Love what you do

Love what you do

Love what you do

Want to be more engaged, dedicated and productive? Doing what you love and are passionate about creates the enthusiasm needed to create engagement, dedication and productivity.

Love What You Do

Want to be more engaged, dedicated and productive? Doing what you love and are passionate about creates the enthusiasm needed to create engagement, dedication and productivity. As a business owner, you have the opportunity to step back and review what part of your business you are spending your time on. You need to not only regularly assess if this is the best use of your time, but also are you doing what you love?

Focus on tasks you enjoy

I believe everyone can, and should explore and develop their interests. If you hate doing the accounts at night after a day on the tools – don’t do them! Join a sporting team, play the PlayStation – whatever you want to do with your time. Work will become more enjoyable and thus productive. Maybe you love the administration and marketing side – in which case you need to get the support in place in your business so you can step away from the output and focus on the business. No option is right or wrong, but if you are focusing on the part of the business you enjoy – you will not only have an improvement in quality of life, but your business will feel this too.

“No option is right or wrong, but if you are focusing on the part of the business you enjoy – you will not only have an improvement in quality of life, but your business will feel this too.”

There are three types of workers

  1. Job Oriented – see work as a means to an end, allowing them to pursue other interests in their personal lives
  2. Career Oriented – focused on achievement related to upward mobility.
  3. Calling Oriented – align their work with their personal identity, which is how they find meaning.

Which one are you? Where do your team fit into this?

 

Which Worker are you?

“There are Three Types of Workers; Job Oriented, Career Oriented and Calling Oriented.”

Being realistic about “what you love”

You might say there is a fair amount of privilege in the statement “do what you love” as we can agree there are many that do what is needed to pay the bills and survive. That’s a whole other debate around education, breaking cycles and taking risks – for another day!

I prefer the statement “do what you are good at” or “do what you are interested in right now”. How do you know what you are good at?
What are your strengths? Do things that come naturally to you, or that you can do with little effort. That is doing what you are good at.

Implementing doing “What you love” into your business:

As a small business owner you can achieve this simply by stepping back and looking at your business as a whole, making a list of the tasks that need to be done, and allocating those you are good at or interested in to yourself. There is of course added bonus to those who can do this for their staff too. Happy team, happy boss!

“Do what you are good at or do what you are interested in right now… Do things that come naturally to you, or that you can do with little effort. That is doing what you are good at.”

For those reading this that are thinking I hate administration, bookkeeping etc – guess what? We LOVE IT. It’s our strength, what we enjoy and thrive on. You may not understand this – and you don’t have to understand other people’s passions – just take advantage of them. I can guarantee you that we can do your books in half the time you can and provide you with useful analytical information to help your business grow. Interested?

Lisa Hooton
Lisa Hooton is the founding director of Nurture Accounting in North Lakes QLD. She has 25 years experience in Public Practice with a passion for Small Business Compliance. Lisa is dedicated to Nurture’s clients and team, always learning, fun and spirited individual. Lisa is a guru in time and workflow managment. She is also an advocate for the development and implementation of automation and cloud systems in small business. Lisa is a supporter of women in small business and an active volunteer in the local community. Lisa lives with her husband of 24 years and 3 amazing daughters in Murrumba Downs QLD. She spends her downtime writing blogs and courses on business administration and management, is an avid gamer and loves a good road trip. BBus (hons). BArts (hons). CPA. MIPA. Registered Tax Agent. Registered ASIC Agent. Xero Certified Advisor and Xero Gold Partner.
Lisa Hooton
Lisa Hooton is the founding director of Nurture Accounting in North Lakes QLD. She has 25 years experience in Public Practice with a passion for Small Business Compliance. Lisa is dedicated to Nurture’s clients and team, always learning, fun and spirited individual. Lisa is a guru in time and workflow managment. She is also an advocate for the development and implementation of automation and cloud systems in small business. Lisa is a supporter of women in small business and an active volunteer in the local community. Lisa lives with her husband of 24 years and 3 amazing daughters in Murrumba Downs QLD. She spends her downtime writing blogs and courses on business administration and management, is an avid gamer and loves a good road trip. BBus (hons). BArts (hons). CPA. MIPA. Registered Tax Agent. Registered ASIC Agent. Xero Certified Advisor and Xero Gold Partner.

