All Posts in the ‘Entrepreneurship’ Category

Australian superannuation

July 3rd, 2017 | By Scott Howard in Entrepreneurship | Comments Off on Australian superannuation

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Setting up Self Managed Superannuation Funds or SMSF is a major decision. That is why you really need to make sure that it is the best option for you. With SMSF, it is your responsibility to run the fund and to comply with the law at all times. That is why you need to know all about SMSF or seek for the right advice and consider whether or not you have the skill to manage the super or have the time.

What do you need to know about SMSF? SMSF can have up to four members, who are also the trustees of the fund. You can have a company as a trustee, but all members must be directors of that company. As a trustee, you are responsible for the running of the fund and should act in the best interests of all fund members when decisions are made.

There are many different retirement planning strategies that can be put in place to help you reach your goals and objectives. To ensure your maximise your SMSF returns and achieve your retirement planning goals, look for professional advice from a lawyer or financial adviser.

Do you want to know how the Australian superannuation system compares to others around the world? Check this out: https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works/australian-superannuation

How to Start a Consignment Store Business

December 29th, 2016 | By Scott Howard in Entrepreneurship | Comments Off on How to Start a Consignment Store Business

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Nowadays, we often hear headlines about how poorly retailers have been performing in these difficult economic times. That is the reason why there’s been one segment that’s been getting an unusual amount of attention. In this retail environment, consignment and resale stores have been getting a lot of press. However, in reality, is that these stores have been doing very well all along.

The consignment and resale business is a unique part of the retail landscape. These shops come in all shapes and sizes. They may be similar in a number of ways, but there are distinctions between consignment shops and resale stores:

The defining characteristic of a consignment shop is that the store rarely takes ownership of the merchandise. For the most part, merchandise comes to the shop from the local community. In some cases, consignment merchandise is augmented from estate sales and auctions to round out assortments.

However, consignment shops financial structure is very different from a regular retailer because they don’t take ownership of their merchandise,. They don’t carry a large inventory on their books, so they don’t have the same financing or accounts payables issues that a regular retailer does. They are not paying for merchandise upfront; they merely distribute the consigner’s portion of the proceeds after the sale has been made.

For more on consignment business, click here: http://smallbusiness.chron.com/start-consignment-store-business-4569.html

Why Performance Reviews Don’t Work — And What You Can Do About It

September 29th, 2016 | By Scott Howard in Entrepreneurship | Comments Off on Why Performance Reviews Don’t Work — And What You Can Do About It

Reviewing the performance of the employees is important for any business. If you don’t think so, then you are mostly running a business just like a one-man band. You are likely to do most (if not all) of the work yourself and your team is having their vacation somewhere.

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This is pretty common in a lot of small businesses. The business owner wants to succeed so he does everything. He becomes so focused on doing the work he forgets to delegate work to others as much as possible. Then what happens is the staff get de-motivated and before you know it, there is no need for doing employee reviews.

If you want to make your team work harder for you, you need to do something – you need to encourage them and give them quality feedback on a regular basis. This mean completing employee performance reviews. The best way to complete these reviews is to get hold of an employee review template and spend the time to customise it to suit your business.

Once you have done this you have a document that you can use over and over again. Many business owners believe that this is certainly a good way to make sure your business is running at its best capacity.

However, according to an article published by The Wall Street Journal, there are a few reasons why performance reviews don’t work. Find out why by reading the full post right here: http://blogs.wsj.com/independentstreet/2008/10/21/why-performance-reviews-dont-work-and-what-you-can-do-about-it