It’s hard to believe, but the end of the financial year (EOFY) is just days away. To ensure we get the best result for your business, now is the perfect time to review key areas.

 To ensure we get the best result for your business, now is the perfect time to review key areas:

• Asset Register: Have you sold or scrapped any equipment lately? Let us know so we can update your depreciation schedule.

• Bad Debts: Take a look at your aged receivables. If there are invoices you know won't be paid, they must be physically written off in your system before 31 March to claim a deduction.

• Complete a physical stocktake at 31 March and write down any obsolete or damaged stock.

• Provide us with your bank and loan balances as at 31 March 2026.

• Provide invoices for any large repairs undertaken during the year.

• Provide invoices for any asset/capital expenditure purchases or asset sales.

• Complete our Home Office form online (this is easier than the questionnaire):
  https://forms.gle/RFQe3r6uPSbXiv7EA

Getting these bits sorted now makes for a much smoother tax season later.

Claiming your eligible business expenses is one way to reduce your small business tax bill. We explain what costs you can claim as a business owner.

“Q: What expenses can I claim as a Kiwi small business? And what’s the financial advantage of claiming for business expenses?”

When you’re running a small business, there’s a multitude of operational costs and business expenses that you’ll incur in the everyday running of the company. But which of these costs are classed as business costs and are therefore tax-deductible at year-end?

“A: The short answer is that you can claim for any expenses which are wholly related to the day-to-day running of your business”

By claiming these expenses against tax, you can directly reduce your overall tax liability – and that means a smaller tax bill at year-end.

As the owner of the business, you can claim for:

- Vehicle expenses, transport costs and travel for business purposes

- Rent paid on business premises

- Depreciation on items like computers and office furniture

- Interest on borrowing money for the business

- Some insurance premiums

- Work-related journals and magazines

- Membership of professional associations

- Home office expenses

- Work-related mobile phones and phone bills

- Stationery

- Work uniforms

- Tax agent’s fees

Helping you claim all eligible business expenses

There’s more information about claiming expenses on the business.govt.nz website (https://www.business.govt.nz/tax-and-money/reducing-your-tax-bill/claiming-expenses)

If you’re unsure what you can and can’t claim, come and talk to our team. We’ll be happy to run you through the eligible expenses and how you claim them against tax.

Can you take a break from tech?

If you run a small or medium-sized business, your brain is probably always half in your inbox. The trouble is, constant connection quickly drains your focus and energy. A few tiny breaks from tech each day can reset your head, your mood, and the way you show up for your team.

Here are six easy ways to unplug and enjoy the benefits of a brief break from tech:

1.   Set one tech-free window each day

It can be as short as 15 minutes; commit to one intentional break from your phone, computer, TV, and tablet — ideally when you’re awake!

2.   Take a walk

The younger generation calls this a ‘silent walk’, but most of us just call it… walking. Skip the earbuds, ditch the podcast, and pay attention to the sights, sounds, and smells of the real world.

3.   Buy a phone safe

If the pull of your phone is too hard to resist, try a timed phone safe. Pop your phone inside, lock it, and revel in the forced freedom. (Phone ’prisons’ can be found online for less than 20 dollars.)

4.   Use Do Not Disturb mode

You’ll still receive urgent calls, but you won’t be interrupted by group chats or never-ending notifications.

5.   Get a notebook

If you reach for your phone without thinking, keep a notebook nearby. Every time you reach for your phone, jot down why you wanted it and how you were feeling. After a few weeks, you’ll start to spot patterns.

6.   Put your phone up high

Just like keys on a hook, give your phone a home – somewhere slightly inconvenient – so you can’t automatically reach for it..

Inland revenue takes a tougher stance on tax debt in 2026

Inland Revenue has stepped up its approach to overdue tax with faster follow-ups, closer monitoring, and earlier enforcement for businesses that fall behind.

