Business mentors a must

Why EVERY business needs a Mentor

Starting a business tests the mettle of the hardiest contenders, but entrepreneurs have always loved a challenge!

mentorWhilst it can be seat-of-your-pants stuff, there are ways to navigate this labyrinth and come out smiling. One of the most underpublicised secrets is to latch onto a Mentor.

History has shown the benefits of Mentors – think Quincy Jones and Ray Charles or Jobs and Zuckerberg. A working arrangement with a seasoned Mentor will not only save your sanity but also help you boost profits and business value.

9 reasons why every business needs a Mentor

  1. Celebrating – It can get pretty lonely unless you share the highs with someone. Your wins are their wins; there's no tall poppy syndrome – it's all about support. 
  2. Motivating – There'll be days when you're brought to your knees and things will hit you hard. When that happens, a Mentor is in your corner to give you that pep talk and keep you moving forward, regroup and face another day. 
  3. Accountability – Your Mentor has no patience for distractions because they've seen and done it all before. Cue your Mentor to make sure you're accountable for your time, with your eye on the prize.
  4. Hindsight – A skilled Mentor will never make you feel like you're failing. They're ready to teach, explain, inspire and motivate to make sure you understand every step of your business journey.
  5. Investment – Saying 'yes' to investing in yourself can feel like a huge step but, with the right Mentor, it should pay for itself in spades. Not only that, a Mentor saves you making costly mistakes. 
  6. Fast-tracking decisions – Indecision is a buzz-kill and, while you'll never have an objective perspective on your business, your Mentor will. They'll help you see the pros and cons so you have confidence in your decision-making.
  7. Business-ese – In life, there are few people who'll listen to you talk (ad nauseam) about your lead pipeline, sales conversions goals, cash flow or new product ideas, but your Mentor is on hand for all of it and more. 
  8. Educator – This is where a Mentor is worth their weight in gold. They've grown and scaled successful businesses before so are ready to act as your guide to growth and expansion. Essentially, they become a COO in your business, ready to work by your side to launch, leverage and help scale your empire.
  9. Potential – Your Mentor is there to push you, encourage you to set BHAGs and help you get positive results. Helping you succeed is their ultimate goal so the right Mentor will also introduce you to their network and open doors that might normally stay closed.

Finding a Mentor right for you
The perfect Mentor is one that helps you believe that anything is possible and then walks with you every step of the way. They are invested in your business and, more importantly, they're invested in you. Your success is their success; your trials are their trials. But how do you locate and tap into the value of having a business mentor?

At Collins Hume we work with business owners in various ways to act as a Mentor to help fast track results. If you're interested in knowing more, we have a range of programs available, so call us on 02 6686 3000 or check out our Board of Advice (BOA) information sheet on our website.

Collins Hume partner with you to achieve greater business and lifestyle success as your trusted advisers. Call us in Ballina or Byron Bay on 02 6686 3000.

Collins Hume welcomes four new team

Collins Hume welcomes four new team members

Collins Hume is pleased to welcome new accountants Kelly Crethar, Shannon McDonald, Tim McOmish and Brock Lindsay to our team.

Collins Hume teamKelly Crethar is a Ballina local who obtained her Bachelor of Business (Accounting & Business Law) from Southern Cross University before embarking on a career in public practice and qualifying as a CPA. She is a Xero Certified Advisor as well as proficient across all Collins Hume's cloud accounting systems. Kelly loves spending time at the beach and getting her family into the outdoors.

Shannon McDonald is originally from Lennox Head and gained her Bachelor of Business (Accounting & Finance) at Southern Cross University. She is a Xero Certified Advisor and Champion of Xero Migration and Xero Payroll. Outside of work Shannon plays for the SCU Netty Rats in Lismore and is keenly involved in Northern Rivers Dance Studio (NRDS).

Tim McOmish is a Chartered Accountant and Xero Certified Adviser who covers the broad spectrum of all areas of Australian tax. He has spent the entirety of his career working in public practice accounting, gaining experience in Xero, MYOB, QuickBooks, Reckon and BankLink. Tim is Ballina born and bred and based in our Ballina office. He gained his B Business (Accounting) at Southern Cross University.

Brock Lindsay also obtained his Bachelor of Business (Accounting) from Southern Cross University. He is a JP, Xero Certified Advisor and a long-time member of Alphadale Rural Fire Brigade. When time permits Brock dabbles in drawing and travel.

Collins Hume Partner, Jamie Doyle, said the new additions to the team are in response to the growing economy, local business confidence and the expansion of our offices in Ballina and Byron Bay. 

"As a local business we have been busy growing the team to better service our clients, increase our service capabilities and expand our offices with greater confidence," Jamie says. "Our business is growing along with our clients which is really pleasing to see."

"Making these strategic appointments is underpinned by the positive support we receive from our clients, business partners and the wider community. With clients all around Australia and internationally, we are a global business but, by embracing technology, we are delighted to be able to live and work in such amazing communities and to be able to offer first-class expertise with friendly, local service."

Copyright 2018. @CollinsHume Ballina and Byron Bay NSW

Car sharing

ATO takes its share of car sharing

The extra income earned by people taking part in car sharing services such as Car Next Door or DriveMyCar has come to the attention of the ATO. 

trafficThe car sharing services work by making private cars publicly available in a similar way to other car hire services – it's like AirBNB for cars. Combined, DriveMyCar and Car Next Door state that over $13 million has been paid out to car owners renting through the service. 

The community or peer to peer rental can be confusing as many people taking part see it as private.

