Author: Adam_Admin

Stay on top of your credit cards

Posted on by Adam_Admin

The following are some tips which will make it easier for you to stay on top of your credit card payments so that you can worry less and save more. 

Pay on time

Check when your credit card due date is and plan your spending so that you can always pay before the date. By paying before the due date, you will avoid paying interest or late payment fees but also keep your credit card score healthy. 

When you have so much going on in life, it can be difficult to remember a date. To ensure that you’re always paying on the due date set a monthly reminder on your phone.

Pay as much as you can each month

Pay the most amount of money you can for each repayment so that you pay the debt faster and save money on interest and late fees – this means paying more than the minimum amount. If you are struggling to pay the minimum amount, contact your bank or credit provider to see if you can renegotiate. You should also consider talking to a financial counsellor. 

Taking action earlier rather than later will save you money and prevent your debt from growing. 

Cut back on your credit cards

Multiple credit cards can get overwhelming and result in you paying a lot more than you actually need to. Aim to reduce the number of cards you have one at a time. You might choose to prioritise by:

  • Smallest debt: Pay off the card with the least debt first and then move onto the next smallest debt.
  • Highest interest rate: Pay off the card that charges the highest interest and then the one after. 

Regardless of which option you choose, continue to pay minimum amounts for all cards and only continue using one card. Once you pay off each card, remember to cancel it!

Reduce your credit card limit

The easiest way to avoid the temptation of overspending is by placing a limit on your credit card. You can do this by contacting the branch remotely or visiting in person and it takes at most, 2 business days. 

Remember that you don’t have to settle on a bad credit card deal. If you realise that your bank is being unfair, or charging too much compared to other banks, make sure you get in touch with them to try and get the best deal for you.

Preserving your customer’s confidentiality

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Customers trust businesses with a lot of personal information and it is the business’ responsibility to maintain confidentiality. Businesses should take relevant precautions to ensure that the privacy and personal information of their customers is not compromised. 

  • Encrypting the information you receive from customers: There are programs available which encrypt information that customers send to you over the internet. These scramble the data so that it is indecipherable to anyone trying to read the information.
  • Create employee log-ins: Create log-ins for each employee for company computers. Screening each employee before they are given access to a log-in for any of the databases is necessary. Creating passwords for protected files that only the relevant employees have access to will add another layer of security.
  • Keep your sensitive files in a different location: Avoid keeping particularly sensitive files on the same network as all other files. These files should instead be kept on a separate computer and limited employees should have access to it, if not any.
  • Separate groups of customers: Separating databases will prevent loss of all customer data if there is a breach of security. 
  • Confidentiality agreements for employees: If the information you store is particularly sensitive or high profile, ask employees to sign confidentiality agreements. This increases their accountability as they run the risk of a lawsuit if they give out confidential information.

Protect your business’ intellectual property

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Intellectual property (IP) is a valuable asset to any business. It can be anything from a manufacturing process to a trade secret – it is essentially intangible proprietary property. Protecting IP has become increasingly important and the following steps are the minimum precautions you should take to keep your IP safe.

  • Know what intellectual property your business has: Understanding what needs to be protected will help you understand how you can protect it.
  • Know where your intellectual property is: Various devices in the office and outside of the office could contain IP. This includes input/output devices such as printers, cloud-based applications, employees personal devices, third party systems shared with other businesses. 
  • Prioritise your IP: Some of your IP is more valuable than others. Assess the risks associated with losing different types of IP and take steps to protect the high-risk IP first.
  • Label valuable IP: If for whatever reason your business ends up in court, you should be able to demonstrate that a particular piece of IP was protected. This is much easier to do so if it is labelled appropriately. 
  • Physical and digital protection: Use passwords and only distribute them to relevant employees for digital protection. Lock rooms where sensitive data is stored for physical protection. 
  • Educate employees about IP: Inform your employees about IP and what sort of practices they should adopt to prevent leaking IP. 

