The cost of living has eased over the past year but consumers are still under pressure. For business, planning is the key to managing Christmas volatility.  The countdown to Christmas is on and we’re in the midst of a headlong rush to maximise any remaining opportunities before the Christmas lull. Busy period or not, Christmas causes a period of dislocation and volatility for most businesses. The result is that it is not ‘business as usual’ and for many, volatility can create problems.   Added to this dislocation are cost of living pressures impacting consumers. Employee households are the hardest hit experiencing mortgage cost fuelled increases – spiked by the rollover of fixed rate loans to higher variable rate loans. While there has been some relief from energy subsidies and a reduction in fuel prices, underlying inflation remains persistently above the RBA’s target rate. Services inflation - the cost of your rent, insurance, your hairdresser, etc – is sitting at around 5%. With the Reserve Bank of Australia (RBA) Board keeping rates on hold for now and hinting that it will be some time yet before they are comfortable reducing rates, consumers want a reason to spend based on value for money. The irony is that if we all spend up big, which a recent Roy Morgan poll  suggests we are, there is a risk this elevated spending will further delay rate cuts. But, while we might spend more, some of this increase is simply to compensate for inflation - we need to spend more to buy at the same level as previous years.  The discounting trend  Consumers expect a bargain and can generally find one. If you choose to discount stock (or the market forces you to), it’s essential to know your profit margins to determine what you can afford to give away. A business with a 20% gross profit margin that offers a 15% discount, needs a 300% increase in sales volume simply to maintain the same position. Worst case scenario is that a business trades below its breakeven point and generates losses.   Increased sales from discounting can be great if you know your numbers, have excess or older stock that needs to be moved, generates demand, or drives new customers to you.  Also think about how you create value; it does not always have to be a direct discount on a product. Packaging might be a better option than a straight discount where you can increase sales of multiple items, even better if you can combine higher demand with lower demand stock. Quantity discounts, value added are also options.  The Christmas cost hangover  Costs tend to go up over Christmas. More staff, lower efficiency, downtime from non-trading days, increased promotional costs, all mean that the cost of doing business increases. It’s great to get into the Christmas spirit as long as you don’t end up with a New Year hangover. Cost control is important.  Many businesses also bring in casual staff. It’s essential that you pay staff at the correct rates and meet your Superannuation Guarantee obligations. Check the  pay calculator  to make sure you have it right.  New Year cash flow crunch  The New Year often leads into a quieter trading and tighter cash flow period. The March quarter is often the toughest cashflow quarter of the year. You will need a cash buffer. Don’t over commit yourself in the run up to the end of the year and start the new Year with a problem.  Take a lesson from Scrooge  If you work with account customers, start your debtor follow up early. If your customers are under cash flow pressure, the Christmas period will only exacerbate it. The creditors that chase debt hard and early will get paid first. Don’t be the last supplier on the list; the bucket might be empty by then.  Trading stock headaches  If business activity spikes over the Christmas period and you sell goods, then there is a temptation to increase stock levels. That makes sense as long as you don’t go too far. Too much stock post the Christmas period and you will either be carrying product that is out of season, or you will have too much cash tied up in trading stock. Try to work with suppliers that can supply on short notice.   Managing your trading stock is not just about managing cost. If your customers are in your store but can’t find what they need, have an online option available in store to take the sale. Christmas is a great time of year. Just don’t get caught up in the rush and remember your business basics. Call Collins Hume in Ballina on 02 6686 3000 for any help you might need in your business before Christmas to see you through the festive season.

Helpful and holistic support for business owners  As a business owner, you know that staying on top of your finances is essential, but what if you had a partner who could do more than just look at the past? At Collins Hume, we’re here to guide your business into the future, offering tailored advisory services that go beyond traditional accounting.  In the current challenging environment, business owners need more than just an annual set of accounts or a tax return. They need an ongoing partner who understands the intricacies of their business and can provide real-time insights and strategic advice. That's where our Strategy360 services come in, providing hands on practical guidance, not just reports.  Guiding Your Business Future — What Does That Look Like?  1. Tailored Business Performance Solutions: we simplify the complexities of your business. By collaborating closely with you, we focus on achieving meaningful outcomes that align with your unique objectives. Our customised solutions aim to enhance your business performance, boost profits and improve cash flow, ensuring long-term sustainability and growth.  2. Enhancing Business Value: Our approach is centred on increasing the value of your business. Through our expertise and strategic resources, we help you optimise ongoing earnings, drive business growth and ensure that your business valuation increases, providing you with a more secure financial future.  3. Reducing Risks and Improving Stability: We leverage robust technology and diverse industry experience to reduce the risks and uncertainties that many businesses face. By strengthening your business’s resilience, we help you navigate through market volatility and ensure ongoing success.  4. Supporting Your Lifestyle and Legacy: Our approach focuses on more than just numbers . We aim to improve the lifestyle outcomes you gain from owning a business and help you build a lasting legacy. By providing dedicated, ongoing support, we give you peace of mind, so you can rest easy knowing your business is in good hands.  Why use a Business Adviser?  Working with Collins Hume offers numerous benefits. We tailor our solutions to your precise needs, designed to improve business performance, minimise risks, boost business value, advance strategic initiatives, and execute plans effectively.   Our approach ensures that your business receives targeted support and guidance, ultimately leading to enhanced success and growth.  We understand that many business owners are great at what they do, but may not necessarily have the financial expertise or confidence to manage certain aspects on their own, and that’s where we step in to provide the ongoing support you need. Our goal is to help your business thrive, not just survive, by providing the tools and insights that make a difference all year long.  Elevate your business to new heights. Contact Nathan McGrath  on 02 6686 3000 for an obligation-free discussion on how Collins Hume can help you achieve a better performing business and lifestyle.

