Sole Trader or Company? What business structure is best?

When starting or scaling a business in Australia, deciding whether to operate as a Sole Trader or a Company is important. Each structure has unique advantages and disadvantages, especially regarding tax implications, business growth, and asset protection. Here's a detailed guide to help small business owners navigate this choice.

The single greatest advantage any company can achieve is organisational health. Yet it is ignored by most leaders even though it is simple, free and available to anyone who wants it.

Negotiation is a critical skill for business owners. Whether you’re securing a deal with a supplier, discussing terms with a client, or negotiating a contract with a partner, your ability to negotiate effectively can significantly impact your bottom line.

Negotiation is a critical skill for business owners. Whether you’re securing a deal with a supplier, discussing terms with a client, or negotiating a contract with a partner, your ability to negotiate effectively can significantly impact your bottom line.

Your pricing strategy is a key tactic to making more money in business. Here’s a quick overview of different pricing approaches.

Practical insights for business owners from one of the world’s best success coaches

And that's where the story gets interesting. It's what her bank did next that surprised me. This is the best marketing tactic ever.

Ok, so you want to know your numbers to determine the health of your business. Wonderful! The first place to start is to run a Profit and Loss report from your accounting software. Choose a date range such as the last Financial Year or the previous 12 months to get an up-to-date assessment.

When you have done that you will most likely notice your net profit is significantly different to your bank balance. So where has that money gone? The report shows your business has made a profit, but you have no idea where the money has gone. Don’t stress, this is normal.

In this short article, we will uncover a few reasons why there is a difference between your reported net profit and your bank balance.

Not long ago, it was common for a cafe or restaurant to make 15-20% net profit. But, in the latest industry performance benchmark, the ATO reported the average net profit for Cafes and Restaurants in Australia is 10% or lower. Other research states that profit for hospitality venues is now between 3% - 8%.

Due to the rising costs of running a hospitality business, it’s hard to make a good profit. But there are ways to increase your profit, regardless of the current downturn. There are simple strategies you can implement right away to increase your profit. Here’s one simple strategy. Engineer (or design) your menu to get more sales and raise your profit. Let’s unpack a few ways on how to do that.

This is one of the most important business books to read. I recommend it to all my business coaching clients. The book focuses on the idea that organisational health is the single most important factor in determining the success of a company. Lencioni argues that a healthy organisation—one that has a cohesive leadership team, a clear strategy, effective communication, and a strong culture—is better equipped to withstand challenges and outperform its competitors.

Your Next Five Moves: Master the Art of Business Strategy by Patrick Bet-David is a powerful guide that unveils the secrets of effective strategic planning and, most importantly - applying strategy to the real world of business. Bet-David, an accomplished entrepreneur and founder of PHP Agency, shares his insights and experiences to help business owners develop a strategic mindset and make informed decisions.

"Good To Great" by Jim Collins is a business and leadership book that explores why certain companies are able to transition from being good companies to truly great ones, sustaining outstanding performance over the long term. Through a comprehensive study, Collins and his team of researchers identified key principles and strategies that drive this transformation. The book's insights provide valuable lessons for business leaders, managers, and anyone interested in achieving exceptional and sustained success.