Part of this shift comes from improved technology and automation, which have allowed them to detect overdue balances sooner and respond more consistently.

Carrying tax debt? Act early.

Inland Revenue is far more willing to work with businesses that make contact before debt snowballs. They encourage businesses to clear overdue balances or set up instalment plans straightaway.

Prevention is better than cure

Now is a great time to consider your cashflow for the year ahead, factoring in seasonal dips, late invoices, and potential expenses. But you don’t have to go it alone. If you’re dealing with debt – or trying to avoid it – we are here to help!

The NZ economic outlook for 2026

Trading has been challenging in 2025. But the economic outlook for New Zealand small businesses does look brighter as we head into the new year.

“The business environment has remained challenging in 2025, defying expectations of a steady improvement in economic growth”

Westpac’s NZ Economic Overview October 2025 had some sobering insights into the state of the NZ economy. But brighter times are on the horizon for 2026.

“In the short term, businesses, sectors and regions more directly tied to the primary sector will continue to enjoy better times. It’s likely the first fruits of the Government’s Investment Boost policy will be borne there, given cashflows are stronger in those sectors.”

The report also expects:

- The strength in the economy to broaden and strengthen as a result of falls in borrowing costs.

- Better labour market conditions to bolster consumer confidence and spending

- Optimism in the market to translate into more investment and hiring in the here and now.

How does this impact your business?

Times have been tough and trading conditions are challenging. But as we begin 2026, there is a mood of quiet confidence among New Zealand small businesses.

The key now is to translate this confidence into increased sales, stable revenues and a more strategic focus on growth over the next 12 months.

Does your business idea have wings? 5 steps for starting a business

When a great business idea pops into your head, it could mark the start of a whole new enterprise. But how do you know if your business has what it takes to conquer the market?

The key is to set the right foundations for nurturing your fledgling business – and that means planning out the business basics, and your core strategy, in the best possible detail.

Setting solid foundations for your new business

The majority of new Kiwi businesses fail within the first five years. This is a sobering thought, for sure. But by planning your new business idea in detail you can increase the chances of your new business finding a foothold and climbing to the top of the startup pile.

If you’re wondering how to achieve this, don’t worry. Thankfully, the NZ government has an excellent 5-point plan for starting a business.

Let’s look at each of the five steps and how they help you kickstart your business.

-

Make sure your idea is viable: Do everything possible to check that your business will find an audience, generate revenue and turn a profit.

-

Choose and secure your business name: Make sure you have a unique business name that represents your brand and also scores well for SEO and GEO.

-

Choose a business structure: Your legal structure is important. Decide if you’re better off being a sole trader, limited company or partnership.

-

Register with government agencies: You’ll need to get a New Zealand Business Number (NZBN) and register for business taxes with the Inland Revenue via MyIR.

-

Look into regulations: There may be industry-specific regulations that your business must comply with, so make sure to check the relevant rules for your sector.

Getting your new business of to the best possible start

Whether you’re an experienced entrepreneur on their fifth startup, or a brand new founder who’s starting their business career, it pays to have an adviser who can help you iron out the issues.

Book some time with our team to talk through your business idea. We’ll help you run the numbers, test the viability and get a workable business plan together.

Tax and Paying People – allowances, benefits, lump sums

Do you pay your employees sums in addition to their normal wages, such as allowances, benefits, lump-sum payments, or holiday pay? Be aware of your tax liabilities and know when you need to deduct PAYE on behalf of your employees.

Sometimes you may pay your employees sums in addition to their normal wages, such as:

- allowances

- benefits

- holiday pay

- lump sum payments

Some are tax free, but most are taxable. For some, the employer pays tax. For others the employer deducts PAYE on the employee's behalf.

You may also provide various non-cash benefits to your employees as part of their total employment package. Even where the benefits are not in cash, they still have a value which is taxable.

The tax treatment depends on what the payments are for and the circumstances that apply.

