Business Advice

HOW TO NEGOTIATE WITH CONFIDENCE PART 2: Welcome to part 2 of the 3-part series on how to negotiate with confidence.  In the last article we explored how being prepared before you negotiate,  can increase your confidence.  Preparation enables you to understand the business and the environment it exists within, so you can make informed decisions to match your intended outcome. Preparation gives insight to the tactics that could occur during the meeting, and by preparing your mindset, it will help you manage your nerves, so you can function more effectively. In part 2, we look at how you can negotiate with confidence by understanding the other party.    Tip 1:  Understand someone else’s objectives  The aim of negotiating is to etch out a pathway to an agreement. While it’s ideal that the final agreement is a win-win for both parties, it won’t always be the case. People often fail to reach an agreement, because they do not understand what the other person’s objectives are, or they are unwilling to compromise on their own objectives. Understanding the other party’s objectives will highlight what is important to them, and which aspects they can’t do without.  Although each party’s objectives might be different, you might be able to structure the transaction to suit both parties.  To understand the other party’s objectives, you will need to slow down the process; listen and understand what is being said, gain rapport and be open to consider alternatives. Tip 2: Understand the other person’s representational systems  Have you ever wondered why you don’t understand someone?  It could be because they are communicating with a different representational system or learning style than your own.  In the 1920’s Walter Burke Barbe explained that people learn by using their senses, with one of the senses usually being dominant over the others. The theory classified the learning styles as visual (learning through sight], auditory (learning through hearing) or kinaesthetic (learning through feeling). Neil D Fleming later added auditory digital (which is learning through reading and writing).   People usually relate more effectively if the information they receive is presented in their preferred style.  Visual: A person who is primarily visual, relates to visual cues. They’re interested in how things look, including appearances and learn by seeing the material. When negotiating with someone who has a visual representational system, use visual words, associated with sight such as see, look, reveal, clear, view, show, crystal clear and imagine. Use phrases, such as ‘can you see what I mean?’ and include in written material pictures, graphs and diagrams. Auditory: A person who is mainly auditory, relates to sound. They learn by listening and like to talk. They want to be told what to do and respond to hearing words such as listen, hear, silence, tune in or heard, or phrases such as ‘can you hear what I’m saying’. They will also respond to your tone of voice. So when negotiating, occasionally repeat what you have said,  or have the other party repeat your words, and use tone for emphasis. Kinaesthetic: A person who is mainly kinaesthetic, relates to how they feel.  You can connect with someone who is kinaesthetic by using words associated with feeling, such as touch, feel, understand, or grasp and use phrases associated with feeling, such as 'yes, I understand’..  When presenting material, include images which evoke emotions. A kinaesthetic person might also want to physically touch or be involved in the task.    Auditory digital: A person who is predominantly auditory digital, appreciates steps and notes and is considered.  They learn by listening, reading and taking notes, but might also display various other traits from the other representational systems. The words that they will respond to are, consider, motivate, process and know. When dealing with an Auditory Digital person, you might also need to summarise key pieces of information on charts or with dot points.  If you understand how other person relates and negotiate in their style, it will enhance your communication, connection and confidence.   Tip 3:  Understand the other person’s personality type  Negotiation might also be difficult if you don’t relate to the other person’s personality type.  Personality is the combination of traits, including thoughts, behaviours, perceptions and emotions.  Generally, there are four different personality types, although some people may reflect a combination of two or more of them.  Direct: A direct personality type communicates in short, sharp sentences. They don’t like a lot of detail and prefer information to be presented succinctly. They might appear aloof and will usually get to the point quickly. They will appear bored, impatient and frustrated with small talk and long drawn-out negotiations and conversations.  An example of a person with a direct personality is Donald Trump.Direct personalities usually use direct assertive communication. When they negotiate, because of their assertive communication, they might appear powerful and controlled. If this person lacks charm, it might be difficult for them to create rapport, especially with other personality types. When dealing with this personality, don’t worry about making small talk - Keep to the point and be direct. Sanguine: A sanguine personality type communicates light-heartedly. They may appear outgoing, bubbly, gregarious, easy-going, friendly and are relationship orientated. They might appear to be disorganized and are often late. An example of a person with a sanguine personality is Richard Branson. When engaging with this personality, you will achieve a better connection, if you first work on building a relationship with them, before proceeding directly into the negotiation. Phlegmatic: A person with a phlegmatic personality appears relaxed, calm and quiet. In discussions, they might not become involved initially or make any comments. Don’t take this as them being uninterested, they are merely considering the information that has been presented before providing their ideas. The phlegmatic’s lack of response might make you feel nervous and might cause you to talk and provide additional information to fill in any silent gaps. This isn’t necessary and might end up with you providing too much information. Lady Diana had a phlegmatic personality.  