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Siu Ling Hui
350 followers -
I help business owners master their finances. That's about Bean Reading, not bean counting. Let me show you how to maximise the use your business financials as a powerful management tool, and stay on top of your cash flow so that you sleep better at night.
I help business owners master their finances. That's about Bean Reading, not bean counting. Let me show you how to maximise the use your business financials as a powerful management tool, and stay on top of your cash flow so that you sleep better at night.

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Australian Small & Medium Business Owners: Are you prepared for the end of the transitional phase of the Personal Property Securities Act (2009) at midnight (Canberra time) 31 January 2014?

The PPSA has significant implications for all businesses, large or small. The landmark decision in the Re Maiden case in 2013 underscores the importance of having your "security interests" properly registered on the Personal Property Securities Register (PPSR).

If you don't do so, you could end up losing your assets to other parties in the event that your customer (or supplier such as the owner of the warehouse where you store your goods) has an insolvency event. 

I have done a quick article and video about the business implications of non-registration of your interests in assets in accordance with the PPSA.

Nothing in this post or in these articles constitutes legal advice. You must see legal advice for your business and I strongly recommend that you do this immediately. So that you are prepared by the time the transitional period ends on 31 January 2014.

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#PPSA,  #Risk Management, #smallbusinesses  

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Have you been able to stick to any of the various suggested productivity improvement strategies? 

I like Eben Pagan's WakeUpProductive program but it does take time to ingrain the essential habits. And I will repeat the program this year. 

But in the meantime, here are 5 things that you easily implement in your life that will boost your productivity. 

#productivitytips  

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One thing I've observed as business advisor is that small businesses often skimp on proper legal advice for their commercial agreements. They think that lawyers are too expensive.

That approach is, in my opinion,  "penny wise, pound foolish".  In the event that there is a problem with a client, the quality of your agreements will be vital to ensure that your rights are protected.

Also, the regulatory environment is getting more and more complex. You do need to ensure that your business complies with all the various laws with product warranties, privacy notices, etc.

No business owner is going to have the time - let alone the expertise - to trawl through the constantly changing regulations. And anyway, attempting to a lawyer is not where your time and energy should be focused. There's more than enough to do building your business. 

In the event that you find yourself in the unfortunate situation of being sued by a client (or have a customer lodge a complaint against your business with a regulatory authority), make sure you get proper legal advice. 

Here's an article with tips for minimising the cost of litigation for small business owners. 

http://www.smartcompany.com.au/legal/34745-best-tips-to-save-legal-costs-for-small-businesses.html#

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#smallbusiness   #riskmanagement   #smallbiztips  
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There's an old Chinese saying: "Walk 100 steps after  meals, live 99 years".  So however great the temptation is to do potato couch after dinner, why not take a quick stroll? 

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Fast growth small businesses often find themselves struggling to pay their bills despite achieving strong profitable sales growth. 

The cause of this cash crunch stems from the growth in working capital funding requirements. Payment of expenses outpaces cash collection from sales.

Many businesses with wildly successful products with great brand presence have failed simply because they didn't plan and manage the funding of the working capital growth. 

Avoid this fate for your business. Here's a video that shows you what you need to do to properly plan and manage the funding of your business growth. 

http://cashflowkungfu.com/blog/2071/financial-forecasts-to-manage-working-capital-growth/

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#cashflow   #finance   #smallbusiness  
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Australia has a new (well, relatively new) Small Business Association. If you are an Australian Small Business owner, do you think this organisation will be an effective voice for small businesses?

An interesting point raised in this article is that a person should be "licensed" to start a small business. The reasoning behind this is to reduce the financial distress caused by business failure, an all too common occurrence in the small business sector. 

However, is that taking the "big brother" approach too far? 

#smallbusiness   #smallbiz  

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Privacy laws are tightening in every jurisdiction and there are severe penalties for breaches. Do you know whether the cookies used by your website are compliant with regulatory requirements?

#riskmanagement  

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Think the prune is just "good for you"? Check out my book and discover the fantastic possibilities of prunes. 

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Financing For Small Business

Small business owners and entrepreneurs, keep an eye on developments with the Lending Club. This could be a source of finance at lower costs that non-prime finance companies. 

#smallbusinesses   #financing  
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