It can be confusing working out the tax treatment of these payments for your business. Let us know if you would like to discuss how the rules apply to your business.

Slow Payers Cost You Real Money

We know you would rather be out there growing your business, than be on the phone calling slow payers. But do you understand the impact slow payers have on your business? Ineffective debtor management can really hurt your business.

We know you would rather be out there growing your business, than be on the phone calling slow payers. But do you understand the impact slow payers have on your business? Ineffective debtor management can really hurt your business.

You know you need to get your debtors to pay, but do you understand the true impact of slow payers? Without a realistic picture of the costs of slow payment, ineffective debt management practices may:

- Reduce your cashflow

- Create a snowball effect – if debtors think you’re relaxed about payment, you encourage them to be slow

- Build up an increasing number of debtors, leading you to let smaller debts slide

- Consume valuable time and resources following up slow payers

What you can do:

- If credit reporting information shows a customer is a slow payer, you can put tighter terms in place

- Be straight up about discussing alternate invoicing patterns, payment options and terms

- Use online tools to manage receivables

Online tools can make debt management easier.

- Smart AR has a range of solutions, including:

- Online payment pages for your business to offer all your payment options in one place on a secure digital platform

- accounts receivable automation and digital assistants (AI chat bots) for outbound debtor calls

- or you can simply outsource your accounts receivable to them

- ARCollect allows you to stay on top of receivables without worrying about staff performance and customer behaviour. It’s made to:

- Boost cashflow

- Email smart payment reminders attaching invoices

- Set your rules for automatic payment reminders

- Track collection notes easily

- Tag invoices with common reasons for late payment.

- With Innovative Online Debt Management upload outstanding invoices. IODM automatically schedules reminder letters, debt collection letters workflow, with SMS and/or text messaging.

We can help you with strategies for better cashflow.

Are You Charging What You’re Really Worth?

Setting the right price for your services can be challenging, especially if you are a contractor or operate in a specialised industry. With costs rising everywhere, it is more important than ever to review your pricing strategy. If you have not adjusted your rates recently, you might be leaving money on the table.

Here are five common signs that you may be undercharging.

1. Your Quotes Are Always Accepted—No Questions Asked

Do clients immediately agree to your quotes without negotiating, asking for a breakdown, or trying to get a discount? While this feels good, it might also mean they are pleasantly surprised by how low your price is and are eager to lock in a bargain before you realise it.

2. You Are Constantly Busy but Cash Flow is Tight

Are you working flat out, yet there never seems to be enough money left over to hire an assistant, a subcontractor, or even just invest back into the business? If your workload is high but your bank balance does not reflect it, your prices are likely too low to support sustainable growth.

3. Your Prices Haven't Changed in Over Two Years

In most sectors, small annual price increases are standard practice to keep up with inflation and rising business costs. If your fees have remained the same for several years, you have effectively given your clients a discount each year and fallen behind the market rate. A yearly price review is a healthy business habit.

4. You Are Fully Booked and Turning Away Work

If your diary is packed and you consistently have to say "no" to new clients, demand for your services is clearly outstripping your supply. This is the ideal time to increase your prices. A higher rate will help you manage demand and ensure you are being paid a premium for your in-demand skills.

5. Clients Don't Respect Your Time

Do you find that some clients frequently cancel last minute, are slow to pay, or make unreasonable demands? This can sometimes be a side effect of low pricing. When clients feel they are not paying much, they may not value your time or expertise as highly as they should. Charging what you are worth often attracts more respectful and professional clients.

Finding Your Pricing Sweet Spot

Determining the right price for your services requires a little research. Investigate what your competitors are charging and consider the unique value you offer.

We can also help. With our experience across various industries, we can provide insight into typical market rates. Get in touch for a chat—we would be happy to help you ensure your pricing is on the right track.

