Business Prosperity is (money)
- Growth
- Balance
- Purpose
Feng Shui – means wind and water
Feng Shui helps you be aware of the direct relationship between your other self and inner self
Habits you may have
· half open draws/doors - never complete
· likes and dislikes
· watches/calendars - time problems
· messy business, unorganized
· orange – holding on
· pink– denying femininity
· elephants – balance
· owls – wisdom, clarity
· what do you surround yourself with
o Office furnishings
o Office Stationary
· hide – bills away
· hoarder – someone gave you something
Creating positive energy flow and energy
· make you feel good
· helps with attracting
o wealth
o health
o happiness
· make people feel good
o potential clients
o current clients
o staff
o self
o Productive and feel good
For Luck Today
· money frog – inside your door brings in
· turtle at back door – slows money going out
Focus
Apply Feng Shui to:
· Graphics and design
· Business premises or office space
· Yourself
· Branding
· USP – unique selling point
· Representation
· Name
· Colours and symbols
· Face info
· Colour
· Choice symbols – strong
· Font – different, bold, secure
Feng Shui and Colours
· red – confident
· blue – responsible, trust, communication
· purple – strength, wisdom, believe in yourself - Success
· green – goal setting colours
· purple/yellow – self esteem
Feng Shui and what you see
· Items you first see
· Door and windows
· Cleared of clutter
· Pictures
· Colour
· Dress, clothes, shoes, accessories, jewelry, makeup
House of a 1000 Mirrors - a story of 2 puppies one was happy and the other was not friendly, the happy pup who went to a house in the village and saw a 1000 happy dogs looking back at him, he was so very happy. However, when the angry not very friendly puppy went to the house, he saw a 1000 angry not friendly puppies looking back at him and he ran away and never returned.
Albert Einstein said:
There are two ways to live your life.
One is as though nothing is a miracle.
The other is a though everything is a miracle
For more information on Feng Shui in your life and business, please contact Alisse Bradley at http://www.theprosperitywhisperer.com
http://www.theprosperitywhisperer.com/Millionaires_Feng_Shui.html
Saturday, August 29, 2009
Dale Beaumont - Get Published Secrets
Writing a book helps you build creditability
Why and How to:
Magnifies you income
Earning potential
Earn passive income
Helps you to build your data base
Increases the opportunity for publicity and media exposure
It helps to make a positive difference to people you may never meet
You get to leave a legacy
It’s a whole lot of fun
What stops people
I don’t know enough
I am a bad writer
It takes too much time
I heard it costs to much
I don’t make enough money
Lets get started:
Find your topic – profession, expertise, passionate, gap in the market
You need to find out what the market wants – survey
Get your book written fast
Write a killer title and get your cover designed
Pre sell copies of your book
Secure high profit endorsements
Add bonuses in your book (lead generation)
Decide how you are going to get your book published
Have your book edited, typeset and printed
Make sure you have bar codes, labels, copyrights, etc
Distributions – get into bookstores and internet
Grab attention of the media
Repackage your books information to explore your profits
E-books
Cds
DVDs
Seminars
Work books
Manuals
Coaching
For more information - http://www.dalebeaumont.com
Why and How to:
Magnifies you income
Earning potential
Earn passive income
Helps you to build your data base
Increases the opportunity for publicity and media exposure
It helps to make a positive difference to people you may never meet
You get to leave a legacy
It’s a whole lot of fun
What stops people
I don’t know enough
I am a bad writer
It takes too much time
I heard it costs to much
I don’t make enough money
Lets get started:
Find your topic – profession, expertise, passionate, gap in the market
You need to find out what the market wants – survey
Get your book written fast
Write a killer title and get your cover designed
Pre sell copies of your book
Secure high profit endorsements
Add bonuses in your book (lead generation)
Decide how you are going to get your book published
Have your book edited, typeset and printed
Make sure you have bar codes, labels, copyrights, etc
Distributions – get into bookstores and internet
Grab attention of the media
Repackage your books information to explore your profits
E-books
Cds
DVDs
Seminars
Work books
Manuals
Coaching
For more information - http://www.dalebeaumont.com
Judith Wilson - The Inside Secrets of Powerful Presenters
Pitch – tasking business to the next level
Make it cost effective
80% of small businesses go broke in the first 5yrs
Every 7 minutes you change;
States
Physical - move
Mental – think about something else
Emotional – a different feeling
Train:
Trends
Real skills
Annual Income
Inside a day
Need
Trends:
Running short courses
Continuous courses
Many corporations are out sourcing their training and closing their training departments
Hot topics are
Negotiation skills
Inductions
Leadership and supervision
Real:
Individuals are more conscious of self development
For business to survive and thrive now
Time management
Up skill business from the individiual outwards
Staff stay in organisations that develop them
People are an asset
Annual Income:
2 ways to make money as a trainer
Corporate and big business training
Seminars
Inside a Day:
· Courses need to be inside a day.
Need:
· Up skill of workers
· Hospitality courses/ call centre/ time management
1.6 million small businesses
Government is giving businesses money to up skill workers
Teach your passion
Add value to your business
Give back to the community
Develop your own skills
Learn the skills to training
Mentorship others
For further information - www.producingpowerfulpeople.com.au
Make it cost effective
80% of small businesses go broke in the first 5yrs
Every 7 minutes you change;
States
Physical - move
Mental – think about something else
Emotional – a different feeling
Train:
Trends
Real skills
Annual Income
Inside a day
Need
Trends:
Running short courses
Continuous courses
Many corporations are out sourcing their training and closing their training departments
Hot topics are
Negotiation skills
Inductions
Leadership and supervision
Real:
Individuals are more conscious of self development
For business to survive and thrive now
Time management
Up skill business from the individiual outwards
Staff stay in organisations that develop them
People are an asset
Annual Income:
2 ways to make money as a trainer
Corporate and big business training
Seminars
Inside a Day:
· Courses need to be inside a day.
Need:
· Up skill of workers
· Hospitality courses/ call centre/ time management
1.6 million small businesses
Government is giving businesses money to up skill workers
Teach your passion
Add value to your business
Give back to the community
Develop your own skills
Learn the skills to training
Mentorship others
For further information - www.producingpowerfulpeople.com.au
Janet Beckers 0 How to build your yourself and business
Janet Beckers –
How to build a list of 000’s of raving fans and position yourself as an expect an attract a 6 or 7 figure income.
Tips –
You have to have passion
Look for what you want
What is your Passion?
Get your name and business onto Google
Add search words for your website
Use www.freeconferencecalling.com for teleconferences. Calls cost a $1 and you just get an international calling card from the newsagent.
People
Build good relationships
Deal with people who have good integrity
You can be known as an expert by associate
Know your voice – speak carefully, clearly and in a kind sincere nature
Build trust with the people you deal with
Membership sites build profits
Have affiliate programs and then get a % of income from them
Offer products
What you need:
· Will your idea work?
· Master the techy stuff
· How to make your product
· Work with experts
· Learn how to do interviews
· Learn how to make money
· Learn how to build a team
Have support around you to let you have the lifestyle you want.
For more info - www.wonderfulwebwomen.com
How to build a list of 000’s of raving fans and position yourself as an expect an attract a 6 or 7 figure income.
Tips –
You have to have passion
Look for what you want
What is your Passion?
Get your name and business onto Google
Add search words for your website
Use www.freeconferencecalling.com for teleconferences. Calls cost a $1 and you just get an international calling card from the newsagent.
People
Build good relationships
Deal with people who have good integrity
You can be known as an expert by associate
Know your voice – speak carefully, clearly and in a kind sincere nature
Build trust with the people you deal with
Membership sites build profits
Have affiliate programs and then get a % of income from them
Offer products
What you need:
· Will your idea work?
· Master the techy stuff
· How to make your product
· Work with experts
· Learn how to do interviews
· Learn how to make money
· Learn how to build a team
Have support around you to let you have the lifestyle you want.
For more info - www.wonderfulwebwomen.com
Sharon Tierman - Marketing Strategies for Success
3 things that made the biggest difference
Get your systems in place
Know your breakeven
Know your business and marketing
Have good support systems
Set up first then everything falls into place
Find the hungry crowd and target them
Know where your people are and who they are
It is 5 x more effective to market to existing customers than it is to find new ones
Keep in touch with existing customers
Build up your data base.
Keep in contact with people you meet
Make sure you get all address, phone and email details
Target the correct market
80/20 rule – more profit less time
Marketing & Advertising
Where to advertise
What to sell
Look at the investment
Focus
Measurable Marketing
Work out what you need back
Total cost of marketing
Conversion rate
Sales/ campaign
Profits from campaigns
Email Marketing
Automated system
Direct mail
Keep up with the trends
When sending emails – send a tip
What is an offer:
A promo
Something for free
Buy one get one free
50% off
Points for you
What are 3 activities you do in your business that generate the most income
Findings from a study showed the average CEO did 20% of income producing business
Do 3 things to bring in income each day
Be efficient and Be effective
Pulling it all together
Have good
Relationships
Systems
Mindset
Team
Marketing skills
Good financial measuring
Be time wise – cut the fat
What really counts?
It’s not the best product, location, position, qualifications, nicest office, biggest budget, which gets more sales. It’s the best marketer and that’s YOU!
for more information - http://www.madamemarketing.com/
Get your systems in place
Know your breakeven
Know your business and marketing
Have good support systems
Set up first then everything falls into place
Find the hungry crowd and target them
Know where your people are and who they are
It is 5 x more effective to market to existing customers than it is to find new ones
Keep in touch with existing customers
Build up your data base.
Keep in contact with people you meet
Make sure you get all address, phone and email details
Target the correct market
80/20 rule – more profit less time
Marketing & Advertising
Where to advertise
What to sell
Look at the investment
Focus
Measurable Marketing
Work out what you need back
Total cost of marketing
Conversion rate
Sales/ campaign
Profits from campaigns
Email Marketing
Automated system
Direct mail
Keep up with the trends
When sending emails – send a tip
What is an offer:
A promo
Something for free
Buy one get one free
50% off
Points for you
What are 3 activities you do in your business that generate the most income
Findings from a study showed the average CEO did 20% of income producing business
Do 3 things to bring in income each day
Be efficient and Be effective
Pulling it all together
Have good
Relationships
Systems
Mindset
Team
Marketing skills
Good financial measuring
Be time wise – cut the fat
What really counts?
It’s not the best product, location, position, qualifications, nicest office, biggest budget, which gets more sales. It’s the best marketer and that’s YOU!
for more information - http://www.madamemarketing.com/
Kirwin Rae - Business Mastery - How to make a million dollars with Joint Ventures
Money is spiritual
Money has an addictive fear base
Money can teach you a lesson
What is your relationship with money?
a fear and lack
or positive and accepting
Are you attracted or repelling
If money wasn’t a problem right now, how much would you be willing to pay?
Everyone has a story.
A Story – Why did you create wealth in your life?
Story is the bases of wealth.
Never attract always create
A good book to look at is Napoleon Hill – Chapter II
Tension using it for good
Tension – opportunity to create something
Tension – energy
You need to FOCUS
You are the sun the rays
Tension – imagine it
Going up your spine and circling your body.
Use it and transform and refresh energy.
It’s you!
Intension = Small actions
Own your creations
Beliefs, language
Stronger belief
Connected, responsibility
Elevate you
The voice in your head is your ego
The Smarter you become you can control your ego to create you
Ego – fear and pain
Deal with pain - Suffering is optional
Focus on 1 Business.
What is the single most important function in your business?
Sales and Marketing
Reason why – leverage – Marketing gives you leverage
Cost – fail
How much do you pay to make money?
What is a Joint Venture?
Two businesses coming together.
Mutual Benefit.
A joint venture is a product we sell them.
Thoughts:
Emotional and logical – Brain harmony
Emotions are the marketer’s choice.
Open – feelings
Add logic to emotion
Principals for creating a powerful and profitable JV
Identify your target market.
Identify patterns of interest.
Identify other non competing businesses.
Create a compelling and irresistible offer.
Make it a WIN WIN WIN
JV Client You
Identify all the actionable steps.
Set a deadline
Get an endorsement (offer a service)
Steps:
o Approach – how? – letter
o Offer – what (prepared)
o The deal – why?
o The medium – with? Direct mail
o The action – Who? Does what
o The result –what happens
o What to do next – do it again
· How do we motivate?
o Emotionally
o Logically
o Values
o = balance
· Marketing is about selling the next step.
· Goal is them to take your call
· Goal of the call is to get a meeting
· Goal of the meeting is to get the sale
· Steps for Project JV
· Each one on to a post in notes
· Stick to wall Put in order
· Delegate Dates (14 within )
· Questions and listening are two sides of the coin
· Four goals of JV
o access – data base
o capture – the response (name, phone, email)
o Build – a relationship with JV, build trust
o make sales
www.businessmasteryinternational.com
Money has an addictive fear base
Money can teach you a lesson
What is your relationship with money?
a fear and lack
or positive and accepting
Are you attracted or repelling
If money wasn’t a problem right now, how much would you be willing to pay?
Everyone has a story.
A Story – Why did you create wealth in your life?
Story is the bases of wealth.
Never attract always create
A good book to look at is Napoleon Hill – Chapter II
Tension using it for good
Tension – opportunity to create something
Tension – energy
You need to FOCUS
You are the sun the rays
Tension – imagine it
Going up your spine and circling your body.
Use it and transform and refresh energy.
It’s you!
Intension = Small actions
Own your creations
Beliefs, language
Stronger belief
Connected, responsibility
Elevate you
The voice in your head is your ego
The Smarter you become you can control your ego to create you
Ego – fear and pain
Deal with pain - Suffering is optional
Focus on 1 Business.
What is the single most important function in your business?
Sales and Marketing
Reason why – leverage – Marketing gives you leverage
Cost – fail
How much do you pay to make money?
What is a Joint Venture?
Two businesses coming together.
Mutual Benefit.
A joint venture is a product we sell them.
Thoughts:
Emotional and logical – Brain harmony
Emotions are the marketer’s choice.
Open – feelings
Add logic to emotion
Principals for creating a powerful and profitable JV
Identify your target market.
Identify patterns of interest.
Identify other non competing businesses.
Create a compelling and irresistible offer.
