September 2022 – de Kretser Chartered Accountants

As we collectively enter the last quarter of 2022, the de Kretser team are here to assist in every aspect of your business.

We believe strategies, implemented together, will immeasurably help your business to reduce wasting time and money, increase productivity and align your business goals for the new year.

So, get ready to spring into action and make your business shine with a clean from the digital to physical world!

6 Step Guide to Spring Cleaning Success

1. Digital Dust off
When you’re occupied by your business, the days go quickly and not all the backend business is completed.
It is now time for the digital dustpan and broom.

As a busy business owner your emails, PDF’s, contracts, documents etc. can quickly pile up and leave your computer’s hard drive overflowing with redundant and outdated information.

Spring is your opportunity to purge your inbox and to trash the things that were never used, or needed.

While you’re clearing out your inbox, you can also do some other digital spring cleaning. Go through old files on your computer and delete unnecessary documents and folders.

Create folders and place the communications already completed. Name them simply for easy access.

Do not stop with a simple Spring purge – set yourself up with a system for success.

How will you action a new communication from a client going forward?

How will you file what is necessary properly to save searching time in the future?

How will you make time, or task a team member with the consistent management of enquiries and things to do?

Set times for weekly meetings so that your inbox will not be a bother any longer.

2. Cleanse your Multi-Media Face
In today’s world – you must have an online presence if you want to grow and thrive.
Your website can easily collect dust and damage your brand.

Chances are, your business has grown and changed during the last year, particularly in the digital space! You might have revised your mission. Maybe you completely switched your business logo or colour scheme.

Spring is a great time to scour your website for things that don’t line up with your business’s current brand.

At least once a year also you should also –

Update testimonials on your website/socials.

Look through content on the business website that needs to be rewritten to better reflect your company’s offerings or target market.

Increase the amount of external links on your website and/or blog posts – this will increase your website standing in an organic google search.

Don’t limit spring cleaning to the beginning of the year or springtime. Try to “spring” clean your website and socials throughout the year ensuring your messaging is on brand and engaging.

3. Clean that Business Book shelf
Your business transactions and financial records can help you forecast your financial future and make smart decisions about your finances.
Start now.

It is time for you to look at your files and accounts, sort receipts, and digitise where you can. This is not hard, it just takes a moment.

Consider using accounting software to track transactions and make spring cleaning your books a breeze.

Set up systems for all staff so that everyone is following the same processes which will save time in the future.

4. Call a Friend
Dedicated and solid business connections are the backbone to any successful enterprise.

When was the last time you updated your client contact list?

When was the last time you personally talked to, or met with a loyal customer?

Has anyone, supplier or client, dropped off the radar? Do you have processes in place that stops this from happening?

Now is the time to get in touch with your closest business allies. Keeping contact genuine and consistent goes a long way to retaining your most valuable contacts and will aid in the growth of your relationships throughout the years to come.

5. Strategic Business Planning
Businesses constantly develop and change.
Your company is ever-changing, your business plan should be, too.

The creation of a business plan is a wonderful initiative though is only of use to your business if you use it!

High calibre businesses set aside time each year to spring clean their business plan.

Now is the time to reflect on the past year and ask your trusted colleagues – what kind of changes has your business made in the last year? If ever there was a time to do this – it is now!

After the period of change Australian businesses have endured it is time for a re-organisation.

What worked and what didn’t for your cashflow?

Where are your most lucrative streams of revenue coming from?

Did you add or remove products? Are you targeting a new market? Or, did you completely change your business structure? Retraction? Expansion?

Remember, entrepreneurs: your business plan is the foundation of your company. Take the time to revisit it each year.

6. Marketing
Like your business, marketing tactics are constantly developing. And each day, a new marketing trend pops up and with it, a new opportunity for your business.

The world is at your feet when you market your business correctly. How you market will be informed by your business plan and client feedback. Identifying who you are and what you do goes great lengths to understanding who your customer is, what they want and how to provide it for them.

Spend some time this spring freshen things up by:

Researching new marketing trends
Investing in social media
Automating tasks (e.g., email marketing)
Investigate the integration of a CRM into your business
Going to a conference or trade show
Revisiting your brand
Analysing last year’s data

Keeping an eye on your business marketing analytics is also a brilliant way to inform your future directions for growth.

