Collins Hume named Finalists in the 2025 Australian Accounting Awards Collins Hume has been named Finalists in two categories at the 2025 Australian Accounting Awards: Regional/Suburban Firm of the Year and Marketing Program of the Year. This recognition places Collins Hume among Australia’s leading accounting firms, with the awards program celebrating the profession’s outstanding achievements across 36 categories. Finalist selection reflects the calibre of submissions, which grew by 20% this year! “There was a remarkable increase in submissions this year. As Finalists, Collins Hume has been recognised amongst Australia’s top accounting professionals and businesses,” said Natalie Phan from the Australian Accounting Awards Team at Momentum Media. Partner Peter Fowler said it was important to recognise the Collins Hume team for their energy, care and professionalism. “Being recognised in two national categories highlights not only the strength of our regional presence but also our focus on innovative communication. Our team’s commitment to driving meaningful outcomes for our clients is what sets us apart.” “Being nominated isn’t just about external recognition; it’s a reflection of the culture we’ve built together and the standards we uphold for our clients and community.” “Awards might not show up on a balance sheet, but they do speak volumes about our values, commitment and reputation. They validate the things that can’t always be measured like quality service, innovation, teamwork and impact,” Peter added. The winners will be announced at a gala awards evening in Sydney on Friday 20 June 2025. Read more at https://www.accountantsdaily.com.au/australian-accounting-awards/awards/about

Managing cash flow for business and lifestyle success A full house of Northern Rivers business owners gathered at Ramada Ballina on 6 May for Collins Hume’s “Cash is King” seminar, an energising and practical session designed to help local businesses unlock cash flow and drive future-focused decision-making. Delivered by Collins Hume’s Senior Business Advisor Nathan McGrath together with renowned Business Strategist Mark Holton, the session was praised by attendees for its clarity, practical relevance and impact. “It was indeed my pleasure to participate in the Collins Hume Cash is King seminar,” Mark Holton said. “I thought it was meticulously organised, very well attended with engaged delegates and brilliantly presented by Nathan.” “I have done several of these sessions for accounting firms in Australia and overseas and this was by far the best!” Delegates walked away with actionable tools to strengthen their business resilience, including scenario testing techniques and the ‘1% driver calculator’, which illustrates the profound impact of small operational changes. Attendees appreciated the power of cash flow forecasting, the use of business modelling software, and Collins Hume’s 360° approach to business advice. Many reflected on a renewed motivation to future-proof their business, with one delegate noting, “It’s exciting to see how small shifts can make a big difference.” Others highlighted the power of understanding key financial drivers beyond profit, particularly the fragility of profit when cash flow isn’t managed well. Nathan McGrath said, “It was great to see everything come together so well. It was an awesome session for everyone involved!” The event reinforced the role cash flow plays not just in surviving uncertainty but in seizing growth opportunities. Collins Hume’s ongoing commitment to practical, strategic business advisory continues to resonate strongly with the Northern Rivers business community. For more about Collins Hume’s 360° Business Solutions visit collinshume.com/360 . A Lasting Impact Beyond the Seminar Thanks to attendee support, this event delivered impact far beyond the business community. Through ticket sales and attendee participation, 66 weeks of education  will be provided to children in need via B1G1 and partner charity So They Can, helping create brighter futures through learning. We sincerely thank everyone who attended for contributing to this meaningful outcome! Learn more at collinshume.com/legacy  and www.sotheycan.org .

