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Planning can be exciting and fun to do. In 2019 around 38% of Australians made plans to renovate their homes. In June 2020, 2.2-million Australians were planning a post-pandemic overseas holiday. If planning is enjoyable then why do so many Australian business owners fail to write or refine a formal business plan?

Let’s look at some of the things that world-leading family businesses do to keep things clear & achieve the best results. The best family businesses have clearly defined & separated their family from the family business & ownership of family assets.

The Supreme Court has issued its decision in the long-running Mainzeal directors’ dispute, awarding judgment in favour of Mainzeal's liquidators and ordering the directors to pay $39.8 million. The decision not only concludes a long-standing legal battle but also provides guidance for directors from NZ’s top court.

Every September, Australia and New Zealand celebrates National Family Business Day – a day designed to recognise the significant contribution family businesses make to the Australian economy, community and culture. This year, National Family Business Day will take place on Tuesday, 19 September 2023.

These days, we seem to take technology for granted. It has become so intertwined in our daily lives, that we simply assume everything will just work and that there’s no need to worry about what’s “under the hood”.

The Victorian Small Business Commission (VSBC) has developed new guidance to help retail tenants prepare for the end of their lease.  By taking practical steps, you can ensure you meet your responsibilities, avoid running into issues and focus on closing – or relocating – your small business. 

Could your business continue if one of your most important people suddenly dropped out of the team due to illness or injury? Family businesses may have informal role structures but whatever your style you need to have a succession plan in place – and the insurance cover that supports it. Are you prepared for the unexpected when it comes to the loss of a key person?

Succession planning involves much more than deciding who takes over when you retire. A thorough succession plan, agreed on by everyone involved, can help propel the future success of your family as well as your business, says ANZ’s Dan Murphy.

Your home, contents and motor insurance premiums are likely to increase substantially this year as insurers raise premiums in response to cost pressures. We have already seen some insurance companies implement pricing increases this year and we expect this trend to continue for the remainder of 2023.

Family Business Association (FBA) has appointed a new Chair, Angus Kennard and CEO, Catherine Sayer, replacing outgoing Chair, Mark Kagan and Acting CEO, Andrea Moody respectively.

Does your company have a purpose, a vision, and accompanying values? As a business owner you know what your company does, but do you have a clearly stated purpose about why you do it – the values and behaviours that you and your whole team understand, embrace and live by?

Business Action is focused on helping Entrepreneurs lead better lives, through creating a better business. We have a small team of accredited family business advisors, EOS Implementers & Leadership coaches, as well as access to a huge range of advisors through our Trusted Partners Network.