3 Benefits Of The BAC Grant

On a recent webinar, we invited Michael Dunne, co-founder of Epic Sales Group to talk to us about the 50% Wage Subsidy for Eligible Employees. Here’s what he said about the benefits of The BAC Grant – 

The 3 big ones are:
  • Upskilling the team in your business. 
  • Personal development in your team. So, you can get your team excited because they are gaining a qualification. 
  • A hefty wage subsidy that helps you to scale your business. 
Some of areas that you can upskill your team and your business are:
  • Marketing
  • Leadership
  • Logistics
  • Admin
  • HR
  • Sales
  • Project Management
  • Customer Engagement
In terms of the personal team development:
  • They end up receiving a diploma or a certificate, which is very tangible. 
  • The electives can be made and customised to the individual’s career. So, you can actually kind of sit down and work out exactly what they need and what they want out of the role. 
  • And it provides growth, development, variety, and a huge boost for team morale as well.
Wage Subsidy

If wage is over $56K:

  • $28-32K* per FTE team member in NSW
  • Up to $26K in other states after quarterly contribution
  • Paid 7K quarterly in arrears.

The basic subsidy is $7,000 per quarter if the wage is $56K or over. If it was $40K, you would get 50% of that $40K. But anything over $56K would still be $28K because it’s capped at $56K.

Depending upon the state that you are in, the government training is paid for fully in New South Wales. But in other states, you will still get a hefty amount of money but it’s not quite as much as New South Wales.

Watch the webinar replay, “Accessing the 50% Wage Subsidy for Eligible Employees” on our Facebook page or Book a FREE Strategy Call with an Inspire Accountant.

6 Tips To Reduce Your Crypto Tax

How to reduce your Crypto Tax:
  • Know the rules
  • Get on the front foot (don’t bury your head) – We’ve heard of people who make a lot of money and they’re just like, “Oh, I’ll deal with that later.” make sure you get on the front foot with this stuff by learning the rules and getting a good advisor around you.
  • Get your structuring right – Get a structure ready before you make the investments, your mining, or whatever you’re doing.
  • Do tax planning with a good accountant – Even if you’ve made a lot of money, make sure you go to an accountant who does tax planning within the financial year you’ve made that money. Because within the financial year is your opportunity to save tax. Go and see someone who does tax planning in the financial year. Here at Inspire, we do that for every single business client that we offer this tax planning service as part of the normal package of working together. Make sure you go and get advice in advance of 30 June or the end of the financial year, in which you’ve made your profit.
  • Report accurately to avoid fines or penalties – If you’re trying to hide stuff, it will not end up working for you, whether it’s fines or penalties or you’ll eventually pay the tax, or you’ll be paying sleep at night tax throughout your life.
  • If you’re trying to make it look like something it isn’t, then that’s when you need to be worried (i.e. capital instead of revenue for your benefit) Sometimes we want it to be capital, but it looks revenue-ish or we want it to be revenue when it’s capital. That’s the sort of situation where you have to look at it objectively because if you get audited you should have known better. “How would I know? I’m not an accountant”, is not your defence from an ATO perspective. It might reduce the penalties you get but definitely not an excuse or you won’t ever pay the tax. So please get that sorted.
  Watch the full webinar, ‘Cryptocurrency Tax Masterclass’ at https://fb.watch/acHFQ4OHBc/

Why Your Business Needs Professional Photos

We recently invited Jon Hollenberg founder of Five by Five on the webinar topic ‘How to create a kickass website (that actually works) Here’s what he said why your business needs professional photos –

What does your premises, office, or team look like? What is the process that you’ll run through from a new client engagement process? How do you deliver your product? What is the experience? How do you make people feel at the end of the day?

A lot of these can be interpreted through visuals.

Fivebyfive does this for a lot of clients. We go onsite and we partner with amazing photographers. There’s a business out of Western Sydney, they manufacture a small factory and they make bushfire shutters and screens. What this is doing is basically a tonne of visual imagery in and around their products, the teams, the process, and the manufacturing. It’s all locally supported, sourced, and supplied, engineered, and assembled all here in Australia. 

