Blog

Seven Ways To Grow Your Business

Watch our Seven Ways to Grow Your Business webinar, where we’ll cover the key areas in your business that you can influence and the strategies you can adopt to achieve growth and improvement.

This webinar will teach you to:

  • Understand how to map a clear path to get your business from A to B
  • Discover the seven ways to grow your business
  • Identify strategies to grow and improve your business
  • Understand how to adapt your business for greater success
  • Achieve continuous growth via implementation of best practice strategies

How Robust is your Trust?

Want to understand more about Trusts (New Zealand)?
If you have a Trust, are you aware of the new Trusts legislation released in 2019? It’s essential that you understand your obligations as a Trustee to e sure your Trust remains compliant.

After watching this 60 minute webinar, you’ll:

  • Identify potential benefits of keeping your Trust.
  • Ascertain the steps required to ensure your Trust is compliant.
  • Learn the obligations required of Trustees.
  • Learn how to avoid common Trust issues and challenges.
  • Identify the estate and succession planning options best for you and your family.

Understand you financial reports – Know Your Numbers

You don’t have to be an accountant or bookkeeper to understand your numbers, just as you don’t have to be a mechanic to drive a car. Having an overall understanding of your financial reports puts you in a far stronger position to make better decisions.

In this webinar you’ll:

  • Learn what each of your key financial reports tells you about your business
  • Identify strengths, weaknesses and trends
  • Discover why your bank account balance may not reflect profits
  • Identify how to protect your assets
  • Discover the key drivers of business value
  • Learn how to measure your business efficiency to drive improvement
Man doing paperwork

Changes to the Trusts Act

The new Trusts Act comes into force on the 30th January 2021.  This is the first major rewrite since the 1940’s.  There are a few changes and you should get advice about how this might affect your trust.

In a very quick summary…

  • Trusts can now have a 125 year life rather than the 80 years in the past. 
  • There are additional requirements for record keeping, including Financial Records.  They now have to be kept for the life of the Trust and one Trustee must be designated to hold all records and to make sure records are passed on to any new trustees.
  • Beneficiaries need to be advised as such and have basic information provided.  Beneficiaries can also request information and in certain situations Trustees can withhold information.
  • Trustees duties are clarified and split into mandatory and default, the later can be altered.

Family Owned Managed Business?

Family business are a big part of NZ business.  With MBIE stating they make up around 75% of entities and employing a ‘good chunk’ of the workforce. I’ve worked with my fair share over the past 20+ years as a CA.

Family Strength
There is a uniqueness of family business to survive where a typical business commercial model may not.  It’s that strength to help out and pitch in during the hard times that make FOMB’s quite special. Dedication from family members can be hard to replace.

Long drawn out debates about business decisions can at times become heated, however the family bond creates a connection that usually brings the family back together.  Once heads cool that ongoing discussion is again a strength for FOMB’s.  At the end of the day, while the family may not all agree on a particular business aspect, everyone will still want to clear the air and sit down for family Christmas dinner together.

Clear Expectations

One of my key takeaways for the FOMB is to have clear expectations about who does what, who makes the calls and who is responsible.  A business plan for any business is a good tool but having a clearly defined one for a FOMB is a good way to head off difficulties.

 

Working with FOMB
I like to keep a good understanding of what’s going in my clients business, we use Xero so we have good up to date reports,  I check and file my clients GST to ‘Keep my head in the game” and charge a fixed price fee so they don’t worry about calling me with a question.   Regular development meetings lets me play a part in keeping their business moving in the right direction.

 

Succession Planning
Like any business things are always changing.  Effecting the hand over from one generation to the next is a big decision.  From experience this takes quiet some time and generally if you start early enough there should not be any panic.  Start with identifying everyone’s key strengths and weaknesses.  What are each family members views? How would they like to be included? Then it’s a matter of trying to fit the jigsaw together.  Not everyone is going to get what they want and that’s part of managing the family dynamics.

 

Family owned managed business can be hard work, but also a lot of fun, plus you get to share it all with those you love.