Still have questions?

Perhaps you’d like to know more about this blog’s topic? Or perhaps we impressed you so much with our know-how on this topic, that you’d like to ask us about another accounting related topic?

Either way, feel free to drop us a line – we really are as friendly as we seem to be 🙂

Resolutions for Small Business Owners

Resolutions for Small Business Owners

Resolutions for Small Business Owners

Spending time setting some goals for the year ahead is just as important in business as it is personally. For business owners, making new years resolutions can make a huge impact both for your motivation when you start back at work as well as during the year.

New year – new leaf

As a business owner, the start of a new year is a time to regather your vision for the business, take time for yourself and spend time with your family. Spending some time setting goals and plans for the year ahead is just as important in business as it is personally. For small business owners, resolutions can make a huge impact both for your motivation when you start back at work as well as during the year. Read further for some inspiration to get you started setting goals for 2021.

1. Prioritise Balance

The 9 to 5 that most employees enjoy, is often not the same balance that business owners enjoy. That’s why it’s important to prioritise balance. To continue to be a successful entrepreneur you must take the time to recharge your batteries, otherwise you risk burning out or making errors. Take time for you, try a yoga class or go for a walk along the beach. Promise us and yourself that you’ll make the time for balance this New Year.

2. Remember to put on pants

Ok, we are certainly pro a non-traditional workplace – no high heels or pencil skirts at Nurture! A less serious resolution on the surface, but one this author is going to attempt in 2021. “Putting on pants” each day includes taking pride in oneself and how you present to the world. Being confident in yourself, your skills and what you can provide to your clients or customers. COVID19 working from home although challenging at times, provided a safe and pant free environment for this little worker. Moving into 2021 it’s time to break those bad habits and function fully back in the world. A morning ritual is key, and is currently being planned out. Watch this space! 

3. Make Work Fun

Own a business they said, it’ll be fun they said. Okay, we’ve all been there – the questions of “why did I start this” and “I have no time anymore” are common questions business owners ask themselves. And if you’ve asked yourself these, it’s time to a) prioritise balance like we firstly recommended, and two start making work FUN! Create a happy place at work by creating happiness boosting traditions – yes you heard us right! Whether that’s a daily joke, watching a funny youtube video or making your workspace more invigorating. It’s important to have fun!

4. Be authentic

This is something we work really hard on as a team at Nurture. In a nutshell, we describe being authentic as being open and honest with the people around you, in a tactful and professional way. You will be surprised how much easier day to day life is when you simply focus on authenticity. Keep in mind it doesn’t always go down well, with some others not appreciating the honesty! Just remember you cannot control how other people respond and behave, but you can control your own actions and behaviour. 

Louise Duce, director at Nurture set a professional resolution of being brave. Being authentic is being brave. Telling people what they need to hear (again, professionally) not what they want to hear. Yes, upsetting the apple cart is inevitible – but you are doing everyone an injustice not being authentic. Being able to see and deal with the truth enables growth – personally and in business. 

5. A goal without a plan is just a wish

Setting goals and plans for the year ahead is really important in small business. Running a business without goals is like flying a plane with no idea where you want to land. Even if you have short and long term goals in place, they need to be reviewed regularly and have plans in place with acheiveable steps to ensure the goals can be attained. January is the perfect time to grab a coffee and get started with goal setting.

Need some direction? Here are some basic tips to help you get started setting goals.

  • goals must be yours and mean something to you
  • goals must be specific and measurable
  • goals must be flexible
  • goals must be challenging and exciting
  • goals must be in alignment with your values
  • goals must be realistic
  • goals must be supported (but those around you)

 

6. Learn to Delegate

Now, this is crucial. If you want to make work more fun, prioritise balance and have time to set goals you’re probably going to have to delegate. You’re smart, you’ve accomplished a great business and you’re probably not great at delegating because you trust yourself to do the job right. So, stop that and start to delegate some of your tasks to the employees that you’ve carefully selected and hired to help. Alternatively, outsource to your trusted tribe or professionals and focus on the elements of the business you are not only good at, but enjoy. Shifting the work to someone else is an adjustment, but once trained and confident you’ll have more balance in your life!

