In the current Australian economic landscape, businesses are grappling with several significant challenges: Elevated interest rates High inflation A rising number of business insolvencies. Gerry Harvey, Chairman of Harvey Norman Ltd and a 60-year veteran of the retail industry, has expressed concerns about Australia's economic trajectory. He warns that ongoing government expenditures could perpetuate high interest rates and inflation for at least the next five years. [i]   The Australian Small Business and Family Enterprise Ombudsman, Bruce Billson, has highlighted troubling trends: A 3.5% decline in small business conditions over the past year A two-year consecutive downturn in the small business operating environment A decrease in economic activity generated by small businesses, now accounting for 33% of GDP, down from 40% in 2006 Employment in small businesses has fallen to 42% of the private sector workforce, compared to 53% in 2006. These statistics underscore the mounting challenges faced by business owners and the professionals who support them. [ii]   Australian accounting software provider, MYOB, has observed that many business owners lack a solid grasp of fiscal management. Issues identified include: Inadequate debtor control systems Misunderstanding of supplier payment terms Insufficient planning for tax obligations New business owners encountering significant challenges after approximately six months of operation. Are You Getting the Advice Your Business Needs to Survive and Thrive? With high interest rates, inflation and increasing business failures, now is not the time for business owners and business leaders to rely solely on annual accounts and tax returns. The businesses that will withstand these economic pressures are those that take a proactive approach — seeking strategic financial and commercial guidance beyond compliance. Industry leaders and economic experts are signalling the challenges ahead. The question is, are you prepared? A fresh perspective on your business strategy could make all the difference. Now is the time to engage with advisors who can help you navigate uncertainty and position your business for long-term success. Contact Collins Hume’s Strategy360 today to explore how we can support your business with tailored financial insights and commercial strategies. [i] theaustralian.com.au [ii] asbfeo.gov.au

How Strategy360 By Collins Hume helps business owners unlock growth through mastering margin and capital interplay.  With the ever-evolving business landscape, understanding how to strategically position your business for profitability is more critical than ever.  Strategy360 guides businesses through the four key quadrants of financial efficiency. Businesses in the ideal quadrant achieve superior profitability and scalability.   Read on to find out how we’re providing business owners with expert insights and actionable strategies to help them transition into the ideal quadrant and drive sustainable success.  The Four Business Quadrants  Understanding where your business falls within four quadrants—low margin-high capital, low margin-low capital, high margin-high capital and high margin-low capital—allows you to strategically position your business for growth.   The Gold Standard: High Margin, Low Capital Businesses  Operating with high margins and low capital outlay provides the ultimate outcome for any business owner. This model ensures strong profitability with minimal investment, enabling you to scale quickly and unlock tremendous value.  Differentiation Drives Margin Growth  Differentiation is a factor in increasing margins so a prime strategy that offers unique products or services is essential for business success. Standing out from your competitors through innovation or superior customer service allows your business to command premium pricing and improve customer loyalty, ultimately boosting profitability.  Profitability Through Gross Profit and Capital Management  It’s essential to have the financial insight needed to optimise operations, maintain liquidity and sustain long-term success, and Collins Hume provides guidance on the levers to pull when calculating gross profit and managing capital requirements.  Avoiding the Pitfalls of High Capital, Low Margin Businesses  Many businesses face significant challenges when operating with low margins and high capital requirements. By offering actionable strategies to reduce capital outlay while improving profitability, we help businesses in this quadrant often struggling with strained cash flow and longer payback periods by devising the right strategies to mitigate risks.  A Proven Pathway to Success  Through Strategy360, Collins Hume empowers businesses to strategically navigate their financial landscape, boosting revenue, reducing capital needs and differentiating their offerings to drive long-term profitability and growth. We regularly see opportunities to improve the amount of cash and profit a business generates by making subtle adjustments to managing working capital.  Mastering the balance between margin and capital is crucial for business success. Our goal is to help businesses transition to high-margin, low-capital models, making them well-positioned for growth and superior valuation.  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.

