I often wonder when talking to business people what their plan is on how to exit the business in future.
And generally when asked the answer is a shrug of the shoulders and the iconic Aussie response “Dunno”.
For years I was guilty of not taking proper holidays. I'd always figured that with the business closing for about 2 weeks over Christmas and New Year, then 6 other public holidays during the year, that was enough.
But is it really? And what about not really getting away but being in constant contact with "the office"?
Recent cases and ATO activity might call that into question though.
So how sure are you that you'll withstand a review by the ATO?
And it has some excellent lessons for businesses that face pressures due to change.
Ignoring or delaying a decision to 'cut' the fat from your business will significantly impact your business' performance, cash flow and future survival.