Gavin Bottrell

Chartered Accountant | Tax Specialist | Business Adviser | Financial Planner | Helping client grow & achieve financial freedom. 📈💼

[Gavin Bottrell @BottrellGroup]

Data-driven decision-making: growth and strategy

In this series, we continue to look at how data-driven decisions sit at the heart of running a successful business.

With the best possible data insights, you can set the core foundations needed for growth

Without growth, your business is failing to live up to its potential. But planting the seeds of growth can be tricky when you don’t have enough detailed information at your fingertips.

The good news is that you likely already have all the data you need, sitting idle in your software systems. The trick is to consolidate this data, analyse it and to pull out the important patterns, trends and useful data insights.

Armed with this data, you have the best possible bedrock on which to base your next strategic move or the fundamentals of your growth plan.

Let’s take a look at how data can transform your growth:

Identify the growth opportunities
Start by looking at the trends in your own sales data and by reviewing the latest market trends. Where are the opportunities to diversify into new areas or improve your targeting of specific audiences? With a clearer overview of these opportunities, you can start to build a more solid growth strategy.

Allocate resources more effectively
Delving deeper into your operational data helps you understand how to invest in areas that will drive the most growth and profitability. Where could more staffing make a difference? Where do you need updated equipment? Which processes could be automated to free up resources for growth-based activity?

Set more realistic goals
Setting clear goals as a business is what drives the forward movement of the company. But with access to the most in-depth data insights, it’s easier to set realistic and achievable goals for your business. You want to challenge yourself and the team, but also put goals and measures in place that are actually attainable.

Measure performance and adjust your strategy
With a growth plan in place, you can track your progress against your agreed goals and milestones. Recording performance data and key performance indicators (KPIs) allows you to track your journey, understand the company’s performance and amend your strategy for the best results.

Support data-based decision-making
Instead of making big business decisions on a wing and prayer, you have the foundational insights from your business data to inform you. Instead of relying on bias, assumptions and guesswork, your growth strategy can focus on data-backed opportunities and rational, attainable growth goals.

Talk to us about using data to improve your operations and inventory

Leading from the front isn’t just about having good business ideas. It’s about having the data, the evidence and the historic information to back up your ideas. By switching to data-based decision-making, you put solid data insights at the heart of your growth strategy as a company.

Our team would be more than happy to explain the benefits of data-based insights. We’ll explain how to create the most insightful metrics and reporting for driving your growth journey.

[Gavin Bottrell @BottrellGroup]

Business plant and equipment: Buy or lease?

When your business needs new plant or equipment, what’s the best choice – buy or lease? The answer will depend on your specific circumstances, but there are some basic considerations to help you weigh up the options.

The advantages of buying
Buying gives you certainty and ownership, at a higher upfront price, but a lower total price. Owning an item of plant or equipment gives you unrestricted use for the lifetime of the item. You can alter it to suit your business, and you can sell it if you need to free up some cash. The full cost is paid up front, so you have no ongoing payments, and there may be opportunities for tax depreciation.

When equipment lasts for a long time and maintains its value, ownership can be a particularly good choice. Overall, the total price of ownership is usually lower than the total cost of leasing the item.

The advantages of leasing
Leasing tends to give you more flexibility, at a higher cost. It spreads out the cost of an expensive item – you don’t need to save or borrow the purchase price, and instead you make regular payments. You can return a leased item if it’s not working out, or upgrade to a better model as your business grows.

If the equipment or plant is something that quickly becomes obsolete, or that you’re likely to upgrade, or that you’re not totally certain is right for your business, leasing could be ideal. While leasing is generally more expensive across the lifetime of the item, it also frees up your money to invest in other areas of the business.

Running the numbers can help you find the right decision
The decision to invest in new plant or equipment can be a tricky one, but we can help. We can tally up the upfront and ongoing costs, and weigh these against the economic benefits you might get from the new equipment. We consider your cashflow, the cost of borrowing, and sales projections, so you can make an informed choice.

Drop us an email or give us a call – we’re here to help.

[Gavin Bottrell @BottrellGroup]

Data-driven decision-making: operations and inventory

Did you know that diving into the data could help your operations run a lot more smoothly?

In this series, we continue to look at how data-driven decisions sit at the heart of running a successful business.

With so much of your operational processes now being run and managed in software, there’s a massive opportunity to sift through this data to find the useful data insights and patterns.

Every business strives for better efficiency, productivity and cost-effectiveness, and this is where data analysis and making informed, data-based decisions can be a gamechanger.

Let’s take a look at how data can transform your operations:

Optimised inventory management
By getting to grips with your historical sales data and demand patterns, you can quickly optimise your inventory levels. This reduces the risk of running low on popular product lines, and stops you wasting precious cash on inventory that then sits gathering dust in the warehouse.

Improved supply chain management
Reviewing your supply chain data allows you to spot the potential shortfalls before they happen. By being better informed, you can identify potential disruptions in your supply chain, take proactive steps to find other available suppliers and even shop around for more cost-efficient options.

Enhanced production planning
Looking through your production data can be enlightening. Armed with the right data insights, you can optimise your production schedules, reduce waste and improve efficiency across the whole process, so you’re running an altogether more effective production and manufacturing process.

Predicting the need for maintenance
Analysing historic data for your hardware systems gives you a great overview of when repairs may be needed. Backed up with the right data foundations, you can predict equipment failures and schedule maintenance more proactively, reducing the negative impacts of downtime and repair costs.

Resource allocation
Reviewing your utilisation data helps you spot where your people could be used more effectively. Data reviews can help identify areas where your human resources are under-utilised or over-utilised, making it easier to allocate the right people on specific projects and to build teams that can truly help you grow.