The findings of the Aged Care Royal Commission were handed down way back in 2021.  We are now about to see aged care – how it is funded and who pays for it – redefined in “once in a generation” changes to take place this year. What does it mean to you and your family? This article will focus on residential aged care and my next article will turn its attention to home care. The overarching Government focus doesn’t change – they aim to ensure aged care is available for everyone. When it comes to moving into a residential care facility, if you (currently) have assets over $206,039, you will still be responsible for paying the market price (think RAD and DAP in aged care speak) for your accommodation. There is no-change to the means-testing of the family home – it’s included up to the capped value of (currently) $206,039 unless a “protected person” remains living in the home, in which case the home is exempt. The refundable accommodation deposit (RAD) cap increased from $550,000 to $750,000 on 1 January this year.  The cap is simply the amount a facility can charge for a room without obtaining Government approval.  Does a rising tide lift all boats?  It appears the case in aged care with room prices increasing around the country since 1 January. RAD’s are currently returned in full less any outstanding costs when someone voluntarily or involuntarily leaves the facility.  From 1 July this year, facilities will charge an exit fee of 2% per year of your RAD paid for up to 5 years.  For example, if you paid a RAD of $750,000 - $75,000 will be deducted when you leave after 5 years. People who choose to pay by daily accommodation payment (DAP) will have their fee indexed at the-then CPI rate twice a year, rather than the current fixed rate. Everyone will still pay a basic daily fee regardless of your financial means.  Beyond this you will pay a hotelling supplement and a capped non-clinical care contribution based on your assets and income, and a higher everyday living fee if you choose to get “extras”. When it comes to the ongoing cost of your aged care, the Government will pay for clinical care. If you are a current resident, or have family who are in a residential care facilitiy, they will be protected under the "no worse off" principle.  This will ensure current facility residents won't see their costs increase. The Government estimates that about 30% of full-pensioners and 75% of part-pensioners may face higher costs.  While it’s been communicated that wealthier Australians will pay more for aged care, it seems that the reality will be most Australians will pay more – in some cases, much more. How Family Aged Care Advocates (FACA) work Family Aged Care Advocates guide you and your family through this ever-changing aged care maze so you can clearly understand what all these changes exactly mean for your particular situation. Mistakes or misunderstandings can be costly and time-consuming to fix. Feel free to visit FACA at www.familyagedcareadvocates.com.au or call Shane Hayes on 0411 264 002.

Remember when a tenner could get you a decent lunch and filling up the car didn't feel like a second mortgage payment? Everyone has been feeling the pinch at Woolies, paying for fuel, and even when enjoying a cappuccino. It's like your money is shrinking faster than a cheap t-shirt in the wash! To put it into perspective, the price of beef has increased by 6.3%  j ust in the past year, which makes a weekend BBQ a lot more expensive! How Aussie Households are Feeling the Pinch Inflation isn't just an abstract economic concept; it's something we feel every time we swipe our debit cards or check our bank accounts. Rising prices are still affecting everyday Aussie households: Grocery bills soaring:  The ABS reports that food and non-alcoholic beverage prices rose by 2.9% in the year to November 2024. This means families still have to make tough choices about what goes in the trolley, even if the increase isn't as dramatic as it was over the last 2 years. You can find the details here . Petrol prices are unpredictable:  Petrol prices have been on a rollercoaster ride and can go from surprisingly low to eye-watering in the space of a few days (or a few km!).   Rent and mortgage stress:  Australia’s housing crisis doesn’t seem like it’s easing anytime soon. The average person is feeling this through mortgage stress, unpredictable rent increases, and of course, soaring property values.  Housing has contributed to inflation and has also been impacted by it. While the easing of interest rates is predicted for this year, economists doubt that this will bring housing costs down (in fact, it’s anticipated to drive them higher). How does inflation impact shares or real estate? Inflation doesn't just affect your weekly grocery bill; it also has a significant impact on your investments and retirement funds. For share investors, inflation can be a double-edged sword. On the one hand, companies may be able to pass on increased costs to consumers, leading to higher profits and potentially boosting share prices. On the other hand, high inflation often creates economic uncertainty, making investors nervous and potentially causing share prices to decline. To navigate this tricky landscape, it's crucial to diversify your investments across different sectors and companies to reduce risk. If you like to