Conscientious: A conscientious personality type (also described as melancholy) likes detail and facts, and prefers planned rather than spontaneous behaviour. They may be organized, efficient and considered, and communicate by asking lots of questions. When speaking, they might find it hard to be direct and instead will provide you with a lot of detail. When dealing with this personality, provide them with a lot of information and allow them to ask questions.  But, to avoid getting lost in the detail, chunk up the information, summarize the facts and lead them back to the point of what is being discussed in order to move the discussion forward. Accountants, or people who appreciate detail, may have conscientious personality types. Summary of Personality Types   Tip 4: Understand the other person’s negotiation style People do not only have different personalities or communication or learning styles, but they might have different negotiation styles. Some people might try to accommodate your objectives or appear agreeable because they want to avoid conflict.  Others might compete and be aggressive.  Others might be indirect and avoid conflict.   By recognising how someone negotiates you can respond accordingly.  If you usually avoid conflict and have to deal with someone who is aggressive, for example, then perhaps you should take someone else to the meeting to assist with the negotiation.    Tip 5: Understand the other party’s beliefs and values  People also behave in accordance with their beliefs and values.     Beliefs: Beliefs are what someone holds as being true. If someone believes that they always win, they will negotiate differently from someone who thinks they never win.   If they believe they will win, their attitude, which is reflected in their beliefs, might be arrogant. The person with the belief that they will not be successful might justify that belief and discount their loss, with thoughts such as, ‘they didn’t proceed as the transaction as it was high risk’ or ‘I didn’t want it anyway’. Values: Generally, people will act in accordance with their hierarchy of values or what they deem as being most important them. Understanding someone’s values is vital in understanding their motives and objectives, and enables you to build rapport by reflecting those values.Someone that has a high value for business might spend more time on their business than with family. Perhaps their value is self-actualization and personal growth, which is more important to them than emotional security.   You can increase your connection with that person by acknowledging their achievements however, if you referred to their family it might not have the same emotional trigger for them.  Key takeaways:  An aim of negotiation is to settle differences and find an agreement that is suitable for both parties.  However, quite often the parties might not reach an agreement and misunderstanding occurs because of the different personalities, communication and negotiation styles.    A person’s objectives, values and the way they relate through their style of learning, communication and negotiation will provide key information which will help you understand their behaviour and how to relate and negotiate with them, with confidence.   About the Author: This extract has been taken from the book, ‘Entrepreneur Know How – Mindset and Winning Steps for Buying a Business,’ written by Sharon Robson (Available through Amazon). Sharon is also the principal lawyer, director and founder of the boutique law firm, Antler Legal – a corporate commercial legal practice in Sydney, Australia. She has played a key role in facilitating, advising and negotiating many business transactions on behalf of her clients. Sharon is also a speaker, marketer and business owner. She is passionate about mindset and empowering people through education. Sharon RobsonAntler Legalwww.antlerlegal.com.au  

HOW TO NEGOTIATE WITH CONFIDENCE PART 1: Being in business provides many opportunities to negotiate. The aim of negotiation is to settle differences and achieve some sort of compromise or agreement. The process occurs through a combination of influential and persuasive techniques, communication and strategy.   Sometimes, the only way to get what you want is to negotiate - but negotiation can be stressful. In this 3-part series, we explore how to negotiate with confidence.  One way to ensure that you can confidently negotiate, is to prepare for the negotiation process. The more prepared you are, the more confidently you will be able to align the outcome of the negotiation to your objectives.  So, if you are buying a business, what should you consider when preparing to negotiate?    Tip 1: Understand the business  You need to understand what you are dealing with, the potential of the business and the environment the business operates within, which can be achieved by undertaking market research and gathering information about the business.  Market research enables you to identify trends and identify similar businesses so you can determine the perceived value of the business.  