Hitesh Mohanlal profile image

Hitesh Mohanlal
Top 10% Business Growth

Director at WOW! Advisors & Business Accountants

Member Since January 2013

Underwood, QLD, 4119

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1.48K FOLLOWERS

I am known as Australia’s Number 1 Business Growth Strategist (profit increase and owner lifestyle improvement specialty), and have been recognised on CNN, Fox, NBC, CBS and ABC.

I am also a Chartered Accountant in the UK and Australia and have been practicing for the last 22 years. I run three businesses.

I have worked with over 3,500 businesses in Australia, America, UK, Japan and Europe.

I work with small to medium enterprises to improve their profits by up to a staggering 2000%

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Business Growth

How to work fewer hours, do more and enjoy life

Human beings love the hype of working non-stop and striving for the easier life thinking they will achieve it through working too many hours per week. Is that true, though? What will you miss out on if you dedicate 70% of your everyday life to work? Will you regret it when the time comes? There are a few very important things you should think about that will help you be more productive and truly...

Business Coaching

How to Get What You Want! And I Mean ‘Really Get’ It: Part 2

Are you not happy with your life? Do you constantly ask how you can get the life you actually want, but can never seem to get it? You're not alone. But money is not what you actually want. It's just the means to the end. So don't focus your life solely on the money. Figuring out the lifestyle you actually want is the first step. So answer the questions at the end to check how you're doing and wh...

Business Coaching

What Do You Want From Your Life? And I Mean ‘Really’ Want?

It's time for a reality check. One that actually answers the questions, "What are we doing?" and "What are we going to do to change?" The first thing to change has to be our priorities if any of the changes we want to see will become manifest. So it's time to ask yourself this life changing question: "What kind of lifestyle do you want?"                   It's the end of the...

Hitesh Mohanlal answered this question

Yee Trinh
Yee Trinh , Cofounder at

Asked this question - Buying a Business

What pitfalls or issues did you look for if you bought your company?

Very good question. Generally, the first question I always ask my clients who come to me about purchasing a business is

'how much does the business rely on the person who is selling?'

If a lot (ie all the sales go through the existing owner or customers like to talk to them and them alone) then the business relies on the owner. If you then purchase this business there is a risk that customers will not wish to transact with you because the relationship has changed.

The second question I ask is

'How good are the systems or procedures that run the business'

For example if all the know how is in the head of Norris and Norris is 72 years old and about to retire when you go in it is going to take you a long time to run the business. If on the other hand they have a systems or procedure manual it makes life easier.

Budgeting and Forecasting

2017/18 Budget – In Plain English

Okay, another year and another budget. My inbox is full of very intelligent people and well-established companies explaining it all in very correct technical and (typically) boring accounting and tax language. Some of it is so complicated even I have a hard time trying to work out what it means.  I am reading a paragraph right now under the heading 'Tax Integrity'. Here's what it says: 'Integ...

Hitesh Mohanlal answered this question

Craig Hyland

Asked this question - Outsourcing

Would you recommend employing cheaper offshore workers?

Depends. If you are willing to train and teach then it can work. If not it will not work. Also it depends on what you mean cheap. If you pay rock bottom prices then the chances are you are not going to get great quality out of them no matter how much you train.

I have 3 staff overseas and have been outsourcing for a long time. One thing i have learnt is that you have to spend a lot of time training and then controlling the work they do for you. We go out to visit our team and we fly our team into Australia too - specifically for training. If they understand exactly what you expect from them they will get it right. You also have to be patient. It takes time for them to learn and understand you so do not expect to give out work and think it will get done. It won't. We have found that using an agency is best but home workers can work if you find the right one. The issue with homeworkers is control, cyber security and privacy.

Hitesh Mohanlal answered this question

Craig Hyland

Asked this question - Succession Planning

Any recommendations for businesses who do company valuation?

Yes - we use Biz Valuations for all our valuations. They are very competitive and their response times are excellent. They work on a fixed fee basis. You will need to provide financials and info and also the reason for your valuation.

