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Welcome to my business building Australia blog

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Gary Weigh business coaching Brisbane5 Handy hints for your super

  1. It’s compulsory so why not make it work for you
  2. Gather it all in the same fund and save on admin fees
  3. Make your super commission free – why pay an adviser you never see
  4. If you don’t have insurance get some through your super fund
  5. Make sure you nominate a beneficiary to receive your benefit if you die (be careful, there is only a few people you can legally choose)

 We can arrange it for you. Call me direct on 0408 756 531 or email gary@garyweigh.com

So what about the government’s new MySuper initiative? 

My answer to that is if you don’t care about your super, then MySuper is for you.  It is there for people who don’t care.

For more helpful business building Australia information about superannuation check out our financial planning services

thumbnail of Alberto Cairo

There are no scraps of men

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This is a TED talk.  You can see this and many other talks that inspire and capture the imagination at http://www.ted.com.  there are a range of topics including technology, business building, entertainment, and science.

This is an awe inspiring story told by Alberto Cairo, a physiotherapist who leads the International Red Cross’ orthopaedic rehabilitation work in Afghanistan.

He’s spent the past two decades in this war-ravaged nation, far from  his native Italy, helping an estimated 100,000 Afghan landmine and accident victims learn to find the strength within themselves to not  only walk, but also to hope, again.

In a country where the  disabled are generally given pity but no rights, Alberto found a way through micro-loans, positive discrimination schemes and home schooling, to give tens of thousands of disabled Afghans a job and a sense of  dignity and pride.

This has nothing to do with financial planning, business coaching or business building but it does have a lot to do with empathy, care, kindness and respect for other human beings.  We could do with a lot more people like Alberto Cairo in the world today.

Learn The Art of Peace

Check out Griffith Aikido at http://www.griffithaikido.com.au.  Aikido is a highly refined Japanese system of self protection.  It is a martial art where the ultimate aim is to not to fight or to hurt an opponent, but to develop inner peace and hone a positive spirit.  As we all come to learn, the only real control is self control.  As O Sensei once said, “True victory is self-victory.”

This mysterious art is practiced all over the world by people of all ages, abilities and backgrounds.  It’s teachings are metaphors for living life as well as positive business building, regardless of circumstance or adversity.  We actively promote peace, one student at a time.

Gary Weigh

Business building

Aikido Instructor

More Super confusion on the way

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business coaching BrisbaneFor employers and employees there is yet another major change to superannuation just around the corner.  And it will probably impact you.

Chances are you aren’t aware of this.  This monumental change in Australia’s superannuation system is one of the country’s best kept secrets.

The federal government and the superannuation industry know about it because they have been talking amongst themselves about MySuper for a couple of years now.

But most people in Australia’s work force (i.e. the consumers it actually affects) are still largely in the dark.  This is unfortunate because many employers and employees will have to take action; and soon.

MySuper is the government’s initiative to replace employer default funds with a cheap; one-size-fits-all super fund offering; with no investment choice and basic insurance benefits.   Everyone gets the same and, to the extent that you do nothing, you will get what you are given.  They will look very much like union super funds (i.e. industry funds).

For employees

So what does MySuper mean to employees who chose to go with their employer’s default super?

  • You may have an additional super fund on New Year’s Day
  • If so, you will have two sets of fees
  • You may also have a duplication of default insurance which you will pay for
  • Your employer will only be permitted to contribute to your new MySuper fund
  • In mid-2017 your current super will be transferred to your MySuper fund
  • For older workers it removes the option of the ‘transition to retirement’ strategy because there are no immediate plans to have a pension version of MySuper
  • You may lose access to advice from an adviser associated with your employer’s fund
  • Fortunately, you can roll your money out of MySuper at any time to a fund of your choice

Will you be asked first if any of this is ok with you?  No!  This will happen without asking you.  So if you want another choice that puts you in control of your retirement savings, SEEK ADVICE NOW!

For employers

By 1 January 2014, you must have categorised all of your employees for superannuation purposes.  Categories include MySuper members, choice members and transitional members.  This probably means adjusting your payroll system to accommodate the payment of employer contributions to one or more MySuper funds.  Doing as you’ve always done is likely to result in penalties.

Conclusion

This is real money we are talking about.  Your money!  So take control of it.  Your superannuation plays an important role in your personal finances.  Ignoring it for decades is sheer madness.

This change is a great opportunity for both employers and employees to side-step ‘MySuper’ and take control.  Doing so will provide the opportunity for your own super and that of your employees to work hard for your retirement.

MySuper is the ‘do-nothing’ option for employees, but not for employers.   I am here to tell you that with superannuation, as with every other product and service – you get what you pay for!  There is so much more you can do with superannuation these days.   SEEK ADVICE NOW!

Call Gary for

  • financial planning Brisbane
  • business coaching Brisbane

Call direct on 0408 756 531

Business coaching Brisbane

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WHAT IS RISK MANAGEMENT?

