The date to remember is the end of this month, the 31st of March,
which brings with it the end of the Financial Year.
Some important and useful information has recently been released by the Government and IRD regarding the Minimum Wage and Provisional Tax, which you can read briefly about below. Links to further information have been provided, too.
This month we also have information about how to deal with conflict and/or different perspectives between business partners/owners.
If you need assistance with conflict, differing perspectives, or any other aspect of your business,
give me a call on 027 447 7577 and we can have a chat.
___________________________________________________________________________________________________________________
Are You Having Conflict with Your Co-Owner, or Business Partner?
Or, is it a Case of Differing Perspectives?
Conflict: A serious disagreement or argument; Be incompatible or at variance; Clash
Perspective: A point of view
Differing: Be unlike or dissimilar; Disagree
Therefore, to have different (or differing) perspectives is to have different point of views, or quite simply, to disagree.
Disagreement is different from conflict, as disagreements can usually be resolved relatively simply using things such as agreeing on a compromise, or simply hearing out the other person’s point of view which may, in fact, change yours – or vice versa.
Conflicts are usually much harder to resolve, if they are able to be resolved at all.
Business Partnerships and Conflict
Conflict is unlikely to be avoided for your entire business relationship, as working in close proximity with one another is like being in a close relationship where conflict is almost a certainty. However, there are ways to diffuse conflict before it explodes uncontrollably.
Four tactics will help you to ensure your differing opinions are taken into account and treated with respect, rather than just continuing to force the differing points in the hope one of your will budge, to agree on a resolution which keeps your partnership, and your business, in tact.
1. Plan Ahead When Possible, and Stop Fights Before They Start
Nip topics you know may cause disagreements in the bud before they arise.
For example, if workload may become an issue (one of you feels the other is not pulling their weight), create a work schedule to ensure the work is evenly divided and the workload is fair;
2. Don’t Rush to Judgement
Hear your partner out. Their idea may not be as absurd as you think and, in fact, if you join your ideas together you may come up with something totally brilliant. Don’t dismiss ideas before fully engaging with your partner, and risk not only causing a conflict, but also missing a potentially great business opportunity.
Which leads us to tactic number 3..;
3. .. Have an Active Listening Opportunity
This, quite simply, is sitting and listening to your partner, and vice versa. Have a set time frame for each of you to speak while the other listens;
4. Ask For Help
Sometimes you may need an external party to mediate, or even to vet your ideas before you approach your partner if you know the topic may cause conflict – especially if it hasn’t been fully researched and deemed viable. A business coach is good here, to be the active mediator and to also give constructive feedback on both partner’s ideas.
If you have any questions, queries, or think now is the right time for your
consultation with Steve, follow the contact links below.
Email Steve, or phone Steve on 027 447 7577.
___________________________________________________________________________________________________________________z
Minimum Wage is Increasing on 1st April 2018, the Beginning of the
New Financial Year. Here’s what you need to know.
From the 1st April 2018, all employees on the current Adult hourly minimum wage rate of $15.75 must have their hourly wage increased to $16.50.
Starting Out and Training hourly wages of $12.60 raise to $13.20 also.
The increase is due to the Government’s legal obligation to review wage rates each year, and at the most recent review the Government decided the rate needed to be increased.
So, what does this mean for you?
Update Employee Details
This is a great time to update employment agreements if they are
a bit out-of-date, and ensure your payroll is updated to reflect the change.
Budget
It’s a good idea to recalculate your budget for the rest of the year,
to avoid nasty surprises. With a wage increase comes other increases,
such as PAYE, and KiwiSaver.
For more information, visit business.govt.nz.
They also have handy calculators and other tools to assist you.
If you have any questions, queries, or think now is the right time for your
consultation with Steve, follow the contact links below.
Email Steve, or phone Steve on 027 447 7577.
___________________________________________________________________________________________________________________
If You’re a Small Business with a Turnover of Less Than $5 Million a Year, There’s a New Accounting Method in Town That You’ll Love –
The Accounting Income Method (AIM)
Here’s the Important Bits
From the start of the new Financial Year (1st April 2018), if you’re a small business with a turnover of less than $5 Million annually you may be eligible to start using AIM – the Accounting Income Method – for your Provisional Tax.
This means no more guesswork –
AIM figures out the Provisional Tax you need to pay once you’ve made a profit.
Or, if you’ve made a loss, you can claim your refund right away
instead of waiting until the end of the year.
Your due dates for AIM will generally be the same as your GST due dates –
monthly, or two-monthly (if you’re registered for two- or six-monthly GST filing).
To find out more, including whether you’re eligible and
how to access the AIM software, visit the IRD website.
If you have any questions, queries, or think now is the right time for your
consultation with Steve, follow the contact links below.
Email Steve, or phone Steve on 027 447 7577.
___________________________________________________________________________________________________________________
This introduction session is 1 hour long, and includes:
To take advantage of this offer you can either click here to sign up,
or you can give me a call on 027 447 7577.
I look forward to helping you succeed!
___________________________________________________________________________________________________________________
___________________________________________________________________________________________________________________
Copyright © 2018 Steve Hockley Business Coach, All rights reserved.
Our mailing address is:
Steve Hockley Business Coach
194 Waterloo Road
Lower Hutt
Wellington 6010
New Zealand
Business and Personal Objectives and how they align to your ideal lifestyle.
Business and Personal Objectives and how they align to your […]
Read Article
