Talking Business

By: Michelle Hanton OAM

RUNNING A BUSINESS ON YOUR OWN CAN BE LONELY. YOU ARE RESPONSIBLE FOR ALL THE DECISIONS. IF YOU EMPLOY STAFF, THERE'S THE ADDED BURDEN OF KNOWING YOU HAVE ANOTHER PERSON'S LIVELIHOOD IN YOUR HANDS.

MAKING SURE TO FEED YOUR FUNNEL SO BUSINESS KEEPS FLOWING YOUR WAY OFTEN INVOLVES INVESTING TIME IN BUILDING A NETWORK. BUILDING AN AUTHENTIC NETWORK

Bribie Island,

we’re here to help.

It can be overwhelming to know where to begin or who to speak to about your finances. But your local CommBank Bribie Island team are here to help. We’re on hand to chat about your unique financial situation, answer your questions and recommend solutions that will meet your needs.

You can also book in for a free CommBank Financial Health Check which will allow us to better understand your goals and explore ways to help you achieve them.

Things you should know: Applications are subject to credit approval. Full terms and conditions will be included in our loan offer. Fees and charges may be payable. Commonwealth Bank of Australia ABN 48 123 123 124. Australian credit licence 234945. ADV14932 190121

Talk to us today.

Colin Warwood Branch Manager

colin.warwood@cba.com.au (07) 3478 9023

stacey.ohara@cba.com.au 0468 573 726

Stacey O’Hara Home Lending Specialist

Bribie Island Shopping Centre, Cnr Hornsby Road & Goodwin Drive Bribie Island QLD 4507

Networking is all about building, nurturing and maintaining connections. It is not enough to use a speedy few moments to get out your elevator pitch. To create an authentic network, you need to do more than just an exchange of business cards. It is important to know more than how to contact the person. When you remember some key points you have a way to follow up the connection. Things like – what do you have in common? Do they have a problem you could help with by perhaps recommending a resource? Can you introduce them to someone who could be of value to them?

DO NOT just give them your card and hope they'll get in touch. That is not networking – it's more like a face to face letterbox drop. Networking needs to be proactive and involves a strategic systemised follow up. NURTURING CONNECTIONS

It helps if you nurture your connections. Offer support and help where you can, with no expectation of gain. When you next turn up to a networking function, be sure that you're ready to create and maximise all opportunities. You never know whom you will meet! Do not consider what they can do for you – it's about what YOU can do for them. And I don't mean it's about what you can sell straight out of the gates. For example, I recently met someone who asked about booking a consultation with me based on advice I had shared in a public forum. Now I could have gone straight in and booked them. Instead, I chose to strengthen the know, like and trust factor by sharing that I offer a complimentary 30 minutes session to allow potential clients to experience how I work and understand my value. The outcome was that this person provided a fantastic, unsolicited endorsement in a public arena, with more business being driven my way. BUILDING TRUST

When there are sufficient touchpoints, which I wrote about in Issue 147, trust builds. As you nurture the relationship, you gain trust. When trust exists, connections start to open up, referrals happen, and business starts to flow your way. I love referring people to others in my network. But…… I'll only do it when I know the person I am referring someone to is trustworthy. By that, I mean, I know they'll be upfront about what they can deliver. In turn, this builds further trust in me.

Why? Because I have referred the right person for the task at hand. It's good for my own reputation; it demonstrates that I recommend quality people and am trustworthy. When you recommend someone who does a less than stellar job, it can affect your reputation. With a strong network, you have a powerful tool. These are people you can turn to in your times of need. But not until you've built a solid foundation of trust. Networking is ongoing. It needs to be valued, nurtured and actively worked on. If you struggle with networking, drop me a line, and I'll be happy to send you a tip sheet. michelle@ dragonsisters.com. au 0418 898082

\ NOELENE LAKE NOELENE LAKE

Bribie Accounting Services Bribie Accounting Services

TAX TIPS....TAX PLANNING

YOU HAVE THE RIGHT TO ARRANGE YOUR FINANCIAL AFFAIRS TO KEEP YOUR TAX TO A MINIMUM. TAX PLANNING IS LEGITIMATE WHEN YOU DO IT WITHIN THE INTENT OF THE LAW.

TAX PLANNING STRATEGIES INCLUDE:

• Making personal contributions to superannuation and claiming them as a tax deduction (limits apply) • Pre-paying some tax deductible expenses and claiming them as deductions in the current financial year • Contracting to sell assets in the next financial year to avoid a capital gain in the current financial year • Selling assets that you will make a capital loss on, in the same financial year that you sell assets that you will make a capital gain on (to offset the gain) • Contributing money to your low-income spouse’s superannuation fund and claiming a tax offset for (limits apply) • Purchasing new income-producing assets in your low income spouse’s name

To claim a tax deduction, you must have incurred the expenses and you need evidence to substantiate it (receipts). Please contact me to maximise your tax refund or minimise your tax payable. Noelene and Angela