Talk to us about using data to improve your operations and inventory

The more information you have about your business operations, the easier it becomes to spot the issues, spiralling costs or productivity black holes that are eating into your efficiency.

Our team would love to talk you through the positive impacts of data-driven decision-making, and how being better informed helps you take your business to the next level.

[Gavin Bottrell @BottrellGroup]

Christmas Parties and Fringe Benefits Tax

The sun is shining, the end is near, and we begin to look forward to celebrating with friends, family and coworkers. As your advisor we wanted to make sure that you are fully aware that the end of year celebrations that you put on for your employees may hit you with unintended tax consequences. This message is to provide you with information so that you are fully informed.

Christmas Parties
These are some common scenarios relating to work Christmas parties, and their tax consequences:

- Party held on business premises
Where the party is for current employees only, there is no fringe benefits tax (FBT) to pay. However, there is also no income tax deduction or GST credits claimable.

If the party includes current employees and their associates or some of your clients, it depends on how much the cost of the party is per head.

If your party costs less than $300 per head, then there is no FBT to pay, but also no income taxdeduction or GST credits claimable.

If the party costs more than $300 per head, then the amount that is attributable to your employee’s associates (such as their spouse/partner) is subject to FBT. Any amount that is subject to FBT is claimable as a tax deduction, and you can claim GST credits as well. All the other amounts are not subject to FBT, but also are not deductible for income tax and no GST credits to claim.

- Party held away from business premises
If the party costs less than $300 per head, then no FBT is payable. However, you also cannot claim a tax deduction and no GST credits are available to claim.

If the party costs more than $300 per head, then FBT is payable with respect to each employee that attends, as well as their spouse/partner. Again, if FBT is payable on an amount, then you can claim an income tax deduction as well as any GST credits.

If any clients of yours attend the party, and it costs more than $300 per head, then no FBT is payable, but also no income tax deduction or GST credits can be claimed.

However, if the party costs less than $300 per head, and at the party guests are provided a hamper (or other non-entertainment gift) worth less than $300, then the hamper is allowable as a tax deduction and GST credits can be claimed.

This is because the hamper is considered a gift which is separate from the party.

Christmas Gifts

If you provide your employees with a non-entertainment Christmas gift to thank them for their service, there is no FBT payable as long as that gift is valued at less than $300.Examples of non-entertainment gifts include a Christmas hamper, a bottle of wine or spirits, giftvouchers, flowers or other similar types of gifts.

If your are not sure where you stand with your holiday gifts and entertainment get in touch and we can help.

[Gavin Bottrell @BottrellGroup]

Selling your business: planning your exit

Building up a business can take years. For some, it will be a lifetime’s work. So when the time comes to sell, you want to make sure you get the best possible return on your investment (ROI).

In this series, we’ll give you all the advice you need to plan your exit, add value to the business, negotiate a great deal and define your new pathway once the business is sold.

Realising the value that’s locked up in your business isn’t something that happens overnight. Most owners will begin planning the sales of their business well in advance – sometimes years before they actually plan to exit and sell the company to a new owner.

This foresight and planning is essential, giving you plenty of time to form your exit strategy and make the business an attractive proposition to prospective buyers.

Let’s take a look at the important elements to include in your sale plan:

Define your goals for the sale
It’s important to articulate your objectives for exiting the business, whether it's financial gain, handing the business to the next generation or personal reasons such as ill health or a desire to retire. Sit down and ask yourself WHY you’re selling up and make this goal (or goals) the heart of your exit strategy.

Decide on a timeline
Selling up isn’t a process that can be rushed. Establish a realistic timeline for your exit, taking into account factors such as your age, health and the overall performance of the business. Having a five-year plan for your exit is common, giving you the necessary time to plan your exit and transition the company over to a new owner. Set clear milestones to achieve and aim to stick to your timeline, where possible.

Get a realistic valuation
To understand your potential ROI, it’s vital to get an accurate valuation of the business. Work with your accountant to understand the value of your business assets and engage a broker with experience in your sector to get a valuation of the whole business. Knowing the true worth of the company will help you negotiate more favourable terms with a buyer, generating a better sale price.

Deal with your housekeeping
A buyer wants to purchase a business that’s trouble-free, so it’s vital to address any issues that could negatively impact the company’s value. Make sure you’ve dealt with any outstanding debt, legal matters or operational inefficiencies well before the sale. This will add to the attractiveness of the business and puts you in a strong negotiating position.

Make sure you have multiple exit options
You might have one very clear preferred exit option in mind, but make sure you give yourself a variety of other routes to consider. Explore various exit strategies, such as selling the business outright, transitioning ownership within the family or pursuing an IPO. Think through the pros and cons of each option and choose the one that best suits your current goals and circumstances.

Talk to us about planning the sale of your business

As you’ve seen, there are several important steps to plan before you can think about putting your business on the open market. The earlier you start this exit strategy, the more time you’ll have to plan the fine details, add additional value and achieve the deal you want.

If you’re thinking now’s the time to plan your exit, do come and talk to the team. Together, we’ll work on an exit strategy that hits your goals and delivers the best possible ROI.

[Gavin Bottrell @BottrellGroup]

Could the surcharge ban on card transactions help your business?

Paying the required surcharges on debit card transactions made by your customers is an operational cost that many business owners would love to see disappear.

The good news for Australian businesses is that the Government is also keen to ditch debit card surcharges. In October 2024, plans were announced to ban debit card surcharging from 1 January 2026, subject to a consultation undertaken by the Reserve Bank of Australia (RBA).

