June Business Seminar
Finance and accounting strategies for uncertain times
A cold winter night didn’t put off the many people from the local business community and beyond who attended the July Camberwell Business function. Sue Ellson facilitated a discussion that elicited the following pearls of wisdom from the panel.
- The environment for retail has changed, and current conditions have become the norm.
- There is no single answer on how to run a particular business well in current conditions; it depends on the specifics of the business.
- Don’t buy capital items now. Wait for the increased limit of $6, 500 for immediate write off of capital purchases in the new financial year.
- If the business has surplus cash, look at making a contribution to superannuation.
- Beware of offers of tax-effective schemes. Don’t spend a dollar to save 47 cents.
Gary Ziebarth, Senior Financial Planner, Westpac Camberwell
- Gary is optimistic regarding the economic outlook, but he has been an optimist for a long time.
- The biggest issue is confidence, with the press playing up problems. There is a lot of wealth now being held in cash.
- Banks are changing the way the go about their business, and it is harder for businesses to borrow. Businesses need to build the relationship with an individual within the bank.
- Small business tends to overlook superannuation.
- Technology has changed the business landscape and online sales are a reality to live with.
- Consumers are conditioned to expect a discount.
- The best type of innovation at the moment is to tap into the power of existing staff.
- Don’t waste a crisis. Retrain if necessary. Identify the people and activities that are profitable and those that are not. Get rid of the non-profitable ones.
- New ideas are good, but it can be hard to assimilate too many ideas into an existing organisation.
- Success lies in the quality of the service provided and the relationships that are developed.
Of course, those who attended took away much more from the evening, so put a date in your diary for August 14, 5 pm – 7 pm at St. Johns Anglican Church for the Marketing and Sales event.