8 Strategies to Manage Growth (and the Associated Costs of Growth)

The Small Business Superannuation Clearing House is closing! From 1 July 2026 there will be no more access to the SBSCH. This is due to the Payday Super reforms being introduced from 1 July 2026. Existing users are encouraged to transition to alternative options for Super stream and their use of a super clearing house. This includes reviewing their existing software options and payroll packages or looking at options offered by super funds, commercial dealing houses or other payroll software providers. For more information Employers can refer to ato.gov.au/howtopaysuper. For more information on Payday Super refer to previous blogs on our website on this topic.

What is Medicare levy? The Medicare levy is a small tax most Australians pay to help fund our public health system. It’s 2% of your taxable income and is automatically included in your total tax payable at tax time. Who pays the Medicare levy? Most Australian residents will pay the 2% Medicare Levy, once their income reaches the Medicare threshold as in the chart below. For most taxpayers once they earn $27,222 they will start paying some form of Medicare. However, in certain cases, you might get a reduction or even an exemption from the Medicare levy. For instance, if you meet specific conditions such as being a low-income earner, foreign resident or having a medical exemption, you may qualify for a reduced rate or full exemption.

Artificial Intelligence (AI) is no longer a futuristic concept—it’s part of our everyday lives. From smart phones to online banking, AI is quietly working in the background, making things faster, easier, and more efficient. But like any tool, it comes with both advantages and challenges. The team at GTP are constantly learning about AI and how it impacts what we do, our work and in life for our clients—whether you’re running a small business, working the farm, managing your investments, or raising a young family. How AI Can Help You Here are some ways AI could be integrated into your life right now: 1. Automating Routine Bookkeeping For business owners, managing receipts and invoices can be a time-consuming task. AI-powered tools like Xero or MYOB now use machine learning to automatically categorise expenses, match transactions, and even flag anomalies. This means less time in the office, more time doing what you do best and more time doing what you love. 2. Smarter Budgeting and Saving Young families and retirees alike can benefit from AI-driven budgeting apps like Frollo. These tools connect to your bank accounts, track spending habits, and offer personalised suggestions to help you save more or reduce costs. They can even alert you when bills are due or if you’re close to exceeding your budget. 3. Crop and Weather Monitoring For those on the land, AI is transforming agriculture. There are now apps that use satellite imagery and machine learning to predict crop yields, monitor soil health, and provide early warnings for pests or drought. These insights help make better-informed decisions—potentially improving both productivity and sustainability. 4. Enhanced Customer Service If you run a business, AI chatbots can be used to respond to customer queries outside business hours, freeing up your time and improving client satisfaction. Many businesses are also using AI to analyse customer feedback and buying patterns, helping them tailor services and stay competitive. 5. Personalised Investment Advice Investors may already be using AI without realising it. Many superannuation platforms and investment apps now use AI to offer tailored portfolio recommendations based on your goals and risk tolerance. While this doesn’t replace personalised financial advice, it can be a helpful tool in managing your retirement income. 6. Time-Saving Tools for Busy Families For young families juggling work, school, and household duties, AI can help streamline daily life. Virtual assistants like Siri, Google Assistant or Alexa can manage calendars, set reminders, order groceries, and even help plan meals based on what’s in the fridge. AI-driven shopping apps can also track prices and suggest budget-friendly options—saving both time and money. The Limitations of AI While AI can be incredibly helpful, it’s not perfect. It relies on data, and if that data is wrong or incomplete, the results can be too. AI doesn’t understand context the way a human does—so it may make errors in judgement that you wouldn’t. Privacy is also a concern; many AI tools collect and analyse personal information, so it’s important to read the fine print, choose trusted providers and very carefully consider entering any personal details.  In Summary AI offers exciting possibilities across many aspects of everyday life—from saving time and money to improving decision-making. But like any tool, it’s most effective when used wisely and with care. AI is not a replacement for human advice. It can support decision-making, but when it comes to tax planning, legal matters or big financial decisions, there’s no substitute for speaking with a qualified, trusted professional. Jess created this blog using ChatGPT by providing a detailed prompt providing details on writer perspective, audience and various content parameters. Edits have been made following fact-checking and to correct context as required.

Setting the right price for products and services drives sales, profitability, and enables long-term growth. Here are some pricing strategies that can help unlock significant business potential. 1. Understand Costs Effective pricing is only possible with a good understanding of costs, such as: Fixed Costs: The expenses that remain constant regardless of production levels, like rent, salaries, and insurance. Variable Costs: The costs which fluctuate based on production volume, including raw materials and direct labor. Break-even Point: The minimum sales volume required to cover all costs, and a valuable baseline for pricing decisions. Accurate and frequent financial reporting is necessary in order to keep a handle on these metrics. 2. Analyse the Market Enlightened leaders study their competitors’ pricing strategies, especially what they charge and the value offered at those price points. They also carefully monitor market demand (e.g. based on seasonal or economic factors) because high demand may justify higher prices. 3. Value-Based Pricing Strategic pricing means understanding customer perception of value. Products should be priced based on perceived value in addition to the costs of production. Also, understanding the value proposition enables the seller to highlight unique features and benefits of their products. That way, they market and sell in ways that persuade customers to choose them over competitors. 4. Dynamic Pricing Different circumstances may warrant different prices. For example, adjusting prices based on real-time demand is common in industries like travel and hospitality. Promotional Pricing means offering temporary price reductions to stimulate demand, clear out inventory, or attract new customers. 5. Bundling and Packaging It can make sense to combine multiple products or services into a single package at a discounted rate. This can increase perceived value and encourage customers to purchase more. A related concept is tiered pricing, whereby different tiers of products are offered at varying price points to cater to different customer segments, such as budget-conscious and premium customers. 6. Monitor and Adjust Pricing Since market and economic conditions are constantly in flux, leaders should continuously monitor pricing strategy performance. This regular review includes gathering feedback from customers and sales teams to understand how pricing impacts sales and customer satisfaction. A small variation in price can significantly impact business profitability and growth potential. Use these strategies to unlock the full profit potential of your business!