A SWOT analysis will help identify the strengths and weaknesses of the business and determine whether there are any market opportunities, competitors and any potential threats that will impact on the viability of the business including whether there is a continuing demand for the product or service that is being supplied by the business. Knowledge of the market and the business will increase your bargaining position and enable you to construct an offer and determine whether any further information is needed before an offer can be made. Tip 2:  Prepare your argument and ideal outcome   Being prepared means understanding your position and what you would like to achieve:   Consider your argument or presentation, including the questions that need to be answered; whether there is any other information that you need or changes that you would like to propose to the transaction. Your comparisons of similar businesses can be used to strengthen your argument. Also, consider whether there are any mitigating circumstances in the environment the business operates within, or in the business itself, which will likely impact on the transaction and the value of the business.  Tip 3: Know what you would like your ideal outcome or objectives to be:  Consider your objectives and your ideal outcome. Ensure you have an alternative position or some compromises that can be offered if the ideal outcome is not accepted. Also consider if your objectives are not met, at what point you would walk away from the transaction.  Tip 4: Understand the framework  It is helpful to have an idea of the scope and framework of the negotiation before the meeting.   Suggesting and preparing an agenda will enable you to explore what will be discussed. It will enable you to verify facts and the other party’s position. Once you are in the meeting, the agenda will be useful to keep the meeting on track. Tip 5: Understand the location  Believe it or not, where the meeting is held, has the ability to provide a competitive advantage.   It might be preferable to meet at your own premises, as this will allow you to control the meeting and access any backup paperwork that might be required. If you concede to the other party’s demands by having the very first meeting at their premises, then you have lost the first negotiation, and it might put the other party into a stronger position by making them feel empowered and, on the day, more comfortable. Alternatively, you could meet at a neutral location, which will enable both parties to focus on the negotiation, rather than using the space to strengthen a particular party’s position. Tip 6: Understand who will be at the meeting  Consider who will be present at the meeting. Calling the other party in advance of the meeting and asking who will be present at the meeting for the purposes of the agenda will provide you with advanced knowledge of the number and quality of the attendees; their personality; motivations and style of communication and negotiation. This will help you prepare how you communicate and respond to them and enable you to match those people with people who are of the same calibre and who have a similar level of experience. Tip 7:  Understand what might happen at the meeting Seating:  Also be aware that the seating arrangements and the choice of table being used at the meeting might impact on the negotiation:  Someone might sit at the head of the table, as a way to jostle for power and control of the meeting.  If the table is square or oblong and you sit opposite the other party, you might be perceived as being equal, but on the other hand, it might set the parties into opposing positions, ready for battle.   A round table softens the negotiation and allows, as a starting point, for equal representation.  Speaking for agreement:    Aim to get some sort of agreement early in the negotiation.  You can have the other party agree to a general comment, or something that is common knowledge. By obtaining an initial agreement, the negotiation will start in a positive manner, with each party subconsciously feeling that their needs might be met. Tip 8:  Prepare your mindset  You can prepare for negotiation by ensuring, despite what is happening around you, you have the right mindset.  Your mindset will be the strength or an impediment to the transaction. A positive mindset will help you appear and feel confident, relaxed and in control of the situation.    You can prepare your mindset in advance by doing the following:      Understand that the process of negotiation and asking for what you want is often unpredictable. The process might take longer than anticipated, and not everything will be smooth - there will likely be obstacles and surprises along the way, such as the tactics used by the other side which might take you off guard.  If you are stepping into an unfamiliar situation, you might feel nervous or fearful – but these feelings are normal and knowing this, will help you manage the process emotionally. Assume from the beginning that you don’t know everything and there will be matters that need to be resolved. Adopt an inquiring mind.  Instead of accepting the information that you receive at face value, investigate that material.   Act consistently and direct your mind and the discussion to the outcome of what you would like to achieve.  Remain open but in alignment with your objectives. This will help direct your focus to achieving your objectives rather than reacting out of nerves.  Think that you want to solve any disparity between the parties. A solution-based mindset will provide the opportunity to think clearly and laterally. It will allow you to be flexible and come up with alternative proposals that might help traverse through any blocks. Key takeaways: In summary, you will be more confident when you prepare for the negotiation, if you:    Understand the business you are buying by completing research and comparing the business to existing businesses.  Examine whether you have everything about the business on which to make an informed offer or whether you need other information.  Know your intended outcome and any compromises that you are willing to provide before you attend the meeting. This will ensure that you do not make rash emotional decisions and can confidently align to your objectives.  Consider where you would like to meet the other party. The location of the meeting might provide an immediate strategic advantage, particularly if the location makes you feel comfortable or empowers you. Understand who will be at the meeting, and ensure you have similar calibre of people attending the meeting on your behalf and have framed your argument to match the styles of the participants.  