select your own shares (instead of using ETFs for example), focus on companies with solid financials, proven track records, and the ability to adapt to changing economic conditions. Real estate has traditionally been seen as a good hedge against inflation (the value of your property can generally increase, depending on location). However, rising interest rates have made borrowing more expensive, making it harder to secure a mortgage (particularly for an investment property). Given the multiple factors at play in the Australian housing market, we’ve seen house prices escalating at the same time. This has ‘priced out’ many would-be investors in real estate while rewarding those who bought property before  it ‘boomed’. When planning your investment strategy, it’s good to think about how you can protect against the impacts of inflation, rising fees & costs, or interest rate fluctuations.  Consider your timeline as well - for example buying real estate at the peak price might require holding it for quite a few years to see a capital gain. Is Cash really King? It can be tempting to hoard cash when things feel uncertain. But holding too much cash can be a bad thing in times of inflation. Why? Because your money is losing value.  If you have $100 today and inflation is 3%, that 100% will only buy you $97 worth of goods next year. This “purchasing power erosion” is especially dangerous for long-term goals like retirement. So how do you make your money work harder, even with inflation sticking around? You need to choose things that will outpace inflation, and grow wealth over the long term. Diversifying your investments - spreading your money across different asset classes like shares, property, and bonds - is probably the most accessible way of doing this. Being alert to the dangers When you’re young, you’ve got time to weather inflationary economic seasons. However, when you’re approaching retirement, it’s something you have to be more careful of. For example, some may keep large portions of their superannuation fund in cash, or withdraw their retirement fund in one lump sum. Both of these situations will see some or all of that retirement fund slowly reducing in value. And, if you’ve had a large portion of your superfund in cash for some time, you have lost out to both inflation and not benefiting from share market growth over that time. While the appropriate retirement fund strategy for you will probably include a portion in cash, it’s valuable to continue with some diversification into retirement. The right balance of investments is best determined as part of a holistic retirement plan. If you’re unsure of how to plan for this, reach out to our experienced retirement planners for more information. More Ways to Anticipate and Manage Inflation Beyond the day-to-day savings strategies, here are some additional steps to consider: ➔   Review your debt:  High-interest debt, like credit card debt, becomes even more expensive during periods of high inflation. Prioritise paying down those debts as quickly as possible. ➔   Consider fixed-rate loans:   If you're considering taking on new debt, such as a mortgage, explore fixed-rate options to provide certainty and protect yourself from rising interest rates. ➔   Build an emergency fund:  A financial safety net is crucial during economic uncertainty. Aim to have 3-6 months   of living expenses  saved in an easily accessible account. ➔   Stay informed:   Keep an eye on economic news and inflation forecasts. This will help you make informed decisions about your spending, saving, and investing. ➔   Seek professional advice:  If you're feeling overwhelmed or unsure about how to manage your finances, ask us how a financial planner could help. Being proactive and understanding how money and inflation works can help you deal with it more confidently. Every little bit counts!  We might not be able to control the economy, but we can control where our money is kept and where we’re spending it to make sure we're getting the most bang for our buck. Question from a client: I'm feeling a strong urge to take early retirement. I'm 58, with about a year of accrued leave. I estimate that my super will sustain me for 25 to 30 years. Should I prioritise my well-being and retire now on my own terms, or wait?  It’s fantastic that you’re in a position to consider early retirement at 58 - well done! If you feel confident that your financial situation will allow that, then I say go for it. Here are a few things to consider to make sure you’ll be successful in having a great retirement: 1. Financial Readiness: Superannuation:  As you were born in 1967, you won’t be able to access your super until the preservation age (60). With your year of leave, that leaves you with a year until you can withdraw your super. If you want to retire now, perhaps you have other means of funding your early retirement such as investments or the sale of a property.After the age of 60, you can access your super  as a transition-to-retirement pension, or account-based income stream, or withdraw it as a lump sum (you’ll want to look into the tax implications of each option). I suggest that you might want to wait at least 1 more year, then use your accrued leave to get you to preservation age. Age Pension: You’re not eligible for the Age Pension until 67, so factor in those years without government support. Healthcare: Consider potential health insurance costs and out-of-pocket expenses as you’ll be younger than most retirees. Detailed Budget: Your calculations are a great start. I also recommend creating a comprehensive budget to understand what you’re spending now, and what kind of lifestyle you want to live. Seek advice from a financial advisor to make sure your money will last those 25-30 years. What Ifs : Do you have plans in place for dealing with unexpected expenses, like a health crisis or home repair? Are your income streams set up to withstand market changes? Do you have built-in flexibility in case your retirement goals change? Think about how you can give yourself options. 