Their website

http://www.bizval.com.au/?gclid=CJKT3r-OjM8CFcErvQ...

Tel 1300 916 973

Speak to Lee Barrett

Hitesh Mohanlal answered this question

Nancy McCarron

Asked this question - Outsourcing

How do you know what you should outsource?

Excellent question Nancy. I have been outsourcing since 2004 so if there is a mistake that can be made in outsourcing I have probably done it. I currently have three full time staff outsourced. One in Phillipines and 2 in Fiji. The first thing to note is that whatever issues you have with Australian staff you will have with outsourced staff. Now add in culture differences and the issue is a lot bigger. With contractors control is much harder and making them accountable to you is very hard. I have learnt for example that with contractors you take them on full time. If you have them part time they work for others and your work gets done last.Also the work you give out has to be controlled, systemised and procedurised. If this is not done your contractor will get lost no matter how good they are. If you can break the task down in little parts with full instructions you will do well. My admin team does a massive amount of work off shore but this is only possible because every task is either in a video or is a document. You need to talk to them regularly. Not only on email. Physically on the phone. We do it daily and they join in our Australian weekly meetings. You need to make them feel part of a team.We give access to our team to our server, they have passwords to websites and my administration person has a dedicated credit card as well. I have never had an issue with security. If you use an agent then you are quite safe. If a contractor you need to be careful at first but generally you should be OK. Trust your gut but yes be carefulWhen it comes to choosing someone do your research, try to get reviews or testimonials. Give a trial job, interview them. If using Upwork etc then make sure they have experience.

Hitesh Mohanlal answered this question

Suzanne Butler

Asked this question - Business Coaching

If working with a business coach, what questions would you ask?

As a business coach myself the questions i ask are really about my client. If you want business growth then my questions are going to be different than if the business owner is working 90 hours a week and wants to reduce time. They cannot really be written down as all my questions are generated on the spot. It is all about the business owner and what they want. What the coach wants is actually irrelevant and it is sometimes difficult not to judge.

If you are looking to take on a coach you need to discus with them in detail what you want and what you are after. Trust your gut and only take them on if you feel comfortable. If they promise you grow and profit ask them exactly how much? If they cannot answer they are not for you. If you want to reduce hours ask them how many hours they will reduce for you. If you do not do this your coach is not accountable. Generally i always say that a coach should help you grow your business by at least $100,000 a year.

Hitesh Mohanlal answered this question

Suzanne Butler

Asked this question - Cashflow Management

How do you ask for payment from a client before the work's done?

Excellent question. As business owners we are afraid that asking for money means we lose the project/ job. What we sometimes forgot is that if we walk away our business will be OK but if we run out of money our business dies. If clients have an issue with paying fees they are usually not a good customer.

Customers don't like paying in advance because they want assurances that the work will be done and that there are safeguards in place that should there be a problem it will be fixed. Solve this problem and the resistance falls down.

We always ask for a % of money up front if it is one off engagement. In my accounting and bookkeeping business we help the client by spreading payment over 12 months. If they do not pay we stop working and ask for payment. We always give a full money back guarantee. That way the customer feels that if anything goes wrong they is recourse back. If a potential customer refuses we politely tell them that is our policy not to start work without payment and it is included in all our engagement letters. The key i think is to be clear and explain why you are asking for payment in advance and also try to work out why they are not prepared to pay in advance.

Business Growth

How to work fewer hours, do more and enjoy life

Human beings love the hype of working non-stop and striving for the easier life thinking they will achieve it through working too many hours per week. Is that true, though? What will you miss out on if you dedicate 70% of your everyday life to work? Will you regret it when the time comes? There are a few very important things you should think about that will help you be more productive and truly...

Business Coaching

How to Get What You Want! And I Mean ‘Really Get’ It: Part 2

Are you not happy with your life? Do you constantly ask how you can get the life you actually want, but can never seem to get it? You're not alone. But money is not what you actually want. It's just the means to the end. So don't focus your life solely on the money. Figuring out the lifestyle you actually want is the first step. So answer the questions at the end to check how you're doing and wh...