7. Your Working Environment
Whether you are working from home, or from an external premises – now is the time to look at your place with new eyes.

Ask yourself, and your staff – what would you think if you were coming here for the first time?

First impressions are powerful.

Spring cleaning your work environment goes further than a fresh feeling. Organisation in the physical world sets a standard for success. Doing some decluttering around the office will bring a brilliant feeling of renewal.

Working together as a team on this task will enhance your success. The orientation of your spaces must be considered and how they are used by the people who work with in them. Stand up desks may be a consideration, a stocktake of supplies may be needed or a look at the physical filing or way information is distributed or displayed in your spaces may need a re-think.

Make a list, ask everyone for their thoughts on what works, what needs work and then – get to work on making your environment sparkle and shine – together.

Begin the process now with de Kretser – we are ready to assist you with your requirements.

T: +61 3 9550 6900 E:admin@dekretser.com.au

To stay informed and connected, follow us on LinkedIn and Facebook

Are you ready to take control?

Follow these easy steps and compare your superannuation fund’s performance against other funds to make the right choice.

This will be possible if you have a MySuper fund as the ATO’s Your Super comparison tool as it can help you compare different MySuper products and choose a superannuation fund that meets your needs.

What is a MySuper fund?

A MySuper fund is a low-cost superannuation product and is usually the default account for people who don’t choose their own superannuation fund when they start a new job.

Many large Australian Prudential Regulation Authority (APRA) regulated superannuation funds (ie, retail, industry and corporate funds) can all offer MySuper accounts to members in accumulation (ie, non-retirement) phase. MySuper funds are simple accounts that generally have the following basic features:

■Simple investment strategy options – depending on the fund, you will be put into either a single diversified investment option or a lifecycle investment option based on your age.

■Lower fees – you don’t pay for unnecessary features that you don’t need.

■Default insurance options – you can easily opt out of the insurance arrangements if you wish.

■Easy to compare – you can easily compare MySuper funds based on investment performance, cost and insurance.

YourSuper comparison tool

You can find out about and compare MySuper products by using:

■Your superannuation fund’s product disclosure statement (PDS) for the MySuper product, or

■The ATO’s YourSuper comparison tool. If you can’t find your current account type within the MySuper products list, your account may not be a MySuper product. The best way to confirm whether your account is a MySuper product is by contacting your superannuation fund directly.

What does the YourSuper comparison tool do?

The YourSuper comparison tool can compare MySuper products based on only a few key differences.In particular, the YourSuper comparison tool:

■Displays a table of MySuper products ranked by fees and net returns (updated quarterly).

■Allows you to select and compare in more detail up to four MySuper products at a time.

■Links you to a superannuation fund’s website when you select a MySuper product from the table.

■Can show your current superannuation accounts alongside other MySuper products (if you access the personalised version through myGov)

■Provides links to help you consolidate your superannuation accounts.

APRA assesses the annual performance of each MySuper product. As such, the investment performance column will provide one of the following results for each fund:

■Performing – the product has met or exceeded the performance test benchmark

■Underperforming – the product has not met the performance test benchmark

■Not assessed – the product had less than 5 years of performance history and has not been rated by APRA.

Using the YourSuper comparison tool

To access a personalised version of the tool which allows you to view and compare your existing MySuper products:

■Log in to ATO online services through myGov, and

■Go to the Super drop-down menu and select Information, then select Your Super comparison.

You can also access a non-personalised version of theYourSuper comparison tool without logging into myGov by:

■Visiting ato.gov.au and search for “Your Super comparison tool”

■Start searching for your own MySuper product name.

If you have any questions regarding your Super obligations – de Kretser is here for you.

Need more information?
If you need help comparing your superannuation fund or need assistance understanding how the comparison information relates to your circumstances, we are here to help, so please contact us for further information.

We look forward to working with you.

T: +61 3 9550 6900

E:admin@dekretser.com.au

This is a de Kretser Client Information Newsletter keeping you on top of the issues, news and changes you need to
know.