Have knowledge of what might happen at the meeting, including the framework of what will be discussed, where to sit and what you can first say to obtain an agreement given these factors will likely have a bearing on the discussion and influence the power between the parties. Use your mindset to shape the outcome and help manage your nerves, so you can function more effectively. The more prepared you are, the more confident you will be, and the more likely you will be able to influence the outcome as you will know what questions to ask, the information to source and refer to, what you want and how to respond to any offer. About the Author: This extract has been taken from the book, ‘Entrepreneur Know How – Mindset and Winning Steps for Buying a Business,’ written by Sharon Robson (Available through Amazon). Sharon is also the principal lawyer, director and founder of the boutique law firm, Antler Legal – a corporate commercial legal practice in Sydney, Australia. She has played a key role in facilitating, advising and negotiating many business transactions on behalf of her clients. Sharon is also a speaker, marketer and business owner. She is passionate about mindset and empowering people through education.   Sharon Robson Antler Legal www.antlerlegal.com.au

With many people comparing Covid-19 to the global financial crisis of 2008, it’s no wonder some business owners are worried about selling their business during the pandemic. However, the two situations are quite different, and you shouldn’t assume that your business won’t sell – or will fetch a lower price - because of Covid-19. Clearly, market uncertainty can be an issue in some sectors, but many other businesses remain very sought-after. And even those more directly affected by the pandemic can sell – it just requires a different marketing strategy. If you are considering selling your business, it’s for a particular reason. And that reason is generally retirement, health, burn-out or changing direction. So, why should you put your plans on hold because of Covid-19?  If you are waiting for life to return to ‘normal’, you could be waiting a long time! The question to ask yourself is this: Am I selling so that I can do something different with my life, or am I selling to make as much money as possible?  Whilst the pandemic has caused some uncertainty, we also have interest rates at an historic low. As a result, this is the perfect time for many buyers to acquire a business. Equally, whilst the pandemic has caused job losses, many of those affected have substantial savings or redundancy packages and now wish to buy themselves a job. Unlike the GFC, the current situation has generated a range of Government interventions and financial support.  This has not only generated interest in buying businesses but also enabled many more businesses to remain viable. The crucial point is how you prepare your business for sale. This is always a key factor and is now more important than ever. There are buyers who will be looking for bargains, so you need to make your business as viable and attractive as possible to achieve the best price.  As the song goes, you need to ‘accentuate the positive’. That doesn’t mean covering up what isn’t working; it means making the most of what is.  For example, the switch to remote work and tele-conferencing has resulted in unexpected efficiencies for many businesses. Perhaps you have discovered a new niche market as a result of dealing with the pandemic, or you have streamlined your products or added new lines. Many businesses have been forced to find new and innovative ways of communicating with and responding to their customers – another strong selling point. And as for online and delivery businesses, well, they are booming! Xcllusive Business Sales has methods in place that will help you package and market your business to attract buyers in the current climate – and get the right one across the line. For more information contact Xcllusive Business Sales on phone number (02) 9817 3331 or visit www.xcllusive.com.au

Navii can provide tailored advice to help your business take the next step to go digital. Do you want to increase your productivity, reach a larger audience and grow your business online? Navii can help you! What is Navii?Navii provides independent, tailored advice and support to Australian small business owners through digital tools and knowledge to increase profits and help save time in their business.The Navii team is made up of passionate small business enthusiasts and digital coaches who aim to: help small businesses navigate the vast web of information about using digital in business provide trusted advice and tested technology solutions that help businesses drive their growth and productivity guide small businesses on their next steps in going digital. How does Navii support small businesses? Free resourcesNavii offers free resources, including: the Next Best Steps 5 Day Challenge small business case studies and stories of success blog articles with advice and news a list of vetted third-party resources. Private consultationsYou can purchase a 1 hour private consultation with a Navii experienced coach to help you make the right choice for your business and your situation.Digital health checksA digital health check will provide a detailed assessment of your business’s online presence by reviewing your website and social media profiles.Online coursesNavii has online courses on a broad range of digital topics. With an online course, you’ll receive: video lessons real examples written guides downloadable templates worksheets. Industry training and development programsNavii has worked with regional councils, state governments and industry groups to design training and development programs for groups of businesses. Each program is tailored to your business’ region and industry. For more information visit www.business.gov.au