The Government has announced its intention to introduce mandatory standards for large superannuation funds to, amongst other things, deliver timely and compassionate handling of death benefits. Do we have a problem with paying out super when a member dies? The value of superannuation in Australia is now around $4.1 trillion. When you die, your super does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the fund rules, superannuation law, and any death benefit nomination you made. Complaints to the Australian Financial Complaints Authority (AFCA) about the handling of death benefits surged sevenfold between 2021 and 2023. The critical issue was delays in payments. While most super death benefits are paid within 3 months, for others it can take well over a year. The super laws do not specify a time period only that super needs to be paid to beneficiaries “as soon as practicable” after the death of the member. How to make sure your super goes to the right place Death benefits are a complex area. The superannuation fund trustee has discretion over who gets your super benefits unless you have made a valid death nomination. If you don’t make a decision, or let your nomination lapse, then the fund has the discretion to pay your super to any of your dependants or your estate. There are four types of death nominations: Binding death benefit nomination: Directs your super to your nominated eligible beneficiary, the trustee is bound by law to pay your super to that person as soon as practicable after your death. Generally, death benefit nominations lapse after 3 years unless it is a non-lapsing binding death nomination. Non-lapsing binding death benefit nomination: If permitted by your trust deed, a non-lapsing binding death benefit nomination will remain in place unless you cancel or replace it. When you die, your super is directed to the person you nominate. Non-binding death nomination: A guide for trustees as to who should receive your super when you die but the trustee retains control over who the benefits are paid to. This might be the person you nominate but the trustees can use their discretion to pay your super to someone else or to your estate. Reversionary beneficiary: If you are taking an income stream from your superannuation at the time of your death (pension), the payments can revert to your nominated beneficiary at the time of your death and the pension will be automatically paid to that person. Only certain dependants can receive reversionary pensions, generally a spouse or child under 18 years. Who is eligible to receive your super? Your super can be paid to a dependant, your legal representative (for example, the executor of your will), or someone who has an interdependency relationship with you. A dependant for superannuation purposes is “the spouse of the person, any child of the person and any person with whom the person has an interdependency relationship”. An interdependency relationship is where someone depends on you for financial support or care. What happens if I don’t make a nomination? If you have not made a death benefit nomination, the trustees will decide who to pay your superannuation to according to state or territory laws. This will be a superannuation dependant or the legal representative of your estate to then be distributed according to your Will. Where it can go wrong There have been a number of court cases over the years that have successfully contested the validity of death nominations. For a death nomination to be valid it must be in writing, signed and dated by you, and witnessed. The wording of your nomination also needs to be clear and legally binding. If you nominate a person, ensure you use their legal name. If your super is to be directed to your estate, ensure the wording uses the correct legal terminology. One of the reasons for delays in paying death benefit nominations cited by the funds is where there is no nomination (or it is expired or invalid), there are multiple potential claimants, and the trustee needs to work through sometimes complex family scenarios. The bottom line is, young or old, check your nominations with your superannuation fund and make sure you have the right type of nomination in place, and it is valid and correct. While there still might be a delay in getting your super where it needs to go if you die, the process will be a lot quicker and less onerous for your loved ones. Ask to speak with Collins Hume's knowledgeable superannuation advisers to find out more on 02 6686 3000.

If your business isn’t growing the way you want, ask yourself this: Am I leading, managing, or doing? You might be the cause of the problem. Your business can’t outgrow your leadership. If you’re stuck in the day-to-day, making all the decisions and putting out fires, you’ve hit your leadership ceiling — and that’s what’s holding your business back. Here’s how to break through: Communicate with Clarity: Say it, repeat it, and then say it again. Great leaders over-communicate, not under-communicate. Clear communication ensures everyone is on the same page and understands the vision and goals of the business. It reduces misunderstandings and aligns the team towards common objectives. Let Go to Grow: The more you hold on to doing everything, the slower your business moves. Systemize, delegate, let go, and trust your team. Empowering your team by delegating tasks not only frees up your time but also fosters a sense of ownership and accountability among your employees. This shift allows you to focus on strategic growth rather than getting bogged down in operational details. Focus on Results, Not Ego: It’s not about being right — it’s about getting the right outcomes. Effective leaders prioritize the success of the business over personal accolades. By focusing on results, you encourage a culture of performance and continuous improvement, where the best ideas win regardless of their source. The hardest shift for business owners is going from doing the work to leading the team who do the work. This transition requires a change in mindset from being a doer to being a leader. It involves trusting your team, letting go of control, and focusing on guiding and inspiring your employees. But once you make that leap, everything changes. Your business starts to grow, your team becomes more engaged and productive, and you can finally focus on the bigger picture. By breaking through your leadership ceiling, you unlock the true potential of your business. Contact Nathan at Strategy360 for an obligation-free assessment of your business and discover how we can help you grow and prosper. Impactful Event – 6 May at the Ramada Hotel Ballina – Get tickets here:

EOFY tax opportunities for your business With the end of the financial year fast approaching we outline some opportunities to maximise your deductions and give you the low down on areas at risk of increased ATO scrutiny. Write-off bad debts Have a customer definitely not going to pay you? If all attempts have failed, the debt can be written off by 30 June to claim a deduction this year. Ensure you document the fact that you have written off the bad debt on your debtor’s ledger or with a minute. Obsolete plant & equipment If your business has obsolete plant and equipment sitting on your depreciation schedule, instead of depreciating a small amount each year, scrap it and write it off before 30 June if you don’t use it anymore. For companies If it makes sense to do so, bring forward tax deductions by committing to pay directors’ fees and employee bonuses (by resolution), and paying June quarter super contributions in June. Risks Tax debt and not meeting reporting obligations Failing to lodge returns is a huge ‘red flag’ for the ATO that something is wrong in the business. Not lodging a tax return will not stop the debt escalating because the ATO has the power to simply issue an assessment of what they think your business owes. If your business is having trouble meeting its tax or reporting obligations, we can assist by working with the ATO on your behalf. Professional firm profits For professional services firms - architects, lawyers, accountants, etc. - the ATO is actively reviewing how profits flow through to the professionals involved, looking to see whether structures are in place to divert income to reduce the tax they would be expected to pay. Where professionals are not appropriately rewarded for the services they provide to the business, or they receive a reward which is substantially less than the value of those services, the ATO is likely to take action. Need support or have questions? Talk with Collins Hume in Ballina today about maximising your outcomes and reducing your risk.

General and Shortfall Interest Charges no longer tax deductible from July IMPORTANT Parliament has recently passed legislation to deny tax deductions for General Interest Charges (GIC) and Shortfall Interest Charges (SIC) incurred on or after 1 July 2025. What this means if you have existing debt: ATO interest on overdue tax will no longer be deductible, making it a real cost rather than a tax-offset If you currently have tax debt, the cost of keeping that debt will increase Businesses using ATO payment plans may find them significantly more expensive from a tax perspective Refinancing tax debt through a lender (where interest is still deductible) may present a smarter and more cost-effective option. We recommend reviewing your tax position before 30 June to understand the potential impact and consider your options. If you require further information or face difficulty in paying your ATO obligations, please contact Collins Hume for assistance on 02 6686 3000.   Source: Australian Tax Office

“Succession planning, and the tax risks associated with it, is our number one focus in 2025. In recent years we’ve observed an increase in reorganisations that appear to be connected to succession planning,” ATO Private Wealth Deputy Commissioner Louise Clarke The Australian Taxation Office (ATO) holds a view that wealthy babyboomer Australians, particularly those with successful family-controlled businesses, are planning and structuring to dispose of assets in a way in which the tax outcomes might not be in accord with the ATO’s expectations. If you are within the ATO’s Top 500 (Australia's largest and wealthiest private groups) or Next 5,000 (Australian residents who, together with their associates, control  a net wealth of over $50 million) programs, expect the ATO to be paying close attention to how money flows through the entities you control.  A critical issue for many business owners is how to effectively (and compliantly) benefit from a successful business. In many cases, the owners have spent years building the business and the business has become not only a substantial asset, but a lucrative source of income either through salary and wages, dividends, or through the sale of shares or assets. Generally, under tax law, you can legitimately structure assets if there is a good reason to do so - like for asset protection, but if you tip across the line and the only viable reason for a structure is to reduce tax, then you risk the ATO taking a very close look at your operations or worse, denying any tax benefits under the general anti-avoidance rules in Part IVA of the tax rules, designed to combat “blatant, artificial or contrived” tax avoidance activities. “We’re seeing that succession planning behaviour is primarily done by group heads who are approaching retirement. They typically own groups that family members are a part of, and wealth is transferred to the next generation to keep it within the family (via trusts and other means),” ATO Private Wealth Deputy Commissioner Louise Clarke said in a recent update. Key areas of concern include: Division 7A loans being settled. That is, a company has been paying money to a shareholder or an associate under a loan account. The ‘loan’ is quickly settled, often via a distribution, to remove it from the accounts. Assets moving around the group  (often the true value of an asset is not recognised raising the question, why the change if not to avoid capital gains tax on disposal or for some other benefit). Family member interests being restructured . Trust deeds being amended. A restructure is cited as a reason for late lodgement. Use of trusts Trusts are also a key area of concern in 2025. Where a trust which has made a family trust election (FTE) or interposed entity election (IEE) makes a distribution outside of the family group, a 47% Family Trust Distribution Tax applies (tax at the top marginal tax rate plus Medicare). In addition, the ATO has recently tightened its approach to trust tax returns for closely held trusts to ensure that trustee beneficiary (TB) statements are being completed. These are required when a trust makes a distribution of income or assets to the trustee of another trust, unless an exclusion applies. For example, a trust which has made an FTE or IEE doesn’t need to make a TB statement. The TB statement will then be used to cross reference against what the beneficiary has declared in its tax return. Where a valid TB statement is not made on time this can trigger a hefty 47% Trustee Beneficiary Non-Disclosure Tax. Reducing risk Where you or your family have control over multiple entities, particularly where the value of these entities is significant, it is important that the connections between these - be it in Australia or overseas - are looked at closely to avoid any nasty surprises or lost opportunities. Transferring control of your business may involve restructuring your business operations – changes to share structures, changes to the trustee and appointor of a trust, changes to partnership structures – or transferring assets to family members via the creation of trusts or other entities. All these events have legal and tax implications that need to be carefully considered. Contact Collins Hume in Ballina on 02 6686 3000 to assist you with your succession and tax planning.