The imagery is sort of simulating what is the client experience and what is the client journey look like if someone’s to come out, do a measure, quote and all that sort of stuff. Having 150 photos is super valuable because they can be scattered through your website and can be used on social media. They can be used on your marketing documents, in and able. And for the investment of $1,000 or $1,500 or whatever a shoot costs, it’s just a no-brainer. 

We get so many people who are like, “I don’t want to do it, don’t want to make myself the hero,” and they’re still using stock photos and all that sort of stuff. And this sort of plays into this: You too are the brand. Whether you know it or not or whether you like it or not, you are the brand. What you’re putting up on social media, your profile picture, and all that sort of stuff, people are judging you.

Watch the webinar replay, ‘How To Create A Kickass Website That Actually Works’ on our Facebook Page.  or Book a FREE Strategy Call with an Inspire Accountant today.

6 Steps To Research Your Competitors

We recently invited Jon Hollenberg founder of Five by Five on the webinar topic ‘How to create a kickass website (that actually works) Here’s what he said on the 6 steps to research your competitors –

The cool thing about the internet is you can research all your competitors and understand what it is that they’re doing to succeed. What are the strategies that they’re using? Whether they’re running a bunch of paid traffic or whether they’re absolutely nailing their SEO, or maybe they’re driving a tonne of traffic off social. You can see all this sort of stuff.

We can go and audit the people that you’re going up head to head with, uncover gaps and opportunities. And we can dig into some opportunities, or some corners of the world that you can absolutely shine in. So, the outcome is just understanding what the competitive landscape looks like.

Watch the webinar replay, ‘How To Create A Kickass Website That Actually Works’ on our Facebook Page, or Book a FREE Strategy Call with an Inspire Accountant today.

Year In Review

It’s been a tough year that’s challenged us to our core.

We’d like to take you on the journey through our incredible wins and one of the toughest calls we’ve made to date. If you were a fly on the wall at Thankyou HQ over the last year, all you’d hear us talk about were three words: Better Before Bigger . In this year in review, we’ll show you why.

Thank you for taking the time to read this and walking this journey with us.

 

READ REVIEW

Thank you for taking the time to read this and walking this journey with us.

Daniel,

Reasons Every Business Need A Website

Why do we have a business website?

 

Early into business, when Ben started Inspire, he found a huge growth in the first couple of months from his own network. He was only 23 years old and his network wasn’t that massive. But all of a sudden the growth stopped after 3 to 4 months in business. So he switched gears and studied digital marketing the next 6 to 12 months. 

 

From his perspective, a great website is crucial for telling Google who you are and attracting people who don’t know you through that. For Inspire, it helps from a new client acquisition for people who don’t know us through digital marketing, specifically, content marketing. And also for people who do know of us, or are referred to us, it helps them share more of our flavour, and our information to them.

 

Fivebyfive sees this a lot in professional services like accountants and lawyers. Their work comes through their networks, so you still need to establish yourself as an expert and authority in your corner of the world.

 

Then there’s generating new leads and inquiries to people you’ve never spoken to before. You want email inquiries to come through, or generate new sales from an e-commerce perspective. The ecosystem is just around housing that in a very consistent manner, through your brand, voice, and all that sort of stuff. And it may be a combination of the two where we generate a lot of work. 

 

Watch the webinar replay, with special guest, Jon Hollenberg, founder of Fivebyfive on ‘How to create a kickass website (that actually works)’ on our Facebook Page or Book a FREE Strategy Call with an Inspire Accountant.

The Cost of Setting Up A Company Structure

We give advice and education before setting up a company structure. The session costs $750 plus GST, depending on what you need, because some situations are sometimes completely different. But most structures are around about $2,500 for us to implement for you.

We do that in the context of making sure it’s right for your family. We make sure we build in the asset protection in there, and also we make sure you really understand how to use it. So, just over $3K to get a structure set up from having nothing.

Need to speak to an accountant? Book a ZERO cost 20 minute strategy call with an Inspire Accountant at https://inspire.business/chat

 

Are you properly protecting your personal assets?

Recently, on the Reimagining Healthcare podcast  with @YianniSerpanos, I answered the question “When should somebody be thinking about asset protection when starting a business?”