A polished CV and well-rehearsed interview answers only tell you part of a candidate's story. The real challenge is discovering if they have the right attitude, initiative, and personality to fit into your team. A bad hire can be a costly mistake, but these five subtle tests can help you choose your next employee with confidence.

1. The Job Ad Filter

Quickly weed out candidates who are sending out mass applications without much thought. Simply build a small, specific request into your job listing.

• How it works: Ask candidates to answer a particular question, name their favourite brand in your industry, or include a specific phrase in their cover letter's subject line.

• Why it's effective: It immediately highlights those who have read your advert carefully and can follow instructions—a crucial skill in any role.

2. The Real-World Task

Instead of asking predictable interview questions, give candidates a practical, relevant challenge to tackle.

• How it works: Present them with a short task related to the role, a common workplace scenario to respond to, or a quick problem to solve.

• Why it's effective: You will learn far more about their critical thinking, problem-solving skills, and ability to perform under pressure than you would from a standard Q&A session.

3. The Receptionist Test

A candidate’s character is often revealed when they think no one important is watching. Observe how they interact with your team members before the formal interview begins.

• How it works: Casually ask your receptionist or the first person who greets them for their impression.

• Why it's effective: Courtesy and respect shown to everyone, not just the interviewer, is a powerful indicator of how they will treat their future colleagues and your clients.

4. The Coffee Cup Test

This simple test reveals a surprising amount about a candidate’s initiative and sense of responsibility.

• How it works: Offer your interviewee a drink (water, tea, or coffee) at the start. When the interview is over, pay attention to what they do with the empty cup or glass.

• Why it's effective: Do they simply leave it behind, or do they offer to take it to the kitchen or ask where it should go? This small act demonstrates their willingness to pitch in and be a considerate team member.

5. The Casual Walk-and-Talk

The formal interview is over, and the pressure is off. This is the perfect time to get a glimpse of the real person.

• How it works: As you walk the candidate out of the building, continue the conversation casually. Ask about their journey in or their plans for the rest of the day.

• Why it's effective: People often relax and let their guard down once they feel the "test" is over. This informal chat can reveal more about their genuine personality and how they might integrate with your team culture.

Are your ads playing by the rules?

You want to stand out in a crowded market but it’s important to make sure your ads are compliant with the rules. Here are five common advertising mistakes to avoid.

You’re not trying to deceive anyone. You just want to stand out in a crowded market. But under the Fair Trading Act, even well-meaning marketing can land you in hot water with the Commerce Commission if it’s misleading. To help you stay compliant, here are five common advertising mistakes to watch for.

1. Overpromising

If it sounds too good to be true, the Commerce Commission takes notice. Be careful with bold claims, and only promise instant results if you can prove it.

2. Hidden catches

It’s great to highlight the best parts of a sale, just don’t let important terms and conditions get lost in the fine print. Customers appreciate clarity.

3. The urgency trick

There’s nothing wrong with a ‘Today Only’ deal…so long as it doesn’t run all week! In 2022, false urgency tactics earned online retailer 1Day an $840,000 fine.

4. Misleading language

In 2023, One NZ copped a hefty $3.675 million fine for a number of charges including advertising ‘FibreX’ as fibre broadband when it was copper. That false promise crossed the line, but even vague language can be a red flag. Always stick to clear, accurate wording.

5. Price hikes and fake sales

Make sure your sale prices reflect a genuine deal… because bumping up prices before a sale to make a discount look bigger isn’t a real saving!

The takeaway?

Being clear, honest, and upfront is the best way to earn trust and keep both your customers and the Commerce Commission happy.

Should you buy or lease your new equipment? Here are some pros and cons of each. We also can review your financial position, cashflow and cost base to decide whether buying or leasing is the right thing for your business.

There are certain items of equipment, machinery and hardware that are essential to the operation of your business – whether it’s the delivery van you use to run your home-delivery food service, or the high-end digital printer to run your print business.

But when a critical business asset is required, should you buy this item outright, or should you lease the item and pay for it in handy monthly instalments?