In the fast-paced world of business, cash flow is one of the most critical factors in determining success. It’s more than just the movement of money in and out of your business—it’s a key indicator that directly impacts your business strategy. Whether you're a startup or an established company, understanding and managing cash flow effectively can be the difference between thriving and struggling. What is Cash Flow? Cash flow refers to the movement of money in and out of your business over a specific period. It includes revenue from sales, payments for expenses, loans, and any other financial transactions. Positive cash flow means that your business has more money coming in than going out, while negative cash flow signals that you're losing more than you're gaining. Cash Flow as a Strategic Asset Many business owners focus on profits and revenue as the primary drivers of success. However, cash flow is just as important, if not more so. Here’s why cash flow should be at the heart of your business strategy: 1. Facilitates Growth and Investment A healthy cash flow is vital for fuelling growth. Without a strong cash cushion, your ability to reinvest in the business—whether that’s hiring new staff, purchasing equipment, expanding marketing efforts, or exploring new markets—becomes limited. Cash flow allows you to act quickly and take advantage of opportunities as they arise. In short, cash flow directly impacts your ability to innovate, expand, and stay competitive. 2. Enables Smarter Decision-Making Strategic decisions require solid data. By closely monitoring your cash flow, you can make informed, data-driven decisions. For example, if you notice a dip in cash flow, you can address it immediately by cutting back on non-essential expenses or renegotiating terms with suppliers. Cash flow management provides you with the insights needed to make these kinds of strategic adjustments in real-time. 3. Improves Operational Efficiency Cash flow performance highlights inefficiencies within your business. Are you holding too much inventory? Are your payment terms too long? Identifying these areas through cash flow analysis helps streamline operations, eliminate waste, and improve profitability. When you manage cash flow with strategy, you ensure that every dollar spent or invested brings you closer to achieving your business goals. 4. Reduces Risk and Increases Resilience No business is immune to unexpected challenges—whether it’s an economic downturn, a sudden increase in operational costs, or a natural disaster. Healthy cash flow acts as a buffer during difficult times, helping your business stay resilient when cash inflows slow down. By incorporating cash flow management into your business strategy, you ensure that your company can weather storms and remain operational even when the market gets volatile. 5. Supports Long-Term Sustainability Short-term profits can be tempting, but true business sustainability relies on consistent cash flow. By focusing on long-term cash flow health, your company can invest in long-term growth without worrying about running out of funds. Cash flow enables businesses to pay off debt, manage operational costs, and reinvest profits to strengthen the company’s foundation. Integrating Cash Flow into Your Business Strategy To truly leverage cash flow as a strategic tool, here are some steps you can take: Monitor and Forecast Regularly: Make cash flow tracking a regular part of your business routine. Use software or financial tools to create cash flow forecasts that predict inflows and outflows over time. This will help you stay ahead of potential cash shortages or surpluses. Tighten Up Accounts Receivable: If you have outstanding invoices, focus on getting paid faster. Offering discounts for early payment or using automated invoicing can speed up the process. Negotiate Payment Terms: Review your payment terms with both customers and suppliers. Shortening the payment cycle with clients or extending terms with suppliers can improve cash flow timing. Control Expenses: Regularly audit your business expenses to identify areas where you can cut costs without compromising quality or service. Keeping overhead low while maximizing income is crucial for maintaining positive cash flow. Keep a Cash Buffer: Set aside a portion of your profits as a cash reserve. This buffer can be a lifesaver during slow months or economic downturns, ensuring your business stays afloat and can continue to operate without interruption. Cash flow is more than just a financial metric—it’s a strategic asset that enables your business to grow, innovate, and thrive. By integrating cash flow management into your business strategy, you can make smarter decisions, enhance operational efficiency, reduce risk, and build a foundation for long-term success. Don’t let cash flow be an afterthought. Make it a key part of your strategy and watch your business flourish even in the face of an unpredictable market. Cash is King – Book Now for Collins Hume's 6 May Business Event

