The gold in our failings

Failure is NOT the opposite of success. It is PART of success......

Secretly, humans are conditioned to love a good fail.  While stories of triumph are inspiring, epic fails are generally more relatable, and certainly more entertaining…

However, we generally forget the key reason we should celebrate failure, which is that failure provides us indispensable learning opportunities.  And, if we can shift our perspective to see our stuff ups as valuable progress, failure is lined with gold.

Here are eight ways to help turn fails into future wins:

 

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Let’s get to the core of the problem

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We are firm believers that everyone comes to work to do a great job – initially anyway.  So why do businesses have poor performers?  Likewise, why do team members find it difficult to deal with conflict in the workplace; that difficult client or demanding boss?

To get answers to these questions we need to look beneath the surface.  Go beyond actions and behaviour and look to the drivers of performance: Core Values.

The Identity Iceberg demonstrates the impact our values have on actions and behaviour.  What’s visible above the surface – our Actions and Behaviours – are the tip of the iceberg.  They’re what we see and experience.  They’re driven by what’s beneath the surface.

Immediately beneath the surface are our Habits – good and bad.  Consider how hard it is to change a habit.  These habits are driven by our Beliefs.

For example, we might believe that a certain team member is disengaged in the business because they’re often late, sick or the first to leave the office at night.  As a result of our beliefs, we create habits like overlooking them for new opportunities or ignoring their positive actions to focus on their bad behaviours.  We find it very difficult to change these beliefs.

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Tax time: Are you in the ATO’s sights?

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A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected.

Here is a checklist of the key issues.

What’s new

For you

Your Superannuation

Your business

Your Trust

 

If you are concerned about any of the issues raised, please call us – we would be more than happy to help you.

the health of your wealth in 2019 and beyond

Is your business ready for single touch payroll?

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In Breaking news this week…….Single Touch Payroll legislation has passed through Parliament, so our Blog today is a must read for employers of less than 20 employees.

Single Touch Payroll (STP) legislation passed through Parliament this week for employers of all size.  This legislation has applied to businesses employing more than 20 employees since 1 July 2018 and now, with legislation passed through parliament this week, from 1 July 2019 all employers will be required to comply with the Single Touch Payroll requirements.  The ATO website says the following in relation to Single Touch Payroll:

Single Touch Payroll (STP) changes the way employers report their employees’ tax and super information to us.

Using payroll or accounting software that offers STP, employers send their employees’ tax and super information to us each time they run their payroll and pay their employees.

The information is sent to us either directly from the software or through a third party, such as a sending service provider. Software providers can tell you more about how they offer STP reporting.

So what does this mean for small business and employers?

If you currently have employees (including companies where the directors are paid by a salary) and you are not using an online or digital payroll service you will need to update the way you pay your employees and run your payroll system.  The introduction of this reporting system has specifically been designed and implemented to increase the data matching capabilities of the ATO in relation to employers meeting their tax and superannuation obligations.  Whilst this may seem like an additional compliance requirement for employers, research conducted by Xero has revealed that once implemented employers using digital reporting estimate they save on average 3.1 hours per week on payroll requirements.

What should all employers do?

  1. Assess your current payroll system
  2. Confirm the current payroll system being used has the capability to meet the STP reporting requirements
  3. If the current payroll system doesn’t meet the STP requirements contact your client manager at Sage Business Group to discuss your payroll and accounting options

The time to act is NOW – as of this week Single Touch Payroll is a legal requirement for ALL employers from 1 July 2019.  A payroll system compliant with the requirements of Single Touch Payroll MUST be implemented ready for the first payment after 1 July 2019 so it’s important to act now to be ready for the new year.

Xero workshops

How SMEs can manage their cash flow during the festive season.

 

 

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If you’re a small business owner, managing cash flow can be one of the many things that keeps you busy day-to-day, and sometimes awake at night.

With Christmas just around the corner, seasonal fluctuations may be about to impact your bottom line, meaning good news for some and bad news for others.

We wanted to share this editorial from smartcompany that focuses on stories of business owners who share your dilemma, along with their tips on managing cash flow and staying afloat as things fluctuate.

To read the full editorial from smartcompany click on the link here

If your business is struggling with cash flow contact Sage Business Group on (03) 9744 7144 to discuss your personal situation with one of our experienced team members.