Business Coaching

What Do You Want From Your Life? And I Mean ‘Really’ Want?

It's time for a reality check. One that actually answers the questions, "What are we doing?" and "What are we going to do to change?" The first thing to change has to be our priorities if any of the changes we want to see will become manifest. So it's time to ask yourself this life changing question: "What kind of lifestyle do you want?"                   It's the end of the...

Budgeting and Forecasting

2017/18 Budget – In Plain English

Okay, another year and another budget. My inbox is full of very intelligent people and well-established companies explaining it all in very correct technical and (typically) boring accounting and tax language. Some of it is so complicated even I have a hard time trying to work out what it means.  I am reading a paragraph right now under the heading 'Tax Integrity'. Here's what it says: 'Integ...

Business Growth

It's Stars Wars Madness -But You Could Make Thousands by Following It's Wisdom

According to the best financials brains in the stratosphere of our world, Disney will generate approximately $5bn of merchandise from its latest installment of the Star Wars franchise. I am not sure that is correct because if you look around my house I am convinced there is a $1bn worth of Star Wars goods there. If a thief comes to my house they would ignore the laptops and iPads and instead go fo...

Business Growth

New Year Resolutions Are Crap! Detox Your Business Instead and Save Thousands of Dollars

I am not really into New Year's Resolutions - they have never really worked for me. I once made a resolution that I would eat good healthy food and remove all alcohol whilst nursing a hangover on New Year's Day. But at the time my IQ levels are about the same as my goldfish because any brain cells left in my brain were still swimming in the alcohol I had consumed a few hours earlier. This meant th...

Business Growth

It's A Wonderful Life - Your Riches Are Closer to Home than You Think.

There are some films that have meaning and are timeless. "It's a Wonderful Life" is such a film. But it teaches us so much about our business and our personal life. It could, in fact, make you much richer. I know what you are thinking. How can a film made in 1946 be relevant to your personal or business life? This is, after all, the age of Facebook, Apps, Uber, Google and YouTube. Well, believe i...

Business Growth

You think you're having a hard time this Christmas? Spare a thought for Santa

If everyone is to be believed Christmas this year is already becoming a disaster. Mothers and chefs around the world are running around like headless chickens working out ways of making sure the turkey does not become dry and the stuffing remains as moist as possible. Supermarket trolleys are being filled to the extent that it would appear there will be no food available to buy for the next month...

Business Growth

Is Your Team Costing You Tens of Thousand Dollars?

There is a lot of material on the internet about team building and getting a team together. Yet I believe it is one of the major downfalls of business because most teams do not operate like a lean mean slick machine. And that normally means you are leaking thousands of dollars at best. Tens of thousands is probably normal. But if you have a larger team it's likely to be a few hundreds of thousands...

Business Management

Employees Are There to Make You Money - Thousands of Dollars In Fact

We sometimes forget this. The only reason I have a team of people is because I think I will make money out of the team. We also have a team because we think they will do the job we want them to do. Yes over the years your team will become your friends and I actually have a lot of time for my team. I will do almost anything in my power to help them. But the reason I hired them was so that I make mo...

Hitesh Mohanlal answered this question

Yee Trinh
Yee Trinh, Cofounder at

Asked this question - Buying a Business

What pitfalls or issues did you look for if you bought your company?

Very good question. Generally, the first question I always ask my clients who come to me about purchasing a business is

'how much does the business rely on the person who is selling?'

If a lot (ie all the sales go through the existing owner or customers like to talk to them and them alone) then the business relies on the owner. If you then purchase this business there is a risk that customers will not wish to transact with you because the relationship has changed.

The second question I ask is

'How good are the systems or procedures that run the business'

For example if all the know how is in the head of Norris and Norris is 72 years old and about to retire when you go in it is going to take you a long time to run the business. If on the other hand they have a systems or procedure manual it makes life easier.

Hitesh Mohanlal answered this question

Craig Hyland

Asked this question - Outsourcing

Would you recommend employing cheaper offshore workers?

