Henry and Marissa's Couple's Day

As spouses working in our businesses together,  I'm sure you know how difficult it is to find time for just the two of us. 

We both love what we do and are committed to our businesses but we are also very committed to each other.

So we've decided to schedule the last Thursday of every month as our Couple's Day.  We take the day off work and just enjoy each other's company.

For our Couple's Day last month, we visited the new shopping centre at Rouse Hill in Sydney's Hills District.  We both don't mind a bit of window shopping (yes, even Henry) and we like checking out new places we haven't been to before.

Henry is trigger happy (with a camera that is) and here's a photo he took of Rouse Hill Shopping Centre.

And we also visited Homeworld at Kellyville.  No, we're not having a new house built, not yet, we just don't want to lose sight of our dreams and goals.  And seeing those beautiful new houses were motivating!

For our next Couple's Day, watch this space!

When There Is Too Much Information And Not Enough Action

From the desk of Marissa Carlos, business and personal success coach

“Wisdom is not wisdom when it is derived from books alone”

This was quoted by Horace, the same Roman poet who also said “carpe diem”, or “seize the day” as we commonly translate it.

Is it okay with you if I put a spin on this quote by Horace?

When applied to business I give it this meaning: 

You don’t really know what you think you know until you’ve acted on it.

Until a business tip, tool or knowledge has been implemented, its value is not crystallised.  If it remains in your head, not acted upon, it’s not really making you money.

I’ve known and met couples in business who know a heck of a lot between the two of them.  But sometimes they learn so much information on how to make their business a success that they have problems with implementation. 

In other words they are in the thick of what I call Information Overwhelm.

Information Overwhelm is common especially when you have knowledge to share with each other and you are both not clear on what to act on next. 

One partner may have different priorities from the other partner.  In the end, you may end up not taking the most effective and efficient action that takes you to true business success.

The Top 3 Things To Do To Overcome Information Overwhelm – And Get Into Action.

If you are suffering from Information Overwhelm, here are the top 3 things you can do to overcome it.

1.    Be clear on your business mission.

Knowing your business mission gives you clarity on what to act on now and what to shelve.

You both need to be on the same page with you business mission.  It is your beacon – your guiding light.

2.    Go back to the main reason you are in your business together.

When there’s too much information to process, and you don’t know which one to prioritise, remind yourself of the main reason you decided to work together in your own businesses.

Sometimes we lose sight of the dreams and goals we created as a couple.  The magnitude of our perception of time becomes smaller especially when we experience business and financial pressures and challenges.

So re-connect with your dreams and goals and prioritise the actions that will help you achieve them.

3.     Chunk down your steps.

How do you eat an elephant?  One bite at a time, so the old saying goes.

Sit down and chunk down the steps necessary to reach your business goals in bite-sized pieces.

Start with the end in mind, then chunk the steps backwards and don’t stop chunking until you have a bite-sized piece that you can implement now.

And finally, seize the day and grow in love and profits!

Couples In Business - Will The $900 Australian Government Tax Bonus Payment Be Given To Each Business Owner?

From the desk of Henry Chow, CPA accountant

A question that has been asked by a number of our couple clients running their own business is whether they both qualify for the Australian Government Tax Bonus Payment.

The answer to that question is YES, each of you could receive the Tax Bonus Payment – provided that each of you meet the eligibility requirements:

What Are the Eligibility Requirements?

To be eligible, you must meet the following:

•  you have lodged or will lodge your 2007-08 individual income tax return before 30 June 2009 (or by your deferred date if you have been granted one by the Tax Office)

•  your 2007-08 taxable income does not exceed $100,000

•  your adjusted tax liability for 2007-08 is greater than NIL, and

•  you are an Australian resident for tax purposes for the 2007-08 financial year.

How Much Will Each Of Us Get?

Depending on your individual taxable income, different amounts could be paid to you.

• $900 bonus will be paid if you have an individual taxable income up to and including $80,000
• $600 bonus will be paid if you have an individual taxable income exceeding $80,000 but not exceeding $90,000
• $250 bonus will be paid if you have an individual taxable income exceeding $90,000 but not exceeding $100,000
  

What Does Having An Adjusted Tax Liability Greater Than Nil Mean?

This means that if you add together the tax on your taxable income and your medicare levy and medicare levy surcharge then subtract any tax offsets and other credits for which you are eligible, the final figure (which is your adjusted tax liability) must be greater than zero (0).

How Do I Receive This Tax Bonus Payment As Early As Possible?

The tax bonus will only be paid to those who have their 2007-08 individual tax return in by 30 June 2009.

The timing of when you will receive your payment depends on when your 2007-08 tax return was finalised.  Those who have already had their tax returns lodged and assessed will be the first to receive their payments.

The Government proposes to make the first tranche of the tax bonus payment by 6 April 2009 so it is strongly suggested that you take action now and contact your accountant to speed up the processing of your 2007-08 tax return before you miss out.

Still Have Questions?

I am happy to answer any of your questions. Just give me a call on on 02 9412 2111 or email me at henry@SuccessUncoveredClub.com.

Today's success tip comes from Geoff Lyons.

Geoff Lyons is the director of Haka New Zealand which specialises in importing a wide range of products. Haka has now also created a top-level clothing brand under the same name.


What are your top five tips for developing a great small business?

1. Honesty - we have always maintained that in order to sleep at night and steer clear of any problems (such as tax liability), we would not entertain any activity that could result in us being caught by the authorities. Three years ago we had a complete tax audit and after three weeks of investigation we were pleased to be informed by the tax department that we did not owe any back taxes after trading for seven years.

2. Staff - we believe that staff is one of the company's greatest assets. We have a terrific bunch of staff so we reward them well and give them time off for important occasions, for example, a child's awards ceremony. These actions have been returned tenfold by our staff who are always willing to go that extra yard for us and remain 110 per cent loyal.

3. Communication - in our business, where we are constantly dealing with numerous retailers and buyers within each organisation, it is critical that we maintain close communication at all times. We like to set the example by always returning messages, phone calls and emails and insist that our staff do the same. This may seem like a very small point to make but if our customers know that they will always get an answer, be it good or bad, it enhances their confidence in dealing with us.

4. Budgeting - from the first day of business we set ourselves a sales and expense budget for the financial year and asked our accountant to work out the financial result of each month. We then sit down and analyse the results and go over both the sales and expense details with a fine-tooth comb to see how we can increase profits in the future. I believe that too many businesses fail to have an accurate depiction of their financial position and therefore have an unrealistic perception of how their business is performing.

5. Sense of humour - I would be very surprised if any business I know would have an office that laughs as much as ours. We have always had a very open mind when it comes to what is and isn't office protocol and do not hold anything back. We do not believe in closed door meetings and try to involve staff in as many matters as possible. Obviously, this may not work for all offices but I have definitely found that it makes it a lot easier to walk into work in the morning knowing that you are going to have some laughs during the day.


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