Make it a WIN WIN WIN
JV Client You
Identify all the actionable steps.
Set a deadline
Get an endorsement (offer a service)
Steps:
o Approach – how? – letter
o Offer – what (prepared)
o The deal – why?
o The medium – with? Direct mail
o The action – Who? Does what
o The result –what happens
o What to do next – do it again
· How do we motivate?
o Emotionally
o Logically
o Values
o = balance
· Marketing is about selling the next step.
· Goal is them to take your call
· Goal of the call is to get a meeting
· Goal of the meeting is to get the sale
· Steps for Project JV
· Each one on to a post in notes
· Stick to wall Put in order
· Delegate Dates (14 within )
· Questions and listening are two sides of the coin
· Four goals of JV
o access – data base
o capture – the response (name, phone, email)
o Build – a relationship with JV, build trust
o make sales
www.businessmasteryinternational.com
Wendy Moore - Savvy Web Women
Wendy Moore - Savvy Web Women
Register your name
Complete Searches on – www.melbourneit.com.au
You can register on – www.australianwebsites.com
U tube – your name/your business
Login
Customize
Add information and links to your website http://www.
Search word /key
Add http//www in description pages
Set up a Twitter account then link Twitter to your face book (that way you don’t have to update each, they just flow through)
22 million people are on twitter
Face Book:
Add applications through www.facebook.com/apps/directory.php.
Add your Profile to http//profile. to/
Applications to use
Notes
Twitter
RSS
Face Book
Twitter
Websites to look at and they will assist you are:
www.tweetlater.com
www.twitoria.com
www.tweepular.com
www.twolio.com
www.tweetdeck.com
www.twitterfeed.com
www.tweetmyblog.com
· Add a resource box and link to your websites, Twitter, Face Book, U tube etc.
For more information - http://www.SavvyWebWoman.com
Register your name
Complete Searches on – www.melbourneit.com.au
You can register on – www.australianwebsites.com
U tube – your name/your business
Login
Customize
Add information and links to your website http://www.
Search word /key
Add http//www in description pages
Set up a Twitter account then link Twitter to your face book (that way you don’t have to update each, they just flow through)
22 million people are on twitter
Face Book:
Add applications through www.facebook.com/apps/directory.php.
Add your Profile to http//profile. to/
Applications to use
Notes
RSS
Face Book
Websites to look at and they will assist you are:
www.tweetlater.com
www.twitoria.com
www.tweepular.com
www.twolio.com
www.tweetdeck.com
www.twitterfeed.com
www.tweetmyblog.com
· Add a resource box and link to your websites, Twitter, Face Book, U tube etc.
For more information - http://www.SavvyWebWoman.com
Ludwina Dautovic - The Red Tent Woman - Shameless Self Promotion
Build your Self:
Confidence
Self esteem – put in own hands
Be you. Value you.
What is your essence?
Success doesn’t come with a personality type it comes from action, plan, and work
Take yourself up a knot
Advertise your business
Label car
Email signature (add photo)
Links to websites
Logo
Personal branding
Photos
Update annually
Website – video – CD
Newsletter – photo – personal information
Write, write, write – if you cant write speak into MP3, iphone, tape and play back and type Articles, Blogs, Forum
· Personal Branding
o Have professional photos taken and use them to promote you.
o Update annually
· Website
o Video
o Cds
o Interactive
Newsletter
Include personal information
Photo
Articles – if you borrow an article – make reference to the person who created it.
Offer free Presentations to seminars
Tell your story
What is unique about your business
Overcome adversity
Testimonials
Ask for testimonials
Add to websites, newsletters – add referrals photo
Add Google
maps to your website so people can find you
Its Free
Get Google alerts
Speaking Engagements
Toast masters to practise
Networking
Build your own networking group
Attend local groups
Run and chair your own group
People get to know you first then they do business with you.
Business Awards
Get nominated
Nominate yourself
Video
Faster way to go viral
Blip TV
Utube
Face Book
Vimeo
Metacafe
Use http://www.audacity.com/ to download and create your own audio programs
MP3
CDs
for more information - www.theredtentwoman.com.au
Confidence
Self esteem – put in own hands
Be you. Value you.
What is your essence?
Success doesn’t come with a personality type it comes from action, plan, and work
Take yourself up a knot
Advertise your business
Label car
Email signature (add photo)
Links to websites
Logo
Personal branding
Photos
Update annually
Website – video – CD
Newsletter – photo – personal information
Write, write, write – if you cant write speak into MP3, iphone, tape and play back and type Articles, Blogs, Forum
· Personal Branding
o Have professional photos taken and use them to promote you.
o Update annually
· Website
o Video
o Cds
o Interactive
Newsletter
Include personal information
Photo
Articles – if you borrow an article – make reference to the person who created it.
Offer free Presentations to seminars
Tell your story
What is unique about your business
Overcome adversity
Testimonials
Ask for testimonials
Add to websites, newsletters – add referrals photo
Add Google
maps to your website so people can find you
Its Free
Get Google alerts
Speaking Engagements
Toast masters to practise
Networking
Build your own networking group
Attend local groups
Run and chair your own group
People get to know you first then they do business with you.
Business Awards
Get nominated
Nominate yourself
Video
Faster way to go viral
Blip TV
Utube
Face Book
Vimeo
Metacafe
Use http://www.audacity.com/ to download and create your own audio programs
MP3
CDs
for more information - www.theredtentwoman.com.au
Danette Hibberd - WOW Funnel Formula
Work once wisely = WOW!
How to grow your business.
Get more clients
Raise your prices
Get your clients to buy more often or spend more
What is the WOW formula?
UP sell you products.
WOW funnel formula.
Listening
Reading/seeing
Feeling/holding
experience
Why use the WOW formula?
*Attracts prospects (grow list)
*Taste your expertise
*Progressive style learning
*Cater for various skill sets
*Ability to build deep rather than wide ….keys
*Adding to existing expertise
Curious =>> Build relationship =>> Trust =>> do business
When building your Brand awareness & Build interest
Website/free/advertising
Speaking/networking
Referral
Second: $50 - $250
Workshop. One day e-course.
Next Stage: $250 - $750
In-depth two day worth. Hands on course.
Start off –
Lower financial risk.
Lower emotional risk.
When looking at income you need to have
20% Income from 80% customers
80% of your income coming from 20% of you customers
Ideas + products to add + sell
Teleconferences, Booklets, e-lines, Special reports, Webinars , Assessments, Home courses, Coaching, MP3’s, Quizzes, Seminars, Board games, DVD’s, CD’s, Tutorials, How to guides, Public speaking, E books
Leverage your effort and expertise
Start small and then grow
Autopilot ordering system
Multiple streams of income
Membership site
More prospects, prestige and profits
Creditability
More time+ more money = more freedom
Article Marketing – free – 300 words
For publishing of newsletters, look at www.ezine.com
For a Resource box – make reference to your website
On your BLOGs– record your notes and reference to website
Have a Forum- where others can comment
For more info – http://www.ProductFunnelFormula.com
Ari Galper - Sales Unlock the Game
Creating trust – The New Sale Mindset
How to permanently end sales rejection
How to thrive in this economy
How to break sales resistance by creating trust
How to get everything you want in life
No sales pressure
Recession of trust
Myths
Sales are a numbers game.
Sales are not lost at the end of the Sales Process – there are lost at hello.
Overcome objections.
- Broken trust can happen.
Instead defuse objections.
Rejection is part of selling
Zero Resistance = more Sales Aikido
- defuse the pressure.
Secrets to the New Sales Mindset
Old Way =
Make your sales pitch &
Close your eyes hope it works.
New Way =
Focus on the trust about their needs, instead of trying to make the sale.
This creates trust and understanding.
Your prospect begins sharing their problems and issues.
If - Yes - Continue the dialogue towards the sale
If - No - Thank you and move on
Principles behind the mindset.
1. Defuse pressure.
a. Where do you think we should go from here?
b. They have the choice.
c. My job is the truth not the sale.
d. LISTENING
2. Get to the truth (not the sale)
a. Send information
b. “that’s not a problem”
c. “would it make sense to figure out what the two or three problems are to solve problem”
3. Solve the problem (be a problem solution not a pitch)
SOLUTION
Hi I am …………. from………. I am hoping you can help me out.
Here’s the formula.
The New Sales Mindset
+
Trust based language
=
Get what you want in life.
Don’t use the word follow-up.
Do you have any feedback on expo?
The services
Break the resistance
When you call a potential lead and you get - we are using someone else”
We say “That’s not a problem. I wasn’t calling to currently replace who you use, but would you be open to any solutions”.
When you get - “Price too high”
We say “You’re absolutely right. The fee and price can be perceived as high but you haven’t had the choice to utilise our product/services”
Not about what you are selling but hope you sell it.
For more information, www.unlockthegame.com
Ari has written a book about his son, have a look at www.tobysbook.com
How to permanently end sales rejection
How to thrive in this economy
How to break sales resistance by creating trust
How to get everything you want in life
No sales pressure
Recession of trust
Myths
Sales are a numbers game.
Sales are not lost at the end of the Sales Process – there are lost at hello.
Overcome objections.
- Broken trust can happen.
Instead defuse objections.
Rejection is part of selling
Zero Resistance = more Sales Aikido
- defuse the pressure.
Secrets to the New Sales Mindset
Old Way =
Make your sales pitch &
Close your eyes hope it works.
New Way =
Focus on the trust about their needs, instead of trying to make the sale.
This creates trust and understanding.
Your prospect begins sharing their problems and issues.
If - Yes - Continue the dialogue towards the sale
If - No - Thank you and move on
Principles behind the mindset.
1. Defuse pressure.
a. Where do you think we should go from here?
b. They have the choice.
c. My job is the truth not the sale.
d. LISTENING
2. Get to the truth (not the sale)
a. Send information
b. “that’s not a problem”
c. “would it make sense to figure out what the two or three problems are to solve problem”
3. Solve the problem (be a problem solution not a pitch)
SOLUTION
Hi I am …………. from………. I am hoping you can help me out.
Here’s the formula.
The New Sales Mindset
+
Trust based language
=
Get what you want in life.
Don’t use the word follow-up.
Do you have any feedback on expo?
The services
Break the resistance
When you call a potential lead and you get - we are using someone else”
We say “That’s not a problem. I wasn’t calling to currently replace who you use, but would you be open to any solutions”.
When you get - “Price too high”
We say “You’re absolutely right. The fee and price can be perceived as high but you haven’t had the choice to utilise our product/services”
Not about what you are selling but hope you sell it.
For more information, www.unlockthegame.com
Ari has written a book about his son, have a look at www.tobysbook.com
Thursday, August 27, 2009
Planning for Success - Tarnia Gurney
Preparation for your business:
Did you know:
There was a study complete at Harvard Business School. The study was done over a twenty-five year period with 1,600 businesses. These were the results:
–70% of the businesses in the study had no written or verbal plan
–27% of the businesses in the study had verbal goals only
–3% of the businesses in the study had them written down
–98% of the wealth was held by those 3% of the businesses in the study
Now for Business Planning:
•Why should you go into business?
•Is there a market?
•Can I make money from it?
So we have now some thoughts and preparations for business planning. So lets move into business planning. Why do you want to do a business plan. TO PLAN that’s is why. Considering a business opportunity, Planning – Why my own Business? Should you go into business? Should you build one from scratch? Is there a market? How much money can I make? How much money will you need? Starting your own business will be one of the most important things you will ever do. There are a lot of risks – your money, your family & friends, existing jobs, and time. There are many things you should consider when getting into whether to start or run your own business. Lets look at them
Considering a Business:
•Have to be logical
•Is your plan viable
•Living document
•Helps you be organised
Writing a business plan seems so daunting, heaps of stress, but it makes you think logically and methodically about your business. By completing a business plan you be able to work out whether your plans are viable. Another important point is that you can then be prepared for the bank, or finance person aswell as sharing it with your team, business partners, etc.
A business plan needs to be a living document, something that you look at and work with regularly, not something that once is done, sits in the filing cabinet. You must update them and keep a record of where you are going and how you are getting there. It’s also great to look at where you have come from. Small Business success comes down to planning – and making sure you continue to grow and develop along and with your business plan. Follow some easy steps by being organised and planning, study our area of opportunity and know where you can go.
Why My Own Business:
•What can I do better or differently
•Three reasons why to go into business - Skills, Interests, Opportunity.
What can you make a difference in? What you can offer? Are willing to ride the time out then you should be ok. They say the first 2 years will either make or break a business. So in saying that, you get to think differently, You get to be your own boss – you decide the hours to work, more responsibility, No corporate ladder to climb, create something out of nothing, Choose something you love to do, Do it better than anyone else does, Add value to me aswell as the clients, Go the extra mile . And What would you need: My family support and encouragement and Willpower and determination.
Should you go into business?
•Long hours
• Hard work
• Must have:
• Patience
• Determination
• Passion
• Self discipline
Without a doubt this is where you will put in a lot of long hours, especially for the first few years.
It is a lot of hard work to start, run and successfully manage in business. I have found that the most successful business start ups are those where the person behind it, had alot of industry experience. Well let me tell you about building a business, its a hard thing to do. I was so excited to be working for myself. The first day I created my business plan and changed my focus. That day my business took off. I picked up 11 clients in the first 11 weeks, working for myself. Why Because I changed my focus. I sat down and did my plan and what I really wanted. Building my businesses has been hard, you need to get yourself out there. It takes time. Being that financial planning is commissioned based, and that we had a economic recession and downturn, it was always going to be hard. But I found that the best advertising is you yourself. And it takes time to build those relationships. You need to have Patience, Be Determined, Passionate and Disciplined.
Is there a market?
•What’s your competitive advantage?
•Why would someone give your business money?
•What special factors are going to make them buy from you?
•What can you offer that others don’t? What’ s your edge?
•Market Research?
•What are others doing?
•Product/Service idea questionnaire?
So lets look at You have an idea, and you know you can make a go of it, but is there a demand or market for your service or product? What’s your competitive advantage? There has to be something about you, your products or services that would make someone come to you and do business with you. Two questions to ask yourself are: Why would someone give your business money? What special factors are going to make them buy from you? How many factors can you come up with? You need to come up with important advantages to your clients, A better solution to the customer’s problem. Better quality of product or service. Better service and quicker delivery. Better knowledge and experience of the products and services. Better delivery channels – online web or over the phone. What can offer that others don’t, what is your edge
Market Research?
