Hi Heather,

Here's this week's “5 on the Fly Friday”.

So grab a cuppa, perhaps a bite to eat and enjoy the contents of this week's newsletter to keep you informed, inspired and balanced!

Australian Small Business
Profitability and Risk Benchmarks Report 2024

If you're looking for insightful and actionable reading over the Christmas break, I highly recommend diving into the Australian Small Business Profitability and Risk Benchmarks Report 2024, published by CA ANZ. This report is a goldmine of data, offering critical benchmarks for small business profitability and risk across various industries. It’s the kind of resource that can transform the way you work with clients in 2025, shifting conversations from compliance to advisory.

In the new year as you prepare 2024 Financials and December 2024 BAS's, consider how these benchmarks could enhance your discussions with clients. For those clients whose metrics fall short of the industry standards, it could indicate potential underreporting of income or challenges with margins and pricing. On the flip side, clients performing above the benchmarks might need guidance on tax planning, reinvestment strategies, or managing growth effectively.

This report provides a clear opportunity to step into the advisory space and make a bigger difference in your clients' lives. It’s not just about numbers - it’s about unlocking opportunities, solving problems, and becoming the trusted advisor they need. Whether it’s refining pricing strategies, improving margins, or planning for sustainable growth, these benchmarks can serve as powerful conversation starters.

For clients struggling to meet the benchmarks, your expertise could be the catalyst for turning their business around. For those exceeding benchmarks, your support can help them navigate the complexities of growth, from cash flow management to scaling sustainably. For clients considering exiting their business, as the Hon. Bruce Billson put it so emphatically earlier this year, you can guide them on how to exit graciously - ensuring they don’t lose more money or face further sleepless nights. It’s a reminder that the right guidance can transform the future of a business in a way that secures long-term peace of mind.

The result? Not only are you delivering immense value to your clients, but you're also engaging in more impactful, exciting, and profitable work for your practice.

Take some time over the holidays to explore this report. It’s an incredible resource that will help you reimagine how you approach client conversations and advisory services in 2025. After all, the numbers tell a story - and it’s your role to help your clients write the next chapter.

Cash Flow Management and Advisory Strategies

 Yesterday’s Better Practice, Better Life program monthly call was packed with practical insights and strategies to help accounting practice owners and their clients thrive, especially as we head into the holiday season and beyond.

I thought I would share just a few of the highlights as I believe they may come in very handy in the next few days, next week and when you come back into the office in January.

💰 Cash Flow Management Strategies

One participant raised concerns about managing cash flow over the holiday period.

I encouraged everyone to activate automatic payment reminders within their accounting software to keep cash flow steady and stress levels low. I spoke about this at a roundtable in Singapore too and so many of the practice owners were really reluctant to switch on. Be brave. A reminder a day or so before the due date and another one the day or so after the due date. Yes it means that you have to be up to date with your practice accounting, however that is something I recommend anyway!

Tools like Ignition are invaluable for managing client payments seamlessly and staying on top of cash flow. If you haven’t explored Ignition yet, here’s the link: Ignition App.

📊 Leveraging Insights from Accounting Software

We also discussed the power of accounting software to identify opportunities and challenges within client files.

• MYOB Client Files and MYOB Advisory Tabs helps track unallocated transactions and automation percentages of transactions plus some  great advisory reports.
• QuickBooks Online Accountant Client Analysis Tool provides clarity on uncoded files and cash flow trends.
• Xero HQ offers Client Insights make it fast and easy to identify which Xero clients would benefit from a timely conversation, and support or advice from you, helping you to grow your advisory services.

Using these insights, you can pinpoint which clients may need support and reach out proactively to assist them in getting their files back on track.

📅 Business Planning and Advisory Services

With 2025 just around the corner, now is the time to guide clients in creating structured budgets and planning for upcoming financial changes.

We explored how offering business planning and budgeting services can be a game-changer for clients - and a rewarding addition to your service mix. Start the conversation by asking about their goals for the year ahead and identify how you can help them navigate challenges and seize opportunities. My tools of choice here are The Gap, ESS Biz Tools and the ATO's Cashflow Coaching Toolkit.

The Hottest Tip of the Year
Your Invitation to a Better Practice and a Better Life in 2025!

I’ve listened - and I’m excited to share that the doors to my Better Practice, Better Life Program are OPEN again. HO. HO. HO! But this isn’t about a big social media fanfare or launch campaigns. This is a quiet little invitation, just for you - my loyal 5 on the Fly readers, clients, and community.

If you’ve been looking for the perfect opportunity to work ON your practice during the Christmas/New Year break, this is it. Designed for small and solo accounting practice owners, this program is all about creating a thriving, profitable practice without the burnout.

Here’s what you’ll get with your 12-month's access:

• Monthly Live Coaching: Stay accountable with 12 group coaching calls where we strategise, problem-solve, and build momentum.
• 80+ Practical Lessons: Across 12 core modules and 4 BONUS modules (including a continually updated TASA module for 2025), this is your step-by-step playbook and blueprint for success based on what I did in my practice and what I teach my coaching clients.
• Game-Changing Tools: Spreadsheets and templates for client fee analysis, quoting, practice capacity, budgets, and KPI tracking to streamline your workflow and boost profitability.
• Incredible Value: At just $2,997, this program costs about the same as 3 x 1-hour consults with me - but delivers a whole year of resources, support, and transformation.

🎄🎁 Special Holiday Bonus: Use code XMAS100 at checkout to save $100 if join by Christmas Day.

👉 Learn More and Join Here

This is your chance to reset, refocus, and create the practice - and life - you’ve been dreaming of. No hard sell, no pressure - just a quiet invitation to take control and make 2025 your year of transformation. ✨

This will be my final newsletter for the year, as many of you will be closing your office today or sometime next week to enjoy a well-deserved break.

I want to take a moment to wish you, your family, and your team a Merry Christmas filled with joy, laughter, and the magic of the season. This time of year is so special - a chance to pause, reflect, remember, be grateful and recharge.

As we wrap up 2024, I hope you take pride in all you’ve accomplished and feel inspired by the possibilities that lie ahead in 2025. My mission has always been to help you build a better practice and a better life, and I’ll be back in the New Year, ready to support you in creating a thriving, balanced, and rewarding practice that works for you.

The next edition of 5 on the Fly Friday will land in your inbox on 7 February 2025, but don’t miss out on updates and insights in the meantime – make sure to follow me on my socials for all the latest!

Until then, I encourage you to embrace balance, cherish time with loved ones, and keep everything in perspective. Thank you for allowing me to be a part of your journey this year - it truly means the world to me.

Merry Christmas, and here’s to an incredible year ahead! 🎄✨

Amanda 🩷🧡

UPCOMING EVENTS FOR YOUR DIARY ........ 
(I will be updating this with even more 2025 events and conferences. To be valued partners, please send me across any dates you would like included) 

🗓️ 4 February - 6 March 2025, Brisbane, Perth, Melbourne, Sydney, Adelaide, Xero Summer Series.

🗓️ 11-12 February 2025, Novotel Twin Waters, LYD25 Unstoppable Growth Conference. I have my ticket! If you would like an online ticket, use code 50FREE here.

🗓️ 12-13 March 2025, Sydney, Accounting Business Expo. I'm speaking about Finding Balance: Practical Strategies for Preventing Burnout in Small Practices.