Category: Learn Magazine

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Welcome to "Learn Magazine" an online magazine dedicated to sharing stories and resources for businesses of all sizes.

If you would you like to submit an article to Learn Magazine you can do that here

Top Rated Articles

Tax Planning for Trades and Construction Businesses in Australia: A Guide to Maximising Your Tax Benefits

Tax planning is crucial for trades and construction businesses in Australia to minimize tax liabilities and maximize financial benefits. With ever-changing tax laws, having a solid strategy is essential.
Key tips include seeking professional advice to tailor tax planning to specific business needs and staying compliant with Australian tax laws. Optimizing the mix of salary and dividends can be tax-efficient for company directors.
Utilizing prepayments for expenses like rent and equipment leases can provide immediate deductions34. Understanding business structures, such as sole traders, partnerships, companies, and trusts, is vital as each has different tax implications.
Leveraging the Instant Asset Write-Off allows immediate deductions for eligible assets, leading to substantial tax savings7. Effective tax planning not only reduces tax burdens but also helps reinvest in the business for long-term growth and success.

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Mastering Your Breakeven Volume: A Game-Changer for Business Owners

Breakeven Volume is the number of units you need to sell to cover all your costs. Calculating this on an annual, monthly, weekly, and daily basis is crucial for effective financial management.

Many business owners think they understand breakeven, but often they don’t. For instance, some don’t differentiate between fixed and variable costs, focusing only on a positive bottom line. Others assume they’re breaking even if their bank account balance doesn’t decrease monthly. Some don’t use breakeven analysis strategically to address issues like seasonality, adjusting their operating model to lower fixed costs, or increasing revenues to cover costs more easily.

To calculate Breakeven Volume, you need three key numbers:

Unit Sale Price: The average sale price for your business.
Unit Cost: The direct or variable cost per unit sold.
Total Fixed Costs: All recurring business costs.
Breakeven Calculation Steps:

Calculate Unit Contribution: Unit Sale Price minus Unit Cost.
Divide Fixed Costs by Unit Contribution to get the historical Breakeven Volume.
Example Calculation:

Revenue per Unit: $5.00
Cost per Unit: $2.00
Unit Contribution: $3.00
Fixed Costs: $100,000
Breakeven per Year: 33,333 units
Breakeven per Month: 2,778 units
Breakeven per Week: 641 units

Once you have the Breakeven Volume, consider these questions:

– How does Breakeven Volume compare with current volume?
– What is the distribution of volume over time?
– When are you not breaking even, and why?

Consider innovative ways to run your business that can significantly improve breakeven.
By understanding and applying breakeven analysis, you can make more informed decisions, optimise your business model and ultimately drive your business towards greater profitability and sustainability.

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Want to Run a Successful Business? Start with Good Business Disciplines

Want to Run a Successful Business? Start with Good Business Disciplines
Success in business isn’t just about great ideas—it’s about consistency and discipline. To build a thriving business, you need to establish solid business disciplines that guide your decisions and actions.

From setting a clear vision and annual planning to regular reporting, consistent meetings, and staying accountable, these disciplines provide the foundation for sustainable growth and success.

Discover how to implement these five powerful business disciplines and transform your business into a financially rewarding, tax-efficient lifestyle.

Ready to take your business to the next level?
[Read the full article]

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Effortless Employee Onboarding: Automate & Scale Your Process

Effortless employee onboarding is essential for a company’s growth and success. Traditional methods can hinder efficiency and lead to inconsistent experiences, employee confusion, and compliance risks. Automating onboarding transforms this process into a streamlined, engaging journey, enhancing preboarding, personalization, and compliance management. The benefits include increased retention, faster productivity, stronger company culture, and significant cost savings.

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