Sometimes it seems a good idea to hold the idea to yourself, but ask family and friends and maybe some other people about their thoughts on your idea. There are lots of ways to gather your research – on the web, GOOGLE, business groups – Chamber of commerce, Government.
Look at what other businesses have done or are doing and see what is working for them What are others doing? Look at other countries. See if there are similar products or services. Are there demands for the service or product? If not why? Talk to potential client’s aswell and get feedback from them as well. Maybe complete a survey.
Product/Service idea questionnaire? What do you like about my idea? What do you think could be improved? Would you buy this product or service? – Most important What price range would you be prepared to pay? Make sure you have done your research What can I do that is better than others Why is mine better
Evidence
–Will people buy these things?
– Is there a similar business near by?
–Is it a popular business overseas/interstate?
–What do the stats from the Australia Bureau of Statistics show
–Research shows a demand.
Make sure there is convincing evidence. Make a list of all the evidence and weigh it up.
For example –
Will people buy these things?
Is there a similar business near by?
Is it a popular business overseas/interstate?
What do the stats from the Australia Bureau of Statistics show
You have signed a new client up
Research shows a demand.
Is there other businesses near me that are similar
Stats.
How much money can you make?
•How much money is out their for your business
•How much do you need to break even
•Work out your cashflow
•Work out expenses.
Now you have investigated everything, and you idea or business is a viable business. The next step is how much money could you make or how much to break even (paying the business costs, including wages, superannuation, taxes). If you can’t make any money, then I would say don’t go ahead. When going ahead, you need to work out two things; firstly work out your cash flow,
and secondly, do some calculations. Work out the cost of your time, the production of the item,
how much you can on sell for, how many hours you are prepared to work to get it, then take away all your expenses Will you be able to take a wage home, and pay the bills.
How much money will i need?
•How much to start up?
•What are my running costs?
•What can be leased?
•What are my monthly expenses?
There some people may need to save prior to going in to business, others will wing it and others will just jump in and it will take off. So Should you save money before you go out on your own.
What about borrowing from the bank. Do you have a deposit? How much will you need? Can you afford to go with out wages.
Your next step is to work out how much money you will need to set/start and run the business.
Start up – how much will you need for the set up: the equipment, cost of the franchise, phones, desks, computers, printers, licences, legal fees, advertising, leases
Running Costs – how much will it cost per month to run your business: monthly bills – phone, internet, rent, advertising, wages, superannuation, taxes, etc
A thought would be if you could not afford to start up all at once, then space it over a couple of months, preparing everything first – planning, then purchase one thing at a time.
Maybe another business owner/friend may lend you their printer, or let you photocopy at their place of business for a small charge until you have your own copier, maybe they have a spare desk in their office or a spare massage table in the salon, and you can rent as a hot seat one day a week for your appointments. All until you get going.
Business Background
• Your Location
• Personal Characteristics
• Your Industry
• Key Products
So what is your business back ground? Are you trained, have management experience. What qualifications? What makes you think you are suitable to run a business?
Where is your Location: - Where will your business be located? Are you at home, a shop, office, sharing or owning, renting or bought.
Personal Characteristics: What traits do you have?
Your Industry: - Briefly describe your industry, Is it labour or knowledge intensive?
Key Products: Describe your key products and services. Exactly what are you going to do, provide? What service do you have, why are you better??
The Purpose of the Business
• Business Structure
• The History
The Purpose of the Business: Describe the purpose of your business, including why you want to start it. Explain the market you’ve identified and your competitive advantage
Business Structure: What is the structure of your business? (Sole Trader, Company, Partnership)
The History: Outline the history of your business or your idea . What is the purpose, what about the structure.
Business Support
• Your Team
• Your Suppliers
Your Team: Describe your staff . Your support network
Your Suppliers: Who are your suppliers? Who is your support?
Business Market
• Customers
• Customer Assumptions
• Promotion
• Market Research
Customers: Outline your customers – Major and Minor - Who will buy from you?
Customer Assumptions: Why would someone choose to do business with you? What evidence do you have?
Promotion: How do you intend to get the customers? Be specific on your advertising, promotion, word of mouth?
Market Research: Outline what research you have completed. The better understanding you have of your customers and their needs the better your business
Marketing – where when , who what research have you done
• Market Potential
• Market Potential Assumption
• Competitors
• Competitor Assumptions
Market Potential: What is the market potential for your service or products? What do you expect your first years turn over to be?
Market Potential Assumption: How have you arrived at the estimates – market research, trading history or trial marketing?
Competitors: Who are your competitors? Where are your competitors? Analyse the strength of you competition
Competitor Assumptions: Outline all assumptions you have made about your competitors
Marketing and competitors, who are they where are they.
Business environment
• Outside Influences:
• SWOT: What are your Strengths / Weaknesses / Opportunities / Threats?
• Distribution Channels:
• Use of Technology:
• Business Systems:
Outside Influences: Consider everything that could and would impact your business. Whether technology, trends, environmental, economic, regulations, etc.
SWOT: What are your Strengths? What are your Weaknesses? What are you Opportunities?
What are your Threats?
Distribution Channels: Do you market to other businesses, direct to consumers or do you commission sales people or distributors?
Use of Technology: Will you use: Email, Ecommerce, Website? What systems will you have in place?
Business Systems: Detail your business and management systems, including office and procedure manuals you have in place or will have in place. Are the simple and efficient?
for further information - www.planningwerx4u.com.au
Did you know:
There was a study complete at Harvard Business School. The study was done over a twenty-five year period with 1,600 businesses. These were the results:
–70% of the businesses in the study had no written or verbal plan
–27% of the businesses in the study had verbal goals only
–3% of the businesses in the study had them written down
–98% of the wealth was held by those 3% of the businesses in the study
Now for Business Planning:
•Why should you go into business?
•Is there a market?
•Can I make money from it?
So we have now some thoughts and preparations for business planning. So lets move into business planning. Why do you want to do a business plan. TO PLAN that’s is why. Considering a business opportunity, Planning – Why my own Business? Should you go into business? Should you build one from scratch? Is there a market? How much money can I make? How much money will you need? Starting your own business will be one of the most important things you will ever do. There are a lot of risks – your money, your family & friends, existing jobs, and time. There are many things you should consider when getting into whether to start or run your own business. Lets look at them
Considering a Business:
•Have to be logical
•Is your plan viable
•Living document
•Helps you be organised
Writing a business plan seems so daunting, heaps of stress, but it makes you think logically and methodically about your business. By completing a business plan you be able to work out whether your plans are viable. Another important point is that you can then be prepared for the bank, or finance person aswell as sharing it with your team, business partners, etc.
A business plan needs to be a living document, something that you look at and work with regularly, not something that once is done, sits in the filing cabinet. You must update them and keep a record of where you are going and how you are getting there. It’s also great to look at where you have come from. Small Business success comes down to planning – and making sure you continue to grow and develop along and with your business plan. Follow some easy steps by being organised and planning, study our area of opportunity and know where you can go.
Why My Own Business:
•What can I do better or differently
•Three reasons why to go into business - Skills, Interests, Opportunity.
What can you make a difference in? What you can offer? Are willing to ride the time out then you should be ok. They say the first 2 years will either make or break a business. So in saying that, you get to think differently, You get to be your own boss – you decide the hours to work, more responsibility, No corporate ladder to climb, create something out of nothing, Choose something you love to do, Do it better than anyone else does, Add value to me aswell as the clients, Go the extra mile . And What would you need: My family support and encouragement and Willpower and determination.
Should you go into business?
•Long hours
• Hard work
• Must have:
• Patience
• Determination
• Passion
• Self discipline
Without a doubt this is where you will put in a lot of long hours, especially for the first few years.
It is a lot of hard work to start, run and successfully manage in business. I have found that the most successful business start ups are those where the person behind it, had alot of industry experience. Well let me tell you about building a business, its a hard thing to do. I was so excited to be working for myself. The first day I created my business plan and changed my focus. That day my business took off. I picked up 11 clients in the first 11 weeks, working for myself. Why Because I changed my focus. I sat down and did my plan and what I really wanted. Building my businesses has been hard, you need to get yourself out there. It takes time. Being that financial planning is commissioned based, and that we had a economic recession and downturn, it was always going to be hard. But I found that the best advertising is you yourself. And it takes time to build those relationships. You need to have Patience, Be Determined, Passionate and Disciplined.
Is there a market?
•What’s your competitive advantage?
•Why would someone give your business money?
•What special factors are going to make them buy from you?
•What can you offer that others don’t? What’ s your edge?
•Market Research?
•What are others doing?
•Product/Service idea questionnaire?
So lets look at You have an idea, and you know you can make a go of it, but is there a demand or market for your service or product? What’s your competitive advantage? There has to be something about you, your products or services that would make someone come to you and do business with you. Two questions to ask yourself are: Why would someone give your business money? What special factors are going to make them buy from you? How many factors can you come up with? You need to come up with important advantages to your clients, A better solution to the customer’s problem. Better quality of product or service. Better service and quicker delivery. Better knowledge and experience of the products and services. Better delivery channels – online web or over the phone. What can offer that others don’t, what is your edge
Market Research?
Sometimes it seems a good idea to hold the idea to yourself, but ask family and friends and maybe some other people about their thoughts on your idea. There are lots of ways to gather your research – on the web, GOOGLE, business groups – Chamber of commerce, Government.
Look at what other businesses have done or are doing and see what is working for them What are others doing? Look at other countries. See if there are similar products or services. Are there demands for the service or product? If not why? Talk to potential client’s aswell and get feedback from them as well. Maybe complete a survey.
Product/Service idea questionnaire? What do you like about my idea? What do you think could be improved? Would you buy this product or service? – Most important What price range would you be prepared to pay? Make sure you have done your research What can I do that is better than others Why is mine better
Evidence
–Will people buy these things?
– Is there a similar business near by?
–Is it a popular business overseas/interstate?
–What do the stats from the Australia Bureau of Statistics show
–Research shows a demand.
Make sure there is convincing evidence. Make a list of all the evidence and weigh it up.
For example –
Will people buy these things?
Is there a similar business near by?
Is it a popular business overseas/interstate?
What do the stats from the Australia Bureau of Statistics show
You have signed a new client up
Research shows a demand.
Is there other businesses near me that are similar
Stats.
How much money can you make?
•How much money is out their for your business
•How much do you need to break even
•Work out your cashflow
•Work out expenses.
Now you have investigated everything, and you idea or business is a viable business. The next step is how much money could you make or how much to break even (paying the business costs, including wages, superannuation, taxes). If you can’t make any money, then I would say don’t go ahead. When going ahead, you need to work out two things; firstly work out your cash flow,
and secondly, do some calculations. Work out the cost of your time, the production of the item,
how much you can on sell for, how many hours you are prepared to work to get it, then take away all your expenses Will you be able to take a wage home, and pay the bills.
How much money will i need?
•How much to start up?
•What are my running costs?
•What can be leased?
•What are my monthly expenses?
There some people may need to save prior to going in to business, others will wing it and others will just jump in and it will take off. So Should you save money before you go out on your own.
What about borrowing from the bank. Do you have a deposit? How much will you need? Can you afford to go with out wages.
Your next step is to work out how much money you will need to set/start and run the business.
Start up – how much will you need for the set up: the equipment, cost of the franchise, phones, desks, computers, printers, licences, legal fees, advertising, leases
Running Costs – how much will it cost per month to run your business: monthly bills – phone, internet, rent, advertising, wages, superannuation, taxes, etc
A thought would be if you could not afford to start up all at once, then space it over a couple of months, preparing everything first – planning, then purchase one thing at a time.
Maybe another business owner/friend may lend you their printer, or let you photocopy at their place of business for a small charge until you have your own copier, maybe they have a spare desk in their office or a spare massage table in the salon, and you can rent as a hot seat one day a week for your appointments. All until you get going.
Business Background
• Your Location
• Personal Characteristics
• Your Industry
• Key Products
So what is your business back ground? Are you trained, have management experience. What qualifications? What makes you think you are suitable to run a business?
Where is your Location: - Where will your business be located? Are you at home, a shop, office, sharing or owning, renting or bought.
Personal Characteristics: What traits do you have?
Your Industry: - Briefly describe your industry, Is it labour or knowledge intensive?
Key Products: Describe your key products and services. Exactly what are you going to do, provide? What service do you have, why are you better??
The Purpose of the Business
• Business Structure
• The History
The Purpose of the Business: Describe the purpose of your business, including why you want to start it. Explain the market you’ve identified and your competitive advantage
Business Structure: What is the structure of your business? (Sole Trader, Company, Partnership)
The History: Outline the history of your business or your idea . What is the purpose, what about the structure.
Business Support
• Your Team
• Your Suppliers
Your Team: Describe your staff . Your support network
Your Suppliers: Who are your suppliers? Who is your support?
Business Market
• Customers
• Customer Assumptions
• Promotion
• Market Research
Customers: Outline your customers – Major and Minor - Who will buy from you?
Customer Assumptions: Why would someone choose to do business with you? What evidence do you have?
Promotion: How do you intend to get the customers? Be specific on your advertising, promotion, word of mouth?
Market Research: Outline what research you have completed. The better understanding you have of your customers and their needs the better your business
Marketing – where when , who what research have you done
• Market Potential
• Market Potential Assumption
• Competitors
• Competitor Assumptions
Market Potential: What is the market potential for your service or products? What do you expect your first years turn over to be?
Market Potential Assumption: How have you arrived at the estimates – market research, trading history or trial marketing?
Competitors: Who are your competitors? Where are your competitors? Analyse the strength of you competition
Competitor Assumptions: Outline all assumptions you have made about your competitors
Marketing and competitors, who are they where are they.
Business environment
• Outside Influences:
• SWOT: What are your Strengths / Weaknesses / Opportunities / Threats?
• Distribution Channels:
• Use of Technology:
• Business Systems:
Outside Influences: Consider everything that could and would impact your business. Whether technology, trends, environmental, economic, regulations, etc.