2. Life Beyond Work: Purpose and Passion: Create a plan for what you want to fill your days with. Travel, hobbies, volunteering, spending time with family? Having a clear vision can make your retirement more fulfilling. Social Connections: Work often provides social interaction. How will you maintain connections, make new friends, and avoid isolation? Our friendships are one of the most important parts  of living a long and happy life.  Will you be living close to loved ones, or will you need to make an effort to stay connected from a distance? Mental and Physical Health:  Think about how you will stay active and mentally stimulated. A 2016 study found that delaying retirement was linked to an 11% lower risk of death over 18 years - because of the social and physical benefits we get from working. Being able to retire early and enjoy that freedom is a gift. Weigh your financial security and talk to a financial adviser to get your ducks in a row. Think about your personal goals and emotional readiness. Then, enjoy your freedom and the new possibilities that await you!    Super Guarantee Rate Increasing: Important Reminder for Employers The superannuation guarantee (SG) rate is increasing again this year, up to 12% of an employee's ordinary time earnings by July 2025 . If you’re an employer, make sure you stay informed about the current SG rate and payment deadlines to avoid incurring the super guarantee charge (SGC) for unpaid super. The ATO website provides detailed information . Overall, the outlook for the Australian economy is positive, with growth expected to pick up as the central bank eases monetary policy. However, the unemployment rate and the impact of global economic conditions remain key factors to watch. For more clarity on how advice could help you, please feel free to get in touch with Essential Wealth and Retirement: P . 02 5562 6260 (Ballina) P.  07 5230 4198 (Gold Coast) E:   support@ewar.com.au   W:   www.ewar.com.au     Ballina Office Address: 97 Tamar Street, Ballina, NSW 2478 Gold Coast Office Address: 80-82 Upton St, Bundall, QLD 4217 BallinaGCFP Pty Ltd ABN 12 670 111 583 trading as Essential Wealth & Retirement is a Corporate Authorised Representative no. 1305335 of GPS Wealth Ltd AFSL 254 544.   A word of caution for - the included material in this newsletter has been provided as General Advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your Adviser before you make any decision regarding this communication. We have taken care to prepare this material, but any decisions or actions you take as a result of you reading this communication are entirely your own.

Dr Moose isn’t just a t-shirt shop — it’s a Byron Bay institution. Established in 1995, it has grown into a globally recognised brand synonymous with individuality, creativity and the laid-back Byron experience. When Rachael Warburton first backpacked her way to Byron Bay, she never imagined she’d one day own this iconic business. Originally from Clitheroe, England, Rachael fell in love with Dr Moose while working in the shop. When the opportunity arose to purchase the business in 2016, she jumped at it. But while she knew the brand’s value from the inside, she needed expert guidance to ensure the numbers stacked up. The Right Advice at the Right Time. Enter Collins Hume. With the support of Partner Kelly Crethar , Rachael gained the financial clarity she needed to confidently acquire Dr Moose. “Kelly was fantastic. She helped us assess the business sale price by evaluating the offer and confirmed correct price for us.” "We're not formally trained in business. We knew there was a business opportunity but we needed Kelly to help us navigate the process," Rachael explains. "She guided us through everything—from setting up a trust for asset protection to ensuring our wills were in place. It gave us peace of mind." Scaling for the Future Rachael didn’t just maintain Dr Moose’s legacy — she supercharged it. Since taking over, she has grown the brand’s social media presence, all while preserving the store’s cult 90s feel. And, she’s continually working with Collins Hume to take Dr Moose to the next level. "I want to grow the business so we plan with Kelly for our future financial needs," says Rachael. "That means looking at how we can get new equipment, keep the website in check, accessing specialist advice and moving forward to be more successful online as well as keeping our brick and mortar store for visits." Having Collins Hume in her corner has been crucial. "From helping us when we bought our first property to navigating tax on cryptocurrency, Kelly has been our go-to for years. She is accessible, knowledgeable and just a great guide for those of us who need to be directed on how to do things smartly."   