Kirra Connell started her role as an Admin Assistant at Collins Hume in May 2024, bringing a fresh perspective as she starts out on her career journey.   Originally from Rockhampton, Kirra’s family moved around a bit, finally settling in the Northern Rivers 10 years ago. Surrounded by individuals working in finance, Kirra found her interest piqued in the world of accounting, leading her to pursue a Business Certificate III, with aspirations of furthering her studies via Collins Hume’s traineeship into accounting via a Certificate IV and mastering Xero.  Being her first job after Year 11, Kirra has embraced the challenges and opportunities at Collins Hume. “I find accounting useful and meaningful for clients. Observing how accounting is done is enjoyable,” she says.   Driven by curiosity and a desire to help others, she’s excited about the hands-on learning she’s receiving, both from her duties and the team around her.  In her role, Kirra handles various responsibilities, from invoicing and managing client documents to covering reception and keeping up with ATO correspondence. One of her key responsibilities is managing ensuring client data is up-to-date.   "I set up new individual clients on our systems and adjust their profiles to be accurate, following up any missing contact details or updates needed," Kirra explains. She’s also responsible for tracking payments, ensuring they are allocated correctly and following up on any overpayments or outstanding balances.  Kirra's ambition doesn’t stop at her day-to-day tasks. She is excited to continue her professional journey at Collins Hume, where the welcoming and friendly environment, combined with the firm's reputation, solidifies her path toward a successful career in accounting. "The traineeship leading into an accounting career is really appealing," she says.  Beyond the office, Kirra is immensely creative, with talents in making gifts and crafting — including crocheting her formal dress! She enjoys staying active by exploring the region’s waterfalls and beaches and is also passionate about animals, showcasing a personality that blends her professional drive with her personal interests.  As she continues her journey at Collins Hume, Kirra is excited to grow, learn and eventually take on more complexity in her role, all while making a meaningful impact on the clients she assists.

​​CHANGE. Changing your current accountant may feel like a stressful scenario you'd rather avoid. Perhaps you've justified staying with your current firm because you've always been with them. Or maybe you tell yourself the hassle of changing is too hard - even with an accountant who isn't providing the level of service your business demands. We get it. If you feel you're not getting all that you should from your existing relationship, it costs you nothing to get a second opinion. We are happy to offer that second opinion at no cost to you. ​ Why not meet us to discuss exactly what you need? There's no obligation; this is just an opportunity to talk with specialised business professionals who aim to do their utmost for YOU, your family and your business.​​​ No stress; we will make it simple for you. If you decide the time has come for a change, we'll take care of everything else, including: ​ Contacting your current accountant explaining that you are moving your business to Collins Hume​ ​ Arranging for any of your books or records which they currently hold to be transferred to us;​ ​ Obtaining copies of your previous financial statements, tax returns and any other necessary information;​ ​ Advising the ATO, ASIC and any other government offices that we're now looking after your affairs. ​ We limit the number of new clients we take on each year to ensure we continue to offer our existing clients exceptional services. So please don't delay in contacting us. ​ ​ Let's Begin

YOU. ​ ​​​That’s all we focus on. ​ You, your family, your wealth, your business and the legacy you (and we) leave. ​ That’s it. ​ Join us on this amazing journey. ​ Let's Begin NEWS. Collins Hume 9 hours ago Challenges in Accountability Creating a culture of accountability in your business can be a game-changer, but it’s no small feat. 0 Collins Hume Nov 11 SMBs Face Mounting Challenges As business conditions continue to tighten, small and medium businesses are facing significant challenges. But there's help. 3 Collins Hume Nov 4 Refinancing a home loan: the process explained Check out this step-by-step guide on what’s involved in refinancing and why, in most cases, it pays to consider it. 6 Collins Hume Oct 31 More women using ‘downsizer’ contributions to boost super How downsizer contributions work and why more women are taking advantage of this opportunity. 1 1 2 3 4 5 Our purpose is to inspire business owners to achieve success in powerful and meaningful ways. ​ Giving. Always give more than we receive. Inspiring. Today and every day, we will inspire others to achieve their best. Caring. We care for our team, clients and everyone we connect with. Lifestyle. We work to live, not live to work. Make it enjoyable and meaningful in every way.

STRATEGIC. LOCAL. IMPACT.​ ​​ Making a Lasting Impact Together At Collins Hume, our purpose is simple: to inspire business owners to achieve success in powerful and meaningful ways. True success goes beyond financial growth. It’s about creating a positive, lasting legacy that benefits our local community and the world—a living legacy that will endure for future generations. We’re proud and feel privileged to live, work, and contribute to one of the most beautiful and prosperous regions in Australia. Every day, our efforts support the beauty and success of our community, and we’re committed to giving back to ensure its continued prosperity. But our impact extends far beyond our local communities. Like you, we care deeply about a better future—for your family and families worldwide. Access to essentials like clean water, education, and food is a cause we all share. Through our partnerships with 1% for the Planet and B1G1, every time you engage with Collins Hume, you’re helping make a meaningful difference on a global scale. Together, we’re supporting high-impact initiatives that provide clean drinking water, education, and vital resources to needy communities. We sincerely thank you for partnering with us. Through our shared commitment to purpose-driven success, we’re not just building a better future for you but helping create a better world. As a Business For Good, we can (and do) change lives. ​ ​ ​​ GLOBAL.