Gary Weigh business coaching BrisbaneAnd what does it have to do with your business?

Risk management is:

(a)   Identifying the risks in your business and taking steps to eliminate, reduce, cover, or in some way manage those risks: AND

(b)   In dealing with arguably the biggest risk of all (YOU) – identifying and rectifying the balance between ‘unfocused daily activity’ activities and ‘business building’

For most small businesses, most of the risk resides with the owner!!!

DO YOUR OWN RISK ASSESSMENT

Q1. Do you feel that you are in total control of your business?

Q2. Do you do the important high-payoff tasks or only the stuff that you like?

Q3. Do you act decisively or do you tend to procrastinate about it and delay action?

Q4. Are you persistent or do you feel discouraged at the sound of the first “NO”?

Q5. Are you and other key people insured against loss due to left-field health events?

If you don’t score 5 out of 5 then you know you can improve.

For help, encouragement, a mentor and business coaching Brisbane area, call Gary on 0408 756 531 or email to gary@garyweigh.com

Who says you can have only one income source?

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Business Coaching Brisbane

business coaching BrisbaneThere is no rule that says all your income must come from one source.  There is nothing wrong with having a job, a part time business and making money from an investment as well, or from your own entrepreneurial efforts.  Don’t be reliant on just one source for all of your income.  It’s a risky thing to do.  Anything could happen!  You could lose your job, become sick or injured and be unable to work.

Getting a job and being employed sounds like the safe and secure option but it’s not.  It is merely the easy option.  Besides, who is in control?  Let me assure you that it is not you!  To be totally dependent on one employer means giving control of your financial life to someone who can sack on the spot and will certainly not employ you long term if you become unable to work due to sickness or injury.

For the time you need to be employed, be in demand.  Take back some control by having knowledge and experience that employers want and develop an attractive work ethic that revolves around reliability and results.  But what ever you do, don’t stop there.  Complacency limits your income!

Consider passive investments (e.g. shares, managed funds, investment property) that earn income but don’t require much of your time.  Find other sources of income that don’t involve selling your time.  The more sources of income you can build, the better.   Best of all are what is called ‘recurring’ income streams.   That means you earn repetitive money from selling a product or service, or making an investment.

For business coaching Brisbane and personal financial planning for business owners, call me on 0408 756 531 or email me at gary@garyweigh.com

Managing start up business

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FEATURE – Ashgrove Serviced Offices

Ashgrove Serviced OfficesOne of the real challenges for small business owners managing start up business is making the transition from the home office, or even the back bedroom, to a commercial office.  Committing to a lease is a big step and often a financial challenge.

But take a little time to think about it and you soon realize that, in a world where an internet connection is a ticket to anywhere; where capable and self-sufficient virtual technical assistants are available at a fraction of the local cost; a dedicated office and fixed term lease may not be the best solution for you.

If you don’t need street frontage, don’t rely on walk-in trade, and don’t have a physical storage need, physical location may be not be your priority presence.

managing start up businessGreg Cusack, owner of Ashgrove Serviced Offices, fills a need gap for those managing start up business.  With his wife and co-owner Terri, he offers a virtual office solution to those who don’t need a dedicated physical office.    That means they do everything and you don’t need to be there.

Knowing that your calls are being answered professionally in your business name; and your mail is being received and forwarded, leaves you to get on with your own high-payoff business activities.

What you save in dedicated office leasing you can apply to building your online presence, which the whole world can see.

My favourite - The BoardroomOf course serviced offices are also available if you need a fulltime, part time or representative onsite presence.  However, my personal favourite, apart from Greg and Terri’s warm welcome, is the stunning boardroom.  Located on Level 1 Highpoint at 241 Waterworks Road, brisbane, this is a perfect near-city location for boardroom presentations; training small groups; and conducting client meetings and interviews.

For all your physical and virtual office needs, visit Ashgrove Serviced Offices online at www.asoffices.com.au or call Greg or Terri on 07 3510 2100.

Gary 5Author’s Note

If you are a small local business and you would like to join our referral group, just get in touch.  I am very willing to feature your business on this site.  You found it and so will others.  Call me on 0408 756 531 or email me at gary@garyweigh.com

 

Lose your temper, lose your self

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“If you can’t control your anger, you are as helpless as a city without walls waiting to be attacked.”  The Book of Proverbs

business buildingLosing self-control on an individual level is problem enough, but collectively, the inability to exercise self-control is mankind’s enemy number one.  Why?  Because it inhibits the process of peace and harmony!   It leads to aggressiveness and violence with the occasional outbreak of peace.   Welcome to the world we live in.

 Once negative emotions such as anger, contempt, and disgust are out of the box, they can’t be put back in.   The poorly chosen words and behaviours that follow in an eruption of uncontrolled weakness can’t be undone.   It is a volatility that gets noticed for all the wrong reasons.

 If self-control is lacking so too is the ability to lead or to attract people to your cause.  True leaders are calm and inspirational people, not ranters or politicised mouthpieces.  And a cause doesn’t have to be a country or a campaign for change.  It could be your business, career or a personal relationship.