Top Tips for Business Owners Looking to Grow or Buy Their Own Business Do Your Due Diligence  – Before making any major business decision, ensure you thoroughly assess the financials, market potential and risks. Seeking expert guidance can help you make informed choices. Invest in Smart Structures  – Setting up the right business structure, such as trusts or asset protection plans, can safeguard your financial future and make scaling easier. Plan for Growth  – A business is never static. Continuously strategise for the future—whether it’s investing in technology, marketing or financial planning—to keep your business thriving. Supporting local businesses is more important than ever. Visit drmoose.com.au  to explore Dr Moose’s unique designs, follow them on Facebook at facebook.com/drmoosebyronbay , and check out their latest creations on Instagram at instagram.com/drmoosetshirts . Partner with Experts Who Understand Your Business At Collins Hume, we help business owners like Rachael make confident, informed decisions that drive success. Whether you’re acquiring a business, planning for growth or structuring your finances for the future, our team is here to help. Ready to take your business to the next level? Contact Collins Hume's Strategy360 team today. Collins Hume's Strategy360 team: Lani, Chris, Kelly, Nathan, Peter, Jamie and Naomi

Free entry — register now Collins Hume's NRL Footy Tipping Competition kicks off for 2025 Footy season starts 3 March and Collins Hume would like to invite you to participate in our annual NRL Tipping Comp. Prize Information First prize $300 Second prize $100 Third prize $50 Knockout Comp Winner $100 5 quick steps to join: Go to  https://www.iTipFooty.com.au Click the 'REGISTER' button if you don't already have an account with iTipFooty.com.au Once you have successfully registered login and, click the JOIN COMP button Enter Comp #103098 and Comp Password CH1234 Click join comp... DONE! Check-in for results each week. Prizewinners will be announced at the end of the season. Good luck! Collins Hume NRL Footy Tipping Comp 2025

The Government has announced a transition plan to phase out the use of cheques. Under the plan, cheques will stop being issued by 30 June 2028 and stop being accepted on 30 September 2029.  The use of cheques has declined dramatically over the last 10 years, declining by around 90%. In response, banks have stopped issuing chequebooks to new customers. However, financial institutions have a legislated requirement to accept cheques until the Government no longer requires them to do so.  Danish banks stopped accepting cheques in 2017 and New Zealand's banks in 2021.   Cheques out but cash remains king  While Australians have moved to digital payment methods, the Government has been careful to maintain cash as a payment method.  Around 1.5 million Australians use cash to make more than 80% of their in‑person payments. Cash also provides an easily accessible back‑up to digital payments in times of natural disaster or digital outage.  According to the most recent data, up to 94% of businesses continue to accept cash.  The Government has stated that they will mandate that businesses must accept cash when selling essential items, with appropriate exemptions for small businesses.  Currently, businesses don’t have to accept cash – business can specify the terms and conditions that they will supply goods and services.   The issue of card surcharges often comes up when a business adds a surcharge rather than recognising this cost of doing business in their pricing. A business can charge a surcharge for paying by card, but the surcharge must not be more than what it costs the business to use that payment type. How to contact us We’re available to assist you with business accounting and tax planning. Contact  Collins Hume Accountants & Business Advisers in Ballina on 02 6686 3000. Read more business topics here »

At Collins Hume, we take pride in welcoming talented professionals who bring fresh perspectives and expertise to our team. One of our newest additions, Brodie Cook, is an accomplished Chartered Accountant with a keen eye for technology, client relationships and innovative tax solutions. Originally from Portland, Dorset — a place famed for its pirate history — Brodie’s journey to Collins Hume has been anything but conventional. After eight years working at a UK accounting firm, she took on a brief secondment in Sydney followed by a planned return to the UK. However, fate intervened when she met her partner and decided to make the move permanent in 2024. “I initially planned to take a break, but my passion for accounting led me to explore new opportunities. I took the initiative to reach out directly to accountants in the area,” says Brodie. “I got a very good vibe after my first meeting with Peter and Kelly .” From Trainee to Experienced Problem-Solver Brodie’s career in accounting started early. Keen on maths and problem-solving, she approached accountants in her UK hometown and secured a role despite her young age and lack of formal qualifications at the time. Over the years, she worked her way up, discovering a passion for tax planning, automation and using tech to streamline client