But don’t delegate the goal setting and planning – that’s all on you.

“Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success” – Pable Picasso

About the Author.

Lisa Hooton is the founding director of Nurture Accounting in North Lakes QLD. She has 25 years experience in Public Practice with a passion for Small Business Compliance. Lisa is dedicated to Nurture’s clients and team, always learning, fun and spirited individual. 

Lisa is a guru in time and workflow managment. She is also an advocate for the development and implementation of automation and cloud systems in small business. Lisa is a supporter of women in small business and an active volunteer in the local community. 

Lisa lives with her husband of 24 years and 3 amazing daughters in Murrumba Downs QLD. She spends her downtime writing blogs and courses on business administration and management, is an avid gamer and loves a good road trip. 

 

BBus (hons). BArts (hons). CPA. MIPA.
Registered Tax Agent. Registered ASIC Agent.
Xero Certified Advisor and Xero Gold Partner.

 

 

 

Still have questions?

Perhaps you’d like to know more about this blog’s topic? Or perhaps we impressed you so much with our know-how on this topic, that you’d like to ask us about another accounting related topic?

Either way, feel free to drop us a line – we really are as friendly as we seem to be 🙂

Claim back Christmas this year

Claim back Christmas this year

Claim back Christmas this year

We can’t do much about the “no dancing” this year, but we can help you negotiate the rules around Christmas parties, gifts and deductibility.

what can you claim this christmas?

We can’t do much about the “no dancing” this year, but we can help you negotiate the rules around Christmas parties, gifts and deductibility.

Each Christmas business owners big and small ask us what they can deduct from work Christmas parties and gifts. Sound like a question you have? We thought so, keep reading!

So, here’s what you need to know.

What is FBT, and what does it have to do with Christmas?

FBT stands for Fringe Benefits Tax and it’s important to understand that there is no independent fringe benefits tax (FBT) category for Christmas parties. However, certain aspects of your Christmas party may be exempt from FBT if they can pass as a minor and infrequent benefit.

A minor benefit is defined by the ATO as a benefit that is ‘less than $300 in notional taxable value’ and ‘unreasonable to treat as a fringe benefit’. Under this definition, you may be eligible for relief from FBT as long as the cost per head does not exceed $300. To calculate this simply divide the total cost of the party by the number of attendees.

“Always remember that if an item is exempt from FBT, then it is not tax deductible, nor can you claim the GST credits.”

Can I claim my Christmas gifts?

The $300 limit also applies to Christmas gifts you provide to your staff however the deductibility and GST treatment is based on whether the gift is “entertainment” or “non-entertainment”. To get the best outcome we recommend providing “non-entertainment” gifts (see below) costing less than $300 and you will be able to claim a tax deduction plus claim the GST.

Examples of non-entertainment gifts:

  • Skincare and beauty products
  • Flowers
  • Wine
  • Perfumes
  • Gift vouchers
  • Hampers.

Did you know?

Did you know if you serve alcohol at your Christmas party – the entire event’s expenses become non-deductible?

The ins and outs of deductibility

For the entire cost of a Christmas party to be a deductible expense, the Christmas party must meet the following criteria:

  • Held on your business premises

  • Held on a working day

  • Held for current employees, volunteers, customers, and suppliers only

  • No alcohol

  • Only finger food or a light meal provided

  • No employee associates (e.g. spouses, children, etc.) present

If a Christmas party includes any of the following elements, the entire cost is non-deductible:

  • Alcohol is served
  • Employee associates (e.g. spouses, children, etc.) attending
  • Held at a location other than your business premises

The Christmas deduction wrap-up

In summary, you can avoid FBT during the festive season by keeping the per head costs below $300, but the expenditure will be non-deductible entertainment.

Some may argue that ensuring your Christmas party is tax deductible by complying with the above criteria is not in the best interests of staff moral and certainly not inductive to building strong relationships and fostering a positive work culture within your business.

