The Bike of Life

I am not sure about other people, but running our own business and raising our 5 children means that I find it quite a challenge to work out the concept of life balance and how this applies to me. Is this indeed an achievable aim or purely an enigma to encourage me to seek out more information in an already cluttered market of self help and business improvement media? Although I am on a bit of a personal quest, this issue is one that keeps coming up as we speak to not just other business owners but a range of colleagues and friends. I therefore thought, as the year comes to an end, it is timely to take a moment to review where your time and energy has been spent and to discover where (if any) the disparities are.

The tool below is labelled “The Bike of Life”. I like this tool because as a business owner, it has helped me see in pictorial form the quite intricate relationship between work and personal life; how one impacts the other and to review for myself how ‘balanced’ are the various aspects within each area. Needless to say, my wheels are not as well proportioned as I would like and this has resulted in some planning and action for the new year! This has also played out not just metaphorically but in real life. Last year, I was training to run a half marathon with some friends. Just before the event, I sustained a stress injury. Not being one to sit still, I then took up road bike riding, but unfortunately then came off my bike and ended up fracturing my wrist. I joined a gym (not one to give up) and consequently came down with a virus of sorts that lingered for weeks. My body was needing a break which my mind was not accepting! The impact of this on other areas of life was evident and my ability to have energy for family, friends and work suffered. I was learning (albeit slowly!) that in order to give our business the best chance of success, I needed to get my personal life priorities in order and that careful thought and planning were required in both areas in order to move forward with any success. Balance does not necessarily mean neatly allocated time for work and home, for to me, work and home life are intricately woven. What balance does mean for me is making sure I know what the key areas of focus are for the coming year, that I have access to the right resources and have allocated time to enable this to happen (including time for rest!). Have a look at the clip below…..

https://vimeo.com/user24295412/review/87060549/d7cf725787

During the holiday break can I encourage you to complete this for yourself – please find a copy of this wheel at the end of this blog. Personalise it for the areas that make sense to you and then highlight 3 areas and resulting actions you are going to take to help keep you ‘upright’ in the coming year!

If you would like to follow this up further and create a personalised plan for you and your business contact us via our website www.tennantschultz.com.au

As a team, we continue to greatly enjoy the work that we do and the people we get to do this with. We appreciate and thank you all for continuing to entrust us with your business and we look forward to continuing our partnership with you in the new year.

Bike of Life

Understand. Plan. Grow.

Understand. Plan. Grow.

Historically accountants have been known for providing an annual set of financials, quarterly activity statements and an income tax return along with some ad hoc advice when sought along the way. Although it is good to know where you stand from a tax perspective, we have found that what clients really value is experience and advice on how to better manage and grow their business.  

We work to understand the numbers in your business, provide a plan for action and grow both your business and your own personal wealth. 

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Tennant Schultz, business growth consultants in Adelaide South Australia, explains one of the positive changes to superannuation contributions that may be of benefit to you.

If you are an employee, one of the changes to super that has come into effect as of 1 July 2017 is the ability to now claim a tax deduction for personal super contributions made outside of your employment arrangements. This is the case for most people who are under 65 years old, and even for those who are aged 65 to 74 years old who work sufficient paid hours in a month. Previously if you wanted to get the benefit of making additional super contributions in a tax effective way as an employer you had to do this slowly via salary sacrificing and potentially set this up very early in the financial year. There was previously no ability for an employee to make a one-off lump sum super contribution late in the financial year and get a tax deduction for it.

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As we and a number of our friends now swing by the big “40” age landmark, a few are looking at life’s bigger picture and thinking more about the future. Because life and money are so closely entwined, this has sparked some thoughts and conversation around how one’s financial priorities should change as the years pass.

Financial goals do change over time. Life is full of changes and with each new set of circumstances come new financial needs. Some of your concerns will be long term – for instance, saving for retirement takes place across decades – but that doesn’t override the shorter term goals such as saving for a deposit on a home or considering starting your own business. Knowing what financial milestones are ahead and planning in advance will help establish a greater level of security and enable more financial choice. We have put together a summary of what we think are the different financial life stages to help spark more thought and conversation.

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We had an interesting event happen in our house this week that prompted me to write a blog that was already on my mind, but is now written with renewed vigour! Left at home on their own with a fridge and pantry full of healthy food items, our 2 teenage sons decided a hassle free and tasty option would be to order UberEATS. I am by no means judging those that choose this service, as who wouldn’t delight in a freshly made burger prepared by someone else from your favourite boutique burger establishment, but it did prompt quite a lengthy discussion following this on whether one’s fortnightly income should be spent in its entirety on a purchase for which is there is arguably no positive long term benefit (this point could of course be argued!). No cash exchanged hands, no time spared apart from a momentary search on google and no effort wasted at least on the purchaser’s behalf.

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