Research has shown that our most profound regrets are things we fail to do, rather than things we've done that quite don't work out. For example, we might regret that we didn't learn a new language, become more physically fit or take a dream vacation.

Stay up-to-date with tax changes in Australia affecting small businesses. Covered in this update is information regarding tax deductions, how to define workers in the gig economy and recent information about tax on shares.

There is a common denominator shared between unsuccessful enterprises: Failure to create and implement effective and repeatable business processes. These systems are a critical aspect of any professionalised business, as they greatly enhance efficiency and productivity while also radically improving the client, partner and employee experience. 

Unfortunately for many small business owners, enjoying the holidays with friends and family is all but impossible. Instead of basking in the spirit of the season, they are terrified at the prospect of taking time off -- afraid that detaching from their business for any significant length of time will leave them in a precarious financial position.

Effective and repeatable business processes are critically important in facilitating early stage growth. By devising and implementing such systems, business owners can professionalise their operations and sidestep two of the most dangerous pitfalls that small enterprises face: Trading time for money and failing to maintain trust.

While business may differ in many key respects, they're almost all alike in one important regard: They must navigate the same growth-related challenges. If you understand the stage your business is in, you'll have the clarity you need to devise a strategy that helps you break through to the next level.