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2017 Business Resolutions

The start of the New Year is generally a time to reflect on the previous year’s achievements and challenges and work towards setting new goals.

The New Year can offer business owners a powerful motivation for business growth. Whether you want to expand your business or increase your network; goal-setting plays a critical role in achieving success.

Here are three business resolutions to consider for 2017:

Network, network, network
Consider joining a professional networking group or new business organisation to meet like-minded individuals in your industry. A large networking circle can help you access new business opportunities, expand your knowledge within a field and raise your professional profile. Participating in networking activities and events often leads to more connections, which can help generate referrals and word-of-mouth marketing.

Create a productive work space
The physical characteristics of a work space can have an enormous impact on productivity, health and safety, and comfort. A well-planned office space can assist employees to carry out their daily task effectively.

Elements such as lighting, colour, layout and noise all contribute to a positive and productive work environment. Ideal work environments are exposed to a significant amount of natural light, are free from clutter and control noise. Ergonomics also plays a significant role in productivity. Office furniture can be the cause of physical pain such as migraines, stiff necks and back pain, so be sure to provide comfortable seating.

Focus on relationships
Building and maintaining relationships is a solid part of running a business. Minor problems with suppliers, customers, staff or community members can quickly unfold if they are not addressed in the right manner. Commit to improving your communication style by demonstrating assertiveness, providing constructive criticism and ultimately, being open and honest in all of your interactions.

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News

Understanding various kinds of super fees

February 16, 2018

No matter the kind of superfund you opt for, you will be subject to super fees. Understanding how these fees work and the difference they can make to your next egg is vital.

When it comes to superfund fees, there are two factors you need to get your head around; the kinds of fees you are being charged and the rate of fees you pay. Opting for a superfund based on these two factors can see you retire with hundreds of thousands more money.

You should be aware of the various types of fees you are being charged. If you would like to find out the fees you are being charged, you should do two things. Firstly, Google your fund’s product disclosure statement and scroll through to the fees section. You should see a list of different types of fees, with an explanation of what they are, how they are applied, and how often they will be incurred. Secondly, you should log in to your superfund account and take note of all the fees being charged to you. Investigate how closely these correspond and correlate with the product disclosure statement.

If you feel there are discrepancies, do not hesitate to contact your superfund or financial advisor and ask for clarification. It is worthwhile doing your research and comparing the fees you are being charged against other super funds and what they charge. Being complacent and not paying attention to your super is extremely irresponsible; the dividends you will receive later in life for being diligent now outweighs the burden of taking time to be informed today.

Some of the common super fees across the board include:

Another major factor contributing to how much you accumulate in your super account throughout your working life is the rate of fees you pay. Plain and simple, some funds offer much lower fees than other, creating a difference of hundreds of thousands of dollars when it comes time to retire.

Generally, funds are categorised into three groups; low super fees, medium super fees and high super fees. Ultimately, you want to be in a fund that charges low super fees. In saying this, it’s not only about super fees, as some funds have medium-high super fees but also perform better based on investment strategy, meaning you will get more back from your investments.