SWOT: What are your Strengths? What are your Weaknesses? What are you Opportunities?
What are your Threats?
Distribution Channels: Do you market to other businesses, direct to consumers or do you commission sales people or distributors?
Use of Technology: Will you use: Email, Ecommerce, Website? What systems will you have in place?
Business Systems: Detail your business and management systems, including office and procedure manuals you have in place or will have in place. Are the simple and efficient?
for further information - www.planningwerx4u.com.au
The Productivity Queen - Reclaim your business on Reclaim your life
The Productivity Queen - Reclaim your business/ Reclaim your life
6 Steps to Productive and Profitable Networking
By Lorraine Pirihi
Step 1.
The successful networker always carries their business cards with them.
They have stacks of cards in their diary, purse, wallet, and all bags…briefcases, laptop, handbag, car and office.
They know their card is a crucial promotional tool and ensure that the information on it clearly says what they do, has all their contact details and the design is attractive. The super successful networker likes to stand out from the crowd and will have a card that stands out too. Often they’ll have a photo of themselves on it and information on the back stating what they specialize in.
Step 2.
When you meet the superstar networker they will ask you questions about yourself and your business and they will genuinely listen to you. They will focus their attention on you and maintain eye contact. They will ask you for your business card and offer you one of their.
Step 3.
The successful networker will write on the back of your business card where they met and a couple of key points about you, so they remember who you are. They may do that immediately afterwards or later that day.
Step 4.
The superstar networker may provide you with a contact to help you and will expect nothing in return as they know what goes around comes around.
Step 5.
The successful networker will have a follow-up system. They will enter the details of the relevant contacts they have made into their database and communicate with those people within a couple of days. They’ll ring or send an email, card or letter saying it was great to meet you, include information of the goods/services they offer which may benefit you. If they sent you information they’ll FOLLOW-UP usually by phone a couple of days later.
Step 6.
The successful networker knows that the power of networking is in building relationships. They will stay in touch with you via an occasional letter, card, email, phone call or newsletter.
http://www.productivityqueen.com/
6 Steps to Productive and Profitable Networking
By Lorraine Pirihi
Step 1.
The successful networker always carries their business cards with them.
They have stacks of cards in their diary, purse, wallet, and all bags…briefcases, laptop, handbag, car and office.
They know their card is a crucial promotional tool and ensure that the information on it clearly says what they do, has all their contact details and the design is attractive. The super successful networker likes to stand out from the crowd and will have a card that stands out too. Often they’ll have a photo of themselves on it and information on the back stating what they specialize in.
Step 2.
When you meet the superstar networker they will ask you questions about yourself and your business and they will genuinely listen to you. They will focus their attention on you and maintain eye contact. They will ask you for your business card and offer you one of their.
Step 3.
The successful networker will write on the back of your business card where they met and a couple of key points about you, so they remember who you are. They may do that immediately afterwards or later that day.
Step 4.
The superstar networker may provide you with a contact to help you and will expect nothing in return as they know what goes around comes around.
Step 5.
The successful networker will have a follow-up system. They will enter the details of the relevant contacts they have made into their database and communicate with those people within a couple of days. They’ll ring or send an email, card or letter saying it was great to meet you, include information of the goods/services they offer which may benefit you. If they sent you information they’ll FOLLOW-UP usually by phone a couple of days later.
Step 6.
The successful networker knows that the power of networking is in building relationships. They will stay in touch with you via an occasional letter, card, email, phone call or newsletter.
http://www.productivityqueen.com/
Lorraine Pirihi - 7 Secrets to Increase your Productivity and Profits
Lorraine Pirihi - 7 Secrets to Increase your Productivity and Profits
Clean out the clutter.
Don’t take own knowledge for granted. Sell it.
Get right team.
- support
- delegate
- stop being a superwomen
· Realistically - Goals. Checklist – to do.
- diary put in appointments
- cleaner
- bookkeeper
· Pay up front (50%)
· Business Mindset
- hobby (don’t treat as hobby)
- marketing
- networking
- organised
- planning
- knowledge
· Screening process – screen clients, don’t just go for coffee. What is their purpose? Why? And sometimes you need to say No.
· Systems.
- Structured data base.
- Newsletter – emails – once a month, once a week.
· Invest in yourself. Self Esteem – self first.
· 10% off the top first for you.
· Business Owners can be the issue in business.
· Leadership skills.
· Right job/right procedures, right systems
· Some systems to assist you in business are
http://www.one.shoppingcart.com/ http://www.aweber.com/ - $39.95 US data base/newsletter
http://www.sendpepper.com/
· Offer and have Testimonials, Newsletters and Special Offers for your business
For more information go to http://www.productivityqueen.com
Clean out the clutter.
Don’t take own knowledge for granted. Sell it.
Get right team.
- support
- delegate
- stop being a superwomen
· Realistically - Goals. Checklist – to do.
- diary put in appointments
- cleaner
- bookkeeper
· Pay up front (50%)
· Business Mindset
- hobby (don’t treat as hobby)
- marketing
- networking
- organised
- planning
- knowledge
· Screening process – screen clients, don’t just go for coffee. What is their purpose? Why? And sometimes you need to say No.
· Systems.
- Structured data base.
- Newsletter – emails – once a month, once a week.
· Invest in yourself. Self Esteem – self first.
· 10% off the top first for you.
· Business Owners can be the issue in business.
· Leadership skills.
· Right job/right procedures, right systems
· Some systems to assist you in business are
http://www.one.shoppingcart.com/ http://www.aweber.com/ - $39.95 US data base/newsletter
http://www.sendpepper.com/
· Offer and have Testimonials, Newsletters and Special Offers for your business
For more information go to http://www.productivityqueen.com
Lyndsey Baigent - Emotions Essentially For Women
Lyndsey Baigent
Emotions essentially for women
Put yourself on the top of your priority list – above husband, kids, family.
Emotional mentor.
Check on yourself.
Ask yourself how you feel?
Three elements that determine how you feel
- how you use your body
- what is your focus
- your language
Carry a notebook around. Write down how I am feeling.
What is great about this?
Voice of doubt – forget the self doubter.
What’s great about me – 21 things?
Have a Vision
Find out what works for you
No ones else’s responsibility – it’s your responsibility
for More information go to http://www.essentiallyforwomen.com.au/
Emotions essentially for women
Put yourself on the top of your priority list – above husband, kids, family.
Emotional mentor.
Check on yourself.
Ask yourself how you feel?
Three elements that determine how you feel
- how you use your body
- what is your focus
- your language
Carry a notebook around. Write down how I am feeling.
What is great about this?
Voice of doubt – forget the self doubter.
What’s great about me – 21 things?
Have a Vision
Find out what works for you
No ones else’s responsibility – it’s your responsibility
for More information go to http://www.essentiallyforwomen.com.au/
Danette Hibberd - Creating a Profitable Information Product
Why create a profitable product
Product
Profitable
Easy to create
Inexpensive
Low cost
Creditability and branding
Grow your list
Autopilot
Solid foundation
Create Income through Continuity Program
Multiple streams of passive income
Leverage
Start small and grow
Repurpose, tweet
Multiple streams
Example
Three Strategies
Topics
Format
Find resources
Five step outline
Big problem
Costs , $, time
Specific solution
Why you
Whats next
Small Business Owners to easily attract more clients
Family budgeting - to be financially secure
Problem/pain - no money skills, planning skills
Cost – marriage, sickness
Specific Solution for someone to use
Why – experience to relate
Knowledge
Tips for
· Building a networking group
· Creating a budgeting plan
· Organizing you financial lifestyle
· To bring back the romance
· Work out income
· Work out expenditure
· Stop impulse buying
· Lay by items and pay off
· Cut up credit Cards
· Buy generic brands
· Consolidate bad debt where can
· Organizing of family finances
Add information into Tips
Why
What
How
What if
Action items
Create reports 7 – 15 pages for people to purchase
www.funnelformual.com
Create resources and get published:
· article
· report
· e-book course – seven weeks email
· teleseminar – seven weeks
· e-book – workbook, workshop, home study program
· Speaker
Offer and give away – What, why and why if and a free product
But how is sold - Once done, record and put to CD and sell. Helpful websites for recording your CDs are www.audicity.com www.soundforge.com
For more information go to Danette’s Website http://www.FabulousBeyondFortyClub.com
Networking - Strategies to Effective Networking
Speaker: Brenda Thomson of Networking World
Did you know:
Did you know:
- 80% of business comes from networking and referrals
- 5% of business owners don’t network successfully
- BNI - $70 Million new business 2007/08 financial year
- 95% of businesses don’t network effectively
- 60 second info-merical, ditch your pitch
- Listen to others all about them
- Follow up
- Training – learn new skills for networking
- Schedule times during the year to network
- Become a smart networker
- Don’t work the room
- Have a plan
- Networking strategy
1. Smart Networker’s link their networking to their business plan.
2. What are your business goals?
More leads
Better conversation
Increase sales
More sales per customer
Reduced costs
3. Know what you want to achieve
· Join right groups
· Attend night events
· Connect with right people
· Say right things
4. Who are the right people?
5. Are you a buyer or seller?
6. Who would you rather meet?
A. New lead/customers
B. Potential alliance
7. What if? – PICK is there ways we can work together
8. How world you rather network
· Sales
· Friends
· Allies
Networking is about long term relationships
Smart Networker’s make strategic alliances
Two or more businesses working together with a common objective to create a WIN WIN outcome for both of them - E.g. Disney and McDonalds and Coles and Shell
Price Waterhouse Cooper - 49% top companies planning strategic alliances
Go to an event where you target market is.
For more information go to www.networking.world.com
Business Stilletto Camp - here it is
Hi
The other weekend I spent with a wonderful group of women and men where i was able to learn more. i have uploaded all the notes i have taken and have asked each if ok to put out there for you. there are some link to the website for them as there is some great information for businesses, whether new, start up, or existing.
i hope you enjoy. Tarnia
The other weekend I spent with a wonderful group of women and men where i was able to learn more. i have uploaded all the notes i have taken and have asked each if ok to put out there for you. there are some link to the website for them as there is some great information for businesses, whether new, start up, or existing.
i hope you enjoy. Tarnia
Tuesday, June 30, 2009
Work Cover Notes from May 09 Presentation
Workplace Safety
OH & S compliance.
↓state based (big companies under federal Eg: Linfox)
Workcover administer
v OH&S
v Injury management – return to work
v Workers compensation.
Business advisory centre – officers
v 1 on 1 advisory visit
v Workshops
v Seminars
Why is workplace safety so important?
v Protect business owners
v Cover staff injury – moral delegations
- Visitors
- Community
- Family
- Customers
v Productivity
v Better environment – safe
v Lower premiums
v OHS – funding arrangements
v Staff not taking time off work
v Positive culture
v Reduce financials cost to staff and business
v Legal requirements
Who is responsible for workplace safety?
v Employers
v Employees
v Contractors
Legislation OHS Act 2000
OHS Regulations 2001
Safety is a procedure
v Document all issues / responsibly falls on employers and employees Eg. training staff
Employers Responsibilities
Ø Ensure any premises controlled – safe and without risk.
Ø Ensure any plant or substance provided – safe and without risk.
Ø Ensure any systems of work and working environment – safe and without risk.
- provide information, instruction, training and supervision
- provide adequate facilities
Employees Responsibilities
Ø Must co-operate with their employer to comply with safety requirements
Ø Take reasonable care for the health and safety of themselves and others at work
Ø Follow safe work procedures
Ø Report safety problems to their supervisor
Ø Use equipment safety
Ø Use safety equipment provided.
Need to have OHS procedures all staff needs to be aware. New staff needs to be aware of procedures.
Controllers of premises, plane or substances must:
Ø Ensure the premises they lease to tenants are safe and without risk to health
Ø Ensure safe means of access and exits from the premises.
Ø Ensure any plant or substance provided is safe and without risks to health when properly used.
Ø Controller responsibilities for ongoing repairs and maintenance may be influenced by lease or contract.
Contractors:
Ø Ensure activities or the activity they undertake do not pose health and safety risks to themselves and others.
Ø Identify, assess and control the risks that may be caused by their undertakings.
Consultation:
Ø What is it?
Talking to your employees and others.
v Sharing information about workplace health and Safety
v Allowing employee input before decisions are made
v Valuing employee views and taking them into account.
Ø Why do it?
v Better understanding
v Feel included in
- Improved management decisions through gathering a wider sources of ideas about OHS
- Greater employee commitment through better understanding of OHS decisions, employee ownership of consultation outcomes.
- Healthier working environments and increased productivity
- Reduced injuries and associated business cost.
- Consultation about workplace safety is a legal obligation.
Ø What to consult about? and when to consult?
v 1st day on job
v Flu over first few weeks
v Buying new equipment / plant
v Regular updates with staff
v Changes to premises, systems of work, plant or substances used in work which may affect the health and safety
v When assessing and controlling risks
v Facilities for employee welfare
v Procedures for consultation
Ø How to Consult?
1. OHS committee ( >20 employees) OR
2. OHS representative ( 1 or more rep) OR
3. Any other agreed arrangements – toolbox meetings weekly / monthly.
Ø Ideas for OHS meetings
One a month in staff meetings:
- OHS training
- OHS processes
- OHS issues
- OHS problems and solutions.
Log Meetings in book if in meetings put in minutes.
The Risk Management approach to Workplace Safety
v Identity hazards – potential to cause harm
v Identify risk – risk to it happening.
How do you identify workplace hazards?
Ø Hazard reporting system
- daily diary
- email to OHS rep
- report in OHS book
Ø conduct workplace audit and inspections
- monthly checks
Ø small business checklist
Ø check records
- Register of injuries
- Reports on accidents, near misses
- Reports / complaints for supervise employees or visitors.
- Consider your employees, Eg: those from multicultural backgrounds, differing literacy levels, skill levels etc.
Starting a risk assessment
Three basic questions to ask
- What could go wrong? Hazard
- How bad could it be? Consequences
- How likely is it to happen? Likelihood
Include a risk rating score, for example: low rating 1 – 6 high rating.
Hazard Control
- Plan to fax the most dangerous hazards first
- Take action immediately on hazards that are easy to fix – this demonstrates commitment to the process and helps to motivate your employees.
