Why should your business be compliant?
We know that a business is like a cash-flow generating, revenue earning engine. It’s a machine that needs to be maintained and steered (managed) so that it’s revenue is greater than it’s expenses. You could spent a lot of time studying strategic management to learn how best to steer your business forward but you’ll never know which decisions you need to make until you understand what you need to change and that’s when we look at what we have already done.
Getting reports from your database, enrolment system, memberships statistics, accounting system will give you a great insight of historical performance and this is vital if you want to forecast the future, but there is a final step to ensure that you have the real information. You need to be compliant.
Compliance means you have completed your paperwork, lodged it with your account and with the regulatory bodies like ASIC, ATO etc. Only then will you know exactly how much you have really made in profit and only then will you know if your plans have been successful.