2020 saw the biggest disruption to our businesses, communities and lives for decades – probably since WWII.But the coronavirus pandemic followed close on the heels of the Australian bushfires, the resources industry crash, massive floods, the Global Financial Crisis … It seems that we no sooner get through one crisis, when another one comes along. And that is exactly what does happen. So why are we always surprised when another disruptive event happens? Why do we treat the crisis times as abnormal, and the good times as normal when, in reality, it’s the other way around.I have personally experienced many such events over my lifetime – both in life and in business. Growing up on a rural property, some of my earliest memories are of helping my parents hand-feed cattle. We experienced huge ups and downs in grain and cattle prices. Sometimes, cattle were like gold on legs and other times they would actually cost money to send to market – the freight cost more than the sale price received.  In 25 years of running my own businesses, I’ve experienced and survived several economic booms and busts when stockmarkets reached  insane heights, before plunging. Through all these booms and busts, business crises brought on by natural disasters, and tragic life events, I have concluded that it is all ‘normal’.Eventually, I put pen to paper and wrote about my experiences, and what I have learned from them, in a book Small Company, Big Crisis: How To Prepare For, Respond To, And Recover From A Business Crisis.   The premise of the book is that while nobody can accurately tell what is ahead of us, even a small amount of thought and preparation can mean the difference between life and death for a business when a crisis hits.There are some risks that your business faces that, while you fervently hope they will not happen, you can put some measures in place to limit or even prevent any damage.As an example, look through this list and consider whether one of these events would disrupt your business – and potentially cause it to collapse: A long-term employee leaves and takes all their knowledge with them. Hackers invade your computer systems and delete or steal all your files. You, your business partner, or a family member becomes ill, or worse, passes away. You, or your business partner/s, go through a divorce. A trusted employee commits fraud and steals tens or hundreds of thousands of dollars. Your best, and largest customer, decides to switch to another supplier. A new technological innovation suddenly makes your product or service obsolete. Your main supplier’s premises burn down, and they can no longer supply you with product. A global pandemic strikes. That last one wasn’t on my list of business risks, but it certainly is now.The list above is by no means exhaustive, but you get the idea.  There are many, many events that can impact your business. In 2020 – 2021, it is the businesses that had done some thinking and preparation in advance that were in the best position to survive the COVID 19 pandemic – and any other crisis that may come along. Research in the UK shows that companies that had planned for Brexit – even though the outcome was very uncertain – are the ones that have best survived the pandemic. The steps to prepare your business are not difficult and do not take a lot of time, but will ensure   that a left-field event is not fatal to your business. Or, if the unfolding crisis is so large that your business is threatened, your plan will allow you to extract yourself and your family from the business with sufficient resources (and energy) to start again.But merely surviving is not sufficient. At the end of every crisis event is an upturn, and the well-prepared business owners will be at the front of the queue for the recovery – ready and able to thrive in the new circumstances that now prevail. A small amount of time spent now can save a world of pain later.   Bronwyn Reid, Owner, Small Company, Big Business For more information visit www.bronwynreid.com.au  

Buying a business can be difficult if you don’t have the funds.   There are ways to buy a business and settle on the transaction without the funds and without spending your own money, or lending money from a traditional lender.       1. Vendor financing Vendor financing is a loan arrangement with the seller for the repayment of the purchase price, plus interest, allowing you to preserve your own funds and borrowing capacity with the bank.  The loan could be repaid in increments over an agreed time following completion out of future profits of the business.  To ensure the loan is repaid, the seller might require security over the assets and the future income of the business and a personal guarantee. If you default on the loan, the security enables the seller to claw back the assets or access the funds generated by the business or make a claim on you personally for the amount. 2. Leveraging the assets  Businesses that are rich in assets offer internal restructuring opportunities, which might be used to fund the business.  Instead of owning the assets to operate the business, the assets could be leased and the existing assets sold. The funds from the sale of the assets could be used as working capital or to pay the seller for the business. Alternatively, the assets could be used as security for a loan.  The amount of the loan might be less than the value of the assets, as the assets are usually calculated on what they would sell at an auction in case the assets need to be sold quickly by the financier if the loan is in default. Before undertaking this strategy, verify that the Seller owns the assets and the assets can be used as collateral.  If the assets are already secured by a finance company, the finance must be released before the assets are sold or secured by another loan. 3. Leveraging the projected income  A loan can be obtained by borrowing against the projected income of the business, or any outstanding invoices. A loan might not be able to be obtained for 100% of the debts.  