- Prioritise the remaining hazards to ensure that all hazards are controlled.
- The results in systematic elimination of OHS hazards in the workplace stating with the most serious or highest rating.
Control Hazards and Eliminate
- Eliminate hazards and risks
- Repair or replace faulty equipment
- Purchase pre-cut material
- Outsource hazardous work processes
- Purchase substances in container sizes that do not require decanting or material handling equipment move them.
Control Risks
Eliminate / Minimise
1. Substitute the hazard for a lesser risk
a. Use a different, less dangerous piece of equipment.
b. Use safer materials or chemicals.
2. Isolate the hazard from peoples at risk
a. Separate people from hazardous process or equipment
3. Remove or reduce the risk through engineering means
a. Engineering changes to equipment / or the environment to remove or reduce the risks eg: adding machine guards, installing exhaust fens.
4. Remove or reduce the risk through administrative means
a. Written work procedures
b. Job rotation / rest breaks
c. Training
d. Supervision
5. Use personal protective equipment (PPE)
a. PPE is the least effective control measure for eliminate or minimising risks.
b. PPE is only effective when it is in good condition and always worn properly.
c. People need to know how to wear the PPE and how to fit and look after it.
d. The use of PPE requires a high level of supervision.
Reviewing and monitoring your controls
- Conducting physical audits of the control measures.
- Checking your records Eg: register of injuries, accident reports etc.
- Talking to your employees
- Listening to your employees when they talk to you.
Planning for safety
- Make a list of things for improve.
- Specify clearly what you want to achieve
- Identify who is responsible to make it happen.
- Allocate appropriate resources
- Set a date to have done by.
Safety solutions
- $500 rebate – need to see Jay Lewis
www.workcover.nsw.gov.au / safe business.
Workers Compensation
Workcover provides.
Policy employer responsibilities
- Maintain a current workers compensation policy.
- Maintain wage records for 5 years.
- Advise your scheme agent of any changes to your business activities
- Submit wage estimates and actually to your scheme agent
- Post summary to Act.
Policy – Small employer exemption
- From 30 / 06 / 2008 employer paying wages of $7500 or less per annum will be exempt.
Policy – Covers
- Working directors
- Casuals
- Trainees and apprentice
- Deemed workers / contracts
- (doesn’t cover owners)
- Sole trades need personal accident cover (income protection)
What is covered?
- Wages
- OT
- Sick payments
- Super
- Shift and other allowances
- Payments for public and annual holidays
- Working direction fee
Premiums small employees
- Small employers are not impacted
< $10,000 tariff premiums
> $300,000 wages
- medium
> $10,000 - < $50,000 tariffs
$500,000 wages
Premiums
- quarterly premiums
- monthly instalments
- upfront you get a discount
Apprentice incentive scheme
- Apprentice wages not included in assessment.
- On workers comp. policy
- Must be on NSW DET approved course.
- Apprentice in a designated trade vocation
Premiums for Contractors
- Contractor may be liable for portion of unpaid premium of their sub contractors.
- Principal contractors may be responsible for the claims of uninsured sub contractors
Claims Process
Injury management
- attend to workers
- notify scheme agent within 48 hrs
- ensure injury register completed
- provide required information
- Injury management and return to work plan.
NOTE Notify Workcover of serious incidents immediately.
Claims
- communicate with our employee
- record information
- lodge with insurer
- consult with doctor / insurer / employee
Return to work program
- suitable duties
> After 6 months off work get $350 per week
OH & S compliance.
↓state based (big companies under federal Eg: Linfox)
Workcover administer
v OH&S
v Injury management – return to work
v Workers compensation.
Business advisory centre – officers
v 1 on 1 advisory visit
v Workshops
v Seminars
Why is workplace safety so important?
v Protect business owners
v Cover staff injury – moral delegations
- Visitors
- Community
- Family
- Customers
v Productivity
v Better environment – safe
v Lower premiums
v OHS – funding arrangements
v Staff not taking time off work
v Positive culture
v Reduce financials cost to staff and business
v Legal requirements
Who is responsible for workplace safety?
v Employers
v Employees
v Contractors
Legislation OHS Act 2000
OHS Regulations 2001
Safety is a procedure
v Document all issues / responsibly falls on employers and employees Eg. training staff
Employers Responsibilities
Ø Ensure any premises controlled – safe and without risk.
Ø Ensure any plant or substance provided – safe and without risk.
Ø Ensure any systems of work and working environment – safe and without risk.
- provide information, instruction, training and supervision
- provide adequate facilities
Employees Responsibilities
Ø Must co-operate with their employer to comply with safety requirements
Ø Take reasonable care for the health and safety of themselves and others at work
Ø Follow safe work procedures
Ø Report safety problems to their supervisor
Ø Use equipment safety
Ø Use safety equipment provided.
Need to have OHS procedures all staff needs to be aware. New staff needs to be aware of procedures.
Controllers of premises, plane or substances must:
Ø Ensure the premises they lease to tenants are safe and without risk to health
Ø Ensure safe means of access and exits from the premises.
Ø Ensure any plant or substance provided is safe and without risks to health when properly used.
Ø Controller responsibilities for ongoing repairs and maintenance may be influenced by lease or contract.
Contractors:
Ø Ensure activities or the activity they undertake do not pose health and safety risks to themselves and others.
Ø Identify, assess and control the risks that may be caused by their undertakings.
Consultation:
Ø What is it?
Talking to your employees and others.
v Sharing information about workplace health and Safety
v Allowing employee input before decisions are made
v Valuing employee views and taking them into account.
Ø Why do it?
v Better understanding
v Feel included in
- Improved management decisions through gathering a wider sources of ideas about OHS
- Greater employee commitment through better understanding of OHS decisions, employee ownership of consultation outcomes.
- Healthier working environments and increased productivity
- Reduced injuries and associated business cost.
- Consultation about workplace safety is a legal obligation.
Ø What to consult about? and when to consult?
v 1st day on job
v Flu over first few weeks
v Buying new equipment / plant
v Regular updates with staff
v Changes to premises, systems of work, plant or substances used in work which may affect the health and safety
v When assessing and controlling risks
v Facilities for employee welfare
v Procedures for consultation
Ø How to Consult?
1. OHS committee ( >20 employees) OR
2. OHS representative ( 1 or more rep) OR
3. Any other agreed arrangements – toolbox meetings weekly / monthly.
Ø Ideas for OHS meetings
One a month in staff meetings:
- OHS training
- OHS processes
- OHS issues
- OHS problems and solutions.
Log Meetings in book if in meetings put in minutes.
The Risk Management approach to Workplace Safety
v Identity hazards – potential to cause harm
v Identify risk – risk to it happening.
How do you identify workplace hazards?
Ø Hazard reporting system
- daily diary
- email to OHS rep
- report in OHS book
Ø conduct workplace audit and inspections
- monthly checks
Ø small business checklist
Ø check records
- Register of injuries
- Reports on accidents, near misses
- Reports / complaints for supervise employees or visitors.
- Consider your employees, Eg: those from multicultural backgrounds, differing literacy levels, skill levels etc.
Starting a risk assessment
Three basic questions to ask
- What could go wrong? Hazard
- How bad could it be? Consequences
- How likely is it to happen? Likelihood
Include a risk rating score, for example: low rating 1 – 6 high rating.
Hazard Control
- Plan to fax the most dangerous hazards first
- Take action immediately on hazards that are easy to fix – this demonstrates commitment to the process and helps to motivate your employees.
- Prioritise the remaining hazards to ensure that all hazards are controlled.
- The results in systematic elimination of OHS hazards in the workplace stating with the most serious or highest rating.
Control Hazards and Eliminate
- Eliminate hazards and risks
- Repair or replace faulty equipment
- Purchase pre-cut material
- Outsource hazardous work processes
- Purchase substances in container sizes that do not require decanting or material handling equipment move them.
Control Risks
Eliminate / Minimise
1. Substitute the hazard for a lesser risk
a. Use a different, less dangerous piece of equipment.
b. Use safer materials or chemicals.
2. Isolate the hazard from peoples at risk
a. Separate people from hazardous process or equipment
3. Remove or reduce the risk through engineering means
a. Engineering changes to equipment / or the environment to remove or reduce the risks eg: adding machine guards, installing exhaust fens.
4. Remove or reduce the risk through administrative means
a. Written work procedures
b. Job rotation / rest breaks
c. Training
d. Supervision
5. Use personal protective equipment (PPE)
a. PPE is the least effective control measure for eliminate or minimising risks.
b. PPE is only effective when it is in good condition and always worn properly.
c. People need to know how to wear the PPE and how to fit and look after it.
d. The use of PPE requires a high level of supervision.
Reviewing and monitoring your controls
- Conducting physical audits of the control measures.
- Checking your records Eg: register of injuries, accident reports etc.
- Talking to your employees
- Listening to your employees when they talk to you.
Planning for safety
- Make a list of things for improve.
- Specify clearly what you want to achieve
- Identify who is responsible to make it happen.
- Allocate appropriate resources
- Set a date to have done by.
Safety solutions
- $500 rebate – need to see Jay Lewis
www.workcover.nsw.gov.au / safe business.
Workers Compensation
Workcover provides.
Policy employer responsibilities
- Maintain a current workers compensation policy.
- Maintain wage records for 5 years.
- Advise your scheme agent of any changes to your business activities
- Submit wage estimates and actually to your scheme agent
- Post summary to Act.
Policy – Small employer exemption
- From 30 / 06 / 2008 employer paying wages of $7500 or less per annum will be exempt.
Policy – Covers
- Working directors
- Casuals
- Trainees and apprentice
- Deemed workers / contracts
- (doesn’t cover owners)
- Sole trades need personal accident cover (income protection)
What is covered?
- Wages
- OT
- Sick payments
- Super
- Shift and other allowances
- Payments for public and annual holidays
- Working direction fee
Premiums small employees
- Small employers are not impacted
< $10,000 tariff premiums
> $300,000 wages
- medium
> $10,000 - < $50,000 tariffs
$500,000 wages
Premiums
- quarterly premiums
- monthly instalments
- upfront you get a discount
Apprentice incentive scheme
- Apprentice wages not included in assessment.
- On workers comp. policy
- Must be on NSW DET approved course.
- Apprentice in a designated trade vocation
Premiums for Contractors
- Contractor may be liable for portion of unpaid premium of their sub contractors.
- Principal contractors may be responsible for the claims of uninsured sub contractors
Claims Process
Injury management
- attend to workers
- notify scheme agent within 48 hrs
- ensure injury register completed
- provide required information
- Injury management and return to work plan.
NOTE Notify Workcover of serious incidents immediately.
Claims
- communicate with our employee
- record information
- lodge with insurer
- consult with doctor / insurer / employee
Return to work program
- suitable duties
> After 6 months off work get $350 per week
Sunday, May 31, 2009
Superannuation
To provide an insight to why the government has placed enormous importance on superannuation in recent years, consider the following facts:
Today: There are six taxpayers to every one pensioner.
15 years time: There will be an estimated three taxpayers to every one pensioner.
In the past it was automatically assumed that when you retired from the workforce you would receive the age pension. With an ever increasing and aging population, the availability of the pension cannot be relied upon. People are also retiring earlier and living longer and this means that more and more people are going to have to fund for their own retirement.
Whilst the government has legislated to address this issue with the introduction of the superannuation guarantee levy, in most cases this will not be enough. This all means that you need to pay closer attention to your superannuation savings and the level of performance, security and flexibility offered by your current fund. You must review or make plans now to self fund your retirement.
While superannuation can be transferred between superannuation funds you should be aware that contributions to superannuation are almost always compulsorily preserved. This means that they generally can not be withdrawn until you are over 60 (or over 55 if you were born before 1 July 1960) and are retired.
Superannuation is one of the most tax-effective ways of saving for retirement. The earlier you start, the longer you have to invest towards your goal and the lower the amount you may need to invest on a regular basis.
When you invest regularly, you will enjoy the effects of compounding. Compounding occurs when income earned on your savings is re-invested, so you earn money on your initial capital, as well as on any income you have already earned.
How to choose a superannuation fund?
Portability – make sure that if you get a new job, you can invest the contributions from your new employer into the same super fund. This will save you opening another account and paying more fees.
Rollover facilities – make sure that when you retire, you can rollover your lump sum into an allocated pension or term allocated pension account.
Insurance – you should be able to easily access insurance for death, total and permanent disability and income protection through your superannuation fund.
Communication – you should expect to access your account information online and on the phone.
Fees and charges – these may apply when you make contributions, during the investment phase, and when the money is paid to you. Make sure you are fully aware of all relevant fees on your account.
Flexibility - can the fund accept spouse contributions; are you limited / charged to switch investment options?
Investment Choices – are there not only single funds i.e. Shares, but also Multi-Manager Funds to invest your money in?
Superannuation is a savings vehicle for your future.
The advice contained herein does not take into account any persons particular objectives, needs or financial situation. Before making a decision regarding the acquisition or disposal of a Financial Product persons should assess whether the advice is appropriate to their objectives, needs or financial situation. Persons may wish to make this assessment themselves or seek the help of an adviser. No responsibility is taken for persons acting on the information provided. Persons doing so, do so at their own risk. Before acquiring a financial product a person should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product.
Today: There are six taxpayers to every one pensioner.
15 years time: There will be an estimated three taxpayers to every one pensioner.
In the past it was automatically assumed that when you retired from the workforce you would receive the age pension. With an ever increasing and aging population, the availability of the pension cannot be relied upon. People are also retiring earlier and living longer and this means that more and more people are going to have to fund for their own retirement.
Whilst the government has legislated to address this issue with the introduction of the superannuation guarantee levy, in most cases this will not be enough. This all means that you need to pay closer attention to your superannuation savings and the level of performance, security and flexibility offered by your current fund. You must review or make plans now to self fund your retirement.
While superannuation can be transferred between superannuation funds you should be aware that contributions to superannuation are almost always compulsorily preserved. This means that they generally can not be withdrawn until you are over 60 (or over 55 if you were born before 1 July 1960) and are retired.
Superannuation is one of the most tax-effective ways of saving for retirement. The earlier you start, the longer you have to invest towards your goal and the lower the amount you may need to invest on a regular basis.