MASK isn’t your average home fragrance brand. Their scents are nostalgic, fun and designed to spark positivity. Behind the scenes, Founder and CEO Jason Morrisby knew he needed more than great product-market fit for his start-up – he needed a financial structure that could protect assets, and support growth and sustainability. From Playful Fragrances to Serious Financial Priorities Building a profitable brand starts with getting the financial framework right and keeping it fresh Strategic business advice can make all the difference when scaling without external capital Working with advisors who understand your growth goals inside and out pays off in both cash flow and confidence. As a bootstrapped business with no outside capital, MASK’s biggest challenges weren’t product development or marketing – they were cash flow management and ensuring the right people and systems were in place. “For any brand, it's always people and money,” Jason said. “We were bootstrapped from the start, but paid attention to our cash flow so we have remained profitable and in control.” That’s where Collins Hume came in. A Full-Service Accounting Partnership That’s Personal From the outset, Collins Hume set up MASK with a solid business structure that included asset protection aligned to Jason’s long-term vision. The Collins Hume team worked with Jason to build a tailored business plan – one that not only mapped out growth initiatives, but also drilled into the numbers to help inform better cash flow decisions. Collins Hume’s 360-degree approach aligned closely with MASK’s own financial philosophy: focus on high gross margins, aim for a net profit of 20% and choose consumables to reduce ongoing customer acquisition costs. Jason has engaged Collins Hume for tax structuring and market expansion planning to regular bookkeeping and payroll support. The benefits of having such an indepth relationship has given Collins Hume a unique understanding of MASK as a business as well as Jason’s goals. “Having a reputable accountant is important,” Jason shared. “As a business owner time is important and, although it's wise to check P&Ls and financials, we can't do it all so it's reassuring that Collins Hume is helping us make key decisions that impact financial performance in the best way possible.” Results that Smell Like Success MASK has remained consistently profitable, agile and entirely self-funded. Their financial systems now support rapid product development and ongoing innovation, all while keeping their team and operations lean. Jason’s success story is proof that when a business owner has access to insightful and timely advice, anything is possible, especially when your brains trust is willing to go beyond compliance and act as a true strategic advisor. About MASK MASK is formerly a Sydney now Gold Coast-based home fragrance brand on a mission to spark positivity, delight and surprise. All their feel-good scents are proudly crafted in the Northern Rivers, where they’re just as passionate about creating local jobs as they are about creating uplifting fragrances. With an amazing team and a unique community vibe, MASK is all about delighting customers and doing business with heart. Discover more on their website  or follow along on Instagram  and Facebook . Learn How to Maximise Cash Flow in Your Business at Cash Is King Event 6 May Join Collins Hume for an exclusive event to uncover practical strategies to take control of your cash flow and set your business up for long-term lifestyle and financial success!

Rising costs? Tight cash flow? Working harder for less? If your business is keeping you up at night, you’re not alone — and we’ve got the event to help change that. Join Collins Hume for a focused, practical session designed to help you maximise cash flow and profitability through simple, strategic business manoeuvres. Event details Tuesday 6 May 2025 9:00–11:00AM Ramada Hotel & Suites Ballina Morning tea included Presented by Nathan McGrath , Senior Business Advisor (Collins Hume) together with renowned Australian Business Strategist, Mark Holton, this session is all about empowering business owners to take control of their financial future. Learn how small shifts in your business can deliver serious gains. Session highlights include: Being empowered to improve cash flow and profitability outcomes Unlocking major financial improvements through simple business adjustments The importance of cash in resilience-building and meeting the challenges of an unpredictable and volatile economy Previewing and understanding the financial impact of key business decisions. This hands-on session is ideal for business owners, managers and decision-makers. Spots are limited – bookings essential. Book via Eventbrite or call us on 02 6686 3000. We look forward to seeing you there!