The key aims are to lower costs for consumers, in an economy which is increasingly cashless, and to reduce the surcharge costs currently being experienced by smaller consumer-facing businesses that use EFTPOS to take debit card payments.

So, what are the pros and cons of this proposed surcharge ban?

1. Benefits of a ban on debit card surcharges:

Improved customer experience
A ban on surcharges may lead to a more positive customer experience, with your customers no longer being surprised by additional costs at the checkout. This could lead to a more transparent buying experience.

Simplified pricing
Without surcharges, you can present a simpler, more open pricing structure to your customers. If the price is $10, that’s what the customer pays. This reduces confusion and means that customers pay the price they were expecting.

Reduced administrative costs for you
With the debit surcharge removed, you no longer need to add that percentage charge to the customer, and pay it to your bank or service provider. In short, the expense of taking card payments will disappear.

2. Potential negatives of a ban on debit card surcharges:

Those plus points all sound highly engaging, and could help to simplify the buying process for both you, your staff and your customers. But there is a potential downside:

Who will absorb the administrative costs?
The Government’s plan is for both consumers and businesses to have that extra surcharge cost removed. But there is likely to still be an administrative cost to the bank and EFTPOS provider. This cost could be passed on to the business user in the form of other inflated bank charges.

So, will the surcharge cost simply be pushed back to the business owner? Or will the Government put measures in place to stop this? Treasurer, Jim Chalmers is quoted as saying:

“Consumers shouldn’t be punished for using cards or digital payments, and at the same time, small businesses shouldn’t have to pay hefty fees just to get paid themselves.

We’re prepared to ban debit card surcharges, subject to further work by the Reserve Bank and safeguards to ensure small businesses and consumers can both benefit from lower costs."

Further feedback from the RBA consultation and comment from the business community will be needed before this surcharge ban becomes effective in 2026.

Talk to us about the impact of a debit surcharge ban

If you’re currently paying surcharges on customer debit payments, and would like to know the potential impact of this proposed surcharge ban, please do contact us.

We can help you understand the benefits of the removed costs and what this might mean for your operating expenses, margins and overall profitability.

You can also comment on the RBA consultation. Stakeholders can provide written submissions by 3 December 2024.

[Gavin Bottrell @BottrellGroup]

Selling your business: adding value prior to sale

At the point of selling your business, getting a good price for the company will be a major goal. A key way to achieve this is to add value to the business as part of your ongoing exit strategy.

In this series, we’ll give you all the advice you need to plan your exit, add value to the business, negotiate a great deal and define your new pathway once the business is sold.

You’ve put blood, sweat and tears into this business. So, you’re going to want to achieve a sale price that reflects this hard work, giving you the funds to start the next phase in your journey.

Your potential buyer will be looking for a profitable, well-run business that can prove it’s a viable enterprise. To do this, it’s vital to look at core ways of improving the attractiveness of the company, gradually adding incremental value and allowing you to negotiate a good price.

Let’s take a look at some important ways to add value to the business:

Increase your profitability
A buyer wants an acquisition that will turn a profit. To boost the company’s profitability, look at improving your margins, reducing costs and increasing revenues. Ways to achieve this can include streamlining your operations, negotiating better deals with suppliers and increasing brand loyalty with your customers.

Strengthen your financial performance
It’s important to run a tight financial ship. Aim for the company to be in a positive cashflow position, reduce your ageing debt and strengthen the balance sheet to demonstrate financial stability. This will mean getting in control of your inventory and spending, being proactive about collecting outstanding receivables and exploring financing options, such as invoice finance or bank loans.

Nurture your customer relationships
Loyal customers spend more and provide a stable pipeline of sales and revenue. Building these strong customer relationships is a critical part of adding value, and can start by providing excellent customer service, offering loyalty programs and actively seeking (and acting on) customer feedback.

Invest in the company’s growth
A growing company is an attractive proposition to any buyer, so it’s important to continue investing in growth. Explore new products, services or markets to expand the business's potential, add value and show the potential behind your business concept. The R&D, strategic planning and resourcing that’s involved will be an investment that pays off once you have an interested buyer.

Prepare for the due diligence process
Before a buyer makes an offer, they’ll want to carry out due diligence checks on the business. To be ready, you’ll need to get your financial records, contracts and other relevant documents in order, and make sure all the information is easy to find and access. Making these checks simple and straightforward helps potential buyers assess the business's value and gain confidence in the company.

Talk to us about planning the sale of your business

Making your business more attractive to a potential buyer takes good planning, patience and a real focus on adding value. Starting this value-add process early is vital.

If you want to start adding value to the company, prior to selling up, come and talk to us. Our team can help you deliver an exit strategy that increases value and delivers a great deal.

[Gavin Bottrell @BottrellGroup]

Cutting costs or increasing your prices? We can help

With many businesses expecting a lower profit this financial year, the more prepared you can be for the unexpected, the better. Managing expenses is a good idea at any stage in your business and you can also consider increasing your prices to improve your margins.

Smart ways to get your costs under control

Cashflow has been a big issue for thousands of businesses this year, and when the money’s not rolling in, it can help to rethink your costs. To do it effectively involves more than just keeping an eye on outgoings. It’s about looking at all the moving parts of your business to see if your systems (or lack of) are costing you unnecessarily. Here’s how:

Muck in - Do a cost control audit to work out where your big cost centres are, and look at your systems for managing them.

Be aware - Don’t just slash your expenses without considering impacts. Also track costs and look out for opportunities to trim fat or take a different approach to get the same result.

Unite your team - Bring everyone together to monitor and analyse inputs and expenses. Reviewing and developing your systems? Get your team’s feedback.

Look to your peers - How do your costs compare to others? If a business of a similar size and production system to you is performing well, but spending less, explore what they’re doing differently.