Depends. If you are willing to train and teach then it can work. If not it will not work. Also it depends on what you mean cheap. If you pay rock bottom prices then the chances are you are not going to get great quality out of them no matter how much you train.

I have 3 staff overseas and have been outsourcing for a long time. One thing i have learnt is that you have to spend a lot of time training and then controlling the work they do for you. We go out to visit our team and we fly our team into Australia too - specifically for training. If they understand exactly what you expect from them they will get it right. You also have to be patient. It takes time for them to learn and understand you so do not expect to give out work and think it will get done. It won't. We have found that using an agency is best but home workers can work if you find the right one. The issue with homeworkers is control, cyber security and privacy.

Hitesh Mohanlal answered this question

Craig Hyland

Asked this question - Succession Planning

Any recommendations for businesses who do company valuation?

Yes - we use Biz Valuations for all our valuations. They are very competitive and their response times are excellent. They work on a fixed fee basis. You will need to provide financials and info and also the reason for your valuation.

Their website

http://www.bizval.com.au/?gclid=CJKT3r-OjM8CFcErvQ...

Tel 1300 916 973

Speak to Lee Barrett

Hitesh Mohanlal answered this question

Nancy McCarron

Asked this question - Outsourcing

How do you know what you should outsource?

Excellent question Nancy. I have been outsourcing since 2004 so if there is a mistake that can be made in outsourcing I have probably done it. I currently have three full time staff outsourced. One in Phillipines and 2 in Fiji. The first thing to note is that whatever issues you have with Australian staff you will have with outsourced staff. Now add in culture differences and the issue is a lot bigger. With contractors control is much harder and making them accountable to you is very hard. I have learnt for example that with contractors you take them on full time. If you have them part time they work for others and your work gets done last.Also the work you give out has to be controlled, systemised and procedurised. If this is not done your contractor will get lost no matter how good they are. If you can break the task down in little parts with full instructions you will do well. My admin team does a massive amount of work off shore but this is only possible because every task is either in a video or is a document. You need to talk to them regularly. Not only on email. Physically on the phone. We do it daily and they join in our Australian weekly meetings. You need to make them feel part of a team.We give access to our team to our server, they have passwords to websites and my administration person has a dedicated credit card as well. I have never had an issue with security. If you use an agent then you are quite safe. If a contractor you need to be careful at first but generally you should be OK. Trust your gut but yes be carefulWhen it comes to choosing someone do your research, try to get reviews or testimonials. Give a trial job, interview them. If using Upwork etc then make sure they have experience.

Hitesh Mohanlal answered this question

Suzanne Butler

Asked this question - Business Coaching

If working with a business coach, what questions would you ask?

As a business coach myself the questions i ask are really about my client. If you want business growth then my questions are going to be different than if the business owner is working 90 hours a week and wants to reduce time. They cannot really be written down as all my questions are generated on the spot. It is all about the business owner and what they want. What the coach wants is actually irrelevant and it is sometimes difficult not to judge.

If you are looking to take on a coach you need to discus with them in detail what you want and what you are after. Trust your gut and only take them on if you feel comfortable. If they promise you grow and profit ask them exactly how much? If they cannot answer they are not for you. If you want to reduce hours ask them how many hours they will reduce for you. If you do not do this your coach is not accountable. Generally i always say that a coach should help you grow your business by at least $100,000 a year.

Hitesh Mohanlal answered this question

Suzanne Butler

Asked this question - Cashflow Management

How do you ask for payment from a client before the work's done?

Excellent question. As business owners we are afraid that asking for money means we lose the project/ job. What we sometimes forgot is that if we walk away our business will be OK but if we run out of money our business dies. If clients have an issue with paying fees they are usually not a good customer.

Customers don't like paying in advance because they want assurances that the work will be done and that there are safeguards in place that should there be a problem it will be fixed. Solve this problem and the resistance falls down.