When you invest regularly, you will enjoy the effects of compounding. Compounding occurs when income earned on your savings is re-invested, so you earn money on your initial capital, as well as on any income you have already earned.
How to choose a superannuation fund?
Portability – make sure that if you get a new job, you can invest the contributions from your new employer into the same super fund. This will save you opening another account and paying more fees.
Rollover facilities – make sure that when you retire, you can rollover your lump sum into an allocated pension or term allocated pension account.
Insurance – you should be able to easily access insurance for death, total and permanent disability and income protection through your superannuation fund.
Communication – you should expect to access your account information online and on the phone.
Fees and charges – these may apply when you make contributions, during the investment phase, and when the money is paid to you. Make sure you are fully aware of all relevant fees on your account.
Flexibility - can the fund accept spouse contributions; are you limited / charged to switch investment options?
Investment Choices – are there not only single funds i.e. Shares, but also Multi-Manager Funds to invest your money in?
Superannuation is a savings vehicle for your future.
The advice contained herein does not take into account any persons particular objectives, needs or financial situation. Before making a decision regarding the acquisition or disposal of a Financial Product persons should assess whether the advice is appropriate to their objectives, needs or financial situation. Persons may wish to make this assessment themselves or seek the help of an adviser. No responsibility is taken for persons acting on the information provided. Persons doing so, do so at their own risk. Before acquiring a financial product a person should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product.
Sunday, May 3, 2009
Boost Savings & Save Tax Via Salary Sacrifice
It’s a fact – we all need to take responsibility for funding our retirement. So if you are looking for a simple and tax effective way to boost your retirement savings, you may want to consider a strategy known as salary sacrifice.
Salary Sacrifice involves getting your employer to contribute some of your salary, wages or a bonus payment directly into super – before tax is deducted at your marginal rate (which could be up to 46.5%). The advantage of this strategy is that salary sacrifice super contributions are taxed at a maximum rate of 15% - a potential tax saving of up to 31.5%.
By implementing this strategy you can save on tax and make a larger investment for your retirement.
To use this strategy you will need to make an arrangement with your employer that is prospective in nature. In other words, you can only sacrifice income that relates to future performance. When sacrificing regular salary or wages, the agreement should commence on the first day to which the next pay period relates.
However, you may only salary sacrifice a bonus payment to which you have no previous existing entitlement. In practice, this means the arrangement must be made no later than the day before the employer determines your bonus entitlement.
In both cases, it’s also important to have the agreement thoroughly documented and signed buy both parties.
You need to be aware:
· A salary sacrifice arrangement may result in a reduction in other benefits such as leave loading, holiday pay and Superannuation Guarantee contributions, as these benefits are often calculated on your base salary, you should check with your employer.
· Salary Sacrifice contributions must be preserved until permanent retirement after reaching your preservation age or a condition of release. So you need to ensure you have sufficient investments outside super if you plan to retire before reaching your preservation age.
· If you’re an employee (and your assessable income plus reportable fringe benefits are less than $58,000pa) you may also want to consider making a personal after-tax super contribution of $1,000. This may enable you to qualify for a Government co-contribution of up to $1,500.
· Although it is possible to sacrifice salary below the minimum entitlement under an industrial award, employers should be aware that they may still be required to provide the minimum salary or wages under industrial law.
The advice contained herein does not take into account any persons particular objectives, needs or financial situation. Before making a decision regarding the acquisition or disposal of a Financial Product persons should assess whether the advice is appropriate to their objectives, needs or financial situation. Persons may wish to make this assessment themselves or seek the help of an adviser. No responsibility is taken for persons acting on the information provided. Persons doing so, do so at their own risk. Before acquiring a financial product a person should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product.
Salary Sacrifice involves getting your employer to contribute some of your salary, wages or a bonus payment directly into super – before tax is deducted at your marginal rate (which could be up to 46.5%). The advantage of this strategy is that salary sacrifice super contributions are taxed at a maximum rate of 15% - a potential tax saving of up to 31.5%.
By implementing this strategy you can save on tax and make a larger investment for your retirement.
To use this strategy you will need to make an arrangement with your employer that is prospective in nature. In other words, you can only sacrifice income that relates to future performance. When sacrificing regular salary or wages, the agreement should commence on the first day to which the next pay period relates.
However, you may only salary sacrifice a bonus payment to which you have no previous existing entitlement. In practice, this means the arrangement must be made no later than the day before the employer determines your bonus entitlement.
In both cases, it’s also important to have the agreement thoroughly documented and signed buy both parties.
You need to be aware:
· A salary sacrifice arrangement may result in a reduction in other benefits such as leave loading, holiday pay and Superannuation Guarantee contributions, as these benefits are often calculated on your base salary, you should check with your employer.
· Salary Sacrifice contributions must be preserved until permanent retirement after reaching your preservation age or a condition of release. So you need to ensure you have sufficient investments outside super if you plan to retire before reaching your preservation age.
· If you’re an employee (and your assessable income plus reportable fringe benefits are less than $58,000pa) you may also want to consider making a personal after-tax super contribution of $1,000. This may enable you to qualify for a Government co-contribution of up to $1,500.
· Although it is possible to sacrifice salary below the minimum entitlement under an industrial award, employers should be aware that they may still be required to provide the minimum salary or wages under industrial law.
The advice contained herein does not take into account any persons particular objectives, needs or financial situation. Before making a decision regarding the acquisition or disposal of a Financial Product persons should assess whether the advice is appropriate to their objectives, needs or financial situation. Persons may wish to make this assessment themselves or seek the help of an adviser. No responsibility is taken for persons acting on the information provided. Persons doing so, do so at their own risk. Before acquiring a financial product a person should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product.
Sunday, April 5, 2009
Quick Facts from GFS - Budgets
In today's tough economic climate, it is more important than ever to budget and establish a savings plan. This is because budgeting is the best way for you to take control of your finances, save money and plan for the future.
Some times it was easy to get away with a more casual approach to financial planning: you could be sure of earning enough to pay your bills, even if this meant looking for some extra overtime or taking a second job for a while. But those times are rare and wasted if you do not take advantage of them.
A sound budget and a savings plan will help you achieve your immediate needs and long-term financial security. Few individuals or families know just how they spend their money.
They know that at the end of their pay period - weekly, fortnightly or monthly - it is all gone. A budget will change this. It is the direct and sensible approach to personal money management.
Basically, a budget is a financial plan that itemises an individual's or a family's spending and helps accomplish short-term and long-term goals.
Its main purpose is not to get you out of trouble - although it will help. Better still, it will keep you out of trouble in the first place.
In fact, a budget is really an essential part of everyday life. Without a budget it just is not possible to cope with those unexpected bills and to see at a glance, how you can most easily cut back you’re spending.
The ultimate aim of budgeting is to ensure that you can:
o Adequately meet all your financial commitments and
o Have some money left over to save.
Set a savings goal that is within your reach and will not put a strain on your budget. Even if you begin by saving only a small amount each pay period, this will add up over a year to a respectable amount.
Everyone will have his or her own savings target. But, as a general rule, we suggest you aim to save 10 per cent of your gross annual income: five per cent for short-term aims and five per cent for longer-term intensions. While this may not be practicable now, it is worth aiming to reach this goal in the future - and sooner rather than later.
People with young families should aim to build up an emergency fund equal to three months take-home pay in case of retrenchment or emergencies. Remember:
o Your savings will help you through those difficult times and emergencies;
o Savings will free you from day-to-day money worries;
o If you have money saved, you can use it in emergencies instead of credit cards (with their high interest charges);
o By saving, you will establish a financial track record, which will be important when you apply for a loan for a major purpose (house, land or car);
o Your longer-term savings will help you build up income-producing investments for a better, more secure lifestyle;
o By saving and investing responsibly, you will contribute towards Australia's future by helping to create a national savings pool to fund our development and reduce our dependence on foreign capital;
o A dollar saved is a dollar earned
Deciding to budget does not mean that you have to cut out spending on discretionary items that are important to your lifestyle.
But you should be realistic about them and become a disciplined shopper (as well as a disciplined budgeter). This will help make your money work better for you. Here are just a few ideas on this important topic:
o Consider buying lower priced "generics" or items of a similar nature to your regular purchases;
o Switch to less expensive versions of goods or services.
o Shop harder for the best possible deals on items you must have;
o Avoid buying items that are of limited value to you or your family;
o Become a comparison shopper: watch the advertisements and be aware that prices vary from day to day on a whole range of goods from furniture to food;
o Watch for genuine sales and specials;
o Deal with shops, which offer good service and will take goods back without argument if they are unsatisfactory.
o Shop for seasonal specials and stock your freezer. But buy in bulk only when you know you can use everything you intend to buy - otherwise you will have to throw a lot of it out. Waste is costly.
o Phase your purchasing of big items like furniture and major electrical goods over three to five years and buy only when you really need and can afford the items;
o Think about buying good second-hand items - check-out auctions and garage sales;
o If you are holding money in a special savings account, you can often use it to pay for an item - and get a discount for cash;
o Buy Australian-made goods in preference to imports - buying Australian helps save jobs and reduces the nation's overseas payments and debt problems.
But you should be realistic about them and become a disciplined shopper (as well as a disciplined budgeter). This will help make your money work better for you. Here are just a few ideas on this important topic:
o Consider buying lower priced "generics" or items of a similar nature to your regular purchases;
o Switch to less expensive versions of goods or services.
o Shop harder for the best possible deals on items you must have;
o Avoid buying items that are of limited value to you or your family;
o Become a comparison shopper: watch the advertisements and be aware that prices vary
o from day to day on a whole range of goods from furniture to food;
o Watch for genuine sales and specials;
o Deal with shops, which offer good service and will take goods back without argument if they are unsatisfactory.
o Shop for seasonal specials and stock your freezer. But buy in bulk only when you know
You can use everything you intend to buy - otherwise you will have to throw a lot of it out. Waste is costly.
o Phase your purchasing of big items like furniture and major electrical goods over three to five years and buy only when you really need and can afford the items;
o Think about buying good second-hand items - check-out auctions and garage sales;
o If you are holding money in a special savings account, you can often use it to pay for an item - and get a discount for cash;
o Buy Australian-made goods in preference to imports - buying Australian helps save jobs and reduces the nation's overseas payments and debt problems.
Try to be as realistic as possible. Do not make the budget so tight and demanding that it will be impossible to achieve your goals. Do not make it too generous - or you will destroy your incentive to budget and save. Be flexible - but disciplined.
Partners should budget together. But involve everyone in your household - tell them about your budget and savings goals and why it is so important to achieve them.
Do not be discouraged if you cannot get your budget to work - try again. Once you have set up a workable budget, you will find that budgeting becomes a habit.
Today is the best day to begin budgeting.
There are two main items to consider: your INCOME and your EXPENDITURE.
In the section headed INCOME, list all your incoming money (after tax).
Expenditure:
o When you begin compiling your expenditure, it will be helpful if you have by you all the receipts from last year's bills that you can find.
o If you do not have these, keep a detailed list of your spending over the next few months. If you see some items that you can cut back on, note them for future attention.
o If you look after your possessions, they will last longer. Money spent on maintenance to extend life of a costly item can be money saved.
o Learn to be a good supermarket shopper. Make up a shopping list - and stick to it. Avoid impulse buying. Once in a while it is OK to buy something you do not really need. But if you let impulse shopping get out of hand it will overload your trolley and destroy your budget.
o When you have completed your Budget, add up all your income and expenditure and subtract the expenditure total from the income total. What is left over is your spare money for the year.
o As this is a yearly figure, you will need to divide this by 52 to bring it down to a weekly figure, by 26 to make it fortnightly or by 12 to make it monthly. This money is yours to spend or to save; we suggest you save it each pay period.
You may find that you have a shortfall - in fact that you are spending more than you earn.
If this is the case, you will need to go back and reassess your expenditure or, look for ways to increase your income. You may have made a mistake with your calculations. Or you may need to cut down on some area of your spending: entertainment, gifts, clothing, and luxury items.
It is better for you (or your family) to make these decisions, rather than have them taken out of your hands.
This will enable you to see at a glance the payouts you will have to make each month to the nearest dollar. This means you can calculate the minimum amount you need to have available to meet your bills.
Some months you will be more heavily committed to repayments than in other times of the year. Be sure you are adequately covered so you will not be short of money.
The contents of this blog are of a general nature only and have not been prepared to take into account any particular investor’s objectives, financial situation or particular needs. Where this publication refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.
Tarnia Gurney (ASIC No. 292206) trading as Gurney Financial Services (ABN 85 296 598 954) an Authorised Representative of AFG Financial Planning, Australian Financial Services Licensee Number 247105, ABN 74 099 029 526.
Some times it was easy to get away with a more casual approach to financial planning: you could be sure of earning enough to pay your bills, even if this meant looking for some extra overtime or taking a second job for a while. But those times are rare and wasted if you do not take advantage of them.
A sound budget and a savings plan will help you achieve your immediate needs and long-term financial security. Few individuals or families know just how they spend their money.
They know that at the end of their pay period - weekly, fortnightly or monthly - it is all gone. A budget will change this. It is the direct and sensible approach to personal money management.
Basically, a budget is a financial plan that itemises an individual's or a family's spending and helps accomplish short-term and long-term goals.
Its main purpose is not to get you out of trouble - although it will help. Better still, it will keep you out of trouble in the first place.
In fact, a budget is really an essential part of everyday life. Without a budget it just is not possible to cope with those unexpected bills and to see at a glance, how you can most easily cut back you’re spending.
The ultimate aim of budgeting is to ensure that you can:
o Adequately meet all your financial commitments and
o Have some money left over to save.
Set a savings goal that is within your reach and will not put a strain on your budget. Even if you begin by saving only a small amount each pay period, this will add up over a year to a respectable amount.
Everyone will have his or her own savings target. But, as a general rule, we suggest you aim to save 10 per cent of your gross annual income: five per cent for short-term aims and five per cent for longer-term intensions. While this may not be practicable now, it is worth aiming to reach this goal in the future - and sooner rather than later.
