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"I get all my business from word-of-mouth marketing."

"I'm a referral business."

"I don't have the budget for marketing."

"I'm just too busy to market my business!"

If you find yourself saying any of the above, it's likely that you experience considerable peaks and troughs in your small business.

Why?

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Any business that isn't planning for the future is planning to get left behind.

While most business owners know that budgeting is a critical part of their planning, there is some confusion about which components should be included in a budget.

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Two things first up: (1) If you want to (or have to) work past the age of 55, you need to read this article; or (2) If you know someone else who that applies to, please forward them this article or a link to it.

They'll thank you for it.

There are now ways you can ease into retirement, tap into your super before you fully retire, save tax and potentially boost your super as you do it.

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As much as you try to share skills, knowledge and information in your company, you probably have some people who are key to your business' success.

It might be a Director or the CEO, whose vision made it a success in the first place. It might be your star salesperson, or someone in your IT area who knows the system backwards. It could even be someone who doesn't create any revenue but does a fantastic job of boosting your company's reputation or perhaps running your admin and back office systems.

Now, what would happen if you suddenly lost one of those key people?

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Your step-by-step guide to setting up an SMSF

Are you worried that your hard-earned money is not working hard enough for you? That your dream of your retirement spent on the golf course or with loved ones on the beach is fading fast?

Think you can do a better job yourself - by managing your own super?

You may be right. A Self-Managed Super Fund (SMSF) may provide an excellent opportunity to better build wealth for your retirement. But only if you get the right advice and set it up correctly.

SMSFs are not for those who just want to dabble in investment. They are serious undertakings that can have serious legal and financial ramifications for the years ahead.

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While everyone wants their businesses to be successful and operate for a long time, you may not necessarily want to remain at the helm.

At some point, you may want to pass the business on to your children, or to someone else in the company. You may want to sell your share to your business partner. Or you may want to sell the business to another person or company, and retire on the proceeds.

Ideally, you will choose the timing and method of your exit from the business. However, the way life unfolds sometimes, business owners do not always have a choice in what happens, or when.

For example, what would happen if you or your business partner suddenly passed away or became incapacitated?

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Isn't Twitter a waste of time? Isn't Facebook for the kids?

Not anymore.

It's true that Twitter and Facebook started out with very 'non-business' objectives. The founder of Twitter actually did invent it so you could tell everyone you were going to the shop to get some milk; and anyone who has seen the movie The Social Network knows about the very lowbrow origins of Facebook.

Other social media platforms include LinkedIn, Google+, YouTube, Pinterest, Instagram, Snapchat, Foursquare, Quora, Tumblr, Vine, Flickr and MySpace, among others.

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Let's face it: no-one likes to think of death, especially their own. It's not exactly a great conversation starter, is it? This might explain why so many people end up "dying Intestate" which means they die without a will and, as a consequence, have their assets distributed according to State law. 

Sadly, the way State law distributes a deceased person's assets among family members can often be a lot different to the way a deceased person wanted their assets distributed

It can create a lot of unnecessary stress and conflict within a family.

So unless you're living as a hermit with no contact or relationships with others, and you also don't have a single possession to your name, you need to not only think about preparing a will, but do something about it.

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Think back to the days before you started your business, when you were working for a boss. Chances are you were rewarded for your hard work with a regular salary. It may not have always been the same amount, but it came through like clockwork. And for the next week, month or however often you got paid, you'd do your best to make it last.

But now you are the boss, and so you don't need to be restricted to a set salary, do you? You can simply draw money out of the business whenever you need it, right?

Wrong.

7 reasons to pay yourself a regular salary

As a business owner, here are seven reasons why you should pay yourself a regular salary instead of treating your business like an automated teller machine.

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If a business owner said to you that they run their business without a budget, what would you think? You'd think they were incompetent. Or perhaps lazy? Or both?

But what do most families do?

When you think about it, a family is actually a mini business. There is income, there are expenses and there is, hopefully, something left over to invest and to enjoy.

So why don't most families operate to a budget?

After all, a personal budget helps you to see your financial direction and helps you stay (or get back!) on track. It's a great comfort.

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Meet The Team

Bill Pugh
Director
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Sue Ritchie
Chartered accountant
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Nicole Morahan
Chartered Accountant
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Kim Page
Financial Planning Assistant
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Cathy Pickering
Assistant Accountant
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Karen Kendall
Client Administrator
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Breanna Julius
Secretarial
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Laura Pugh
Graduate
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Kieran Pugh
Graduate
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