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:business in brief BUSINESS IN BRIEF Big Business in bite sized snippets A lawsuit waiting to happen Professional pay up Proposed law changes will force Trade Me users to disclose whether they are professional traders, making it harder for them to avoid paying tax on their profits. The move could see thousands of the website's 2.8 million members lumped into the "professional" category until a clear definition is established of what an online trader is. Source: Fairfax NZ News Business owners managing finances on the fly Small-business owners biggest stresses when it comes to finance are managing revenue, expenses and collecting overdue payments, according to a recent survey. The study from Zogby also found these small-business owners are using business apps to manage finances from their mobile devices. What's more, 43% said they use these apps at least once per day. Accessing this content on the fly has made business more efficient for 58%, the survey found, and 50% said they would be interested in mobile accounting tools. Seven smart business lessons From a savvy business publisher 1. Be up to something in the world. 2. Love your people. 3. Love your stakeholders. 4. Learn from your stakeholders. 5. Don't just build a company - build a community. 6. Share the risk; share the reward. 7. Give people lots of creative control. Source: Huff Post Business 30 | www.hermagazine.co.nz And it's no surprise,these business owners are multitasking, as entrepreneurship is not the type of work that is left at the office each day. Many are managing finances on the go, with 46% saying they checked their finances on vacation, 15% said they checked during their commute and 12% from an airplane. In addition, 30% said they checked their finances while watching T.V., and 18% said they did so while at a bar or restaurant. Source: Fox Business How many lunch hours have your workers spent typing away at their desks rather than taking a break? Or how many of your employees have answered e-mails late at night, long after business hours have ended? While you may think you have valuable workers dedicated to your company, what you may really have is a lawsuit waiting to happen. In the age of iPhones, tablets and ever- present technology, overtime is becoming harder to regulate. However, workers who are putting in extra time are increasingly taking their employers to court seeking payment for their longer hours and more demanding jobs. Source: Fox Business Kill your business model before it kills you Why do leaders wait too long to modify or abandon their business models? First is to remember that no business model lasts forever. The most dangerous trap that any manager can fall into is complacency. Peter Drucker reportedly once said that the biggest curse for any business was twenty years of success. Markets, environments, and technology can change so quickly that no amount of profit today guarantees success tomorrow. Years ago, during the dot- com boom, Jack Welch required each of his businesses to go through an exercise that he called "Destroy Your Business.com" in which he asked them how dot.com competitors could possibly put them out of business. In other words, long-term success is more likely when we welcome the anxiety of competition instead of avoiding it. The second key is to continually and actively be on the lookout for new business opportunities that can potentially replace the current model. Source: HBR Blog Network