It’s quite common for small business owners to forego a wage in the early days of setting up. However, this can be a slippery slope as business owners may find themselves dipping into the till to meet their living expenses. This can lead to big problems come tax time.
One SMB owner who is struggling with structure is Jillian Butler from Jillian’s Cakery in Sydney’s Surry Hills. Butler has been in operation for the past three and a half years, and while she’s comfortable in the kitchen, she’s not so at ease with the ins and outs of the business.
We teamed Jillian up with Brad Turvillle from BJT Financials who gave her advice on how to update her business plan and manage her business.
Watch the segment