Seek advice - Got a good idea of where the issues are, or feeling totally confused? Talk to your advisors about your next steps.

How can I put my prices up without losing customers?
If you need to change your pricing to make ends meet, be honest and up-front with your customers at all communication points.

-Make it clear on your website and social media that prices have changed and why.
-Send an email to let all your clients and suppliers know about the changes.
-Meeting people face-to-face? Make sure they’re aware of the price hikes before they’re invoiced, no one likes a nasty surprise and many countries and regions have fair trading and/or consumer protection acts.
-Provide the best customer experience you can by updating staff on any changes and advising them on how to communicate these with customers.
-Worried you’ll lose fans? Consider staggering price increases of individual products over time.

Get in touch if you'd like us to help with an analysis of your margins and expenses.

[Gavin Bottrell @BottrellGroup]

Accepting cash may become mandatory for Aussie businesses

Australia is fast heading towards becoming a cashless society. But there are still segments of society that rely on being able to pay in cash.

With this in mind, the Federal Government is proposing new legislation that would make it compulsory for Aussie businesses to accept cash for groceries, fuel and other essentials.

What’s the impact of this likely to be for your small business? Let’s take a look.

Giving consumers the option to pay with cash
Research from 2022 by the Reserve Bank of Australia shows that 76% of Aussies pay using cards, while 13% pay using cash. However, there are demographic groups, generally the elderly and those in low income brackets, that still prefer to pay using cash.

Reasons for this can range from security worries and a mistrust of online banking, to the relative ease of using cash as a payment method.

To protect the rights of consumers that prefer cash over cards and/or digital payments, the Federal Government hopes to introduce legislation over the next two years.

Here’s the lowdown:
At present, under existing law, businesses do NOT have to accept cash payments. It’s proposed that legislation will be introduced to make it mandatory for businesses to accept cash as payment for groceries, fuel and other essentials. Cheques are to be phased out altogether as a payment option by September 2029. A consultation process will take place in 2024/25 and legislation will be introduced from 2026. There may be an exemption for small businesses, with details on this to follow.

Talk to us about the impact of a move to cash

If you’re a consumer-facing business selling essential items, and currently only offering cashless payment options, this change in legislation could have a significant impact.

Having to accept cash will require you to have cash registers, cash floats and to bank the money at the end of each day – practicalities that cashless systems had done away with.

Talk to our team and we’ll be happy to run you through the implications.

[Gavin Bottrell @BottrellGroup]

Selling your business: getting a good deal

You’ve spent years growing your business and adding value to the company. Now it’s time to sell up, get a good deal and liquidise the equity you’ve had locked up in the business.

In this series, we’ll give you all the advice you need to plan your exit, add value to the business, negotiate a great deal and define your new pathway once the business is sold.

Let’s look at some important ways to achieve the best possible deal for your business sale.

Selling your business is generally the end step in a much longer journey. If you’ve put together a detailed exit strategy, you’ll have been planning this sale for some time.

The important thing at this point is to make sure you get a great deal and realise the best possible sale price – giving you the return you deserve for all your hard work.

To put yourself in the optimum position when looking for a buyer, here are a few tips:

Know the value of your business
Make sure you’ve conducted a thorough valuation to understand the true market worth of your business. This gives you a strong negotiating position and helps you set a realistic asking price that’s attractive to buyers.

Research the market in your industry
Take a deep dive into current market trends and comparable sales to understand what a fair price is for a business in your industry. Armed with this info, you’re in a good position to negotiate a competitive price.

Highlight the strengths in your business
Use your sales materials to emphasise the unique selling points and competitive advantages of your business. This could include having a strong customer base, explaining the experience of your management team, or outlining the benefits of your proprietary technology and intellectual property etc.

Know the funds you need to realise
You’ll have plans for what happens after the sale, whether that’s a comfortable retirement, or the founding of a new enterprise. Make sure you know how much equity will be needed to fund this lifestyle, or startup plan. This number will drive your asking price for the business and your own profit from the sale.

Be prepared to negotiate
You may have a price in mind that your prospective buyer is unwilling to meet. Be prepared to negotiate on price, terms, and other aspects of the deal. Understand your bottom line, know the return you need to achieve and be willing to compromise in some areas, when necessary, to seal the deal.

Always seek professional advice
Mergers and acquisitions is a specialist area. Think about consulting with a business broker or legal adviser to guide you through the negotiation process. With the benefits of experienced, professional advice, you’re far more likely to get the best possible deal for the company.

Talk to us about planning the sale of your business

Finding the best buyer and securing a mutually beneficial deal is one of the most critical points in your exit strategy. Getting it right now is vital for your long-term plans and financial security

If you’re ready to sell and want some expert advice, come and talk to the team. We’ll help you work out the value of your assets, assess the current market and can link you up with brokers and M&A specialists to get the key advice you need.

[Gavin Bottrell @BottrellGroup]

Selling your business: what happens once you exit?

You’ve completed the sale of your business! Now there’s an important question to ask yourself – what happens next and how do I see the next chapter of my life panning out?

In this series, we’ve given you all the advice you need to plan your exit, add value to the business, negotiate a great deal and define your new pathway once the business is sold.

So, let’s explore how your journey might look once the sale is complete.

Exiting your business is a big deal. You’ve spent years taking this enterprise from startup to established business, putting your heart and soul into making this company a success.

So once the ink is dry on the sale contract and the money is in the bank, you’re going to need a new challenge to fill the void of no longer being ‘the big boss’

Here are five potential pathways to take:

Retirement
After all these years of hard work and pressure, maybe it’s time to enjoy some well-deserved retirement? If you’re planning to retire and put your feet up, put some thought into factors such as financial planning, hobbies you might want to explore and travels you might want to go on – ensuring you have a comfortable lifestyle.