solutions. “I love tax because every client scenario is different — there are always multiple solutions. It’s about keeping clients organised, saving them tax and finding ways to help them succeed.” At Collins Hume, Brodie is part of Kelly’s team, where she works across a variety of areas, including BAS, accounts preparation, payroll and tax. She also reviews the work of junior team members, Kaleb and Kirra , and is actively building relationships with business and personal clients. A Xero Champion and Tech Enthusiast One of Brodie’s standout strengths is her extensive expertise in Xero. Having used the platform for almost a decade, she has been a Xero Champion and troubleshooter, leading multiple tech rollouts and working alongside Shannon and Nerida as part of Collins Hume’s “Xero Dream Team.” Her tech-savvy approach extends beyond software — Brodie understands the importance of adapting to automation and ensuring that accountants focus on what technology can’t do: strategic thinking, client engagement and complex problem-solving. Life Beyond the Numbers Outside of work, Brodie enjoys baking, BBQs and exploring her new home in Australia. She has also been trying her hand at crocheting — after an initially patchy start, she’s made progress with the help of a new crocheting friend. Despite the distance, she keeps strong connections with friends and family in the UK and is excited about her upcoming trip back in May. With her wealth of experience, tech expertise and passion for helping clients, Brodie is a fantastic addition to Collins Hume’s forward-thinking accounting team. We’re thrilled to have her on board and can’t wait to see how she helps drive success for our clients. About Brodie Cook Brodie Cook is a Chartered Accountant (CAANZ & ICAEW) and Business Financial Professional (BFP, UK) with extensive experience in tax, accounting and technology-driven solutions. She has worked in both the UK and Australia, holding key positions at firms including Albert Goodman, William Buck and now Collins Hume. Passionate about helping clients optimise their financial position, Brodie specialises in business services, Xero implementation and tax planning. She is a former Treasurer of the Weymouth & Portland Chamber of Commerce and has also been a podcast speaker on accounting and technology topics.

Creating a culture of accountability in your business can be a game-changer, but it’s no small feat. Many business owners find it challenging to implement a system that truly holds everyone accountable. One of the biggest obstacles is maintaining accountability during meetings with your management team. It's tough to hold others to their commitments when you haven't met your own. These meetings should focus on critical issues that need attention,  not just routine updates.  Another challenge comes when responsibility is spread across committees or teams. It's easy for accountability to get lost when everyone assumes someone else is taking care of it. Instead, appoint a single person responsible for overseeing each task or project. Even if they delegate, they must ensure the job gets done.  4 Steps to Create Accountability  1. Define Clear Outcomes   Start by setting specific outcomes with clear actions and deadlines. Whether it's individual performance, team goals, or broader business objectives, clarity is key. Set short-term goals—monthly or even weekly—that are easy to track.  2. Regular Reporting   Establish a routine for reporting progress. This should include:  What’s been achieved  What hasn’t been met and why, along with corrective actions  Plans for the next period  Any concerns or potential obstacles.  3. Review Meetings   If things aren’t on track, schedule a review meeting with the relevant team members. Use this time to agree on corrective actions and set up follow-up meetings to ensure progress.  4. Escalation Process   If someone consistently misses deadlines or fails to deliver, it’s time to escalate. Involve senior management to address the issue. Often, the pressure of being held accountable by peers is enough to drive improvement. If not, additional meetings might be necessary to discuss their performance and next steps.  Maintaining Accountability  Your goal is to ensure that no one can dodge responsibility. By setting clear expectations and consistently monitoring progress, you can build a strong culture of accountability. If someone repeatedly ignores the process, it’s crucial that senior management addresses the behaviour head-on, regardless of their position in the company. Continued failure to comply may lead to serious reconsideration of their role.  This process isn’t about making threats. It’s about being transparent. Everyone should understand why escalation is happening and what is expected of them.  Consistency is Key  Many businesses struggle to maintain accountability because they lack consistency. To build a lasting culture, you need to stick to your framework, even when it’s tough.   Start by defining clear outcomes, setting actions, and establishing deadlines. Implement a solid reporting process and engage in regular follow-up discussions. You might be surprised at how much this can boost your business’s performance.  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 tailor a business advisory program to suit your specific requirements.

