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In this episode, Stuart and Mena dive into the crucial topic of asset protection for business owners. They explore the various risks that business owners face, both from a business and personal standpoint. On the business side, they discuss the importance of maintaining a safe workplace, managing employee entitlements and ATO liabilities, and the dangers of trading while insolvent. On the personal side, they highlight risks like personal injury on your property and the complexities of relationship breakdowns.

Stuart and Mena provide practical advice on how to safeguard assets through effective company structures and corporate trustees, emphasising the importance of not mixing business with personal investments. They also cover strategies to protect against relationship breakdowns, such as Binding Financial Agreements (BFAs) and retaining control over assets through specific legal designations.

Listeners will gain valuable insights into how to protect themselves from external creditors, the importance of consulting with an accountant who understands their specific risks, and why having a comprehensive asset protection plan is essential for long-term financial security. This episode is a must-listen for business owners looking to shield their assets from potential threats and ensure their financial future remains secure.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

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SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

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In this episode, Mena and Stuart explore the power of financial modelling and why it's essential for your business. They discuss the limitations of standard financial reporting, which often provides a high-level overview but lacks the detail needed to make informed decisions. Financial models, however, are tailored to each business and offer a deeper insight into key performance indicators (KPIs) and metrics that truly matter.

Mena and Stuart explain how financial models can track specific objectives, such as revenue growth and expense management, offering a clearer picture of the underlying drivers and trends. This detailed analysis helps businesses forecast growth, allocate resources effectively, and evaluate project feasibility, including decisions about vertical integration.

Listeners will learn how financial models can act as a 'crystal ball,' providing actionable insights that go beyond the numbers, helping to achieve business goals and navigate future challenges. Whether you're looking to enhance performance, manage cash flow, or plan for strategic growth, this episode will demonstrate the transformative potential of financial modelling for your business success. Tune in to discover how to create a financial crystal ball that can guide your business towards a prosperous future.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

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In this episode, Mena and Stuart explore key strategies for planning your business for a successful new year. They start by emphasising the importance of reviewing the past year's performance through a thorough analysis of financial reports and key performance indicators, while also evaluating strengths, weaknesses, opportunities, and threats. They highlight the need to define clear, SMART goals that align with your business vision, and the importance of breaking down these goals into actionable projects and tasks.

The discussion then moves to resource allocation and budgeting, ensuring you have the financial, human, and material resources necessary to implement your plans. Mena and Stuart stress the value of involving your team in the planning process to gain insights and increase commitment. They also delve into creating a detailed financial forecast to project revenue, expenses, and cash flow, and identifying potential risks to develop effective contingency plans.

Additionally, they underline the importance of setting key performance indicators to measure progress and scheduling regular review sessions to keep your plan relevant and effective. By documenting your plan in a concise, written format, you'll ensure clear communication and easy reference.
Listen in for practical advice on making incremental improvements that add up to significant gains, and prepare your business for a thriving financial year.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

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In this episode, Mena and Stuart tackle the challenging but crucial topic of how to fire a customer that doesn’t suit your business. They explore the impact of bad customers, who not only fail to refer new clients but also take longer to serve, increase business risk, and are generally less profitable and enjoyable to work with. Mena and Stuart explain that bad clients can hinder business growth and make it difficult to attract and retain great staff. They stress that success often comes from saying no to certain customers, even though many people find it hard to do so.

The discussion includes identifying what a good target client looks like and ensuring that the whole team understands this. Mena and Stuart provide practical strategies for firing a bad customer, such as increasing prices, setting future deadlines for service completion, or making excuses about capacity constraints. They highlight the importance of having a clear strategy for managing client relationships to ensure long-term business success.

Tune in for valuable insights and actionable advice on maintaining a healthy and profitable client base.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

Send us a Text Message.

In this episode, Stuart and Mena delve into the top five reasons why businesses fail and offer practical advice on how to avoid these pitfalls. They start with the crucial issue of running out of money, emphasising the importance of adequate working capital, maintaining a profit margin, and keeping a financial buffer. Next, they discuss the impact of a poor business model or marketing strategy, highlighting the necessity of understanding how your business operates and effectively reaching customers while managing acquisition costs.