The financier might stipulate that only invoices with due payment of thirty days be secured against, rather than using all of the debts owing to the business.  4. Structuring the purchase through equity Share or equity arrangements through buy-ins or share swaps provide ownership opportunities.  Buy-ins: A buy-in is an arrangement where you can work in the business, and be issued shares in the company that owns the business rather than being paid for that work in cash.  Over time your ownership in the company which operates the business increases. Share swaps:   The Seller could be offered shares in the company that is acquiring the business or shares in an existing business you might already own, in return for shares in the company you would like to acquire.  5. Delaying payment depending upon results If the value of the business is calculated upon future contracts, sales or earnings which have not yet been received by the business, you could agree to pay the funds attributed to that future value as an earn-out after completion.  If the payment is not received by the business, then no payment would be owing to the Seller. 6. Alternative funding sources  Private equity:  Private equity financers and angel investors are alternative funding sources to a bank, who provide funds as a loan or in return for the issue of shares in the company buying the business.  The business being acquired must be a viable investment opportunity, or the terms of the loan must be attractive to the investors.    Credit Cards: Credit cards may be used to pay for the purchase and can be repaid from the profit or income of the business after completion.  Joint Ventures:  An interest in a business might also be obtained by entering into a joint venture with another person or company that has the funds to buy the business.  Due diligence and the agreement    A combination of strategies can be used to buy a business.   However before undertaking any strategy, due diligence on the business must be undertaken and before completion of the sale, the arrangement must be put into writing.  The agreement should include how the purchase price will be repaid;  details of any deferred payments; when the risk in the business will pass to the buyer;  and the consequences of failing to repay the money.   If the transaction is reliant upon funding documents, these documents should be entered into contemporaneously with the sale agreement for the transaction. Conclusion Vendor financing, leveraging the assets and income of the business, using equity and alternative funding sources can be used when buying a business to enable you buy a business when you ordinarily would not be able to afford it; retain your funds and lending capacity, or to defer the payment and the risk of the business.  Due diligence should first be undertaken to understand the business and whether the particular strategy can be completed.  The arrangement should also be recorded correctly.  About Sharon Robson Sharon Robson is Founder and Principal Solicitor of Antler Legal and author of Entrepreneur Know How – Mindset and Winning Steps for Buying a Business. For more information see www.entknowhow.com/book Disclaimer The content in this article is of general nature only and does not constitute legal advice. This content must not be reproduced without the author’s consent.

“If you're looking to sell your business, one of the things that might pop in your mind, if you've got a lease on your premises is what do I do if my lease is running out. Okay so that gets tackled a couple of different ways so I guess if you're in a situation where your lease is critical to the operation of your business, well really what you want to do is you want to make sure that for a new owner that they've got some tenure so the lease for years going to really have an impact on them wanting to buy it, but mainly on them actually getting financed to be able to buy the business because generally the bank will only fund a loan for them over the over the risk period of how long that lease is. So that's something that's important now you don't necessarily need to go and renew the lease yourself and extend that out but what you do want to do is maybe have an understanding with the landlord that when somebody else comes along that might say you've got a year left or something that the landlord's happy to then give them a further extension and you might look at that and ask them to maybe try to get at the moment on your lease, you might try to get it further option to renew. Or for yourself depending on the situation if you don't want to commit to that extra lease from you or yourself you might ask a landlord if you go on a month by month for a while so there's a couple of ways you can look at it you've just got to really wipe out the risk because if you go month by month that's landlord month by month too, they can you win a month and you can you can boot them in a month, so that's the sort of stuff that you need to take into account if your businesses if your business is critical to that location month by month can be risky because if they get a better offer…you're out, then you've got nothing to sell so these are sort of things you've got to work.” Transcribed from Steve Finnhttps://youtu.be/d-mHWoNWeAk    

We have developed a guide help you recognise common scams and share tips on how to protect your business and customers. Scammers target small business owners as they recognise they are busy and usually have limited resources to keep their systems safe. Scam risks have increased as a result of the COVID-19 pandemic. The latest COVID-19 scams are designed to take advantage of the changes to our daily life including: loss of jobs and financial vulnerability fear of infection the shortage of particular goods and services   Download the Be COVID Fraud Aware guide The Be COVID Fraud Aware guide will help you: know the common scams to look out for protect your business from scams protect your customers information know where to get further assistance and report a scam Download here

