Blog Layout

Congratulations! It’s Family Business Day!

resonate • Sep 19, 2014

Family businesses all around Australia should be celebrating today, for its National Family Business Day!

Family businesses come in many shapes and sizes and account for 70% of all businesses in Australia. The sector employs no less than 50% of our workforce.

Family businesses are the cornerstone that can lead to great entrepreneurial brands and companies like Betts Shoes, the Kailis family businesses, Haigh’s Chocolates and Bundaberg Brewed Drinks, just to name a few. Like all businesses, a family business can have advantages, such as flexibility, and disadvantages, such as family conflicts.

For family businesses, it means turning a profit without tearing the family apart. But what happens when profit and conflict are combined under the one roof? World War III? To help your business run smoothly, here are 8 top tips in making it work:

1. Leave work at work, home life stays at home
2. Have clear roles for each family member and know everybody’s strengths
3. Use outside advisors for unbiased advice
4. Have a good management structure – don’t confuse ownership or inheritance with management
5. Be open with communication, good and bad. Seek out everyone’s input
6. Clearly outline entry and exit conditions for family members involved with the business from the beginning
7. Develop a succession plan and make sure that all parties agree on the transfer of ownership
8. Hold regular meetings and family getaways

Family businesses often have intimate history and complex cultures that are hard for outsiders to comprehend. Family businesses can be successful with focus, planning and paying attention to detail.

What can you do as a family business? By following 5 key steps family businesses can create a viable succession plan, provide for the financial independence of retiring owners and position the business for continued success and growth:

Step 1: Establish Goals and Objectives
Step 2: Establish a Decision-Making Process
Step 3: Establish the Succession Plan
Step 4: Create a Business and Owner Estate Plan
Step 5: Create a Transition Plan

Taking these 5 steps now will save you money and time and will help assure the continued success of your business.

In recognition of National Family Business Day we are offering a free complimentary meeting regarding business succession planning for your family business. All you have to do is email us at info@resbc.com.au and mention this article.

5 Tips To Get Your Business Financially Fit

By resonate • 29 Sep, 2016
With the spring weather just around the corner (well here’s to hoping…) it’s a good time to not only wipe away the cobwebs from around the house but to also have a look into your business and see how financially fit it is. For some this means going back to see if you’re on track,... The post 5 Tips To Get Your Business Financially Fit appeared first on Resonate Business Consulting.

Insights How To Build A Business Plan

By resonate • 29 Aug, 2016
Whether you’re a startup or you’ve been in the game a while, your business needs a solid plan. Having a clear path for your business will help you to achieve goals and take your business where you want it to go. You’ve got the idea, you’re passionate and you have the willpower to make it... The post Insights How To Build A Business Plan appeared first on Resonate Business Consulting.

What Is An Innovation Grant?

By resonate • 08 Aug, 2016
Small businesses and inventors are being encouraged to create and implement sustainable products and services with the Australian Government’s pledge of 5 billion dollars. They are called innovation grants and are part of the ‘Caring for Our Country’ program. Startups, inventors and small or large companies used to have to worry about finding funds or... The post What Is An Innovation Grant? appeared first on Resonate Business Consulting.

How To Validate Your Business Idea

By resonate • 07 Jun, 2016
Do you have a business idea? Ever jotted those passing thoughts onto sticky notes or in a journal? We’ve all been there! But how do you actually start and make something of your idea…. Ideas stall because the process of getting them off the ground and running or to market can seem overwhelming. From the... The post How To Validate Your Business Idea appeared first on Resonate Business Consulting.

How To Run Your Business From Bali With Cloud Technology

By resonate • 10 Mar, 2016
As West Australians we LOVE to travel to Bali, more than 350,000 West Australian’s travel to Bali each year! And why not… with those balmy nights, cheap food and drinks and not to mention the short 3 hour plane flight away. Now with cloud technology making remote working easier, working from overseas destinations such as... The post How To Run Your Business From Bali With Cloud Technology appeared first on Resonate Business Consulting.

Are Interruptions Costing You?

By resonate • 29 Dec, 2015
Often, when delivering solutions around managing low priority interruptions, interruptions that could wait rather than be answered immediately, the participants will offer the following… • I don’t mind being interrupted • I’d rather be interrupted • Interruptions are no problem to me • If I don’t answer calls or emails straight away I’ll lose the... The post Are Interruptions Costing You? appeared first on Resonate Business Consulting.

Making Christmas Less Taxing

By resonate • 08 Dec, 2015
With the Christmas silly season fast approaching most employers will be planning an end-of-year function to celebrate the end of another calendar year. The hangover from celebrations may come back to haunt you if sufficient thought isn’t given to the potential fringe benefits tax consequences. We have given a broad outline of any potential FBT... The post Making Christmas Less Taxing appeared first on Resonate Business Consulting.

The Horse Has Bolted!

By resonate • 29 Oct, 2015
The spring racing carnival is a time for plenty of fun and frivolity, hasty punting and hangovers, and sometimes even some madness! The letter I received from a debt collector recently certainly fell into the latter category. Apparently they have been instructed to recover overdue fees for late returns on behalf of Video Ezy. Nothing... The post The Horse Has Bolted! appeared first on Resonate Business Consulting.

SPECIAL 2015 Budget Edition

By resonate • 03 Jun, 2015
Overview Compared to prior years, the 2015 Federal Budget was comparatively light on in its content. Many of the announcements made on 12 May 2015 had been announced in some detail in the lead up to the Budget, and there really weren’t any hidden surprises with the key categories of change being for small businesses,... The post SPECIAL 2015 Budget Edition appeared first on Resonate Business Consulting.

How Small Businesses Can Benefit From Year-End Tax Planning

By resonate • 12 May, 2015
It’s almost the end of the financial year and now is the time to start thinking about how to minimise your tax liabilities. You’ve worked hard for every dollar of profit and you want to keep the maximum amount you can. Take heed of the following ideas to help pay less tax and keep more... The post How Small Businesses Can Benefit From Year-End Tax Planning appeared first on Resonate Business Consulting.
More Posts
Share by: