Fitzpatricks Real Estate

A group of Fitzpatricks Real Estate staff attended a small business seminar on ways businesses can acquire a competitive edge. The Commonwealth Bank and Tim Pethick, founder of Nudie Juice, offered advice to help small businesses in the current challenging times.

They discussed three areas to give a small business a competitive edge:

1. Stimulus packages
2. Working with your bank
3. Strategies for success

Stimulus Packages

The Australian Government has provided several incentives to small businesses to help stimulate the economy. These include:

a reduction in the PAYG installment uplift factor to 2% instead of the increase based on the gross domestic product (GDP).

50% temporary investment allowance for small businesses for eligible assets purchased by 31 December 2009.

Talk to your accountant for more detailed advice.

Working with your Bank

Your approach to a bank for a business loan needs to be professional, organised and planned. Being prepared with your business plan, profit and loss statements, balance sheets, aged debtors and creditors, budgets, cash flow forecasts, your family tree of companies, your personal assets and liabilities statements will show why your business is worth lending to.

Strategies for Success

Re-energizing a small business in the current climate will require powerful leadership. A business streamlined for these market conditions will need the right people, effective systems, a focus on cash flow and effective marketing. Remember not to compete on just cheap prices but concentrate on your unique selling proposition.

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