\"I want to give you some tips today if you're looking at selling your business and you've still got a loan on that business, you might have some equipment finance or something like that, so here's what help actually works, here some tips around some of the different scenarios that might actually affect you so when you sell the business you've got the chunk that you owe the bank basically hopefully you sell the business for more than that, when the buyer pays you that goes to your solicitor or your settlement agents trust account held and dispersed funds and part of that will be the bold then give you know, that chunk of money to your bank to pay them out and then whatever is left then goes to you. That's how that works sometimes you might be in a situation where you actually owe more on the business than what you sell business for so if that's the case look it's a real challenge because when you sell the business it's generally and sell for what it's worth for in the open market, unfortunately there are cases where people may have bought a business and they're now the business when they sell it's not going to sell for the same amount or it's going to sell for less than what they want to pay for it or what it costs them to set it up. So in those cases basically what you've got to do is if you've decided that you are going to sell, what you've got to do is you've just got to say okay, well it is what it is and whatever we get so $500,000 on the business, if you're going to get $300,000, you get that $300K you pay it off you're left with the balance of $200K and you've really just got to move on to the next venture and then just sort of sale took one or two steps back will now got a move forward and try to catch that up if we can that's just really how it is. If you're in a situation where you've got some equipment finance, for example in your business generally what will happen is for some parts of that finance it might be worth actually just paying it out and the new owner will take over and they'll refinance at equipment themselves however they want to but in some cases you might be on like say a rental lease or something of some equipment and the payout might be revived or they're just going to finance the same way anyway, so in that case what'll happen is normally it'll just it can be like an assignment they still need to do their own loan application, you'll end your loan with that provider, but basically what the provider will do is effectively they'll shift the loan that's there the weekly or monthly financial cost of the buyer person is buying business so it’ll pretty much sort of help out work, so if you owe some money on the business, you'll get selling it's fine it's all part of what's normal probably most of people would deal with do have a loan on their business it's just a matter of how you then decide to deal with it.\" Transcribed from Steve Finnhttps://youtu.be/ZiqxZK5LN9E    

We know what it looks like to reap the rewards of hard work because it’s easy to picture. It probably looks like a thriving business with balanced accounting books, happy clients, and satisfied staff. What do the seeds look like that grow into these successes? What actions will lay the foundations for these results?  Here are 12 tips for 12 months of business wellness. 1. January: Set KPIs for staff performance reviews  Performance reviews are important for the well-being of your company from the inside. They can also help your employees to stay on track and focused on the goals of their role. KPIs are not bout policing employees but rather about ensuring that the company is moving forward towards its goals and that each person has their eye on the target. Figuring out how to set and implement these KPIs, as well as knowing how to have difficult conversations with team members, might call for external assistance from HR professionals. 2. February: Set actionable goals for each quarter  February is the month of LOVE. Love your business. Love your staff. Love your customers. Host a get-together (COVID-permitting, depending on the area you’re in) for your clients and your teams. A casual barbecue with drinks, a dinner, or a charity event to let those that make the lifeblood of your business know you love and appreciate them.  3. March: Measure your marketing efforts and seek out your weak points  How is your first quarter going? Now is the time to evaluate the strategy you created in January. Meet with your accountant and actively look for ways to improve your cash flow management. Also, evaluate your sales-funnels to understand where your leads are failing to convert into closed business. This month is all about facing reality head-on. Get a team of professionals on your side to guide you.  4. April: Meet with a marketing whizz and fortify your weak points  Since you got up close and honest with reality in March, now is the time to build an action plan around your findings. The more weak points you discovered in your business, the room you have for improvement. Bring in an external marketing professional to go through your sales process starting from your marketing campaigns through to signing on clients and retaining leads to strengthen that pipeline. If you can master this, you’ll improve your revenue-generation without additional marketing spend.  5 May: Make a change in your workspace  Change is as good as a holiday. Introduce some plants to your workspace or undertake other subtle redecorating efforts to give you the feeling of a fresh start. You will also want to handle some of the labour-intensive tasks now and save some of the easier tasks for next month.  6. June: Take a mid-year breather (it’s part of your productivity protocol)  It’s not unusual to start feeling the effects of the year’s hard work around June. Permit yourself to take a break if you’re tired. This might mean making yourself unavailable for a long weekend or reducing your time in the office for a week or two. It’s a great time to withdraw and regroup before the second half of the year commences.  