Calculating how much super you will need when you retire

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Calculating how much super you will need will help you decide whether you should be contributing more to your super. You can utilise salary sacrifice schemes to increase contributions, especially if you are not using your entire salary. 

There are two main factors that impact the amount of super you will need when you retire:

Costs in retirement

Consider the major costs that you will need to continue paying during retirement. Examples include:

  • Paying off your mortgage
  • Rent
  • Renovating your income
  • Travel
  • Medical costs

Estimate how much money you will be needing for each of the aspects that apply to you. Make sure that your estimations are as realistic as possible. Some things, such as medical costs, may be difficult to accurately estimate, so try to keep a higher margin. 

The lifestyle you want

Think about what sort of lifestyle you want once you retire and consider how much money that will require. The Association of Superannuation Funds of Australia provides an estimation of how much money you will need depending on what sort of lifestyle you want:

  • Single and modest lifestyle: $27,987 a year
  • Single and comfortable lifestyle: $43,901 a year
  • Couple and modest lifestyle: $40,440 a year
  • Couple and comfortable lifestyle: $ 62,083 a year 

These are estimations and the numbers may be different depending on your circumstances and lifestyle.

Trustees and beneficiaries registering for tax in trusts

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Trusts have their own tax file number (TFN) that should be used to complete tax returns. Trusts are also able to apply for an Australian business number (ABN) on the condition that the trust is carrying on an enterprise. If a trustee applies for a TFN or ABN, then this is in the capacity of a trustee and is separate from any other registration the trustee may require for other capacities.  

Trustees

The trustee is responsible for managing the tax affairs associated with the trust. This includes registration of the trust in the tax system, lodgement of trust tax returns, as well as paying certain tax liabilities.

Beneficiaries

For beneficiaries, their share of the trust’s net income is included in their tax returns. Further, payments on the expected tax liability may need to be made, for which the pay as you go (PAYG) instalment system can be used. 

Basics of SMSF investing

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Setting up an SMSF fund is the simplest step. Establishing a fund which delivers you consistent returns from your investments is much more difficult. 

Investing successfully involves determining precise goals and picking investments which will effectively achieve those goals. The advantage of SMSFs is that you can build a portfolio which reflects your short-term and long-term goals in response to changing market conditions.

In an SMSF fund, your investment options are:

  • Australian and international shares (listed and unlisted)
  • Residential or commercial property 
  • Cash and term deposits
  • Fixed income products 
  • Physical commodities
  • Property
  • Collectibles

Before you begin investing, consider what might be the best way to diversify your portfolio. How you portion your investments will depend on your funds, the market, and your goals. Regardless of what your plan is, diversification should be a priority. 

Choosing an SMSF as opposed to an industry or retail super fund provides you with more flexibility, but also with more responsibility. Researching before investing is key if you want the best out of your SMSF. 

Improving your LinkedIn presence as a business

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Although other social media platforms can be more casual, having a strong LinkedIn presence can be helpful to form partnerships and onboard skilled team members. The steps to building an engaging and professional LinkedIn page for your business is straightforward but will require you to put time aside for it. 

  • Profile image and banner: Your logo should always be the profile image. You can play around with the image of your banner depending on your brand identity – it can be sleek and stylish or actionable and engaging. Make sure that both of these fit the sizing requirements listed in LinkedIn
  • About us: The About us section should not be too long or difficult to read. Keep it engaging, snappy and accessible. It should tell the reader who you are as a brand, where you are based, what you offer, what your values are, what your brand voice is, how people should contact you. Don’t forget to maintain professionalism as LinkedIn is a professional space.  
  • Fill out the key fields: Connect links to your social media/website, add your address, details of your industry, company size. Filling out all of these will help LinkedIn show your page in response to relevant searches and make you more discoverable.
  • Create showcase pages: Your main page will give people an overview of the business, but if you have multiple services, then creating showcase pages will help zoom in on day-to-day activities of each service. This will help people engage with the aspect of your business that is most relevant to them. 

