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By Michael Kerr
The podcast currently has 146 episodes available.
Olga Koskie from Tax Assure updates us on the ATO's plan to recover outstanding tax debts owed by Australian businesses.
Post covid19 the ATO is now actively chasing $52B in outstanding business tax debt.
"The ATO has had a huge public shift and an internal shift that they're back to an active collection mode."
If you're carrying ATO debt (that's been around longer than the last few months) and have treated them as a financier over recent years you're likely now in the firing line to be chased down
The consequences of not actively managing this debt down, in conjunction with the ATO, are dramatic e.g. Director Penalty Notices, garnishing of bank accounts, statutory demands, and even bankruptcy.
In this episode Olga talks about;
"If you don't do anything, they won't put you on a payment plan. They will initiate recovery action against you."
Michael Kerr
Kerr Capital
Thanks for listening. Visit the Small Business Banter website to subscribe, listen back, or check out any resources or information mentioned on the show.
Search @SmallBusinessBanter on your favorite podcast player to subscribe and listen to the episodes.
Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.
[email protected]
www.smallbusinessbanter.com.au
@James Meldrum, co-founder of @Whole Kids, shares the journey of starting and growing a purpose-driven business in the organic food industry.
He talks about how he and his co-founder wife Monica tackled the many challenges they faced over 18 years and up until entering Voluntary Administration late in 2023.
"We lost about a third of our revenue overnight because we were servicing the airlines with kids meals and special meals."
Like a lot of startups the business was initially self-funded with some contributions from family and friends. Later they tapped into bank lending and debtor finance to support their growth. Eventually, they conducted a successful crowdfunding campaign to bring in more investors.
The discussion spans;
Overall, the conversation highlights the highs and lows of entrepreneurship and the lessons learned along the way.
Key takeaways
"Even if you're looking at employing someone or bringing on someone as an investor, if you think you can sit next to this person on a plane for three hours and have great in-depth conversations, then they're the right person to bring in."
Thanks for listening. Visit the Small Business Banter website to subscribe, listen back, or check out any resources or information mentioned on the show.
Search @SmallBusinessBanter on your favorite podcast player to subscribe and listen to the episodes.
Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.
[email protected]
www.smallbusinessbanter.com.au
@Natasha Hawker founder of @Employee Matters discusses the importance of employees in small businesses, and the impact they have on business performance. Natasha emphasizes the need for exceptional HR practices and the role they play in driving business growth and sustainability.
She also discusses the current employment relations landscape and the importance of compliance. Natasha provides insights into the red flags that small business owners should be aware of and the benefits of outsourcing HR services.
She concludes by discussing the significance of employee ownership and the role it plays in business success and potential sale. The conversation explores;
Natasha made it very clear how your employees have such a significant impact on the performance and success of small businesses. This short video beautifully categorises the 4 types of employees and provides a framework for business owners to better manage their #employeeassets.
https://share.vidyard.com/watch/qVFVgq3EKyYakjSjQkGCEN?vyetoken=fa04c069-8443-4adb-b9b9-c9ca0dae4ae4&portalId=20625731
Takeaways
@kerrcapital
@michaelkerr
Thanks for listening. Visit the Small Business Banter website to subscribe, listen back, or check out any resources or information mentioned on the show.
Search @SmallBusinessBanter on your favorite podcast player to subscribe and listen to the episodes.
Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.
[email protected]
www.smallbusinessbanter.com.au
@Ken Matthews, founder of @Matthew Steer, shares the long but successful journey from growing to selling a mid-tier financial services firm. He talks about the importance of scaling, the three stages of growth and the challenges of transitioning from a sales-driven mode to an operational mode.
"Stepping back and becoming a CEO is a significant step and not an easy one for any entrepreneur."
Ken and I talk a lot about the process of selling, and what he sees as the most critical for getting a successful result;
Ken has dealt with many business owners over many years. The triggers for them seeking his services can range from;
Key Takeaways;
@kerrcapital
@familybusinessaustralia
Thanks for listening. Visit the Small Business Banter website to subscribe, listen back, or check out any resources or information mentioned on the show.
Search @SmallBusinessBanter on your favorite podcast player to subscribe and listen to the episodes.
Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.
[email protected]
www.smallbusinessbanter.com.au
@Darren Clark is the founder at @Dazlab where he and the team work with founders, business owners, creatives, technology people, and investors to get digital products off the ground and to market.
Darren started because he knew there was a better way to build digital products for people with great business ideas who needed help to build their vision. And he brought significant personal business experience, and some battle scars to starting Dazlab;
In this episode Darren
@kerrcapital
Thanks for listening. Visit the Small Business Banter website to subscribe, listen back, or check out any resources or information mentioned on the show.
Search @SmallBusinessBanter on your favorite podcast player to subscribe and listen to the episodes.
Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.
[email protected]
www.smallbusinessbanter.com.au
Host @Michael Kerr and @Martin Cattach , founder of Finance for Business, discuss the stranglehold the big four banks on small business lending, and explore alternative options for financing.
Martin outlines alternative #financing options, especially the diverse and fast growing range of #fintechlenders for #smallbusinesses
We cover;
Martin shares examples of clients he has worked with and the positive impact alternative financing has had on their businesses.\
@kerrcapital
@finforbiz
Thanks for listening. Visit the Small Business Banter website to subscribe, listen back, or check out any resources or information mentioned on the show.
Search @SmallBusinessBanter on your favorite podcast player to subscribe and listen to the episodes.
Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.
[email protected]
www.smallbusinessbanter.com.au
@MarkRubbo from @readingsbooks shares his personal take on buying and building this iconic business. We cover a lot of ground including;
QUOTES:
"Sometimes founders rightfully wrongly put everything they've got into it and other people get to benefit from it."
"I hope Readings has been a sort of community focused business."
Thanks for listening. Visit the Small Business Banter website to subscribe, listen back, or check out any resources or information mentioned on the show.
Search @SmallBusinessBanter on your favorite podcast player to subscribe and listen to the episodes.
Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.
[email protected]
www.smallbusinessbanter.com.au
@Earl Eddings has started, sold and acquired multiple businesses. Along the way he's had high profile roles including as Chair of Cricket Australia, and served as Non Executive Director, Advisory Board member, Adviser and Mentor to other business owners and businesses. He's had wins. He's also learned a lot from experiences where things didn't go to plan. These experiences were however formative and continue to shape how he continues to approach his work, the support he provides to other business leaders and business owners.
In our discussion we cover;
Some of the key takeaways;
@kerrcapital @michaelkerr
Thanks for listening. Visit the Small Business Banter website to subscribe, listen back, or check out any resources or information mentioned on the show.
Search @SmallBusinessBanter on your favorite podcast player to subscribe and listen to the episodes.
Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.
[email protected]
www.smallbusinessbanter.com.au
@Pete Seligman talks about and #eta (Entrepreneur through Acquisition) and #searchfunds and their impact on small business owners. He's an investor and co-owner of multiple businesses.
Pete explains the concept of search funds and how they provide a vehicle for investors to back #acquisitionentrepreneurs.
We talk about;
Takeaways
@kerrcapital
Thanks for listening. Visit the Small Business Banter website to subscribe, listen back, or check out any resources or information mentioned on the show.
Search @SmallBusinessBanter on your favorite podcast player to subscribe and listen to the episodes.
Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.
[email protected]
www.smallbusinessbanter.com.au
@Sandy Chong brings 39 years experience as a salon owner to her current role as CEO at @The Australian Hairdressing Council. She's the current @cosboa #smallbusinesschampion and has multiple other board and advisory roles that involve advocacy and improving effectiveness for industry bodies.
Sandy sold her own salon during 2023 to focus on her CEO role. In that role she is actively involved in advocating for small businesses and shaping the future of the industry. Her extensive background as a business owner gives her valuable insights to guide those aspiring to venture into entrepreneurship and business ownership after completing their trade apprenticeships.
In our discussion we talk about;
I think hairdressers often give back and I think that's one thing that really stands out for me, is they have really incredible business structures. They're incredibly generous to their staff, but it's the community generosity. - Sandy Chong
Visit the Australian Hairdressing Council website at www.ahc.org.au to learn more about the organization and its initiatives.