To buy or to lease? That is the question

Buying new pieces of business equipment, plant, machinery or vehicles can be an expensive investment. So, depending on your financial situation, it’s important to weigh up the pros and cons of buying, or opting for a leasing option.

First of all, let’s look at why you might decide to buy the item…

Buying: the pros and cons:

- Pro: It’s a tangible asset – when you buy an item, you own the item outright and it will appear on your balance sheet as one your business assets. As such, by owning these assets outright you increase the perceived capital and value of your business. You can also claim the cost of the asset against your capital allowance for tax purposes.

- Pro: It’s yours for the life of the asset – once you own the item, you have full use of the equipment for the duration of the life of the asset. Your use of the asset isn’t reliant on you being able to keep up regular lease payments, and if your financial circumstances change then you can sell the asset to free up the capital.

- Con: It’s an expensive outlay – paying for the item up-front is a large outlay for the business and will require you having the cash to cover this cost. Spending a large lump sum in this way may take cash away from other areas of the business, so you need to be 100% sure that this purchase is the right decision and a sound investment.

- Con: You may require extra funding – if you don’t have the liquid cash available to buy the item outright, you may need to take out a loan. Asset finance is available from funding providers, but does tie you into a loan agreement that will add to your liabilities as a business – reducing your worth on the balance sheet.

Leasing: the pros and cons:

- Pro: Leasing has a cheaper entry point – if the item you need to purchase has a large price tag, leasing allows you to make use of the asset without the cost of buying it in full. For start-ups and smaller businesses with minimal capital behind them, this can make leasing a very attractive option. You may not own the asset, but you can make use of it – and this may be the difference between the success or failure of your business.

- Pro: You can spread the cost – there is still an associated cost of leasing, but you can spread the cost over a longer period, making it easier to find the necessary liquid cash to meet your lease payments. With this money saved, you can then invest in other areas of the business, helping you to expand, grow and bring in more customers and revenue.

- Con: You don’t own the asset – there are different types of leasing agreement. Under a capital lease, you do own the asset (once you’ve paid if off). But if you opt for an operating lease, this is a more short-term lease and you won’t own the asset at the end of the contract. Ownership does have its advantages (including being able to sell off the asset if required) so it’s important to consider what kind of leasing agreement you’re entering into and what the advantages/disadvantages may be.

- Con: You may pay more in the long run – most leasing agreements will attract additional costs and interest on your agreement, so you may well end up paying more than the market price for your asset in the long term. If you can cope with the higher cost, this is fine, but bear in mind that buying outright may have offered greater value.

- Con: You may lose the use of the asset – if you can’t keep up your lease payments (due to poor cashflow for example) then the owner of the lease agreement may recall the asset. If this item is crucial to your business model, losing this key asset can have a profound impact on your ability to operate. In this respect, leasing is a more risky prospect, but also an easier option for businesses with less cash to splash.Talk to us about whether buying or leasing is the best way forward

Whether you opt to buy or lease your equipment isn’t always a straightforward decision to make – so it’s a good idea to consult with your accountant early on in the decision-making process.

We’ll help you review your current financial position, assess your available cashflow and look at your regular cost base to decide whether buying or leasing is the right thing for your business.

Keeping your tax and expenses in check when you are self-employed

Working for yourself or running your own business? Setup robust systems for expenses & tax requirements so you can focus on your important tasks. We can help take the headaches out of your business accounting.

#freelancelife #taxtalk #smallbusinesstips

Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits.

Understand your deductions

Before you start, it’s essential to understand what expenses you can and can’t claim. This means you’ll keep the right receipts and track the right expenses. Figuring out what’s what can be a little confusing as everyone has a different working set up and what you can claim for can vary between industries and occupations. Talk to us about your business expenses from the beginning. This will also help you plan for any bigger work-related purchases that you may need to make.

