Building a multi-million-dollar enterprise in the Australian business landscape is no accident. It requires more than just a good idea; it demands a relentless drive, a masterclass in strategic focus, and a clear-eyed understanding of the financial systems that underpin growth.

In this episode of The Lat Chat, John Saade and Jacob of Latitude Accountants sat down with Bishara Hatoum, the visionary founder of Fundo. From his early days as a high school “class clown” to leading one of Australia’s fastest-growing companies, according to the AFR, Bishara’s journey offers a roadmap for any small business owner looking to scale.

The Myth of the “Safe” Path: Why University Isn’t Always the Answer

In Australia, the conventional wisdom often points toward a linear path: get a high ATAR, go to university, and find a secure corporate role. Bishara, however, challenges this notion. Despite being a hard worker in school, he found that the academic environment didn’t provide the practical tools needed for the real world of commerce.

“I don’t believe University is the solution to be successful,” Bishara says, pointing out the mounting “HECS debt” many young Australians face without a clear return on investment. For many business owners, the “real school of commerce” happens on the front lines—making sales as a debt collector, managing cash flow, and learning to pivot when systems break.

The Power of “One Thing”: Focus Over Diversification

One of the most common mistakes small business owners make is trying to do too much at once. We often hear about “multiple streams of income” as a way to de-risk, but Bishara and the team at Latitude Accountants advocate for a different approach: 

Extreme Focus

• Master One Formula: Successful entrepreneurs find a formula that works and repeat it endlessly.
• Scale Manually First: Don’t worry about complex automation on day one. Execute manually, prove the concept, and only automate once you reach a breaking point.
• Diversification is for the Finish Line: As Mark Cuban famously said, “diversification is for suckers” when you are starting out. It’s better to go all-in on one successful product than to be mediocre at five different things.

This principle applies to professional services, too. At Latitude Accountants, we saw our own growth accelerate by 20–40% annually when we stopped trying to be a “one-stop shop” for things like bookkeeping and financial planning and instead focused on being the best strategic tax advisors for our clients.

Navigating the Australian Tax Reality

As your business scales, you will inevitably run into a “rude awakening” regarding the Australian tax system. Many business owners are shocked when they see their first major tax bill, especially when they feel like they haven’t “kept” any of the money.

In Australia, businesses often act as a “tax collection agency” for the government. You are responsible for:

• GST (Goods and Services Tax): Collecting 10% on your sales to pass on to the ATO.
• PAYG Withholding: Withholding tax from your employees’ wages.
• Superannuation: Ensuring your team’s retirement savings are paid on time.

The key to survival? Cash Flow Management. Bishara admits he didn’t follow the classic advice of setting tax money aside in a separate account early on, but it is a habit that can save your business during high-growth phases.

Marketing: The “Tap” You Should Never Turn Off

For many traditional Australian businesses, marketing is seen as an optional expense. Bishara views it differently—it’s an investment that fuels the entire engine. “Google Ads for me is a tap that we just turn on and keep reinvesting,” he explains.

However, simply throwing money at ads isn’t enough. You must understand your Unit Economics and the Lifetime Value (LTV) of your customers. If you spend money to acquire a customer who brings in significant revenue over their lifetime, you should spend as much as possible on that “asymmetrical risk”—where the downside is low but the upside potential is massive.

The Importance of Resilience and “Burning the Ships”

Business isn’t always a smooth upward trajectory. Bishara shared stories of nearly losing everything, from payment systems shutting down with 30 days’ notice to the stress of pivoting from his first business, Rent Instead, to Fundo.

His secret to staying motivated? Positive Reinforcement. Whether it’s listening to Jim Rohn or reading about how global giants like Nike nearly went broke, keeping your mindset right is what differentiates those who persevere from those who quit. Success often comes down to perseverance and refusing to have a “Plan B.”

Looking Ahead: Expert Leadership and Growth

As a business matures, the strategy often shifts from being a “technician” to becoming a true business builder. Bishara recently took a major step by appointing a CEO for Fundo, acknowledging that different stages of a company require different expert skill sets.

“You don’t hire smart people to tell them what to do; you hire them so they can tell you what to do,” Bishara notes. This transition allows founders to focus on higher-level strategy and new ventures while ensuring the existing business has the corporate structure it needs to thrive.

Frequently Asked Questions

Why shouldn’t I diversify my business income early on?

Focusing on one core product or service allows you to master your “formula” and scale efficiently. Diversifying too early often leads to becoming a “jack of all trades, master of none,” diluting your resources and slowing overall growth.

How do I manage my business tax obligations in Australia?

Treat your business as a “tax collection agency”. It is highly recommended to set aside GST and PAYG withholding in a separate bank account immediately. This ensures you aren’t caught short when the ATO comes knocking, especially during periods of rapid growth.

Is a university necessary for business success in Australia?

While a university is a prerequisite for some professions, many successful entrepreneurs believe practical “front-line” experience is more valuable for business owners. The focus should be on your ability to execute and understand your numbers rather than just holding a degree.

What is “asymmetrical risk” in a business context?

Asymmetrical risk refers to opportunities where there is relatively low downside (such as the low cost of a failed marketing test) compared to a massive potential upside. Identifying these opportunities is key to rapid scaling and long-term success.

Take the Next Step with Latitude Accountants

Building a successful business requires more than just a great idea; it requires strategic financial management and a deep understanding of Australian tax laws. At Latitude Accountants, we specialise in helping small business owners navigate the complexities of growth, from structuring and tax planning to advisory services that help you truly understand your numbers.

Don’t leave your growth to chance. Contact the expert team at Latitude Accountants today for strategic accounting and business advice tailored to your specific situation.

• Phone: 1300706597
• Email: info@latitudeaccountants.com.au
• Book online via our website.
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Disclaimer

The information provided in this blog post is general in nature, does not constitute personal financial or tax advice, and readers should seek professional advice regarding their specific circumstances. Please note that certain taxes and policies, such as Payroll Tax, Land Tax, or Stamp Duty, vary between Australian states and territories.