 Whatever the goal, wherever the journey leads, it is the inner qualities of the person that shape each and every step taken.  Inner calmness and the ability to control the self are the starting points – regardless.

Business owners and superannuation

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Business Planning Consultancy Brisbane

It is not uncommon for business owners to be imbued with self-belief and the need for control.  They generally need these attributes to succeed.  Unfortunately, many extend the self-belief mantra well beyond the point of common business sense.

Even when operating well inside your own field of expertise, it is wise to build a good team around you.  But whenever you move outside this zone, good advice from trusted advisers becomes a must.

It is not surprising then that many business owners having generated good returns by coordinating processes and influencing people around them; logically extend the notion to their superannuation.   However, self-belief and the desire for control are not enough.

Either you have the time, the desire, and the necessary expertise to generate your own superannuation returns and comply with the law, or you must pay someone else to do it on your behalf.  The law and the ATO (who administers the laws relating to self managed super funds) are fairly unforgiving.

Even managed (e.g. retail) superannuation is not easy, which is why many Australians are reluctant to engage with it.  Self-managed superannuation is even harder.  It encompasses all of the laws of superannuation, and then some.

Most business owners regard their business as a large part of their superannuation.  Rightly so, and the government recognises this.  For instance, the law does recognise the connection between a ‘real business property’ asset and a self-managed superannuation fund by allowing business owners to transfer business premises to their self-managed funds and lease back.  The rules are strict so advice is crucial.

The link between business and superannuation is further recognised in the small business CGT (capital gains tax) concessions, allowing eligible business owners to convert all or part of the ultimate sale proceeds of their business into superannuation with prescribed CGT concessions, after meeting certain gateway tests.  In this case, independant tax and accounting advice is crucial.

The value of appropriate advice from suitably qualified professionals cannot be emphasised enough.  As well as gaining access to the necessary expertise (e.g. financial, legal, tax), timely advice well in advance of any property transfer or sale allows for appropriate eligibility, structuring and compliance planning.

General advice only

This information is of a general nature only and does not take into account what you currently have, or what you want and need for your financial future. It is important for you to consider these matters, seek professional advice and to read the appropriate Product Disclosure State-ment (PDS) before you make a decision to buy, cancel or continue to hold any product. Call me for a copy of any relevant PDS.

Important

Gary Weigh is the Director of Gary Weigh & Associates Pty Ltd ABN 41 084 228 679, Authorised Representative (no. 256617) of The FinancialLink Group Pty Ltd ABN 12 055 622 967 AFSL No. 240938

Featured business

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Musas Boutique, Santa Ana, El Salvador

In the second largest city of the developing country of El Salvador, Musas Boutique is a must-visit women’s clothing shop in picturesque Santa Ana.

Santa Ana is the second largest city in El Salvador and is home to almost 300,000 residents.  Located 64 km northwest of the capital San Salvador, it is a tourist destination full of Salvadoran culture and traditions.

Proving that entrepreneurship is alive and well regardless of economic conditions, Musas owner, Kenia Sifontes (pictured below) saw an opportunity to supply stylish, affordable clothing of good quality to the women of Santa Ana.  She found a central location and made it her own.  Well stocked and beautifully decorated inside, she makes clothes shopping mix and match a pleasurable experience.

 With a keen eye for fashion, Kenia scours local import wholesalers to find style at an affordable price for her growing legion of customers.  Offering a range of unusual local accessories Kenia has proved that fashion needn’t be expensive.

So if Santa Ana is on your travel itinerary, drop in and say Hi to Kenia at Musas Boutique, located at 1 av. sur entre 1st  y 3rd calle ote local # 2. B San Sebastian.

Superannuation – will you retire on it?

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Business consultancy Australia

business consultancy AustraliaMy cynical view is, “For the majority, probably not!”  Younger workers with time on their side perceive no immediate need and therefore, have little interest.  Older workers have the need and the regret of not acting sooner, but lack the time to accumulate sufficient retirement savings.

I believe that if it wasn’t for compulsory superannuation and union super funds, most workers wouldn’t have any superannuation savings at all.  Nor would they have any personal insurance protection.   To most people, superannuation is just another form to fill in when starting a new job; and to get life insurance is just another budget impost with a benefit that the life insured will never see.

It is only when it is too late that the benefits of needs-based superannuation savings and insurance protection are fully realized.   I regularly receive enquiries from people who are two years off retirement or who have been diagnosed with cancer.  As much as I feel their desperation and regret, we are planners, not magicians.

But then the phone rings and the person on the other end tells me that they have taken stock of their life and they have realised that they need to budget; address their debts; start saving for the future; and protect their family (while still healthy) in case life deals them an unfortunate blow.

These are the clients I live for – people who live for today and want to plan for tomorrow; people who look past their own mortality to the financial welfare of their spouse and children.

I again remember why I chose this profession – to help people who are willing to help themselves.