The ATO has taken an interest as some people utilising these services are counting the extra income as a hobby – income from a hobby is not assessable and does not need to be included on your income tax return. 

But, the ATO is keen to point out that income from sharing services is not a hobby and needs to be declared. 

The upside is that if you earn income from these activities you might be entitled to claim deductions for things like platform membership fees, availability fees, cleaning fees and car running expenses.

We can help you get your tax position right. Just give us a call us in Ballina or Byron Bay on 02 6686 3000.

Australia and China US trade

What does the China/US trade war mean to Australia?

As the bilateral trade war between the US and China heats up, we look at what this might mean to Australia caught between its cultural and military ties to the US and its strong economic relationship with China.

exportAt the annual United Nations General Assembly President Donald Trump threw fuel on the trade war fire by stating that "…regrettably we found that China has been attempting to interfere in our upcoming 2018 election…against my administration. They do not want me or us to win because I am the first President ever to challenge China on trade….and we are winning on trade …we are winning at every level." Following the speech President Trump told a press conference that, "China has total respect for Donald Trump and for Donald Trump's very, very large brain." China's Foreign Minister Wang Yi stated that, "We did not and will not interfere in any country's internal affairs and we refuse to accept any allegation of interference." It was just another day in the media juggernaut for President Trump.

In 2017, the US imported well over $500bn worth of products from China. The US trade deficit in the same year was over $811bn of which China accounted for around 46%. From China's perspective, the US market accounts for 19% of all Chinese exports and US imports represent 8% of China's imports.

The trade war between the US and China escalated in September when the US imposed a further round of tariffs on US$200bn worth of Chinese goods, bringing the total value of Chinese goods impacted by the trade war to approximately US$250bn. The tariffs start at 10% and rise to 25% on 1 January 2019. President Trump has threatened to impose tariffs on a further US$267bn worth of goods if China retaliates. 

China has responded by imposing tariffs of between 5% and 10% on a further round of US goods bringing the total value of imports targeted to US$110bn. China has released a White Paper on the China-US trade friction that states, "China is the world's biggest developing country and the United States is the biggest developed country" and both have benefited from the development of relations. The paper points out that "China represents the No. 1 export market for US airplanes and soybeans, and the No. 2 export market for US automobiles, IC products and cotton." But, the new administration has "abandoned the fundamental norms of mutual respect and equal consultation that guide international relations."

Economists predict that the trade war may continue to the point where all Chinese goods imported into the US and all US goods imported in China will be impacted.

To date, Australia has avoided any significant impact from the trade war. This is not the case for Canada that saw the Trump administration impose a 25% tariff on steel imports and 10% on aluminium imports. The US imports approximately US$29bn of steel with 17% of that from Canada (accounting for approximately 88% of total Canadian steel exports). Australia was one of the few countries excluded from the tariffs although the US only accounts for 0.8% of Australian steel and 1.5% of aluminium exports.

The issue for Australia is the potential reduction in China's GDP growth. Currently, mainland China is Australia's largest two-way trading partner representing over 28% of Australia's export market (the US represents 6.3%) and over 18% of our imports. A slowdown in China's growth spells a slowdown in imports reducing the value of Australia's export market and impacting Australia's growth.

While Australia is not directly impacted by the bilateral trade war, there is a potential danger that consumer sentiment might be damaged with consumers unwilling to spend and instead taking a 'wait and see' approach.

Peter Fowler SCU Alumnus of the Year

Peter Fowler named outstanding alumnus
Collins Hume Partner, Peter Fowler, named Southern Cross University's School of Business & Tourism 2018 Alumnus of the Year at gala event in Lismore.

Peter Fowler SCU Alumnus of the YearSouthern Cross University 'welcomed home' more than 50 global changemakers to the highly anticipated Alumni of the Year Awards on Friday 28 September. 

Peter Fowler was recognised for the difference he makes to the Northern Rivers business community, providing astute commercial business advice together with innovation and growth initiatives that help the region's businesses to thrive. Peter also spearheads a number of activities to fundraise and provide support to charity.

In his acceptance speech, Peter congratulated all Finalists and thanked his wife, Jess, his parents and the teaching staff at SCU.

"At 25, I was fortunate enough to be invited to become a Partner of Collins Hume. So when I returned to SCU about 10 years later to complete my MBA, not only was I working full time, I was also a Senior Partner running a business and leading a team of nearly 30 people."

"Everyone thought I was crazy and perhaps I was! I certainly don't miss all the early mornings and late nights but I genuinely appreciate the amazing support I received. You went far and beyond the call of duty many times and I thank you for that."

Every year, Southern Cross University recognises the achievements of outstanding alumni through the Alumni of the Year Awards. 

Recipients include leaders and innovators across a diverse range of disciplines.

Peter Fowler is now a specialist commercial adviser to business, for which has been awarded by the Australian accounting profession. He is not only across business accounting issues and their impact, but is recognised as a standout accountant, business adviser and financial adviser servicing clients locally, nationally and abroad.

"Collins Hume is now seen as a Family Wealth Office making sure that business owners and individuals have utmost confidence in our ability to deliver a range of services. I also strongly believe that knowledge is power and a good education can make a world of difference. This is why my wife and I, together with Collins Hume, are so passionate about helping those less fortunate," Peter added.

"We aim to build great relationships not only with our clients, but with our wider community, by staying at the forefront of business trends and helping to create a better world with knowledge, technical expertise, leadership and compassion."

Copyright 2018. @CollinsHume Accountants & Business Advisers Ballina Byron Bay NSW