Invest in other businesses
If you want to keep some business interests alive, why not explore opportunities to invest in other businesses or new startups. This can provide a source of income and allows you to stay engaged in the business world, using your wealth of experience and management skill to guide other promising companies.

Start a new venture
If you’re itching to try another new business idea, why not use the profits from your sale to found a new business or venture. This might be a new private business, or even a social enterprise that reflects your current passions and interests. Having learned your mistakes first time around, you have the knowledge and experience to turn business #2 into another great success story.

Become a non-executive director (NED)
If you don’t want the hassle of being the boss, but want to keep your hand in, becoming an NED makes good sense. You can use your experience and expertise to contribute to the governance and strategic direction of other companies, while keeping your own business skills fresh and up to date.

Get philanthropic
Why not use your wealth and new-found free time to do something good for your community? Think about giving back to society through charity work, philanthropic activities or setting up a social enterprise. It’s a fulfilling way to make a positive impact while also giving you a challenge to get your teeth into.

Talk to us about planning your post-sale lifestyle
Some ex-business owners enjoy the comforts and relaxation of retired life, while others get itchy feet and want to return to their entrepreneurial roots as soon as possible.

Talk to our team and tell us about your post-sale plans. We can help you plan your lifestyle, set up your wealth management strategy and open up new business opportunities along the way.

[Gavin Bottrell @BottrellGroup]

How to optimise your business: six areas to focus on
We’re trading in uncertain times at present. But there’s still a pressing need to refine your business model, add value and look at the opportunities for growth.

In this series, we’ll look at some key ways to optimise your business, exploring different avenues to evolve your enterprise and create a legacy you can be proud of.

Six ways to optimise your business

Your game plan might have been to sell the business, achieve a great deal and retire on the profits. But in the current market, it’s possible you’ve had to press pause on this exit strategy.

However, instead of letting the business just tick over, why not get proactive about improving and enhancing your business model, so it’s a more profitable and viable business?

Here are six key areas you should be looking at:

Go digital and automate the business
Now’s the ideal time to embrace digital technologies. With the latest cloud tech, AI and automation solutions you can streamline your operations, improve your overall customer experience and boost sales. You can also explore e-commerce solutions, social media marketing and digital marketing.

Get proactive with your finances
Strong financial management sets the foundations for making the business profitable. Switching to the latest cloud accounting software helps you get a handle on your cashflow, a better overview of costs and a more informed view of your overall financial position. Many accounting platforms will also offer integrations with other helpful business tools, such as inventory, invoicing and point-of-sale (POS) tools.

Build on those customer relationships
Exceptional customer experience helps to build loyalty and drive repeat business. This means getting granular with your customers’ needs, providing excellent customer service and listening to (and acting on ) your customer feedback. It’s the best way to improve your customer service and brand.

Diversify into new areas
It’s easy to get stuck in a rut when it comes to your product range and industry focus. One way to shake things up is to diversify and explore new product ideas, new customer audiences and new niches. Diversification can reveal a whole new customer demographic, not to mention additional revenue streams.

Nurture your team and employee experience
Engaged employees are the foundation of a great business. Invest in training and development to improve your team’s skills and motivation and do everything you can to build a positive work culture. When hiring, look to create a diverse and inclusive team of people, so you have a real melting pot of talent, ideas, skills and experience in the business.

Look for strategic partnerships
Navigating the market is far more successful when you explore the benefits of business partnerships. Connecting with other businesses can extend your market reach, reduce costs and allow you to share resources. You also open up your brand to a whole new customer audience, boosting sales and growth.

Talk to us about optimising your business model.

There’s no single strategy for turning around the success of your business. But looking at new ideas, markets, products and business tools can certainly add considerable value.

If you’re looking to add some pizazz to your business model and operational effectiveness, drop us a line. Our team will be happy to review your current business and identify the opportunities.

[Gavin Bottrell @BottrellGroup]

Is your bank truly supporting your business?

It used to be that your bank manager was an integral part of your business. But in these digital times – where banking is less about relationships and more about online transactions – is your bank truly supporting the ongoing growth of your business?

The latest Australia Business Banking Customer Report from Publicis Sapient has some interesting insights on the nature of these banking services:

-40% of SME customers are only ‘somewhat positive’ about their bank
-79% of SMEs prefer digital banking, but 59% still want access to local branches
-78% of SMEs would rather be paid digitally, yet 49% oppose the elimination of cash services
It seems we’re caught in a moment of major change, as banks and small businesses switch from traditional services, to a more online, digital future.

But is this transition adding value for your business?

The digitisation of banking is not something you can ignore. Being able to manage every facet of your business banking from your phone is a huge upgrade in so many ways. And initiatives like Open Banking are making it easier than ever to access your banking data.

But does your bank still offer help with managing your finances? And do you have access to the ready cash and long-term funding you need to expand your company?

Here are five routes to improving your banking and access to finance:

1. Request a meeting with your business banker
Get to know your local business banker and build a relationship. What you’ll get is personalised financial advice and support. It also helps to discuss the financial goals, challenges and future plans of the business and how financing options, like loans and overdrafts, can help your growth.Explore the banks financing options – most banks will offer a range of financing options for small businesses. Think about business loans to fund your growth, overdrafts to manage short-term cashflow needs and lines of credit for flexible funding. It’s also worth seeing if you can claim any government-backed loans, grants or tax reliefs.

