Being a Professional

It doesn’t matter if you work for yourself or a boss, there are expectations that you will be professional in the course of business.

But what is professional behaviour?

Most people would probably find it easier to tell you what being unprofessional is, giving examples of unprofessional people they have dealt with in the past. However, it is much easier and more positive to know what to do than not to do.

Thus, some major aspects of professional behaviour are listed below:

Respect for Others

Showing others respect is the basis of all professional behaviour. It includes:

• Being courteous and having good manners
• Being punctual
• Keeping confidential details confidential
• Being fair in all dealings
• Keeping personal opinions of people private
• Doing what needs to be done, not leaving it for others to do
• Acceptance of constructive criticism
• Being fair and gentle when giving feedback
• Dealing with sensitive issues privately
• Make allowances for other’s mistakes
• Listen to others
• Apologise for any errors or misunderstandings
• Speak clearly and in language others can easily understand

Responsibility and Integrity

This is where you must take care of yourself and present yourself in order to gain others’ trust and respect.

All professionals need to take responsibility for themselves and their work. They need to consider consequences and the impact on others.

• Honesty is crucial – avoid even the smallest of lies at all costs
• If you commit to something, then follow through with it
• If you are delayed, let the other person know as soon as possible
• Always be respectful about competing businesses/people – point out your benefits rather than their faults
• Be prepared before meetings and when presenting reports and the like
• Ensure you have made yourself clear to avoid any miscommunication
• Avoid conflicts of interest
• Be impartial – keep personal bias and intolerances out of the business world
• Be reliable and dependable
• Take appropriate actions, rather than trying to hurt someone or their business when you feel wronged
• Ensure you present yourself pleasantly with good hygiene and appropriate dress codes.
• Pay for services and products promptly, whatever the cost to yourself
• Demonstrate self-control and avoid public arguments and disagreements

Commitment to Quality

A professional always aims to give the best they can. Whether it is putting together a product that will last and be safe to use or providing a service of value, you need to do give the customer more than they expect.

Never give out work you are not proud to have your name on and always do your best work, and the results will reflect these attitudes.

Commitment beyond yourself

A professional can see beyond him or herself and is willing to share.

Some ways to give to others in a professional capacity are as follows:

• Take on an apprentice or student
• Participate in professional organizations you belong to
• Volunteer services to a worthy community or charity group
• Encourage conservation within your work place
• Join networking groups and help the members
• Have referral systems in place with competitors for busy periods and complementary services

Essentially, being professional is about seeing beyond the immediate needs. By thinking about the long term perceptions of you and your business, rather than a quick dollar or score, you are likely to behave professionally.

Business Bank Account

Most new businesses are run on a tight budget, and everyone knows that having an extra bank account will cost more in fees. So how should a new business deal with its money?

 Why Have a Business Account?

 Having a separate account for your business and personal finances makes accounting much simpler. Your business records will (hopefully!) tally exactly with the bank records if the account is solely for business use. This helps you keep track of where your business is, financially, and be easier to prepare reports, tax returns and BAS statements.

 Assuming that at least some of your income will be gathered in the form of cheques, a business account also simplifies deposits. A cheque made out to Business DEF can’t be accepted into your personal account; your invoices must clearly state “please make all cheques out to R Smith” and even then you may get DEF cheques that you can’t easily deposit.

 As a sole trader, cheques made out to the business name and your personal name can be accepted into your business account.

 Don’t forget that all bank fees in your business account can be claimed as expenses in your tax returns, too.

Which Business Account do I need?

 Each bank and credit union will have its own business account, or accounts, for you to look at. All have a different fee structure to those in personal accounts; you are likely to have to pay a fee for each deposit, withdrawal and cheque.

 It is best to look at a number of accounts and compare them in terms of your own business. For instance, if your business will receive many cheques and pay out money infrequently, an account with low deposit fees will suit you better; a business receiving direct deposits or few and large payments may not worry about low deposit fees if the monthly fee is low.

 Before looking at potential accounts too closely, plan out the types of transactions you anticipate in each month. Having this guide will allow you to make realistic comparisons between accounts.

 Some factors to consider in choosing your business account are:

 v     Monthly fees

v     Deposit fees, including additional charges for depositing cheques

v     Access modes (eg will you get an ATM card?)

v     Is there a credit option? Either credit card or overdraft facility

v     Withdrawal fees – including for bpay, direct debits, over counter and cheques

v     Convenience – where is the nearest branch? Nearest ATM? Is it easy to transfer to/from your personal account?

v     Can you access net banking? Phone banking?

v     Costs for money conversions if you have/expect many overseas transactions

v     Does it pay interest? Note many business accounts don’t pay interest, or at least not on small balances

  Note ALL cheque accounts incur a tax on every withdrawal. This is a government tax and will be the same for all financial institutions.

  How do I get a Business Account?

 Once you have selected your account, you will need to visit the bank and set it up. Some of the set up may be possible online, depending on the bank, but there is paper work to be handled that must be done in a branch.

 All business accounts require a Business Name Search before it can be fully operational. This is to check that it is a legitimate business and that you have the right to set up the account. Most places charge you $40 to $50 for this, which is mostly a statutory charge for the actual search.

 To open an account you will need:

 v     Copy of Business Name Certificate (some places want this, others don’t)

v     Copy of ABN confirmation

v     Personal identification (100 points worth as per opening any account. Some examples for this are your licence, passport, existing bank account details, Medicare card, utility bill and a birth certificate.)

v     Money for an initial deposit. The money required will be at least $50 to cover the name search; each bank will have a different minimum amount depending on the account features.

v     A completed application form with the name, address, contact details and birth date of each account holder included.