| Successful Workshop Repeated “How to run a profitable trades-related business” We just had to repeat this workshop because of its popularity. See details in the sidebar. BUSINESS TIP How to test your procedures Ultimately you want to have your business furnish your lifestyle and retirement. Whether you cash it up or keep it running while you step back, proven procedures and systems are invaluable. Everything that needs to happen in your business should be documented in plain workable language. Here’s how to test your procedures – and accept that the tests may cost you. Stay away and out of touch for a whole 24 hours. Then measure what went right – what went wrong. Were the problems due to lack of systems and procedures, lack of training or understanding by your team? If anything went wrong, you as the owner and boss are culpable. If everything went right – thank your team. If something went wrong, blame yourself and fix it. Next test – stay away for 2 whole days – what happened? Then repeat this test for 3 days, 5 days, 10 days and then 20 days. If your business keeps failing without you, you’re a company employee, not a business owner. Step Up and get things sorted. TAX TIP IRD Focus – Employee or Contractor? The IRD is looking at a new guideline for sorting out who is an employee for tax purposes. They are proposing a series of tests including intention of the parties, control, independence, fundamental integration tests. This is all very relevant in Christchurch with thousands of new workers coming to the city, either as contractors or employees. In many cases the contractor is technically an employee and therefore the employer is liable for tax and many other employer/employee responsibilities such as holiday, sick and bereavement leave, ACC and so on. The IRD website has a great booklet worth reading if you’re not sure what position you’re in. Click this link to download the booklet. |
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