2. Consider alternative lending and finance options
If your bank isn’t delivering the finance you need, think about other alternative finance options. Invoice financing, merchant cash advances and specialist industry loans are all available, giving you fast access to funds. Always consider the interest rates on business loans and how repayments might affect your future cash position.

3. Investigate private investment opportunities
When your business has high-growth potential, private investment from angel investors or venture capital firms can be a viable option. These investors deliver the capital you need, in exchange for equity in the business. This allows you to scale the business rapidly, but does mean that your investors will want some strategic control over the future direction of the company.

4. See if crowdfunding is an option
Crowdfunding platforms raise funds from a large number of individuals, usually interested customers or small private investors. This can be a great way to generate capital for specific projects or to launch new products. Equity crowdfunding, reward-based crowdfunding, or donation-based crowdfunding are all options to think about, depending on your business model and goals.

5. Talk to us about finding the right finance support
If you don’t feel that your business bank is supporting the financing and growth of your business, it might be time to explore the alternatives.

Our team can help you connect with the growing ecosystem of alternative lending and financing providers – so you’ve got the funding you need for the future.

[Gavin Bottrell @BottrellGroup]

How business loans can reinvigorate your small business
Long-term business loans are a catalyst for growth. And the good news is that Aussie small businesses are applying for more loans, boosting capital and funding new investment.

According to the latest stats from Banjo’s small-to-medium-enterprise (SME) Business Barometer, there was a 43% increase in business loan applications for the first quarter of the 2025 financial year, compared to the previous quarter.

So, why should your small business be contemplating a loan application?

Five ways to put your business loan to use
Having the liquid capital you need is vital for any growing business. But if you don’t have the operating capital to bring your growth strategy to life, this can put your plans in jeopardy.

This is why long-term business loans are such a vital commodity. By injecting more capital into the business you have the cash in the bank to really fuel your success story.

Here are five ways you could use your business loan:

1. Expand your business
Along-term business loan gives you the capital to expand your business in a number of ways. Think about expanding into new markets, opening new stores or branches, reaching a new market through advertising, or increasing the scope of your operational capabilities.

2.Purchase a commercial property
Instead of paying costly rent on a leased property, why not think about buying your own commercial space? The loan could be used to purchase a warehouse, office space or a retail store, depending on your industry.

3. Buy new equipment or technology
Old and outmoded equipment and technology can hold you back and slow down productivity. A loan gives you the capital to invest in new machinery, vehicles, or cutting-edge technology to supercharge your efficiency.

4. Hire new staff and talent
Your growth is reliant on having the talent and resources to bring these plans to life. The funds from a loan can be invested in funding the new talent and expanding your team so you can meet your milestones for the coming year.

5. Invest in research and development (R&D)
Ramping up your R&D helps you bring new products and services to market. A loan helps you source the finance to bring in new people and invest in better R&D resources. You may also be able to apply for an R&D tax incentive, to cut your costs and make more of the capital from your loan.

Talk to us about about applying for the right finance

Business finance is the fuel that fires your growth story. By taking on sensible long-term loans, with decent interest rates and repayment timelines, you open up a whole new chapter.

Talk to our team about your growth strategy for the coming year and how a business loan could be used to fund your plans. We’ll help you choose the best finance provider for the job, and how the additional capital will rejuvenate your performance as a business.

[Gavin Bottrell @BottrellGroup]

How to optimise your business: go digital and automate the business
Tech-savvy businesses are taking big strides in making software, AI and automation work for their enterprise. Going digital could be one of the smartest moves you make.

In this series, we’ll look at some key ways to optimise your business, exploring different avenues to evolve your enterprise and create a legacy you can be proud of.

Let’s explore how embracing the latest software tools helps you optimise your business.

Going digital and putting tech at the heart of your business
Cloud-based solutions and AI-driven tools are the foundation stones of a modern, digital-ready business. You might have legacy systems and operational processes that you know inside out, but if you’re not in touch with the latest tech this could be a major competitive disadvantage.

Why are digital solutions so important for a streamlined and productive business?

Let’s take a look at five important ways that tech can change the way you work:

Move your infrastructure to the cloud
Being able to connect to your business systems from anywhere with WiFi is a major advantage. Switching to Google Workspace or Microsoft 365 helps you collaborate remotely, share documents in real-time and centralise all your data storage and management. Cloud platforms are also cheaper to run, always run the latest software versions and scale with the business as you grow.

Automate your routine tasks with AI
Repetitive tasks are an important part of your operational processes, but they eat into your time and productivity. Automating these repetitive administrative tasks turns you into a more streamlined and efficient business. AI chatbots can manage first-level customer service tasks, ChatGPT can speed up your content marketing and tools like Zapier can be used to automate a multitude of different processes and operational tasks in the business.

Switch to SaaS for your financial management
Software-as-a-Service (SaaS) financial platforms, like Xero or QuickBooks, will transform the way you manage your finances and accounting. All your sales, transactions and expenses are managed in the cloud, giving you instant access to your numbers. You also have detailed reporting and automated metrics available to you. This is vital for making data-driven decisions.

Analyse your business data
Financial data isn’t the only data you should be analysing. Using platforms like Power BI, Google Analytics and specialist industry analytics software helps you understand your customers’ behavior, optimise your marketing strategies, predict the performance of your manufacturing processes or manage your inventory in smarter (and cheaper) ways.

Get your cybersecurity up to scratch
With so many systems now in the digital realm, watertight cybersecurity is a must. This means having strict encryption tech in place, training your people in good cybersecurity practices and making sure you have complete control of your various in-house and customer data sources.

Talk to us about ways to improve your digital transformation

Switching to digital systems and SaaS tools doesn’t happen overnight. This is a gradual process of bringing the latest tech on board and learning how to get the most value from the software.

