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Continuing from our original discussion “Should I pay myself a wage” The second issue that needs to be addressed is the effect it has on perceived success or failure of the ongoing trading of the operation.  Quite clearly if I don’t pay myself an acceptable wage, my pro ... read more
There is often confusion as to what constitutes an expense.  And that confusion is usually a result of the paradigm that Taxation creates.   So as a general rule when we think of expenses we think of what taxation authorities allow us to deduct.  Foremost though, you need to ... read more
Breakeven - it’s a “word” thrown around a fair bit, but what exactly is it? ...... Breakeven is the level of sales you need to achieve in order to cover your costs.  So if your costs are $100,000 for the year - you can calculate breakeven beforehand and know that you ne ... read more
Should I pay myself a wage? is a question often asked by small business people.  And the obvious answer is a great big “yes”.  There are actually two issues here:        1.      How big or small should it be, and       ... read more
Continuing on from Part 1….   For those that don’t sell goods at a margin then simply knock out a budget for the next 12 months and “presto”, you’ll know what sales numbers you need to aim for. Just bring them back to a number you can readily understand and ... read more
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