Up to 11,000,000 pieces of information per second are presented to our brains for processing– however only around 40 of these pieces of information are processed consciously. In all areas of our lives, our unconscious decision-making plays a far more significant role than many of us would expect. Brain Robot? “It's as though we have a semi-autonomous robot in our brain that plans and executes actions on our behalf." Jennifer Milne- PHD student at the Brain and Mind Institute, University of Western Ontario So how can we help this “robot” to unconsciously make everyday decisions that support our business goals and objectives? Particularly, how can we combat the ingrained biases of our past business experiences (which may be less than stellar) from negatively influencing our current decision making? Obviously, I don’t have the absolute answer for this – I am an accountant and business adviser but not a research scientist after all. However, logic screams to me saying that if you are clear about your business goals through a comprehensive and documented business planning process you will have a far better chance of making unconscious decisions that support your desired business direction and objectives. Under pressure When under pressure we seek out unconscious shortcuts in our brain to help us fill in the gaps in information that are needed to make quick decisions. Our past experiences and the assumptions that we have developed over time contribute to how these shortcuts guide us. The danger though, is that these shortcuts may be relying on experiences and learnings that are not in line with our current goals and objectives. Investing time in developing a business plan will help fill in the gaps. Business Plans for Practices A good business plan guides you through every stage of your business – from starting, through to managing and evolving into a mature business. Think of it as a roadmap for the structure, running, and growth of your practice or business. Business plans should be unique however most will consider and plan for a similar range of issues, which are shown in the diagrammatic image below. Future Proof Unfortunately, most of us think that we are naturally good decision makers – however research shows that our unconscious bias affects most of our decisions and in fact we are likely over-estimating the quality of own decision-making capability. Business planning pre-sets the context and desired outcome of decisions and therefore aids in removing some of this unconscious bias. Think of the time you will spend in developing a business plan for your practice or business as time spent future proofing. Give yourself and your key team members the knowledge and experience to consistently make decisions cohesive with your vision for the future. If you need support and facilitation in preparing your business plan recruit your trusted advisers – chartered accountants, lawyers, lenders and practice management professionals. For further information in planning for your practice or small business, contact Kelly Chard at Kelly@growth-md.com or (07) 3292 1158.

I'm excited to be panelist at the Tanda Workforce success conference being held at the Hilton in Brisbane on 26 July. Last year over 250+ businesses attended the conference and this year will be even bigger. I'll be on the panel talking about Leading Healthcare Excellence, along side Marcus Wilson CEO Surgical Partners and Tracey Johnson CEO Inala Primary Care. Tickets are still available at the site below. https://www.workforcesuccess.com/conference

Super excited to announce that I'm a finalist in the Women in Finance Awards, in two categories. Innovator of the year Small Business Adviser of the Year Thank you to all my lovely clients for your support.

At GrowthMD we are asked about asset protection often - particularly in relation to family homes. The responses we give always vary based on the individual. Note though - the strategy of putting all your assets in your spouse's name may not be the cut and dry solution you thought it was.

Do you think accountants can fully advise small business owners if they have never been in business themselves? A few years ago I would have said yes. Now I say no. I am not talking about providing isolated services such as tax advice or delivering a budget. I am talking about advisers who are the go-to person for business owners but have never been there themselves. In my own life I have worked with a range of complex clients, I have won awards. I have obtained professional qualifications. I thought I was a pretty kick-ass adviser. But it wasn’t until I started my own business that I actually understood and could identify with: Managing cash flow Trade offs with family time Working with your spouse Having no guaranteed salary Navigating employer regulations Being the final decision maker Creating a team and choosing employees Switching your mind off Being CEO, worker, marketing, HR and customer relations all at once! Holding senior positions in large accountancy firms gave me zero insight into how small business owners juggle these issues everyday. Experience is the only pathway to expertise here. So next time you are taking crucial advice on the direction of your small business ask yourself if this adviser really ‘gets it’.

Top five for pre 1 July 2019 It's nearly the 2020 financial year! Now is the time to get busy and ensure an excellent kick off to the new year. Here are our top five things to think about before 1 July 2019. Switch on STP Single Touch Payroll (STP) is not optional! From 1 July 2019 employers will need to report payroll and superannuation information to the ATO in real time via an approved electronic method. If you are not using a cloud based accounting or payroll system you will need to find an alternative way to lodge. If you don’t have a solution on how you will report, we can help you here: https://calendly.com/growthmd/stp Get ready for SDRS Brush up your team’s Medicare claiming knowledge and billing procedures now and be ready to start 1 July 2019 in tip top compliant shape. From 1 July 2019 the Medicare Shared Debt Recovery Scheme (SDRS) officially begins and has the potential to see Health Practices share in practitioner debts for amounts deemed as incorrectly billed to Medicare. If you haven’t discussed the SDRS with your team (both practitioners and administration) we recommend you set aside time to do this pre 1 July. Super Changes From 1 July, the ATO will be able to consolidate low balance super accounts where a contribution hasn’t been received in 16 months. I hear you asking, “how does this affect me”? We have worked with many health practitioners who have retained their previous superannuation fund (e.g. QSuper for doctors working with Qld Health) even after switching to another fund or an SMSF as their main super account. In many cases this is to retain beneficial or exclusion free insurance coverage. Often the balances of these accounts are low and only topped up as required. It is important to act if you have additional super accounts with low balances as there is a risk of losing default insurance cover if your account remains inactive on 1 July of this year. 2020 Tool Kit If you looked back 10 years, we bet you thought back then that health practices would be digital, connected and paperless by 2020. Most practices are not there yet, but the good news is that an array of tools are available to push your practice closer to that 2020 vision. The start of the 2020 financial year is the perfect time to take steps in implementing automation and efficiency tools that streamline and simplify businesses processes. With so many tools on offer it can be confusing but with the right advice on selection and implementation, taking the first steps is easy. A few which we love: BetterConsult, ReceiptBank, Cubiko, Tanda, Surgical Partners and Xero. 1980 v 2020 accountants Are you still working with an accounting firm which fees you on a time (per the minute) basis - which we think is more circa 1980 than 2020? The new financial year is an opportunity to transition to a more modern approach to accounting. What do we mean by modern? Guaranteed annual fees, technology advice and reviews, included support line, flexible after-hours communication times and 100% cloud-based systems. This is what we do at GrowthMD and you can find out more here: https://calendly.com/growthmd/discovery

What an amazing conference. Together we were able to donate 34 Typhoid injections to Kenyan children and fund a Medical Clinic in rural Indonesia for 30 days. So enjoy the good feels from contributing to something good. See the common discussions we had with practitioners over the weekend here: If this sounds like you please get in touch with Kelly. https://calendly.com/growthmd/bfd-delegates

These are some of the questions I am frequently asked by doctors considering setting up their own practice. Any other burning questions you think I should add to the board? If you want clarity on some of these issues come along to the Business For Doctors 2019 conference in my hometown of Brisbane, 31 May to 2 June 2019. I will be discussing these issues in detail to a room of entrepreneurial and answer-seeking doctors. https://businessfordoctors.com/bfd19/

Two quick wins for medical practices in business success – that won’t cost you an arm and a leg.

Trusts? Franking Credits? How will it affect you?