No planning or priorities

Business planning Australia

A new business enterprise that is poorly planned and starts badly will usually get worse. The saying “time heals all wounds” is a truth only when the wound is attended to. If the wound is neglected, it can worsen over time. Even if you plan your business well from the start, it can go stale over time.

Staleness can occur when you get a little too comfortable and fail to notice that the market environment has changed and you haven’t kept up. Your products and services that were in demand a year ago might now be edging towards obsolescence, but obsolescence is not an overnight event. It is a creeping adversary that is detected only by your constant vigilance, regular review of your goals and resetting your priorities.

For all your professional business planning Australia needs call Gary on 0408 756 531

Business planning Australia – who gets your business when you die

Gary Weigh

At Gary Weigh & Associates, we are business planning Australia!   That includes the all important and often forgotten issue of succession.  The answer to succession is not simple but the more you plan the simpler it will be.

If you own your business personally as a sole trader, it can be left to a beneficiary of your choice in your Will.  If you are a partner in a partnership with no partnership agreement, the partnership is automatically dissolved and your share can also be passed to your Estate via your Will.

If your business trades as a company, you are not the owner of the business assets and liabilities; your company is.  So you can’t leave the business directly to a beneficiary via your Will.  However, as owner of the company, your shares in the company are personally owned and can therefore the company (and everything in it) can be left to a beneficiary of your choice in your Will.

Your ownership interest in a fixed trust can also be passed to your Estate via your Will, in much the same way as a company, but the succession of a discretionary trust can’t.  It must be dealt with in the trust deed.

So the succession of most simple business structures looks very straight forward, doesn’t it?  However, it is not straight forward and here’s why!

The problem lies not so much in the passing of your business but in the receiving!  The critical issue is who will receive ownership via your Will when you die.   Not everyone is a willing or competent beneficiary.

Despite what they might have said to your face, spouse, friends and family may not want to follow in your footsteps, or may be incapable.  It is for this reason that a business often dies with its owner.

I will let you in on a secret to an alternative and much smarter business succession strategy.  This will be coming up over the next 2 installments of business planning Australia.

For more on business planning Australia read A challenge is looming for financial advisers

Until next time!


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Business planning Australia – a challenge is looming for financial advisers!

Business planning Australia 

Call Gary direct on 0408 756 531

A lot of self employed financial planners are going to have their world turned upside down next year when ongoing commissions will cease as a way of paying for financial advice.

Many financial advisers will have to change the way that they charge for their services.  But that is only the start of it.  The knock-on effects of this change are much more far reaching in terms of business survival.  In financial services business planning Australia will lead the way.

There are many advisers whose entire monthly income is made up of investment and insurance commissions relating to business written in the past.   They will be shaken up the most.  A lack of business planning and management skills will see a lot of advisers leave the industry.

Although it is irrelevant now, some clients love the commission based income system and others hate it.  The problem with this model of pricing financial advice is that it doesn’t relate to the present.  It relates to past business written.   

From the adviser’s point of view, that’s not such a bad thing because it is always a desirable business goal to establish recurring income streams.  In other words, it allows income earning while you sleep.

From the client’s point of view however, one of the disadvantages is that there is no incentive to provide service today.  The adviser only has to do enough so that the client doesn’t change his or her servicing adviser.  So in many cases, a minimum service is provided and the adviser gets paid, no matter what.

With the upcoming change, every adviser will have to provide maximum service (not minimum service) to compete.   It is often said that the price of financial advice will skyrocket as a result of this change, but I don’t think so.  It is more likely that competition will keep fees at a reasonable level.

The changes required to each and every financial adviser’s business will go much further than a mere switch to charging fees.   It will involve a complete restructure of their businesses.  To many, it will feel like starting all over again.

Those who commence business planning now will be well placed when the change comes into effect on 1 July 2012.

#1 Business planning Australia

Call on 0408 756 531 or email

Your 1-page action plan

Business planning in Australia should be a straight forward and practical exercise.  Although you need to aware of many potential traps, there is no reason why you can’t write down the heart and soul of your business plan on one sheet of paper.

Preparing a business plan is basically deciding ‘what’ you are going to do and ‘how’ you are going to do it.

One of the main problems with business planning is that new starters follow other people’s templates.  They focus on rigidly following the format of the template.  This means filling in text and diagram boxes.  There is no light and shade and no emphasis on the critical stuff.

Instead of producing a 300-page document that is so detailed that you’ll never read it, distil the important parts down onto a 1-page action plan.

The important stuff is this:

  1. The ‘what’ – your main goals
  2. The ‘how’ – your main strategy
  3. The ‘payoff’ – the all important results

Now let’s look at each in a little more detail.

1. Start with your main goals

The most important feature of your plan is your goal setting.  Although dreaming up a few goals sounds easy, this is the part of business planning that most people struggle with.

I will show you in my next post how to go about setting goals.  In the end, regardless of what others say, your goals are yours.  You must live your truth in business and your goals must reflect that.

2. Be clear on your main strategy

In order to be clear on the ‘how’ of achieving your desired results you must have a good understanding of your customers and their demand.  For example, why will they buy?  What problem are you solving?  Why buy from you instead of any one of fifty other look-a-likes?

Make sure this ‘how’ part of your plan is ALL ACTION.  Any procrastination in executing strategy is deadly.  I recommend that you decide this!  “Out of all the actions I could be doing, which ones will give the highest payoff (i.e. better results sooner)?”  Do those actions!

Business cards, brochures and static websites are tools, not strategies and in isolation, won’t work.  Customers won’t go out of their way to seek you out.  You must act to go find them, and to put your message in front of them, clearly and simply.

3. Finish with the pay-off

The pay-off is what keeps you in business!  So it is important to monitor it.

You must have a measurement system to know if the pay-off is actually achieving your goals within your desired time frame.  However, what you specifically track and measure depends entirely on the type of business you have.

Some people track calls and sales appointments; others track weekly sales and gross profit.  Some people track units produced and fault rates; others track online click rates.  Many old-timers still track cash at bank – the only figure that they trust.

Your one-page action plan

The beauty of a one-page action plan is that you can carry a copy with you, pin a copy on the wall in front of your desk, circulate it easily to employees and outsourcers or fax a copy with your monthly results to your business banking consultant.

Until next time!