Succession management used to build a competent workforce
Handing over control of their business is probably far from the minds of many small business owners in Queensland. After all, their day-to-day focus is on managing and growing their business, not thinking about how they can extract themselves from their work.
While this is useful, there are many reasons that small-business owners may wish to create a succession plan and draft the commercial agreements that accompany this plan well ahead of time.
Invoicing times dropping for Australian businesses
When small companies enter into a commercial contract as part of growing their business, one of the biggest obstacles can be payment times. Having worked hard to get a contract in place, it can be incredibly frustrating when other companies drag their heels when it comes to fulfilling their side of the bargain.
While this can be among the biggest obstacles that companies face, the latest figures from Dun & Bradstreet (D&B) suggest that Australian firms are getting better at paying their invoices.
Property prices growing in South East Queensland
Property in south-east Queensland is recording the strongest sales growth in the state, according to recent figures released by the Real Estate Institute of Queensland (REIQ) on September 13.
These figures reveal that the Brisbane area has seen the highest growth in property sales seen across the state during the June quarter. The REIQ recorded a 19 per cent increase in the number of properties being sold, with Logan also reaching 18 per cent growth.
What to know about family dispute resolution
In parenting matters it is compulsory for the parties to attempt to resolve any dispute through Family Dispute Resolution with a registered Family Dispute Resolution Practitioner prior to commencing court proceedings unless:
Commercial construction and company investment driving QLD growth
Queensland’s economy is being increasingly driven by non-residential construction and investments from businesses, according to the latest figures from CommSec.
Commsec’s quarterly report highlighted the strengths and weaknesses of the country as a whole, as well as each of the states. In Queensland, non-residential building is a stand-out area, recording the third-highest ranking across the country.
Australia faces new competition rules
Small businesses play an essential role in Australia’s economy, with these businesses often relying on a range of legal supports when it comes to their commercial contracts and activity.
This feature has been recently highlighted in a draft report on new competition laws for Australia. The Competition Policy Review’s draft report was released on September 22 and contained a number of recommendations for how small businesses in Australia might be further supported.
Many companies risking insolvency
Last year, many Australian companies faced the risk of financial insolvency, according to a recent report from Certified Practising Accountants Australia (CPA).
The study found that close to a third of companies listed on the ASX were issued with going concern warnings in 2013, indicating a significant level of stress among Australian businesses.
Insolvencies continue to affect Australian businesses
Recent statistics from the Australian Securities and Investments Commission (ASIC) point to the many different ways that companies can experience insolvency in Australia.
The study of over 10,000 insolvency proceedings within Australia found that in 2013-2014 the most common industry for insolvencies was in the business and personal services sector. Companies in this space made up over a quarter (26 per cent) of overall insolvencies in the last year.
PwC: Family businesses struggle with succession planning
A recent report from PricewaterhouseCoopers (PwC) has revealed the significant challenge that family businesses face when it comes to succession planning and the commercial agreements that accompany this process.
Among the more than 2,000 family businesses that were surveyed as part of the report, only 16 per cent reported having a robust succession plan in place. What’s more, only 53 per cent have a succession plan for some senior positions, highlighting the gap in capabilities that affects many workers in this space.
Employment contracts in the spotlight following recent court case
A recent case before the High Court of Australia has highlighted the complexity of Australian employment law, even as the result will be welcomed by business owners.
The case related to the dismissal of a worker at a major Australian bank. At the time of the redundancy, the plaintiff was informed that the company would attempt to provide alternative employment for the man, however in the meantime he was asked to turn over his work phone and email. Because of this, the company had no way to contact the man when an alternative position came up and he was subsequently made redundant.
