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Seven steps for business growth

Posted on March 31, 2016 by admin

Once your business is up and running, you need to identify and understand what works and what doesn’t. Owners need to take a step back and be strategic about how and when they should grow their business.

Opportunities for business growth can be exciting, but turning an idea into a practical reality takes careful research, planning and investment. Here is a short checklist owners can use:

Review your cash flow
Growing a business starts with reviewing your cash flow. Work out how much money comes in and goes out, and use this information to plan the year ahead. Identify how much money is needed to invest in the business’s growth and what it will be used for e.g. hiring employees or buying equipment.

Review your daily processes
Could your staff be more efficient in the way they do things? Check your business practices and policies and review day-to-day processes to identify what can be improved.

Prepare your team
Having a team of skilled and committed employees is key to business, particularly to those who plan on expanding. Consider how your team can be prepared for change and business growth.

Know your market competition
Businesses must be clear about their place in the market. Look at your market share and your main competition.

Update your website content
Before you start encouraging new audiences to visit your website or blog, check that your site’s content is up-to-date and that the website can be easily found online.

Update your communications plan
A well-thought-out communications plan identifies the key messages you want to get across to your customers.

Prepare for an economic crisis
No one likes a downturn, but since they do happen, it is important to make sure you’re ready. Review your cash flow and identify the liquid assets you have. Setting up an emergency fund may be a good idea for when times are lean.

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When do you have to pay tax on shares?

Posted on February 20, 2020 by admin

Investing in shares is a popular method of growing your wealth, however, there are tax obligations you need to be aware of to get an accurate sense of how much you’ll need to put aside for your investments.

When you own shares, you need to declare all your dividend income on your tax return. It is possible to claim tax deductions for certain expenses you pay to receive income from your shares. The deductions you are eligible for will depend on if you are carrying on a business of share trading or if you are an individual share investor, but they can include:

Individual share investors cannot claim a deduction for the cost of acquiring shares, such as costs for brokerage and stamp duty, however, they can claim deductions on the prepayment of expenses related to the shares such as internet fees or seminars.

Buying and selling shares can involve capital gains tax (CGT), depending on whether you make a capital gain or a capital loss on your shares. Your capital gains or loss is the difference between the price you paid for the shares and the price you sell them for. If you end up selling your shares for more than you paid for them, then you make a capital gain which may be taxed.

How much CGT you need to pay varies depending on:

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