About the Author
Director of Proactive Accountants Network Pty Ltd13 posts
Colin Dunn is a Director of Proactive Accountants Network Pty Ltd, a network of proactive accounting firms in Australia and New Zealand providing member firms with the skills, tools and resources to help their business clients grow, improve profitability and free up new cash flow. He is a Chartered Accountant with 25 years’ experience in working with both business owners and accounting firms.
In my town of 5,000 people, there are 2 supermarkets (a Woolworths and an IGA). There are also two butchers, a fruit and veg shop and a couple of bakeries, all of which are flourishing. How is this possible? Surely the buying power of the big boys would force the small, local operators out of business?
Have you ever read those Top 100 Rich People lists and wonder how much you are worth? It’s a question that is worth taking some time to explore. Many business owners work their whole lives without planning how much wealth they will need to accumulate to enable them to retire gracefully.
When I moved to Australia in 2002 from the UK, my wife and I bought a home on Sydney’s northern beaches called Bilgola Plateau. It was a beautiful location with lovely, sweeping views over Newport Beach. I thought we might see out our days on our Plateau. But a combination of circumstances brought us north to Queensland instead.
If you’re starting a business, there’s always a conundrum that follows. Do you grow your company as fast as you can by acquiring customers, or do you focus on breaking even first and making a profit, or neither? There’s a great business saying which can be very focusing for business owners. It goes like this: Revenue is vanity. Profit is sanity. I wholeheartedly endorse that, but I admonish you to
When people go into business on their own, they are typically looking for some or all of the following things: Freedom The ability to make their own decisions Not having to answer to ‘the boss’ Building a business by design, from the ground up Taking holidays when they want Spending more time with their family Making more money
In the mid-90s I was shown a business video featuring an unassuming Australian retailer called Wally. Wally was an extraordinarily astute businessman, and many of his insights in the video have stayed with me. Wally said the following: “Most business owners give discounts to 90% of the people who don’t ask for them.”