In today’s constantly evolving business landscape, leaders must pursue ongoing excellence and innovation.  Business mentoring offers a powerful avenue to:  Strengthen your leadership skills  Tackle complex challenges  Enhance personal growth  Drive a culture of innovation  Build resilience and adaptability.  By embracing these benefits, you not only elevate your leadership capability but also contribute to sustainable success for your organisation in the years ahead.  In our fast-paced business world, effective leadership is more critical than ever.   Leaders are confronted with uncertainties, market shifts and rapidly changing consumer expectations. One of the most impactful strategies for leaders seeking to refine their skills and drive organisational growth is business mentoring.  Key Areas Where Mentoring Can Help  Gone are the days of the “know-it-all” leader. Today, successful leaders recognise the importance of continuous learning and seek wisdom from experienced external mentors. A mentor provides valuable insights and a fresh perspective on leadership strategies, industry trends and decision-making.  With business mentoring, leaders gain the ability to stay agile, adapt to new challenges and lead with confidence.  Navigating Complex Challenges  Leaders face a broad array of challenges, from technological advances to geopolitical shifts. A trusted business mentor acts as a valuable sounding board, helping to navigate obstacles, brainstorm solutions and make well-informed decisions. Whether it’s growth strategy, organisational change or personnel issues, a mentor offers critical support and guidance every step of the way.  Fostering Personal Growth  Great leadership starts with self-awareness. A business mentor facilitates personal development by offering constructive feedback and encouraging self-reflection. This process helps leaders recognise their strengths, identify areas for improvement and, ultimately, inspire their team enhancing organisational outcomes.  Driving Innovation  Innovation is essential for any thriving organisation, and leadership is key to fostering a culture that encourages it. Mentors help leaders explore new ideas, challenge conventions and embrace transformative change, ensuring the organisation remains at the forefront of its industry.  Building Resilience and Adaptability  Resilience and adaptability have become essential in today’s uncertain environment. Business mentors can guide leaders in developing these qualities, sharing valuable lessons learned from navigating past crises. Mentorship helps leaders remain composed under pressure and adapt effectively to new challenges.  Mentoring with Collins Hume Strategy360  At Collins Hume, our experienced mentors are committed to supporting and challenging leaders to excel in today’s complex business environment. Reach out today to start your journey to greater leadership success and organisational performance.  Contact us now to secure a mentoring partnership and start the Year ahead of the curve!

Developing the best diversified income model for your business  Are you looking to accelerate business growth by diversifying income channels? Many organisations find that traditional offerings can only take them so far, often with stagnant revenue growth and slim profit margins.   Successful diversification into high-value services can be transformative, enabling sustainable and accelerated growth. With increasing competition and pricing pressure on standard offerings, now is the time to act rather than wait for change.  Our article outlines how to build a strong diversified income model that fuels growth, aligns with customer needs, and future-proofs your business. By focusing on the right structure, infrastructure, engagement and delivery models, you can create a resilient income model that sets your business apart.  1. Assess Your Current Business Model  Before jumping into diversification, take a close look at your existing business model. Identify the strengths and weaknesses of your current services and pinpoint gaps and opportunities. This foundational assessment will help you create a diversified income strategy that enhances and complements your core offerings.  2. Define Your Value  Developing a diversified income model means defining the products and services that will set your business apart. Consider high-impact services that provide tangible value. By focusing on these areas, your business can deliver value that goes beyond your core offerings, making a lasting impact on customer success.  3. Build the Right Infrastructure  Having the right tools and infrastructure enable you to deliver high-quality consistently, enhancing both customer satisfaction and operational efficiency. Invest in tools that support your diversification efforts, such as:  Data Analytics Tools  to generate in-depth insights and reporting for customers  Customer Relationship Management (CRM) Systems  that streamline communication and engagement  Collaborative Software  to facilitate teamwork and enhance efficiency.  4. Develop a Skilled Team  To excel in diversified service offerings, you need a team with the appropriate expertise. Invest in training and development to build a knowledgeable, skilled workforce. Hiring specialists can further strengthen your team’s capabilities and reinforce your offerings.  5. Engage and Educate Customers  Customer engagement is a cornerstone of a successful diversified income model. Educate yours on the value of your expanded services and how they can benefit. Use case studies, testimonials and real-life examples to illustrate the positive impact on others.  Regular communication with customers helps you stay in tune with their needs and challenges, allowing you to tailor services that genuinely support their goals. This strong relationship positions your business as a trusted partner in their growth journey.  6. Implement a Scalable Delivery Model  For sustainable growth, your new services need to be scalable. Develop a delivery model that allows you to serve an increasing number of customers efficiently. This might involve standardising processes, using automation for routine tasks, or creating templates for deliverables. A scalable model will allow your business to handle greater demand for your new services while maintaining high-quality delivery standards.  7. Measure and Monitor Performance  Finally, regularly measure and monitor the performance of your diversified income model. Set clear goals and key performance indicators (KPIs) for each offering and review progress frequently. Use customer feedback and financial metrics to assess your effectiveness and make adjustments as needed. Continuous improvement and monitoring ensure that your diversified income model remains effective and aligns with your growth objectives.  Now is the time to take action. Begin building a diversified income model that positions your business for sustainable growth, enhanced customer satisfaction, and a prosperous future.  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.

