The importance of having a business coach
Clarke McEwan Accountants
It can be lonely at the top when you're running your own business. As the owner manager, the buck stops with you and that can result in all the pressures of financial management, people management, strategy and business performance ending up on your shoulders.
To ease this pressure, it's helpful to have a business coach. A coach can look at your business objectively as an outsider, will act as a professional shoulder to lean on, and can help you to focus on and enhance your business ideas, strategy and longer-term tactics as an owner.
What a business coach can bring to the table
If you want to get the best from your business, you need to get the best from yourself, as the owner. A business coach helps you to work on your own progression, but by doing so also partners with you to improve the future path of your business ventures.
For example, having a good adviser and coach:
- Allows you to get an independent viewpoint – when you've been running a business for several years, it can be hard to see the company in an objective light. A business adviser comes to your business model afresh, and helps you to step outside the day-to-day operations and see the company from the outside in. This is incredibly helpful when looking for improvement areas or new opportunities.
- Helps you to spot the key issues in your business – with the help of an independent adviser, you're far more likely to spot the flaws in your business model, and the areas where you – the owner – need to work on your own management skills. By highlighting the problems, you can start the process of overcoming these issues and moving forward.
- Provides business planning and strategy – a key reason for working with a business coach is to improve and polish your planning and strategic skills. Drawing on your coach's experience, you will learn the benefits of proper business planning and how to utilise these skills to draw up a more robust plan for the future of the company.
- Assists with goal-setting and targets – you can't draw up a workable business plan if you haven't outlined the key goals of your business. Working with an adviser helps you to narrow down your goals, set proper targets and create more momentum and drive in the company. With a clear set of targets for you and your team to get behind, it's easier to understand your business purpose and measure your performance against these goals and targets.
- Provides you with a mentor – working on your business is important, but working on your own skills and wellbeing is equally as important. A coach can act as both a mentor, sounding board and confidant, something that's incredibly valuable when you're alone at the top. Being able to share your worries and ambitions with a coach helps you to take care of your own mental health and wellbeing – all of which is good for both you and the business as a whole. When you're less stressed, you're a better leader, decision-maker and boss, so there's an undeniable benefit to working closely with your trusted coach.
Talk to us about business coaching
If you want to reach your true potential as an entrepreneur and business owner, we'd strongly advise working with a trusted business coach.
Business coaching helps you review, analyse and enhance your business strategy, while mentoring programmes you as a business entrepreneur.
#business coach #advice #businessmentor
Clarke McEwan Accountants
Brisbane | Sunshine Coast
www.clarkemcewan.com.au
At the Federal Budget in May 2026, the Government announced that it would reintroduce a loss carry back tax offset for companies, providing a crucial buffer to any business facing difficult trading conditions.
Tax Time 2026 is in full swing, and with that comes a decision for anyone who uses their car for work purposes: is it better to claim a deduction using the logbook or cents per kilometre method? When can I claim car expenses? Broadly, tax deductions for car expenses (i.e. the costs you incur to own and operate a car) are available where you use your car for work-related trips, such as for travel between workplaces or to perform your work duties. The exception is ordinary commuting to and from work - such expenses cannot typically be claimed, as they’re considered private expenses. Cents per kilometre method The cents per kilometre method allows you to claim a fixed rate for each work-related kilometre you travel, up to a maximum of 5,000 km each year. This fixed rate per km covers all of your car expenses for a year, including decline in value, registration and insurance, maintenance, repairs and fuel costs. For the 2025-26 tax year, the rate of deduction is 88 cents per kilometre, which means this tax time, the maximum potential amount of deduction is $4,400. (And keep in mind that the rate of deduction has been increased to 91 cents per km as of 1 July 2026, meaning a total potential deduction of $4,550 in the 2026-27 tax year). One of the benefits of using the cents per kilometre method is that it’s relatively simple, as you don’t need to keep receipts for your fuel or car expenses. However, you do need to keep records to show how you’ve calculated your work-related kilometres (for example, a diary), and you also need to be able to show that you own the car you’re using for work. Logbook method If you have a lot of work-related car expenses and have the time, you might find that the logbook method gives you the best deduction. The logbook method allows you to claim the work-related portion of your actual car expenses. This means that you can claim for a percentage of the actual expenses incurred on running costs such as fuel, electricity, servicing, registration, insurance and the decline in value, provided you’ve used the car in the course of your work. However, as the potential deductions under the logbook method are higher, there are stricter record-keeping requirements to meet. This includes keeping a logbook, which allows the calculation of how much you can claim back, it must: - cover at least 12 continuous weeks and be broadly representative of your travel, - include the reason and purpose, as well as the destination of every work-related journey, - the odometer reading at the start and end of each journey, - and the total kilometres travelled on the journey, - include odometer readings for the start and end of the logbook period and the total kilometres travelled during that period. Each journey in your logbook must be made at the end of the journey or as soon as possible afterwards. If you don't have a valid logbook, then unfortunately you cannot use the logbook method to claim car expenses, although the cents per km method may be available instead. Which is better? The answer to whether you should choose the logbook or cents per km method is very dependent on your personal situation. If you have light work-related car use and don’t love keeping extensive records, the cents per km method may be better suited to your needs, while those who use their car for work frequently may receive a higher deduction under the logbook method. If you’re unsure which method is best for you, speak to a member of our team today.
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