Small Business Owner? What is Your Long term Vision?

by Dominique Schuh

Strong gains by resources companies including Rio Tinto and BHP Billiton have lifted the share market, despite falls by the banks. The benchmark S&P/ASX200 index gained 0.2 per cent, after earlier being close to 0.5 per cent higher. U.S. stocks slipped to session lows, before recovering ground, on Wednesday as drug stocks took a beating after Donald Trump's comments on drug pricing in his first formal news conference after his election victory. The Australian dollar has slipped a touch on the back of firming market bets on a US interest rate rise. The local currency was trading at 73.68 US cents at 0700 AEDT on Wednesday, down from 73.74 US cents on Tuesday.

What does this mean for you?

It's still early enough in the new year to do a business plan if you're in a small business. This can include a sole operator, a partnership or a business with a number of shareholders. Before the year gets away from you, think about what your long-term vision is, what your competitors are offering and how you're different, and then how you're going to market that difference. If you're a small business operator, that business is potentially your greatest cash cow, so take the time to plan for it being on track.

Have you checked your superannuation beneficiary nominations recently? Your superannuation balance doesn't automatically get paid into your estate, so make sure you've nominated where you'd like this to end up. There can be tax consequences for the people who receive it, so make sure you get some advice if you're unsure.
If you would like to review your current structures, contact us today on 5482 2855