Lisa Hooton
Lisa Hooton is the founding director of Nurture Accounting in North Lakes QLD. She has 25 years experience in Public Practice with a passion for Small Business Compliance. Lisa is dedicated to Nurture’s clients and team, always learning, fun and spirited individual. Lisa is a guru in time and workflow managment. She is also an advocate for the development and implementation of automation and cloud systems in small business. Lisa is a supporter of women in small business and an active volunteer in the local community. Lisa lives with her husband of 24 years and 3 amazing daughters in Murrumba Downs QLD. She spends her downtime writing blogs and courses on business administration and management, is an avid gamer and loves a good road trip. BBus (hons). BArts (hons). CPA. MIPA. Registered Tax Agent. Registered ASIC Agent. Xero Certified Advisor and Xero Gold Partner.

Still have questions?

Perhaps you’d like to know more about this blog’s topic? Or perhaps we impressed you so much with our know-how on this topic, that you’d like to ask us about another accounting related topic?

Either way, feel free to drop us a line – we really are as friendly as we seem to be 🙂

Small Business winter is coming

Small Business winter is coming

The cold weather may be making its way (finally) out of our lives, but the fact of the matter is that this time of year can be one of the hardest for small businesses to survive. Just when we thought there wasn’t enough to deal with as a small business, here comes the after mid-year slump. It’s important to realise that our ability as small business owners to increase profit doesn’t simply rely upon the quantity of sales or price of sales. It is also greatly dependant on your expenses and the spending you’re left with at the end of the month. Of course, there are plenty of ways to cut corners, but let’s focus on the ways you can do so without affecting your business’ efficacy or productivity. Here’s a few tips to warm your business soul as you suffer through this spring slump.

TIME TO GO BUSH WHEN IT COMES TO YOUR EMPLOYEES

When trying to decrease operating costs, the first thing you may wish to do is start hiring remote workers. Sure, the stigma may be that only ‘digital’ businesses can do this. However, it may be surprising how many tasks can be achieved by someone only a few towns over, or perhaps even ‘out bush’. Combine this with not having to rent a large office space or pay for things like electricity and someone’s morning tea. You’ll quickly find a hidden stash of money you’re not having to spend. It also means you have the ability to search within a much larger talent pool for the best workers.

IF YOU’RE NOT PAYING ONLINE, YOU’RE LIVING IN THE DARK AGES

It may seem simple in today’s digital world to suggest you pay your bills online instead of in line. Did you know that it costs a small business between $12 and $30 in costs to pay for a single bill? In contrast to this, paying online means fewer missed bills and more time saved. If you have the ability to automate a whole heap of your bills as well with direct debit – why not take advantage of this. The amount of time you save not having to pay bills will also save you money – winning!

GET YOUR BARTER ON

Sometimes it’s very tempting to not make the situation awkward, by not asking any of your suppliers, or even your landlord, if they can do you a better deal. Well it’s time to get down and dirty so that your business can be more sustainable in the long run. Think about the fact that if your supplier is doing an average of 10 hours a week work for you. If they’re willing to lower their rate by just $10, that’s already $5,200 a year you’re saving.

BULK BUY LIKE IT’S ARMAGEDDON

Well we did say that winter was coming. So why not stock up on all of the items you’re always going to need more of. This could be your most sold products, most used tools, or perhaps is as simple as toilet paper and tissues. There’s a lot to be said for buying items when there is money to spare and therefore making a saving. Versus leaving it until the last minute and having to buy the more expensive version.

LISTS ARE FOR LOOSE CHANGE

Yes, this step is the most boring, and the least often task a small business embarks upon. When it comes to stretching every dollar to its maximum capacity, it’s important to write down all your business costs. This may be something as simple as the amount spent on coffees out of the office. You may think it’s not going to save you very much, but then be pleasantly surprised when the process leads to finding a subscription you’d completely forgotten about – leaving more money for the essentials. If you’re not sure about cancelling a service – best to attempt going without and see if you miss it.

Hopefully these few tips can act as your winter woollies against the iciness of the coming business dip. Be sure to also stock up on comfort food and caffeine to make the long nights at work more bearable. Alternately, if you’re sick of barely surviving month to month, why not book in for a business advice session with one of our awesome team? We’re accountants who just happen to know a bunch about business, and we’d love to help you grow. Call me for a chat any time!

 

LISA – 07 3491 3458 – LISA@NURTUREACCOUNTING.COM.AU