If you’re wanting to embrace the newest automation and AI tools, now’s the time to talk to us. Our team will be happy to review your systems and suggest the next tech upgrades that will deliver the most improvements to your business.

[Gavin Bottrell @BottrellGroup]

Understanding Your Statement of Cash Flows
The statement of cash flows, (also known as the cash flow statement), shows how your business has generated and used cash (and cash equivalents) within a specific time period.

For each of the reporting categories, receipts and payments are listed (money in and money out), and this is reported as a net increase or decrease in cash held for that category.

The net change in all categories is added to the amount of cash on hand at the start of the reporting period to arrive at the current cash on hand figure at the end of the reporting period.

It is another important financial statement to understand in conjunction with the Profit and Loss statement and the Balance sheet. These three reports provide a good understanding of the financial position of your business.

How Does it Work?
The cash flow statement integrates the information provided by the profit and loss statement and the balance sheet into a current cash position. The cash flow statement is reported on a cash basis, while your other financial statements are usually reported on an accrual basis. Accrual income (from the profit and loss statement) is converted to cash by calculating the changes in the balances of asset and liability accounts.

Report Categories
The statement of cash flows is organised into sections that report on different types of business activity.

1. Operating activities - all business income, expenses, assets and liabilities (except for those assets and liabilities reported in investing and financing activities).
2. Investing activities - the purchase and sale of long-term investments, property, plant and equipment as well as security deposits paid to suppliers or received from customers and dividends received.
3. Financing activities - the changes in balances of equity accounts, for example, issuing and repurchase of stocks and bonds and payment of company dividends if applicable. Loans are also included in financing activities.

Formal financial report packages usually include notes to the financial statements. The notes contain supplemental information that explain significant items or activities that did not involve cash transactions. The notes may also include detailed reporting of categories that may have been reported as summary totals only in the profit and loss, balance sheet and statement of cash flows. Other items such as taxes, employee provisions, risk management or related party transactions may also be detailed in the notes.

Why is it Useful?
The statement of cash flows gives you a valuable measure of cash flow in and out of the business over a given period. It shows the ability of the business to pay its bills and fund its operating activities. This gives you a picture of overall performance.

It also shows the relationships between assets, liabilities, equity and cash accounts. It shows changes and movements over time, whereas the balance sheet and profit and loss reports show account values at a single point in time.

The statement of cash flows gives you vital information on your business.
-How strong is your cash position?
-What is the long-term outlook for your business?
-What activities generate the most cash flow?
-What is the relationship between your net income and your operating activities?

If you’d like to understand your financial statements, cash position and future outlook in more depth, arrange an advisory session today. We’ll help you identify and appreciate the strengths of your business.

[Gavin Bottrell @BottrellGroup]

How to optimise your business: get proactive with your finances

Keeping on top of your finances is a critical part of keeping your business on track. But are you doing everything you can to optimise your financial management?

In this series, we’ll look at some key ways to optimise your business, exploring different avenues to evolve your enterprise and create a legacy you can be proud of.

Let’s see how you can better control over your financial numbers.

Having the right numbers at your fingertips
One of the biggest causes of business failure with new startups is poor cashflow and a lack of capital. Having enough money to cover your expenses, pay your workforce and invest in growth is what separates the successful businesses and those that fall by the wayside.

But what can you do to improve your cash position and keep yourself in the driving seat when it comes to managing the financial side of the business?

Here are five simple things you can to get more proactive with your finances:

Embrace financial technology and cloud accounting
Make sure you’re using cloud-accounting solutions like Xero or QuickBooks, with integrated bank feeds, expense tracking, simple invoicing and a real-time view of your numbers. You can also use the advanced reporting features to get deep insights into financial performance.Use financial metrics and KPIs to monitor performance

Develop a framework of financial key performance indicators (KPIs) including gross profit margins, operating expenses, customer acquisition costs and revenue growth rates. By tracking these metrics, you can gauge your performance, spot any financial threats and make well-informed decisions about your financial management.

Forecast your cashflow position and potential challenges
Use the latest cashflow forecasting tool to track your expected cash inflows and outflows. These projections give you an overview of your cash position for the months ahead, allowing you to top up your cash as required. It’s also sensible to build up some meaningful cash reserves, so you have capital behind you when cashflow gets tight.

Work on your aged debt and debtor management
It’s important that customers pay on time and that your payment terms are clear. Use your accounting software to send out automated reminders and have structured follow-up procedures in place for overdue payments. It’s also a good idea to offer early payment incentives and to nurture strong customer relationships to minimise your aged debt and improve cashflow.

Get strategic with your working capital and access to finance
Having a viable level of working capital in the business is a must. Explore the various financing options for boosting your capital. This can include business lines of credit, invoice financing or term loans to, all of which help to increase funding and raise the company’s capital.

Talk to us about ways to improve your digital transformation
There have never been more tools to help you manage your finances. By embracing the best in financial and accounting tools, you give yourself (and your finance team) the superpowers to become cashflow positive, with capital behind you to drive your business to new heights.

If you’re looking to upgrade your financial management, come and talk to us. Our team will suggest the ideal accounting tech stack and the best ways to control your numbers.

[Gavin Bottrell @BottrellGroup]

How to optimise your business: build on those customer relationships
Customers are the true bedrock of your business. Loyal customers become repeat buyers, spread word of your brand and provide a steady income stream of sales. But what can you do to build the very best relationships with your existing and future customers.

In this series, we’ll look at some key ways to optimise your business, exploring different avenues to evolve your enterprise and create a legacy you can be proud of.

Let’s take a look at some important ways to improve your customer relationships.

