Blog
Planning for the future, your future!
Leaving your Business may or may not be in your thoughts right now but at some stage you will decide to leave your Business.
Being prepared for that occasion will make it easier. Whether it is to sell, retire or do something else, having a succession or exit plan in place will help you transition smoothly out of your Business. And who wouldn’t like that!
Succession planning makes sound business sense as it can be the answer or solution to an unexpected event, such as illness or death, helping take the stress and worry out of a difficult time. Early planning can also help to maximise the value of your Business.
For example, there was a large export manufacturing business and the Managing Director, David, was killed from an unexpected motor vehicle accident one morning. The director had no will and no succession plan. The role of Managing Director was allocated to his wife, his next of kin. The wife had never worked in the business and had no relationship with the staff or with customers. The business virtually collapsed without active management. Don't you fall into this situation.
Your Succession Plan must detail the key requirements and any associated legalities.
For example:
- Keeping the Business in the Family
- Buy-sell agreement
- Other options
Keeping the Business in the Family
Lessons in life and Business come from personal, learned experiences, peppered with successes, failures and everything in between.
And we know leaders come in all shapes and sizes and leadership has many styles. Amongst those are the ‘self-taught’ leader.
These are the self-starters, self-motivated that often morph or merge into leadership positions, often beginning on the job, at the coal-front of Business or as small Business owners. Many don’t start at the top but go about their tasks with commitment forging a pathway that fosters development and growth.
Characteristics, traits and habits include:
- self-directed
- self-belief
- interested and open to learning
- flexible
- resilient
A desire to go further, gain skills and knowledge, improve and succeed drives their endeavours, sometimes in small steps but still with purpose and an end goal.
If you are a small Business owner, ‘self-made’, you might recognise yourself.
And speak with ‘self-taught’ ‘successful’ leaders and many will share the following 7 ‘takeaways’.
The end of financial year has come and gone!
With the start of a new year, it’s time to take stock of your Business.
This is your opportunity to plan and prepare for a fantastic year ahead.
Take the time to review, refresh, and re-set your goals! And take the steps to shape your new financial year so you can look forward to celebrating future accomplishments and successes.
Let’s get started, READ ON,
7 Strategies to help you plan for a great year!
- Start by reviewing your finances. Importantly look at how much income was received and where it went. Major spends, costs for subscriptions, fees and similar charges. It’s knowing the ‘ins and outs’ of your Business activities.
- Organise your Records. Adopt sound Accounting practices and keep accurate records of all transactions for reporting purposes, audit and tax obligations. This process is essential to provide real-time of how your Business is performing and demonstrate your financial position.
- Cash-flow forecast. Every ‘successful’, profitable Business needs to keep its cash-flow healthy and flowing. The key is to closely monitor performance along with forecasting, projections and actuals. This process allows you to plan for possible shortfalls.
- Time-Saving methods. Time poor is the challenge for most Business owners but there are some small steps that can help you free up your time. Setting deadlines, realistic times for important tasks, prioritizing, and delegating when you can are some strategies. Also examine your practices around handling mail and emails so you are not multiple responding.
- Technology is your new best friend. Seek ‘tech’ expert help if needed to explore if and what systems or processes can help you better manage and grow your Business. For example, HR software and automated or improved equipment can provide time and cost savings.
- Review goals and raise spirits by celebrating your own and team's achievements for the past year. Plan ahead, revisit and reset goals to set the scene and expectations with team for the coming year. Get buy-in, by bringing the group together with Workshop Planning activities.
- Engage an Accountant. Take the worry out of managing the numbers and books and tax matters. Speak with Blackburn Accounting about your Business needs, we are your family Business specialists, offering a range of services which include Family Business management, Cashflow management and Business development. We can help you plan for a Happy New Financial Year!
No matter what your Industry or Enterprise, big, small or in-between, every Business needs a sound accounting system in place. Think of this as the cornerstone and foundation of your Business, with proven practices to manage everyday activities, protect your interests, and meet reporting and accountability requirements.
But not everyone is a builder or an accountant with the necessary tools at the ready!
Who to turn to!
Blackburn Accounting is equipped with skills and experience to deliver a range of services to provide the answers you need to run a successful business that’s running at peak performance.
Call us if you want to:
- Increase Business efficiency
- Stay in compliance with tax laws
- Boost your revenue and profits
- Have personalised service
And if numbers, books and paperwork are not your ‘thing’ or you are simply too time-poor to manage ‘bookkeeping’ responsibilities it’s time to call, not the ‘ghost busters’ but the team at Blackburn Accounting. Calling a professional makes good business sense!
We know that know matter what the state of the economy, inflation, stagnation or boom, running a Business presents its own challenges.
If you are a Business owner you will relate to the bottom-line, cashflow ebbs and tides and supply disruption and demand issues. Not to forget meeting your customer's needs, wants, and expectations. Sound familiar! I'm sure you can identify with most of these.
Let us help you by taking care of the paperwork!
Supporting your Business in accounting matters is what the Blackburn team does best.
Blackburn Accounting is your Family Business Specialists, we cultivate and develop your greatness.
We offer a broad range of services which include;
- Family Business Management
- Cashflow Management
- Business Development.
Be prepared!
- If you are a not-for-profit Organisation, be prepared for new reporting requirements to maintain your tax-exempt status.
The ATO has announced this change, which is expected to affect a range of Organisations, from small sporting clubs to major sporting groups, cultural, educational and community and health providers.
- From July 1, not-for-profits claiming exempt status will need to fill out an online questionnaire on the tax office website. The questions are based on the rules for each of the eight categories of exemption.
Need help with understanding these requirements! Contact Blackburn Accounting, we can help you navigate the changes.
Your Accounting Partner
Your Management Accounting Partner
Your Expansion Engineer
Your Special Projects Partner