about what your business name is saying about your business. Consider the impact of the following:
themselves. But there are so many facets to running a small business that what often happens is the small business owner runs himself or herself ragged, and the business suffers. After all, how long can a person work 50, 60 or even 70 hour weeks before something collapses? Many of the business owners I've talked to understand the concept of delegation, but have real problems doing it. Their excuses include fear, cost, and, in the case of sole proprietors, that there's no one else to do it. But there's always someone that you can delegate or outsource at least some of your many tasks to, and once you do, you'll be amazed at how much more time you have to focus on what you do best. Why Postcards Are Powerful Marketing Tools Firstly, is the saving:- each postcard mailing costs you at least 10 cents less than a direct mail letter. Then, postcards don't require a letter opener or long fingernails to open. Next, remember that postcards take away from the recipient the decision as to whether or not they should open the envelope.
Jane’s Babysitting or Mother Hen of Claremont
Mac’s Plumbing Service or The Tap Doctor
J.B’s Sands Supplies Soils-Aint-Soils
Steve’s Furniture Strippers or Strip Joint
You've made that decision for them.
Bob’s Tree Cutting Service or Tree Wise Men
People don't have to consider whether or not to read your mailing because postcards are so concise that they're an astonishingly quick read.
or
Which name has the most impact and leaves the best impression on you? Can You Delegate? Small business owners have a tendency to try to do everything Web: www.marketingmeansbusiness.com
And let's not forget that postcards can be churned out by your computer easier than ever before. More inexpensively, too.
Postcards are superb for saying thank you, reminding customers of their next appointment, and announcing a fantastic discount, a new product or a new service. Postcards should be designed to be eye-catching amid a flurry of mail. Make certain that they highlight the name of your business. Use the same style of type that you use in other marketing materials. Aim for quick recognition and don't forget you can hand out postcards as well as mail them. Naturally, they should reflect your identity and your attitude. Promote Your Business Through a Media Release? How can you get your business to stand out from the crowd? How can you do this without it costing you a fortune? One way to gain recognition and exposure for your business is to send a media release. The media are always looking for stories of interest to fill their newspapers, magazines, websites, TV and radio shows. If you can offer them something that is newsworthy, topical, interesting or entertaining then you have a good chance of your story being used. Sending newsworthy media releases will help you establish good relationships with the local media and can be excellent public relations for you or your business when your story is run. The local Press are all very supportive, and you should think about making contact with them to identify media releases that they would consider newsworthy.
Email: dennis@marketingmeansbusiness.net.au
Mobile: 0451 184 599