Overcoming public speaking anxiety in the workplace

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There will come a time, where no matter how much you despise it, you will need to speak in front of an audience. Being afraid of public speaking is fairly common and there are resources and programs which may help you overcome this. 

The following are tips which will help you through your public speaking fears. They may be more effective for one-off scenarios, as a more extensive program should be chosen by those who need to regularly participate in public-speaking but experience fear.

  • Write out notes: Write out what you are planning to say clearly. Even though you don’t want to be reading your notes exactly, having them there can alleviate anxiety because if you lose track, you can check your notes and start where you left off. 
  • Get there early: It helps to be comfortable with the setting you will be presenting in. Get there when no one else is around so you can familiarise yourself with your surroundings.
  • Imagine the worst: What is the worst thing that could happen to you? Identify your worst-case scenario and come up with a plan for what you would do if it happened. It isn’t going to happen – but what if it does? Most likely you’ll realise that public speaking won’t have career-ending consequences.
  • Focus on the content: What’s most important is that you know what you’re talking about, and talk about it. Why are you giving the presentation? Most likely because you are talking about something you know, or feel passionate about. Focusing on your material and using your knowledge to your advantage might also put you at ease because it transfers the attention from public speaking to your domain. 
  • Learn relaxation techniques: The usefulness of relaxation techniques to reduce public speaking should not be underestimated. Deep breathing immediately before you present can help calm your nerves and get your breathing in control. 
  • Remember that it isn’t all about you: When you are presenting you are hyper-focussed on yourself and how your body might look or how you might sound. But remember that the audience isn’t going to be nearly as focussed on you as you are on yourself, and they will not notice when your hands shake or you slip up while talking

Dealing with anxiety the right way is much more effective than ignoring it. Remember that if you have to speak in public regularly then a more comprehensive approach is more appropriate. 

Things you should do every time you get paid

Posted on by Adam_Admin

It can be tempting to treat yourself on payday, but in the long run, planning your spending will be more rewarding. Creating a payday routine will help you pay your bills on time and save more money to put aside. 

The very first step needs to be completed the night before payday. Transfer any funds you have leftover from the previous payday to your savings account. This will allow you to spend less money you consider ‘extra’ and save it for your long-term goals.

The second thing you need to do is pay as many bills as possible, rather than wait till the ‘due date’. As it is, once money comes into the account, a lot of it is earmarked for bills and payments that need to be made, so rather than holding off on them, you should pay them immediately. This will also give you a clear indication of how much money you have.

Finally, creating a to-do list on the day of your payday is an effective method of viewing or planning your expenses. This will give a clear indication of small and large expenses that need to be paid before your next payday. They will also help identify unnecessary expenses or when extra money is being spent when it shouldn’t be. 

These are simple techniques that anyone can apply to get ahead of over-spending on payday. 

How you can improve your company’s shipping department

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Effective shipping is essential in a world where online shopping is so popular. Businesses can suffer if their orders are not being shipped on time or if they are not regularly updating their customers. The following are some ways you can improve shipping.

  • Improve your communication with your shipping facility: Communicating with your warehouse and shipping team or company regularly will mean that they are updated with orders and avoid delays. 
  • Offer order tracking and estimated delivery times: Letting customers track the progress of their orders and track shipping reassures customers that their package is on the way. Estimate delivery times are particularly useful so that customers can plan ahead for delivery if possible.
  • Shipping costs should be built into the budget: Shipping rates will change regularly, but this should not change what your customers have to pay. When creating your budget, allocate more money to shipping than you have calculated to account for potential rate changes.
  • Streamline your packaging process and do standard quality checks: Invest time into creating a process which works efficiently for your business. For example, you could find software which communicates with the warehouse and creates documents which make collecting and shipping the packages easier for staff. Quality checks should also be conducted regularly to guarantee that the product the customer will receive is what they were looking at online. 
  • Declare items for customs ahead of time: This is especially important if you offer and regularly conduct international shipping. Declaring your package online when the order is placed will help it get through customs faster, and to your customers earlier.