Timestamped summary of this episode:
00:00:12 - Introduction and Purpose of the Podcast
Michael Ker introduces the Small Business Banter podcast and its relevance to business owners, especially those looking to sell or buy a new business. He emphasizes the stress, emotions, and challenges involved in these processes.
00:01:21 - Sandy Chong's Background and Role
Sandy Chong shares her extensive background as the CEO of the Australian Hairdressers Council and her experience as a past salon owner for 39 years. She highlights the importance of developing relationships with clients and the unique challenges of the hairdressing industry.
00:07:20 - Career Opportunities in Hairdressing
Discussion on the potential career opportunities in the hairdressing industry, including the potential for financial success, international work, and diverse roles beyond salon ownership. Emphasis on the importance of education and training for career growth.
00:09:50 - Apprenticeship and Business Ownership
Sandy Chong reflects on her commitment to apprenticing her staff and the importance of finding the right buyer for her salon. She discusses the need for a pathway to guide talented practitioners toward business ownership and the challenges of running a business.
00:14:59 - Industry Support and Sustainability
Sandy Chong emphasizes the role of industry associations in educating and supporting business owners, particularly in navigating complex issues such as industrial relations and HR. The importance of belonging to an association for access to industry-specific information and support is highlighted.
00:16:25 - Migration Review and Industry Concerns
Sandy discusses the release of the migration review and expresses concern for the hairdressing industry's exclusion due to high sponsorship costs. She highlights the industry's need for sustainability and lower tismet.
00:17:37 - Challenges and Solutions for the Industry
Sandy addresses the skill shortage in the predominantly female hairdressing industry and emphasizes the importance of investing in apprenticeships and adapting to the changing preferences of younger workers. She also mentions the potential benefits of new jobs and skills councils.
00:19:38 - Encouraging School-Based Apprenticeships
Sandy discusses the potential of school-based apprenticeship programs and the benefits of group training organizations for higher completion rates. She also highlights the challenges faced by single operator salons and the financial barriers for young people entering the industry.
00:21:41 - Financial Management and Small Business Challenges
The conversation shifts to the financial challenges faced by small business owners, particularly in managing cash flow, profit and loss, and the complexities of industrial relations. Sandy emphasizes the need for education and support in understanding basic finances and business value.
00:32:01 - The Value of Small Businesses in Communities
Sandy and the host highlight the vital role of small businesses, including hairdressing, in supporting community well-being and mental health. They emphasize the personal and social aspects of the hairdressing experience, going beyond just a haircut.
00:33:05 - Passion for Small Business and Cosboa Small Business Champion Award
Sandy Chong discusses her deep passion for small business and receiving the Cosboa Small Business Champion Award in April. She highlights her role as an ambassador and her commitment to lobbying and advocacy work for small businesses.
00:35:36 - Driving Force behind Small Business Ownership
Sandy Chong shares her motivation for becoming a small business owner, emphasizing the inclusivity and culture of the hairdressing industry. She also discusses her desire to be a successful business person and contribute to the industry through education and training.
00:37:01 - The Mindset of Small Business Owners
The conversation delves into the mindset of small business owners, highlighting their humble beginnings, lack of strategic planning, and the drive to seize opportunities. The discussion also touches on the purpose, financial benefits, and challenges of small business ownership.
00:40:38 - Small Business Heroes and Inspirational Figures
Sandy Chong mentions several inspirational figures in the hairdressing industry, recognizing their ethical standards, charitable work, and community generosity. She emphasizes the impact of these individuals on the industry and their ability to inspire the next generation of small business owners.
00:43:22 - Reaching Out to Sandy Chong
Sandy Chong provides information on how to reach out to her as the CEO of the Australian Hairdressing Council and the current small business champion. She encourages individuals to visit the council's website and emphasizes her accessibility for inquiries and support.
Thanks for listening. Visit the Small Business Banter website to subscribe, listen back, or check out any resources or information mentioned on the show.
Search @SmallBusinessBanter on your favorite podcast player to subscribe and listen to the episodes.
Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.
[email protected]
www.smallbusinessbanter.com.au
The podcast currently has 146 episodes available.
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