Insurance companies have been proved notorious for setting their customers higher premiums than they ought to pay. Every business owner knows the importance on keeping a company’s spending to a minimum. Spare revenue can be used to improve different sectors of your business or be saved in case of emergencies or short-notice needs. Unfortunately, overpaying on your premiums means you are denied the chance to make these savings. Clearly, this is a situation no owner wants to be in. Insurance firms base the rates they charge you on the value of your business. If you do not know your enterprise’s value, then there is no way you can know if you are paying the right rates. Here is how you can assess your business today and ensure you do not get overcharged for insurance services.

Obtaining the equity your partner owns in your business can be a confusing or often difficult process. Perhaps your counterpart in the firm could have gotten an opportunity elsewhere that he wants to focus on or, as is also common, there has been a personal conflict, and the two of you cannot stand each other. Business partnerships could end for many reasons. Some of the endings to partnerships could be peaceful and lead to the best benefit of both flanks under the situation. Alternatively, some partnerships' endings involve pain, tears and a whole lot of lawsuits. Regardless of what kind of way the business ends, the tips below are necessary so as to ensure that you successfully buy out your partner.

Competitors for your already-established business can make great buyers. By purchasing your business, competitors will be able to gain immediate benefits. They already have the manpower and expertise to run your business. In most occasions, all they would require would be a slight change in the branding of your business, and they would be all set. In Western Australia, competition might be fierce, and you may want to sell your business while you are still at a profit. Alternatively, you may be retiring and need to sell your business. Whatever the reason is, the following tips can help you get a great deal on how to sell a business today.

Purchasing a small business can help you quickly maximize on current market trends and earn a substantial profit. Additionally, buying a small business means the business’ foundation has already been set by its founder. The general groundwork regarding getting suppliers, transportation and inclusion of unprecedented costs into the business' budget have also already been done - how to buy a business

You do not have to wait until the divorce goes through to start making settlement arrangements. Even if the share of the business you claim was under the other person’s name and you did not make direct financial contributions, you are still entitled to a piece of the ‘pie’ according to Australian law.

Ideally, you should make your decision three years prior, but this is not always possible. You will need to plan ahead and start gathering information from brokers that will attract prospective buyers. You can also do an independent business valuation. This early planning phase is viewed by some as an exit strategy. The duration it takes depends on a number of factors.

The New Year is upon us and with the holidays behind us, it is time to get back to business. Living in WA in particular means coming to grips with the economic outlook for our region, which is tipped to be “difficult but not dour”. A June 2016 report from St.George Bank states that, “The (WA) economy is now larger but growing at a very modest pace. Growth is based on exports rather than domestic demand. The outlook is difficult but not dour. Another tough year ahead is expected but the economy should expand courtesy of the export sector.”

There are many reasons that could prompt you to sell your business in 2017. It could be that old age has crept up and finally made the sweet struggle of competing for customers too much for your body to bear. It could be that ever since WA lost its perch as the strongest economy in the country in 2014, you feel that it is time to get out before we slip beneath the 7th position we now occupy, only ahead of Tasmania. Whatever your reasons, there are several things you’ll need to do to ensure you have prepared your business for sale.

As a business owner, it is vital to the strength of your business to assess if your business is moving forward or not and knowing its true value is key to planning a positive future for your business but also for you personally. It is important to have an official comparison between the price you paid for your business and the current value of it. Once you have your valuation, you can then work on a profit improvement plan. Get an independent business valuation!