Getting to know your customers inside out
Customers want to know that you understand them. That you know their needs and tailor your products and services to make their lives easier.

The closer you can get to your customers, the better. That means getting to know your audience and doing everything you can to nurture the customer relationship, at each stage of the journey.

Here are five important ways to achieve this:

Improve your customer service
Make sure your customer service is second to none. Respond quickly to customer enquiries and aim to come back with a resolution, or the extra advice they need. Be welcoming, resourceful and effective with your customer support, so customers feel like they’ve had a positive experience from your brand.

Listen to customer feedback
You might think no-one knows your product better than you. But the reality is that it’s the customer that drives the evolution of your offering. Regularly ask customers for feedback and ideas for improving the product. Listen, pull out the action points and make sure you act on the feedback to create a better product.

Do your customer research
To meet the customer’s needs, it’s vital to know what drives them. Market research is a valuable tool, giving you both quantitative and qualitative data about the people who buy your products. By grasping your audience’s behaviours and motivators, you can tailor your product to their requirements.

Analyse your customer data
Research can also begin at home. With today’s cloud-based sales tools and customer research management (CRM) software, you have a huge goldmine of customer-related data you can analyse. Dive into the data to look for trends and patterns, areas for improvement and information on which product lines are selling (and which are tanking and failing to thrill your customers).

Get forensic with your targeting
Access to customer data makes it easier than ever to target highly specific customer groups. Online advertising helps you to zero in on specific age, location, income bracket and interest demographics. This helps you run highly tailored and focused marketing campaigns, increasing your chances of building relationships with the best customer groups.

Talk to us about ways to engage with your customers
If your aim is to optimise, grow and build a better business, having a solid customer base will be integral to this goal. Evolving your approach to customer relationships really is a must.

We’ll help you assess the sales, revenue and CRM data in your systems, so you get to know your customers like the back of your hand. Our team will also help you sketch out a strategic approach for nurturing your customer relationships and creating loyal advocates for your brand.

[Gavin Bottrell @BottrellGroup]

Right to disconnect to be extended: will your business be affected?

In August 2024, the government brought in the ‘right to disconnect’. This legislation gives employees the right to refuse to be contacted by their employer outside of usual working hours.

Previously, the ‘right to disconnect’ rules only applied to businesses with 15 employees or more. But from 26 August 2025, the same rights will apply for employees of small businesses with less than 15 employees – making this a mandatory requirement for all Aussie businesses.

Let’s take a look at what this means for you and your employees.

How will the ‘right to disconnect’ affect your business?
Your employees will have the right to refuse to monitor, read or respond to contact (or attempted contact) outside their usual agreed working hours.

Employees must be reasonable with this refusal (i.e. if refusing to connect affects their ability to carry out their role), but employers must also consider the rights of their team.

Whether a refusal is unreasonable will depend on the circumstances. The following factors must be considered:

-The reason for the contact
-The nature of the employee's role and level of responsibility
-The employee's personal circumstances
-How the contact is made and how disruptive it is to the employee;
-And any relevant extra pay or compensation they receive for working additional hours or remaining available to work out of hours

Talk to us about getting ready for the ‘right to disconnect’
If you’re habitually emailing, calling or messaging your staff outside of work hours, this is a behaviour that will need to stop. It’s important to have an employee communications strategy and communications channels that will adhere to the ‘right to disconnect’ rules.

Talk to our team about ways to draw up an employee comms process that complies with the new rules, so you’re ready for the August 2025 deadline.

[Gavin Bottrell @BottrellGroup]

Are You Suffering from Business Burnout?
Recent years have been demanding and exhausting for many business owners. Are you one of them?

The challenges have been relentless, and we know many small business owners have had to navigate unprecedented challenges first because of the pandemic and then from inflation and other market impacts.

Burnout results from long-term stress and can manifest in emotional and physical exhaustion, which may affect your enthusiasm for running the business you once loved.

So, What Can You Do About it?
We understand that as a business owner, you have many responsibilities, and often you do everything on your own. So we know how hard it can sometimes be to keep on top of all your legal obligations.

The most important step is to acknowledge you feel burned out and need a break.

Take a break as soon as you can. Plan ahead for time away from the business. However, while getting some rest in the short-term will help, long-term stress will take commitment to recover from.

Strategies to Help Recover from Burnout
What can you do differently to avoid prolonging or retriggering the burnout?

-Delegate - Look at the low-value tasks you spend time on and pay someone to do them for you. This will free up time and energy.

-Re-energise - If you're struggling with a lack of enthusiasm or purpose, talk to colleagues or a business coach for support. If possible, connect with people in the same industry so you can share among others who may be facing similar challenges.

-Stand back - Take an objective look at how much you are working and how effective you are. For example, is it time to streamline your work activities and put boundaries around working hours?

-Reassess your goals - Do you have clear business goals for the short-term and long-term? Either set some realistic goals or revise them if they are too difficult right now.

-Commit to some regular self-care actions - Think about what you love doing outside your business that is nourishing. Regular exercise? Time in nature? Going on a retreat? Learning something for fun? Improving your diet? Get an app on your phone that reminds you to take mini breaks throughout each day. Whether that is movement, mindfulness or music, use technology to help.

-Celebrate milestones and achievements - When overwhelmed with stress or exhaustion, it's easy to forget the positives. Remind yourself of just how much you have done in the last year!

Need Some Support?
You’ll be better able to face challenges, run your business well and assist others if you are looking after yourself well.

We’d love to help support you back to passionate engagement with your business. If you’re feeling burned out and need help in managing systems, technology, payroll or other financial and administrative management, talk to us today, and we'll back your recovery.