Perhaps the ultimate business dragon and one most people readily identify with is simply a lack of profit. However, while it is simple to identify it is far more complex to address.
One of the 2 key prerequisites for a finely tuned and high performance cash machine is profit. This is quite basic yet in the Volatile, Unpredictable, Complex & Ambiguous (VUCA) world we live in profit is becoming a more elusive outcome for many small businesses. That is, while profits may be being earned they are far more difficult for many to achieve and often lower than they once were.
The best business people have a clear understanding about the concept of growing wealth. Whilst growing wealth may not be the purpose or mission of a business it should be an outcome of a well run business.
In mid July, the Government
sparked a frenzy when it announced plans to remove the statutory formula method
for salary sacrificed and employer provided vehicles.