People with young families should aim to build up an emergency fund equal to three months take-home pay in case of retrenchment or emergencies. Remember:
o Your savings will help you through those difficult times and emergencies;
o Savings will free you from day-to-day money worries;
o If you have money saved, you can use it in emergencies instead of credit cards (with their high interest charges);
o By saving, you will establish a financial track record, which will be important when you apply for a loan for a major purpose (house, land or car);
o Your longer-term savings will help you build up income-producing investments for a better, more secure lifestyle;
o By saving and investing responsibly, you will contribute towards Australia's future by helping to create a national savings pool to fund our development and reduce our dependence on foreign capital;
o A dollar saved is a dollar earned
Deciding to budget does not mean that you have to cut out spending on discretionary items that are important to your lifestyle.
But you should be realistic about them and become a disciplined shopper (as well as a disciplined budgeter). This will help make your money work better for you. Here are just a few ideas on this important topic:
o Consider buying lower priced "generics" or items of a similar nature to your regular purchases;
o Switch to less expensive versions of goods or services.
o Shop harder for the best possible deals on items you must have;
o Avoid buying items that are of limited value to you or your family;
o Become a comparison shopper: watch the advertisements and be aware that prices vary from day to day on a whole range of goods from furniture to food;
o Watch for genuine sales and specials;
o Deal with shops, which offer good service and will take goods back without argument if they are unsatisfactory.
o Shop for seasonal specials and stock your freezer. But buy in bulk only when you know you can use everything you intend to buy - otherwise you will have to throw a lot of it out. Waste is costly.
o Phase your purchasing of big items like furniture and major electrical goods over three to five years and buy only when you really need and can afford the items;
o Think about buying good second-hand items - check-out auctions and garage sales;
o If you are holding money in a special savings account, you can often use it to pay for an item - and get a discount for cash;
o Buy Australian-made goods in preference to imports - buying Australian helps save jobs and reduces the nation's overseas payments and debt problems.
But you should be realistic about them and become a disciplined shopper (as well as a disciplined budgeter). This will help make your money work better for you. Here are just a few ideas on this important topic:
o Consider buying lower priced "generics" or items of a similar nature to your regular purchases;
o Switch to less expensive versions of goods or services.
o Shop harder for the best possible deals on items you must have;
o Avoid buying items that are of limited value to you or your family;
o Become a comparison shopper: watch the advertisements and be aware that prices vary
o from day to day on a whole range of goods from furniture to food;
o Watch for genuine sales and specials;
o Deal with shops, which offer good service and will take goods back without argument if they are unsatisfactory.
o Shop for seasonal specials and stock your freezer. But buy in bulk only when you know
You can use everything you intend to buy - otherwise you will have to throw a lot of it out. Waste is costly.
o Phase your purchasing of big items like furniture and major electrical goods over three to five years and buy only when you really need and can afford the items;
o Think about buying good second-hand items - check-out auctions and garage sales;
o If you are holding money in a special savings account, you can often use it to pay for an item - and get a discount for cash;
o Buy Australian-made goods in preference to imports - buying Australian helps save jobs and reduces the nation's overseas payments and debt problems.
Try to be as realistic as possible. Do not make the budget so tight and demanding that it will be impossible to achieve your goals. Do not make it too generous - or you will destroy your incentive to budget and save. Be flexible - but disciplined.
Partners should budget together. But involve everyone in your household - tell them about your budget and savings goals and why it is so important to achieve them.
Do not be discouraged if you cannot get your budget to work - try again. Once you have set up a workable budget, you will find that budgeting becomes a habit.
Today is the best day to begin budgeting.
There are two main items to consider: your INCOME and your EXPENDITURE.
In the section headed INCOME, list all your incoming money (after tax).
Expenditure:
o When you begin compiling your expenditure, it will be helpful if you have by you all the receipts from last year's bills that you can find.
o If you do not have these, keep a detailed list of your spending over the next few months. If you see some items that you can cut back on, note them for future attention.
o If you look after your possessions, they will last longer. Money spent on maintenance to extend life of a costly item can be money saved.
o Learn to be a good supermarket shopper. Make up a shopping list - and stick to it. Avoid impulse buying. Once in a while it is OK to buy something you do not really need. But if you let impulse shopping get out of hand it will overload your trolley and destroy your budget.
o When you have completed your Budget, add up all your income and expenditure and subtract the expenditure total from the income total. What is left over is your spare money for the year.
o As this is a yearly figure, you will need to divide this by 52 to bring it down to a weekly figure, by 26 to make it fortnightly or by 12 to make it monthly. This money is yours to spend or to save; we suggest you save it each pay period.
You may find that you have a shortfall - in fact that you are spending more than you earn.
If this is the case, you will need to go back and reassess your expenditure or, look for ways to increase your income. You may have made a mistake with your calculations. Or you may need to cut down on some area of your spending: entertainment, gifts, clothing, and luxury items.
It is better for you (or your family) to make these decisions, rather than have them taken out of your hands.
This will enable you to see at a glance the payouts you will have to make each month to the nearest dollar. This means you can calculate the minimum amount you need to have available to meet your bills.
Some months you will be more heavily committed to repayments than in other times of the year. Be sure you are adequately covered so you will not be short of money.
The contents of this blog are of a general nature only and have not been prepared to take into account any particular investor’s objectives, financial situation or particular needs. Where this publication refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.
Tarnia Gurney (ASIC No. 292206) trading as Gurney Financial Services (ABN 85 296 598 954) an Authorised Representative of AFG Financial Planning, Australian Financial Services Licensee Number 247105, ABN 74 099 029 526.
Importance of Insurance
Insurance is used as financial protection for a variety of personal and business purposes – for example, to protect income, repay debts, or provide for dependants. To minimize the loss that may result from your death or serious disability, it’s important to implement suitable protection strategies.
Protect your greatest asset – your income
What is your greatest asset? Your home and its contents? Your car? Your life? Many people insure these assets, yet, all too often they don’t adequately protect what is potentially their greatest asset – their ability to earn an income.
Take a moment to consider what could happen to your lifestyle if you were unable to work for an extended period due to illness or injury. Your expenses could quickly run down your savings. You may even need to sell your investments to make ends meet.
By taking out income protection insurance you can protect your greatest asset and avoid putting your family’s lifestyle at risk.
If you suffer an illness or injury and are unable to work, income protection insurance can pay you a monthly benefit (usually 75% of your pre-tax income) to replace lost earnings. You can generally claim these premiums as a tax deduction.
You can choose a range of benefit payment periods, with maximum cover usually up to age 65. You can also choose a range of waiting periods normally between 14 days and 2 years.
Eliminate Debt
If you’re like most people, you’ve used debt to finance a range of lifestyle purchases, including the family home. However, if you die, the loan repayments will still need to be made, even though the salary your family has relied upon is no longer available.
Your loan documents may even contain a clause that requires immediate repayment if you die or become disabled. However, sometimes this is not feasible, and the only option may be to sell the underlying asset to repay the lender. When this asset is your family home, your dependants could be in the unenviable position of either having to re-finance the loan or sell and downgrade their residence.
Maintain your family’s lifestyle
You also need to consider whether your family will be able to meet their ongoing expenses.
Death, permanent disability or a serious medical condition can have a big impact on a family’s finances and standard of living. If something should happen to the main breadwinner, the emotional strain could be significant.
Protect the homemaker
It’s also potentially dangerous to overlook the insurance needs of the person who predominantly takes care of the home and the children.
If something should happen to the homemaker, the family can suffer financially, as well as emotionally. Despite advances of modern technology, there are still plenty of things that need to be done around the house and hiring someone to provide home help and child care services can cost a lot of money.
To protect your household (and avoid putting a big dent in the budget) it’s important to include the homemaker when developing suitable insurance strategies for your family.
Keep your business running
While income protection insurance should still be considered, it’s also important to protect the very thing that generates your income – your business.
By taking out business expenses insurance, you can cover certain ongoing expenses and keep your business running while you recover.
If you are self-employed or in a small partnership, business expenses insurance can help you meet 100% of your share of eligible business overheads, should you be unable to work due to illness or injury.
This can help keep your business afloat and ensure that, in the worst case scenario, there is still a business to sell should the need arise.
Expenses that can be covered with this type of insurance typically include, amongst other things, office rent and mortgage payments, equipment or vehicle leasing costs and utility bills such as electricity, heating and water.
Cover the key person in your business
The most valuable business asset is the one that produces the most profit – your staff. Material assets can be easily replaced, staff can not.
The loss of a key staff member can have a substantial impact on profitability, operational management and the goodwill of your business. Many businesses also find there are no suitable candidates readily available within the organization and it can take substantial time and money to recruit and train an external replacement.
By covering your key person, you can help fund the loss of a valuable employee by providing an injection of cash for a revenue or capital purpose.
Establish a Will for your Business
Establish a Will for your business by creating what is known as a Buy / Sell Agreement.
A Buy / Sell Agreement is a legal contract which can facilitate the orderly transfer of a person’s share in a business to the remaining owners when certain trigger events occur (such as death or serious disability).
The contents of this blog are of a general nature only and have not been prepared to take into account any particular investor’s objectives, financial situation or particular needs. Where this publication refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.
Tarnia Gurney (ASIC No. 292206) trading as Gurney Financial Services (ABN 85 296 598 954) an Authorised Representative of AFG Financial Planning, Australian Financial Services Licensee Number 247105, ABN 74 099 029 526.
To help fund the transfer, the agreement normally uses life insurance so that sufficient capital becomes available to buy out the departing owner’s share in the business.
Protect your greatest asset – your income
What is your greatest asset? Your home and its contents? Your car? Your life? Many people insure these assets, yet, all too often they don’t adequately protect what is potentially their greatest asset – their ability to earn an income.
Take a moment to consider what could happen to your lifestyle if you were unable to work for an extended period due to illness or injury. Your expenses could quickly run down your savings. You may even need to sell your investments to make ends meet.
By taking out income protection insurance you can protect your greatest asset and avoid putting your family’s lifestyle at risk.
If you suffer an illness or injury and are unable to work, income protection insurance can pay you a monthly benefit (usually 75% of your pre-tax income) to replace lost earnings. You can generally claim these premiums as a tax deduction.
You can choose a range of benefit payment periods, with maximum cover usually up to age 65. You can also choose a range of waiting periods normally between 14 days and 2 years.
Eliminate Debt
If you’re like most people, you’ve used debt to finance a range of lifestyle purchases, including the family home. However, if you die, the loan repayments will still need to be made, even though the salary your family has relied upon is no longer available.
Your loan documents may even contain a clause that requires immediate repayment if you die or become disabled. However, sometimes this is not feasible, and the only option may be to sell the underlying asset to repay the lender. When this asset is your family home, your dependants could be in the unenviable position of either having to re-finance the loan or sell and downgrade their residence.
Maintain your family’s lifestyle
You also need to consider whether your family will be able to meet their ongoing expenses.
Death, permanent disability or a serious medical condition can have a big impact on a family’s finances and standard of living. If something should happen to the main breadwinner, the emotional strain could be significant.
Protect the homemaker
It’s also potentially dangerous to overlook the insurance needs of the person who predominantly takes care of the home and the children.
If something should happen to the homemaker, the family can suffer financially, as well as emotionally. Despite advances of modern technology, there are still plenty of things that need to be done around the house and hiring someone to provide home help and child care services can cost a lot of money.
To protect your household (and avoid putting a big dent in the budget) it’s important to include the homemaker when developing suitable insurance strategies for your family.
Keep your business running
While income protection insurance should still be considered, it’s also important to protect the very thing that generates your income – your business.
By taking out business expenses insurance, you can cover certain ongoing expenses and keep your business running while you recover.
If you are self-employed or in a small partnership, business expenses insurance can help you meet 100% of your share of eligible business overheads, should you be unable to work due to illness or injury.
This can help keep your business afloat and ensure that, in the worst case scenario, there is still a business to sell should the need arise.
Expenses that can be covered with this type of insurance typically include, amongst other things, office rent and mortgage payments, equipment or vehicle leasing costs and utility bills such as electricity, heating and water.
Cover the key person in your business
The most valuable business asset is the one that produces the most profit – your staff. Material assets can be easily replaced, staff can not.
The loss of a key staff member can have a substantial impact on profitability, operational management and the goodwill of your business. Many businesses also find there are no suitable candidates readily available within the organization and it can take substantial time and money to recruit and train an external replacement.
By covering your key person, you can help fund the loss of a valuable employee by providing an injection of cash for a revenue or capital purpose.
Establish a Will for your Business
Establish a Will for your business by creating what is known as a Buy / Sell Agreement.
A Buy / Sell Agreement is a legal contract which can facilitate the orderly transfer of a person’s share in a business to the remaining owners when certain trigger events occur (such as death or serious disability).
The contents of this blog are of a general nature only and have not been prepared to take into account any particular investor’s objectives, financial situation or particular needs. Where this publication refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.
Tarnia Gurney (ASIC No. 292206) trading as Gurney Financial Services (ABN 85 296 598 954) an Authorised Representative of AFG Financial Planning, Australian Financial Services Licensee Number 247105, ABN 74 099 029 526.
To help fund the transfer, the agreement normally uses life insurance so that sufficient capital becomes available to buy out the departing owner’s share in the business.
Estate Planning
Estate Planning is about making sure your family is provided for and that your assets go where you want them to after you die. If you pass away without a Will your assets will be allocated as per the current legislation, this may not be in line with your wishes.
A good estate plan will:
Ensure that the ownership and control of your assets pass to your intended beneficiaries in the correct proportions;
Minimize tax being imposed on the income and capital gains earned on those assets;
Protect those assets should a beneficiary be involved in any legal difficulties, for example, bankruptcy or divorce.
Essentially, a good estate plan can provide you with peace of mind and minimize potential complications for your beneficiaries.
Firstly, have you accumulated sufficient assets to provide for your family and pay off any debts in the event of your death? If you determine there is a short fall, your financial planner will be able to suggest some ways for you to make up the shortfall.
Consider your estate planning needs, have you thought about who will inherit your assets, which assets they’ll inherit and in what proportions?
If you are injured and unable to control your investments, have you chosen someone to manage your affairs for you whilst you are recuperating? This is known as an Enduring Power of Attorney. It gives another person the legal power to act on someone’s behalf in relation to their financial affairs.