There are a couple of things to consider. When you have a director of the business (the person running the business) we actually don’t like them holding any personal assets in their own name.

Let’s say the business is sued and they’re successful. Then they end up suing the person personally. We don’t want to have that family home lost or any other investments in their own name. As an example, that can all be structured through a spouse’s name or in company or trusts that are set up well for the family.

The second part is also making sure your estate planning incorporates all these things. Estate planning is more than just a will. You need to consider what happens with company assets, trust assets and what happens with the super.

In terms of a good time to have that all in place, you should absolutely have that in place before you go into business. And, you need to check that it still makes sense as you start setting up all the structures and running up a business as well.

It’s quite complex stuff. You need to be working with an accountant who understands all this. They don’t need to do the actual estate planning themselves, but they definitely need to understand and work with the lawyers on how it all works.

Listen to the full length of my episode on the Reimagining Healthcare podcast with @Yianni Serpanos

 

If you need to have a chat with an accountant book in a strategy call at https://inspire.business/chat/

2 Key Pieces of Advice For SME Businesses in this Challenging Time

2 Key Pieces of Advice For SME Businesses in this Challenging Time

1) Make sure you have a plan for cash flow If you don’t already have a budget or forecast, make sure you go and do that for the next 3 to 6 months.

We’ve been helping our clients with this through our “Emergency Assistance Meeting” ( https://calendly.com/inspireca/eam ) and we answer the question, “When are you going to run out of money?” We had a client a couple months ago and the answer to hers was September. So if nothing else changes, her sales have dropped, she’s in hospitality, but she’s still allowed to do takeaway – if she keeps as she is, then she’s going to run out of money in September. And knowing that for her, she has peace of mind that she’s fine for June and July. Then, it gets a bit hairy in August, September, but she might be able to organise some other things before then to help her extend that date even further.

 

2) Make sure you keep communicating with key people to do with your business.
Now, for me, that’s clients and team. So, have you communicated that you’re business as usual, or are you working from home and what does that mean for clients?

Now, as business owners, we’ve got this huge responsibility we feel for our family. This also extends to the families of the people that we employ – they’ve got their own stresses and challenges throughout this time as well. One of them could be fearing job security. So just like we’re talking about certainty around cash flow, work out what’s happening with your team.

Now, talking to your team is probably going to end in one of three or four ways –

What you need to reinforce with them as early as possible is what’s happening to the business and how it’s going to affect them. Are they losing their job? Cool, then they can go and move on and deal with that. Is it business as usual? Cool. Take the relief off their shoulders so they can get on and be productive in what they’re doing.

Communicate early, communicate often. People are looking for connection and direction.

 

Watch the full video with @SimonBell on the Zen Business podcast – https://www.youtube.com/watch?v=IH_K3yzQ_Rs&t=706s

How To Cut Down Expenses In Your Business

How To Cut Down Expenses In Your Business

Here are some things to be mindful of when reviewing your costs – do we really need to be spending this?

Software – make sure you’re paying for the right amount of licenses for that software. Especially when people leave, some people don’t off-board, including myself I’ve found.

Accounting Fees – (and all advisors) are you actually getting the value from it?

Business coaching – I can sometimes see $20,000, $30,000 on the P&L. Again, make sure you’re getting the value out of it.

Personally, I would want to be seeing something like a 10:1 ROI. Here’s some perspective. Some coaches are awesome and there’s a lot of sharks out there as well. But, there’s some coaches I’ve heard some feedback that without that coach there would be no business. To a degree, you can’t really put a price on that. So I wouldn’t be silly with how you calculate your 10:1 ratio but, I definitely think that they need to be earning their money charging that sort of figure.

Team members – I would leave this till last. You don’t want to necessarily just fire people or reduce people’s hours. That’s not going to go well, not only for that person but it sends the wrong energy around the business. If you’ve got an under-performer in the business or someone who’s just causing trouble, then as a leader in the business, you have to deal with that. So, if you need to do some rejigging of your team, absolutely do that. You need to look after your business first rather than any single team member who’s behaving badly.

Listen to the the full length of my episode on the Reimagining Healthcare podcast with Yianni Serpanos

If you need to have a chat with an accountant book in a strategy call at https://inspire.business/chat/

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