We always ask for a % of money up front if it is one off engagement. In my accounting and bookkeeping business we help the client by spreading payment over 12 months. If they do not pay we stop working and ask for payment. We always give a full money back guarantee. That way the customer feels that if anything goes wrong they is recourse back. If a potential customer refuses we politely tell them that is our policy not to start work without payment and it is included in all our engagement letters. The key i think is to be clear and explain why you are asking for payment in advance and also try to work out why they are not prepared to pay in advance.

Hitesh Mohanlal answered this question

Michelle Cusimano

Asked this question - Succession Planning

Are You Coached For Marketing Yourself As Business Owner?

Hi Michelle.

I hope you are well.

Yes i use someone who doubles up as a marketing person and coach though i do not refer to her as a coach. She deals with marketing and goes into coaching mode when i need it.

Prior to her coming on board i was a good accountant, consultant and business growth strategist but it all happened through one brand (an accountancy firm). Also no one really knew what we did. We have successfully given all three parts their own brands (one of which is me) and started promoting them individually.

This took time and we are still working on it - I have a lot of medical clients so we decided to specialise into this. So I have also written a published book on the subject.

Although i am a business coach myself none of the above would have been achieved if i did not have someone to push me along.

My advice would be for you to decide what you want. Coaches are great at showing you what needs to be done then leave it up to you to do it. Unless they have marketing experience and really know how to market the two might not go together. So you might need a business coach to advise you on what to do and then someone else to actually implement it. I am fortunate that i have someone who can do both.

Hope this helps

Hitesh Mohanlal answered this question

Jaime Gunton

Asked this question - Cashflow Management

When paying my company’s bills, should I take advantage of early payment discounts or pay late?

Good question. Yes if you have the funds it is worth taking the discount because on an annual basis the discount can save you money. I once did a calculation for one of my clients which showed that it was worth him increasing his overdraft and take the discount. Paying late can also work but this generally affects goodwill. If you pay on time and then find you are in a tricky position, suppliers will give you a bit more time to pay. If you are constantly late it can affect your relationship. You need to do some quick calculations but i usually take advantage of early payment arrangement.

Hitesh Mohanlal answered this question

Michelle Cusimano

Asked this question - Business Planning

Can I claim a home office as a legitimate business expense?

This is probably to most common question asked by my clients. It generally depends on the circumstances and exactly what you use your home for. Friends will tell you they have claimed for many years and not had a problem and that may be true but friends generally do not understand the entire consequences of claiming home expenses as business expenses.

Firstly, if you own the property you could, without realising it, end up paying capital gains tax on you home when you sell it. If you live in a home you own it is your principal private residence and is not subject to capital gains tax. When you start claiming home expenses like mortgage interest and electricity what you are saying is that it is no longer 100 % private use. So if you claim 25% expenses are business you have converted your home to 75% private and 25% commercial and when you sell you have to calculate 25% as a capital gain.

The next issue is if the cost is genuine business use. So if you use a small desk in a room which is also used by your son to sleep in then the ATO will say that the small office is just incidental to the home - even if you spend 24 hrs a day in there. The same would be if you spend 4 days out on the road and spend 1 day at home in the office. The ATO is unlikely to allow you to claim significant costs relating to running the home.

At the other end if your garage and spare room is full of stock there is a genuine claim that a bigger home is required in order to run the business and you may be able to claim expenses.

My advise would be to talk to your advisor and do some calculations. I have done this for my clients and sometimes it make sense to claim home expenses and for others it does not.


Hitesh Mohanlal answered this question

Lindsy Loogan

Asked this question - Accounting

What is the difference between an accountant and a bookkeeper?

Lindsy

As Lauren said bookkeepers deal with the day to day accounts processing. They process all receipts,expenses and reconcile you bank account.They might prepare your monthly or quarterly submissions to the tax authorities too. Generally bookkeepers give basic GST and payroll advice but they cannot give tax advice in Australia unless they are a registered tax agent.

An accountant will generally reviews the work of bookkeepers and prepare year end taxes.

If the accountant is good they will also provide tax minimisation advice and also business advice too.

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