7. July: Investment in employees D&I education through collaborative workshops The EOFY leaves many businesses with a little bit of budget and investing in your team’s D&I efforts through workshops can have long-term positive benefits for the company as a whole and for the team. It’s a great way to get employees having conversations with each other that they never would’ve, and they will learn a tremendous amount through it and hopefully, it will embed in your team culture.  8. August: Find ways to build a marketing campaign around your D&I initiative  Start by introducing an internal team event like “culture-Friday”. Have a roster and invite your staff to put their name down. On their Friday, a staff member may bring a dish to share or a culturally significant item to show to the rest of the team. In this way, inclusion is encouraged while everyone gets to learn about different cultures. If the person sharing is comfortable, create a social media post about your day and what the team has experienced. This is super authentic and your audience will revel in the opportunity to learn about your diverse team. Plus, it really makes you look great to your customers.  9. September: Have a special team-building event for your staff  It doesn’t have to be big. It doesn’t have to be expensive. It has to be authentic, fun, informal, and down-to-earth. A bring and share dinner or a casual boardgames evening (BYOB) with snacks will bring the team together. Avoid those team-building exercises that involve raft-building. Stick with casual and fun. It’s cheaper and it’s more enjoyable. The last thing colleagues really want is more instructions and directions and rules.  10. October: Pick a charity that your team resonates with  Community is the heart of everything. If you want to have a prosperous year, start by helping others. Work with your team to find a charity or a cause to immerse yourselves in. It’s important that you find a charity your team feels compelled to want to support. You may volunteer, collect donations, or help out by spreading the word. Don’t do it for the recognition, do it because it feels good.  11. November: Run a campaign to monetise the impending festive season  The idea is to start monetising in December now so that you can increase your revenue-generation before the festive season starts, enabling you to shut down. Obviously, you need to plan for this a few months in advance but this is the time to implement it. Your trade dictates what you can do. If you’re pressed for ideas and your team also can’t come up with a few inspirations, bring in a professional marketing strategy builder.  12. December: Focus on the family: Appreciate your team You showed your team love in February.  You showed them love in September. The end of the year is here and it’s time to show some love again. Only around 12% of employees report leaving a job because they’re underpaid. In fact, leaving a job has more to do with job satisfaction: “9 out of 10 said they were willing to earn less money if it meant the work was more meaningful.” Source. Run a charity team-building event: Organise a beach clean up day followed by a barbecue. Or, find an organisation and help feed hungry children. Choose something that enables easy social distancing and mask-wearing if necessary.  About the author: Katriina Tahka  (CEO at A Human Agency - AHA: www.a-ha.com.au). Katrina is an HR guru with a special interest in business’ success through empowering teams. CEO + Founder of A-HA, Katriina is passionate about building inclusive workplaces where all people thrive and realise their full potential. Healthy teams with engaged people deliver both business and community success.

Whether you use a registered tax agent or lodge your own tax return, it’s helpful to have information you can refer to when you want to get ready for tax time. The Tax Time 2020 toolkit is now available, and it includes a directory of links as well as several updated, and new, fact sheets for small business. The fact sheets can help you get an overview of what you need to know if you're: claiming deductions for the costs of using your home as your main place of business claiming a deduction for motor vehicle expenses for your business claiming a deduction for expenses you incur when travelling for your business a director or shareholder of a company that operates a small business, and you take money out of your company or use its assets. We also have information to help if you’ve had to pause or permanently close your business due to COVID-19. Ask for help if you need it, it’s never too late to speak with us or a registered tax professional. For more information visit www.ato.gov.au  

When you're running a business, there’s a lot to think about. Don't forget to protect your personal and financial information. Scammers often try to ‘phish’ for information by impersonating government agencies such as the ATO. If you hand over your information, scammers might use it to: drain your bank account establish fake businesses in your name gain access to your online government services scam your clients and employees. Scammers have many opportunities to trick you into giving away your valuable information. There are some things your business can do to help stay safe: use complex passwords and change them regularly remove system access for people who no longer work for you log out of systems and lock computers when you're not using them maintain up-to-date security and anti-virus software on computers and other devices. There are also some things you can do to stay safe when you're dealing with government services online: don't access services via a hyperlink in an email or SMS access services through an independent online search if you're ever in doubt, look up the service's phone number separately and call them to check. Next step:  Visit the Scamwatch website for more helpful tips and resources. See also: How to protect your business Top cyber security tips for business