Businesses are the backbone of our economy, yet they continue to face mounting challenges—rising interest rates, inflationary pressures and an unpredictable business landscape. At Collins Hume, we understand that traditional tax and compliance services alone won’t help businesses stay resilient. That’s why Strategy360° takes a proactive, holistic approach to business advice and support, empowering business owners and managers to navigate uncertainty and drive long-term success. Beyond Compliance: the need for strategic business advice While most businesses rely on accountants for tax compliance, financial reporting alone does little to does not support real-time decision-making. Business owners need ongoing, strategic advisory support that provides insights, planning, and financial forecasting to keep their operations on track. At Collins Hume Strategy360°, we go beyond the numbers to help business owners to strengthen their financial health, optimise their operations, and plan for future growth. Building a resilient business Through our Strategy360° methodology, we provide structured, forward-thinking advisory services tailored to business owners. Here’s how: 1. Business Due Diligence: Strengthening Internal Processes business practices A business health check isn’t just about compliance—it’s about uncovering inefficiencies, identifying risks, and ensuring financial controls are robust. Regular due diligence reviews help answer key questions:  Is cash flow  being managed effectively?  Are pricing models sustainable in a changing market? Are sales strategies aligned with business goals ?  By conducting an in-depth assessment, businesses can proactively address weaknesses before they become critical issues. 2. Strategic Business Planning: A Roadmap for Growth A business without a strategic plan is like a ship without a rudder. Collaborative planning sessions help owners and leadership teams set clear goals, define responsibilities and establish key performance indicators (KPIs). At Collins Hume, we facilitate and work with leadership teams to:  Set clear revenue, profitability, and expansion targets  Develop strategies to navigate financial pressures  Align budgets and forecasts with long-term business objectives. By taking ownership of the plan, business leaders gain clarity and confidence in their direction. 3. Predictive Accounting: Seeing the Future Before It Happens Traditional accounting is backward-looking—it tells you where you’ve been, not where you’re going. That’s why our Strategy360° approach includes predictive financial insights, allowing business owners to anticipate trends, avoid cash shortfalls and plan for investment.  We equip business owners with:  Financial forecasts and scenario planning to prepare for market fluctuations  Unit-specific budgets to optimise cost structures  Real-time cash flow analysis to keep operations running smoothly. Having access to these insights ensures businesses make informed, data-driven decisions. 4. Fiscal Management: Controlling Costs and Maximising Cash Flow Managing cash flow is one of the biggest challenges businesses face. Without a proactive approach, late payments, unexpected expenses, and inefficient financial management can put businesses at risk.  Our services focus on:  Improving debtor management systems to accelerate cash inflows  Negotiating better supplier terms to control expenses  Reviewing pricing strategies to maximise profitability. Taking control of financial levers allows business owners to stay ahead of economic pressures. 5. Innovation and Capital Raising: Unlocking Growth Opportunities For business owners looking to scale, funding and innovation play a crucial role. Many businesses miss out on government incentives, R&D tax benefits and alternative funding sources simply because they’re unaware of them.    Through Strategy360°, we guide businesses on:  Accessing Research & Development (R&D) tax incentives Exploring Funding Equity Raising opportunities Preparing investor-ready business plans and financial reports. By capitalising on available opportunities, businesses can fuel innovation, attract investors and scale their operations with confidence. Ready to Take Your Business to the Next Level? With an unpredictable business environment ahead, business owners need more than just compliance support—they need strategic guidance to navigate challenges and capitalise on opportunities. At Collins Hume Strategy360° we’re committed to helping business owners like you strengthen financial resilience, optimise operations, and drive sustainable growth. Contact Nathan McGrath  on 02 6686 3000 for an obligation-free discussion on how we can help you achieve a better performing business and lifestyle.  Visit https://www.collinshume.com/360 to learn more about how Collins Hume can help.