The conversation then shifts to poor margins, explaining that a business must generate profit to be sustainable and not just function as an underpaid job. They stress the importance of achieving good margins to enable growth, noting that stagnation equates to decline. Lastly, Stuart and Mena tackle the dangers of expanding too fast, using the restaurant industry as an example to illustrate how rapid growth can lead to decreased productivity, increased mistakes, and compromised quality.

Tune in to gain valuable insights and practical tips to ensure your business not only survives but thrives.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

Send us a Text Message.

In this episode, Stuart and Mena delve into the top 10 hiring mistakes and the invaluable lessons they've learned along the way. They share candid insights on building a strong team, emphasising the importance of hiring slowly and firing quickly, and the necessity of quality over quantity. They pose a crucial question for business owners: "Would you enthusiastically rehire everyone in your business?" and suggest asking it regularly to stay ahead of potential issues.

The hosts discuss the significance of having difficult conversations, setting clear expectations, and the pitfalls of making excuses for poor performance early on. They highlight the importance of hiring for attitude and past expertise, underscoring that high performers typically have strong resumes but attitude and cultural fit are equally critical.

Listeners will learn why giving employees the right tools and resources, along with regular feedback and appreciation, is essential for fostering a productive work environment. Stuart and Mena also touch on the role of recruitment consultants, advising that while they can add value, they can't fully vet candidates like an insider can.

Tune in to gain practical advice on avoiding common hiring pitfalls and building a team that can drive your business to success.

For startups, check out their previous discussion on when to start employing staff in Season 3, Ep 20 (June 2023): https://www.holisticaccountant.com.au/2006849/13012692-when-should-you-start-employing-staff

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

Send us a Text Message.

In this episode, Stuart and Mena dive into the world of customer feedback surveys, uncovering essential insights for business owners. They explore the Net Promoter Score (NPS) introduced by Fred Reichheld, a straightforward yet powerful tool for gauging customer loyalty and forecasting business growth. NPS segments customers into Promoters, Passives, and Detractors, each offering unique insights into customer satisfaction and areas for improvement.

Key takeaways include the importance of keeping surveys short, typically no more than 2-3 questions, and always acknowledging feedback to show customers their input is valued. The hosts discuss strategies like asking targeted questions to pinpoint high-value needs and responding effectively to negative feedback. Drawing inspiration from companies like Zappos, known for their exceptional customer service, they highlight the importance of addressing common service weaknesses and testing survey questions for clarity.

Stuart and Mena also debate whether businesses should always heed customer feedback, citing Apple’s success in maintaining a premium product focus despite demands for cheaper options. They introduce a compelling alternative to the NPS question based on Seth Godin’s recent blog, urging listeners to assess whether their customers are actively sharing their experiences.

Tune in to discover how to leverage customer feedback surveys to drive business growth and enhance customer loyalty.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

Send us a Text Message.

In this episode, Stuart and Mena provide a comprehensive guide to end-of-financial-year tax planning strategies that can help maximise your tax savings. With a wealth of practical tips and considerations, they break down complex tax concepts into easily digestible insights.

Whether you're a high-income earner, a business owner, or simply looking to optimise your tax position, their advice covers a range of scenarios and opportunities. From maximising super contributions and utilising unused caps to navigating tax brackets and deductions, he offers actionable steps to potentially save thousands in tax liabilities.

Stuart and Mena's holistic approach also explores strategies for spouses, trusts, and businesses, ensuring no stone is left unturned in the quest for tax efficiency. Their clear explanations demystify the intricacies of tax planning, empowering listeners to make informed decisions.

With the end of the financial year rapidly approaching, this episode is a must-listen for anyone seeking to minimise their tax burden while staying compliant. Tune in to gain valuable knowledge and unlock potential savings that could significantly impact your overall financial well-being.

If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.