You should review your estate planning needs on a regular basis, and particularly when an important event occurs, such as:
Retirement
Marriage
Divorce
The birth of a child
Death of a relative you have provided for
Commencement of change of employment
Each of these events can be a life changing experience for you and your family and should trigger a consideration of your estate planning needs and objectives. At any stage of your life, estate planning is important and it should be considered and reviewed regularly. Estate planning is an important part of your overall financial plan and it shouldn’t be left until it is too late.
The contents of this blog are of a general nature only and have not been prepared to take into account any particular investor’s objectives, financial situation or particular needs. Where this publication refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.
Tarnia Gurney (ASIC No. 292206) trading as Gurney Financial Services (ABN 85 296 598 954) an Authorised Representative of AFG Financial Planning, Australian Financial Services Licensee Number 247105, ABN 74 099 029 526.
A good estate plan will:
Ensure that the ownership and control of your assets pass to your intended beneficiaries in the correct proportions;
Minimize tax being imposed on the income and capital gains earned on those assets;
Protect those assets should a beneficiary be involved in any legal difficulties, for example, bankruptcy or divorce.
Essentially, a good estate plan can provide you with peace of mind and minimize potential complications for your beneficiaries.
Firstly, have you accumulated sufficient assets to provide for your family and pay off any debts in the event of your death? If you determine there is a short fall, your financial planner will be able to suggest some ways for you to make up the shortfall.
Consider your estate planning needs, have you thought about who will inherit your assets, which assets they’ll inherit and in what proportions?
If you are injured and unable to control your investments, have you chosen someone to manage your affairs for you whilst you are recuperating? This is known as an Enduring Power of Attorney. It gives another person the legal power to act on someone’s behalf in relation to their financial affairs.
You should review your estate planning needs on a regular basis, and particularly when an important event occurs, such as:
Retirement
Marriage
Divorce
The birth of a child
Death of a relative you have provided for
Commencement of change of employment
Each of these events can be a life changing experience for you and your family and should trigger a consideration of your estate planning needs and objectives. At any stage of your life, estate planning is important and it should be considered and reviewed regularly. Estate planning is an important part of your overall financial plan and it shouldn’t be left until it is too late.
The contents of this blog are of a general nature only and have not been prepared to take into account any particular investor’s objectives, financial situation or particular needs. Where this publication refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.
Tarnia Gurney (ASIC No. 292206) trading as Gurney Financial Services (ABN 85 296 598 954) an Authorised Representative of AFG Financial Planning, Australian Financial Services Licensee Number 247105, ABN 74 099 029 526.
Sunday, February 1, 2009
Too Much Debt...
Too much debt…
More and more Australian Families are finding themselves in a debt crisis. With the introduction of lines of credit, credit cards and the availability of credit in general, more Australians are finding it difficult to get their head above water and make ends meet.
This leads to stress with partners and families, and often leads people to a merry-go-round situation for many years, never becoming debt free, in most cases until retirement. This means there was never enough money to even begin creating wealth. As a result, the quality of life for over 90% of Australians will be extremely poor during the 30 or so years of retirement.
Did you know that if you currently have a mortgage you could be paying up to three times what you borrow in interest? What makes it even more difficult is that you have to pay up this in after tax dollars.
Australians are now more in debt than ever. Lines of credit offered by banks and other lending institutions are eating away at our equity and keeping us in debt longer than ever before. As part of an effective long-term financial planning strategy, debt management and debt structure must be considered.
Too much to worry about?
These days most people with a mortgage and young families don't have the time to be studying financial planning facts and figures. People are working longer hours and there are more financial pressures. Car payments, the mortgage, credit cards, interest free loans etc that all need to be paid. Not to mention the cost of living, interest and taxes. Even buying the first home these days seems daunting and out of reach to most people.
Today around the world more people are realising it makes so much sense to place your finances in the hands of someone you can trust who specialises in taxation, superannuation and all areas of money. We help you and guide you through the ever changing complex legislation relating to all areas of financial planning to assist you to retire in comfort.
Are you willing to take a gamble with you entire financial future? Place a call to us now and secure your financial future. Don't gamble it!
Little or no savings?
With the cost of living on the increase, more access to credit, the increase cost of entry into the property market, more and more people are finding it difficult save anything.
Another major factor to this is that most people spend in an undisciplined manner and have no idea what it actually costs them to live.
Most people don't realise the importance of managing the personal home finances in such a way to allow some savings to be made. In fact most people spend everything they earn most of their lives. They only realise they should have done more when it's too late.
The team specialise in assisting you turn your home finances into a successful 'business', ensuring there is a profit at the end of the year rather than just more debt. And as part of our unique "Wealth Creation Program" our team can show you new and innovative ways to save money. And not just by spending less, but by paying less tax, less interest and increasing the returns you may be currently getting on your investments.
Not enough protection?
When things get tough the first thing people cancel is their personal insurance. Having your bases covered with the correct level of insurance is an intelligent move. You never know when tragedy may strike. Think about this. Do you think any one would have boarded the Titanic if they knew it was about to sink?
What would happen to you if you hurt yourself at home or work and you were not covered? Who would pay the bills and provide an income to sustain your family and you lifestyle? It makes sense to insure your car or you home contents, yet many people don't see the importance of insuring their income.
Further to this our statistics indicate that those current clients that do have themselves protected in some form were paying more than they needed to, plus they were under insured..
Some people think they just cannot afford it. Such ones may be surprised at the possibilities that are available to them to be able to fund their insurance needs through superannuation. Your advisor will be able to explain to you the pros and cons of each of the options available to you, as well as its impact on your long term wealth creation.
Would you like a us to show you how you can insure for more while paying less for all you insurance needs?
The contents of this blog are of a general nature only and have not been prepared to take into account any particular investor’s objectives, financial situation or particular needs. Where this publication refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.
Tarnia Gurney (ASIC No. 292206) trading as Gurney Financial Services (ABN 85 296 598 954) an Authorised Representative of AFG Financial Planning, Australian Financial Services Licensee Number 247105, ABN 74 099 029 526.
More and more Australian Families are finding themselves in a debt crisis. With the introduction of lines of credit, credit cards and the availability of credit in general, more Australians are finding it difficult to get their head above water and make ends meet.
This leads to stress with partners and families, and often leads people to a merry-go-round situation for many years, never becoming debt free, in most cases until retirement. This means there was never enough money to even begin creating wealth. As a result, the quality of life for over 90% of Australians will be extremely poor during the 30 or so years of retirement.
Did you know that if you currently have a mortgage you could be paying up to three times what you borrow in interest? What makes it even more difficult is that you have to pay up this in after tax dollars.
Australians are now more in debt than ever. Lines of credit offered by banks and other lending institutions are eating away at our equity and keeping us in debt longer than ever before. As part of an effective long-term financial planning strategy, debt management and debt structure must be considered.
Too much to worry about?
These days most people with a mortgage and young families don't have the time to be studying financial planning facts and figures. People are working longer hours and there are more financial pressures. Car payments, the mortgage, credit cards, interest free loans etc that all need to be paid. Not to mention the cost of living, interest and taxes. Even buying the first home these days seems daunting and out of reach to most people.
Today around the world more people are realising it makes so much sense to place your finances in the hands of someone you can trust who specialises in taxation, superannuation and all areas of money. We help you and guide you through the ever changing complex legislation relating to all areas of financial planning to assist you to retire in comfort.
Are you willing to take a gamble with you entire financial future? Place a call to us now and secure your financial future. Don't gamble it!
Little or no savings?
With the cost of living on the increase, more access to credit, the increase cost of entry into the property market, more and more people are finding it difficult save anything.
Another major factor to this is that most people spend in an undisciplined manner and have no idea what it actually costs them to live.
Most people don't realise the importance of managing the personal home finances in such a way to allow some savings to be made. In fact most people spend everything they earn most of their lives. They only realise they should have done more when it's too late.
The team specialise in assisting you turn your home finances into a successful 'business', ensuring there is a profit at the end of the year rather than just more debt. And as part of our unique "Wealth Creation Program" our team can show you new and innovative ways to save money. And not just by spending less, but by paying less tax, less interest and increasing the returns you may be currently getting on your investments.
Not enough protection?
When things get tough the first thing people cancel is their personal insurance. Having your bases covered with the correct level of insurance is an intelligent move. You never know when tragedy may strike. Think about this. Do you think any one would have boarded the Titanic if they knew it was about to sink?
What would happen to you if you hurt yourself at home or work and you were not covered? Who would pay the bills and provide an income to sustain your family and you lifestyle? It makes sense to insure your car or you home contents, yet many people don't see the importance of insuring their income.
Further to this our statistics indicate that those current clients that do have themselves protected in some form were paying more than they needed to, plus they were under insured..
Some people think they just cannot afford it. Such ones may be surprised at the possibilities that are available to them to be able to fund their insurance needs through superannuation. Your advisor will be able to explain to you the pros and cons of each of the options available to you, as well as its impact on your long term wealth creation.
Would you like a us to show you how you can insure for more while paying less for all you insurance needs?
The contents of this blog are of a general nature only and have not been prepared to take into account any particular investor’s objectives, financial situation or particular needs. Where this publication refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.
Tarnia Gurney (ASIC No. 292206) trading as Gurney Financial Services (ABN 85 296 598 954) an Authorised Representative of AFG Financial Planning, Australian Financial Services Licensee Number 247105, ABN 74 099 029 526.
Debt Management
To take control of your debt, the first thing you should do is a budget. This will allow you to see exactly how much you are earning and spending. It will also show where you are overspending and possibly where this expenditure can be reduced.
If the burden of debt is starting to take control of you, for some people to consolidate all of these debts into the one loan would be the best solution. Consolidation allows you to lower your overall interest rate and more easily manage your debt.
Loan consolidation will save you interest where your new repayment and loan term are at least equal to your total current loan repayments and loan terms. Otherwise, you could be converting your short-term debts into longer-term debt and be paying more interest in the long run.
One option is to use the equity in your residential premises. If you have owned your home over the last few years, with the fuelling property prices you are likely to have the capital to cover your existing mortgage, as well as other loans and credit cards. You would need to refinance your home loan which usually offers more competitive interest rates than Credit Cards and Personal Loans.
By paying less interest, more of your repayment can be used to reduce the debt. This assumes that you maintain the same overall repayments.
You should ensure that your existing home loan offers the features and flexibility to repay sooner rather than later.
To ensure you take control of your debts:
Review all your debts regularly;
Close credit card and store accounts and have the discipline not to obtain more. Don't buy on credit; you are only using money you don't have.
Credit cards can work well and to your advantage, as long as you use them correctly. Only use the interest free period.
If you find yourself on the credit card round-a-bout, (that is every time you pay some money off you credit card you go out and put more on it), you have to STOP. You are spending more than you're earning.
If you do retain a credit card then ask the institution to reduce the limit to the minimum needed - this should be what you can comfortably repay each month.
Every time your statement arrives pay twice the required amount. Realise that you can do without it. If you don't stop using credit you will ALWAYS be in debt.
Resolve to spend money where it makes sense and cut back where it doesn't, paying particular attention to cash and expenditures.
Your cheque book and credit card statements reveal big-ticket items, so that monitoring daily spending for a while may show where your money is slipping away in ways that don't give much satisfaction.
Most importantly a disciplined approach is needed to ensure debts are not increased to fund unnecessary purchases - a good rule of thumb is that your liabilities should not exceed your assets - if they do - it probably means you have borrowed for the wrong reasons.
Remember IT IS NEVER TOO LATE to take back control.
Review your spending patterns and curb these to fit within your budget!
The contents of this blog are of a general nature only and have not been prepared to take into account any particular investor’s objectives, financial situation or particular needs. Where this publication refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.
Tarnia Gurney (ASIC No. 292206) trading as Gurney Financial Services (ABN 85 296 598 954) an Authorised Representative of AFG Financial Planning, Australian Financial Services Licensee Number 247105, ABN 74 099 029 526.
Steps for planning your Finances
Budgeting Skills for U & Ur Family
Planning your Financial Future
Step One. Financial Analysis – Goals, where you want to be: 1, 2, 5 and 10 years
Step Two: Budget planning – bills, rates, mortgages, savings
Step Three: Debt Consolidating – get rid of bad debt – maybe refinance
Step Four: Minimise Risk – Fixing loans, consolidate and diversifying super
Step Five: Investment Portfolio – looking at: Superannuation & Cash Investment
Step Six: Plan Protection – Insurances:
Personal – Life, TPD, Trauma, Income Protection
General – Home Contents, Building, Car
Health – Ambulance, hospital, dental, etc
Step Seven: Estate Planning – Wills and Power of Attorneys.
Step Eight: Wealth Creation - Investment property & Share investment
Step Nine: Monitoring or Reviews
The contents of this blog are of a general nature only and have not been prepared to take into account any particular investor’s objectives, financial situation or particular needs. Where this publication refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.
Tarnia Gurney (ASIC No. 292206) trading as Gurney Financial Services (ABN 85 296 598 954) an Authorised Representative of AFG Financial Planning, Australian Financial Services Licensee Number 247105, ABN 74 099 029 526.
Planning your Financial Future
Step One. Financial Analysis – Goals, where you want to be: 1, 2, 5 and 10 years
Step Two: Budget planning – bills, rates, mortgages, savings
Step Three: Debt Consolidating – get rid of bad debt – maybe refinance
Step Four: Minimise Risk – Fixing loans, consolidate and diversifying super
Step Five: Investment Portfolio – looking at: Superannuation & Cash Investment
Step Six: Plan Protection – Insurances:
Personal – Life, TPD, Trauma, Income Protection
General – Home Contents, Building, Car
Health – Ambulance, hospital, dental, etc
Step Seven: Estate Planning – Wills and Power of Attorneys.
Step Eight: Wealth Creation - Investment property & Share investment
Step Nine: Monitoring or Reviews
The contents of this blog are of a general nature only and have not been prepared to take into account any particular investor’s objectives, financial situation or particular needs. Where this publication refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.
Tarnia Gurney (ASIC No. 292206) trading as Gurney Financial Services (ABN 85 296 598 954) an Authorised Representative of AFG Financial Planning, Australian Financial Services Licensee Number 247105, ABN 74 099 029 526.
Subscribe to:
Posts (Atom)
Posts