Cash is King! Maximise Cash Flow for Business and Lifestyle Success BOOK NOW Collins Hume to host May event on cash flow and profitability strategies for your business Rising costs? Declining cash flow? Low margins? Long hours?  Is your business making you stressed and keeping you awake? Award-winning accounting and advisory firm Collins Hume is holding the business event of the year! Designed to help business owners and business leaders unlock major financial improvements through small, strategic changes. Event details 9-11AM on Tuesday 6 May 2025 Ramada Hotel & Suites Ballina Phone bookings on 02 6686 3000 or via Eventbrite » The session will be presented by Collins Hume Senior Business Advisor Nathan McGrath  together with renowned Business Strategist Mark Holton . “It’s all about empowering business owners to take control of their cash flow and profitability in ways that are simple yet incredibly effective,” says Nathan. “We’ll show attendees how to identify the triggers that drive performance and make subtle shifts in their operations that can deliver significant gains.” The event will explore the importance of cash flow in building resilience, especially in uncertain and volatile economic conditions. Attendees will gain practical tools and insights to see the financial impact of key business decisions before  they make them. “We’re bringing real-world examples and live case studies to the table so business owners can see how small operational changes can lead to big results,” Nathan added. This is not just theory – it’s actionable advice that can be applied immediately. “We know it works as our clients are achieving amazing results by working with us.” Highlights include: Being empowered to improve cash flow and profitability outcomes Unlocking major financial improvements through simple business adjustments The importance of cash in resilience-building and meeting the challenges of an unpredictable and volatile economy Previewing and understanding the financial impact of key business decisions. This hands-on session is ideal for business owners, managers and decision-makers looking to build more resilient and profitable operations. Numbers are limited — bookings essential. Morning tea included. Phone bookings can be made on 02 6686 3000. Read more at https://www.collinshume.com/360

Strategic Planning for Business Owners In today’s fast-paced business world, staying ahead requires more than just keeping up—it demands a proactive, strategic approach. Whether you're running a growing enterprise or an established business, regular strategic planning is essential to adapting to market shifts, capitalising on new opportunities and securing long-term success. Why Strategic Planning Matters Strategic planning isn’t just for large corporations—it’s a crucial tool for businesses of all sizes. By setting clear objectives and aligning your team with a well-defined roadmap, you create a focused direction that drives efficiency, innovation and profitability. One key to effective planning is flexibility. Markets evolve, customer needs shift and technology disrupts traditional ways of operating. A strategic plan that allows for adaptation ensures your business remains resilient and competitive. Setting Clear Goals for Sustainable Growth A successful business thrives on well-defined goals. Establish financial targets, operational benchmarks, and long-term objectives that reflect your vision. Whether it’s increasing revenue, expanding into new markets or enhancing customer experience, clarity in your goals enables informed decision-making. To set meaningful targets, ask yourself: What does success look like in the next 3-5 years? What key challenges are hindering growth? Where can we maximise efficiency and profitability? Conducting a SWOT Analysis Understanding your business’s Strengths, Weaknesses, Opportunities, and Threats (SWOT) is fundamental to strategic decision-making. By assessing these areas, you can pinpoint areas for improvement while leveraging competitive advantages. Involving key stakeholders—employees, partners, and even clients—can provide valuable insights that shape your strategy. An external perspective often reveals hidden growth opportunities or potential risks. Seizing Growth Opportunities Strategic planning helps business owners recognise new revenue streams and innovative solutions. Whether it's launching new products, expanding into different regions  or adopting technology to streamline operations, identifying these opportunities early can set you apart from competitors. Keep an eye on industry trends, evolving consumer behaviours and technological advancements. Regular market research ensures your business is positioned to capitalise on emerging opportunities before competitors do. Engaging Your Team in the Strategy A strategic plan shouldn’t sit in a desk drawer—it should be a living, breathing document that aligns your entire team. Engaging employees in the planning process fosters a sense of ownership, motivation and accountability. Encourage open discussions about company goals, challenges and growth strategies. A well-informed and aligned workforce is more productive and committed to achieving strategic objectives. Five Pillars of a Strong Strategy To build a robust business strategy, focus on these five key areas: Financial Management – Monitor cash flow , profitability and investments to sustain growth People – Attract, retain and develop top talent to drive business success Processes – Optimise operations for efficiency and scalability Customers – Strengthen relationships and enhance customer satisfaction Services or Products – Continuously innovate and refine offerings to meet market demand.   By aligning these pillars, you create a strong foundation for sustainable success. Achieving Long-Term Success Strategic planning isn’t a one-time exercise—it’s an ongoing process that keeps your business adaptable and forward-focused. Regular reviews, market analysis and stakeholder feedback ensure your strategy evolves with the changing landscape. By prioritising strategic planning, you position your business for resilience, profitability and long-term success. Start today by assessing your current strategy and identifying the next steps toward your growth goals. Elevate your business to new heights! By partnering with Strategy360 , gain clarity and control over your operations, improve profitability, increase business value and secure a sustainable future for your business. Contact  Nathan McGrath  on  02 6686 3000  for an obligation-free discussion on how Collins Hume can help you tailor a program to suit your requirements.