There are so many upsides to running a family business: working together as a close-knit unit and sharing the good times together. However, being in charge of one can be complicated as you juggle company interests with those of your loved ones. Family is loyal and dedicated, but problems can arise when emotions get…
Day: September 7, 2022
The key to succession planning success
So you’ve created your company from nothing, put years of blood, sweat and tears into its success, and retirement is just around the corner. What do you do next? If you’re one of the lucky people who have an exit strategy, congratulations. If you’re unsure what will happen, it’s time to think about succession…
Why it’s important to define roles in a family-owned business
Whether you’re running a small family business or one that employs dozens of people, defining roles and governance is vital for any SME. The basic roles in a company include ownership, governance, management, and operational. Setting out a clear structure can bring long-term benefits and prepare your company for growth. Ownership, aside from literally…
The benefits of family advisory boards
Every business, large or small, deserves to be run as professionally as possible. By setting up the right structure you can give your family business the best chance of success. While the family knows your business inside out, it can be helpful to have independent parties on hand to provide an external perspective. A family…
GST invoicing changes are coming!
New rules modernising GST invoicing and record-keeping requirements will apply from 1 April 2023. The key change is removing the requirement to issue and hold a “tax invoice” document (which meets certain prescribed requirements on details required), and instead having GST requirements met provided specific GST information is held through various business records, for…