January Feed (EOFY).

As we welcome in the 2016 End of Financial Year (EOFY), New Financial Year’s resolutions once again become a conversational go-to with the promise of new beginnings and the possibility of self-improvement. This period provides an excellent time to to review your financial scorecard for the past year, and then look for ways to improve in 2017. The New Year provides time to overhaul your financial life for the better, and start making smart, calculated and strategic monetary decisions to help you reach your financial goals.

Here are some ‘handy’ tips to consider:

1. Get reacquainted with your Finances
The first step towards financial improvement is to get the lay of the land. As uncomfortable as this may be, it means checking the status of all your financial accounts, taking stock of your assets and debts, and evaluating your monthly cash flow. This will allow you to identify any areas that call for improvement as well as give you an opportunity to evaluate the benefits of upgrading an account.

2. Priorities Your Debts
Make a list of your liabilities and organize them by the annual interest rate.

3. Collect Your Change
Any time you make purchases with cash, only spend whole dollar amounts. If you go to the grocery store and your ticket comes to $67.39, pay $70 in cash and pocket the change. The first thing you should do when you go home is throw the money in a large container (empty water jugs are perfect). If you adhere to this policy and don’t spend any of the change, you are likely to save several thousand dollars over the course of a year.

4. Review Personal Insurances
Not only for yourself but just as importantly, for your loved ones. Changes to your personal situation during 2016, and anticipated changes coming into 2017 could mean the review of your personal insurances is needed sooner rather than later.

You may have a current client, a friend, a business acquaintance who is a wholesaler.

In principle, they are small bank, offering 15 or 30 day trading terms from end of month which could effectively end up being 30 to 45 days from date of invoice.
But who in their right mind wants to pay on time?

And we’ve all heard the stories, 45 days blows out to 60 to 90 days.
Offering terms effectively is the wholesaler acting as a bank, letting their clients have their products without immediate exchange for money.
This period of no money for exchange of goods is a “cash flow trough”, not allowing the business opportunity to grow.

What if?
What if the wholesaler had no cash flow trough in this process? What if they could get paid immediately every time they made a sale? Will this give them the ability to purchase more stock and sell more allowing them to grow their business?

What if?
What if the wholesaler was able to offer their clients 4 month or even 6 month trading terms? Would they close more sales? Would this entice their customer to purchase more?

So, if you think your current client, friend or business acquaintance who is a wholesaler could benefit from improved cash flow and growing their business, talk to them about positive steps to take to help them.


Choosing Sunsuper — the switch for your staff is easy

With low fees, investments designed to meet their needs and award-winning services, we can help your employees achieve their retirement dreams. The best part is: making the switch to Sunsuper is easy, for them and for you.

They can join online and inform you of their choice with a Selecting Sunsuper form.

Once they’ve asked you to switch, just head onto Employer Online. If you already pay their contributions through our clearing house, it’s as easy as selecting Sunsuper in their employee details. Make sure you also update your payroll system if you use Web Upload, or update the details as you go if you use Web Input.

The New Year is a great time for your employees to think about their choice of super. And if you or they have any questions, our dedicated contacts team is here to support you and your employees with everything super related. From ensuring you meet your super obligations to helping your employees achieve their retirement dreams, our team can help. Call us on 1800 624 861 to speak to our dedicated team.

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