Get a system sorted

You’ll thank yourself later for setting up a good system now. Getting your expenses recorded and your invoices collated means you’ll be able to spend more time doing the important stuff in your business. It’s not just about saving time - keeping on top of your cash means you’re more likely to succeed. Do your research and choose a system that will work for you. Consider choosing a software platform which allows you to record your time spent on projects, it’ll make sending those invoices that much easier!

Stash that cash

When you’re running your own business or working for yourself, it’s important to always keep your tax obligations top of mind. Make sure you have money set aside in a separate account or consider entering into voluntary instalments.

One way to budget and keep on top of your business tax is to pay yourself a wage. Keeping your accounts separate also prevents you from thinking of all your business income as spending cash! Remember to also put aside a little extra to cover your holidays and any quiet periods.

We can help make this process easier, so talk to us about setting up systems that take the headaches out of your finances.

You may be eligible for Working for Families assistance. It can be complicated to work out your entitlement. If your circumstances change your entitlement might too. And you need to be aware of the tax implications.

Family Tax Credit is available to eligible families who meet the income threshold, with children under 16 years, children aged 16 or 17 if they’re financially dependent on the carer, and children aged 18 years if they are at school or tertiary training and still financially dependent.

In-work Tax Credit is available to eligible families who don’t receive an income-tested benefit or student allowance and have some weekly income from paid work. You are no longer eligible to receive it if you stop working or start receiving an income tested benefit or student allowance. If you receive it, and your work hours change, advise Inland Revenue. If you take an unpaid break from work, you may be able to keep receiving this tax credit for up to 2 weeks. Again, advise Inland Revenue.

Minimum Family Tax Credit guarantees a net income level, currently $35,316 for the 2025-26 income year. To receive it, at least one parent in the family must be working for salary or wages.

Best Start is a payment of up to $3,838 per year, available to the main carer of a child aged from new-born to three years, if the applicant is a NZ citizen or permanent resident, or cares for a child who is a resident and present in NZ.

FamilyBoost entitles eligible families to reimbursement for up to 25% of early childhood education (ECE) fees, up to a maximum of $975 per quarter (after the 20 Hours ECE and Ministry of Social Development’s childcare subsidy have been taken into account).

Inland Revenue needs to know if you receive other types of income to ensure your entitlements are correct. If you receive Working for Families Tax Credits, you cannot use losses from businesses, investments, or rental properties to reduce your income or to work out your entitlement.

Have you considered the benefits of using a family trust? We share five ways that a trust can help you shelter your personnel assets and protect the future of your family and business?

Have you ever wondered about the best ways to protect you and your business?

We’ll look at how you can use a trust to shelter your assets.

What is a trust?

Before we go any further, let’s explain exactly what a trust is and how they can be used.

A trust is a legal arrangement where a person (the settlor) transfers ownership of certain assets to another person or entity (the trustee) to hold for the benefit of one or more third parties (the beneficiaries). These assets could be money, property or shares etc.

It's essentially a separation of legal ownership from beneficial ownership.

These are the three main parties involved in a trust

Settlor: The person who creates the trust and contributes the assets. In this instance, the settlor is likely to be you, the small business owner.

Trustee: The person or entity (this could be an individual or a company) who holds legal title to the assets and manages them according to the trust deed. They have a fiduciary duty to act in the best interests of the beneficiaries. Trustees are likely to be you and your family members, or anyone in the business who you decide to make a trustee.

Beneficiaries: The individuals or entities who are entitled to benefit from the assets held in the trust. This will usually be the family members or other interested parties that you wish to be beneficiaries of the assets held in the trust.

What’s a trust deed?

The rules for how the trust operates are set out in a legal document called a ‘trust deed’.

The trust deed is a legal document that formally establishes a trust. It outlines the trust's rules, names the settlor, trustees, and beneficiaries and defines the trustees’ powers and duties.

The deed also dictates how assets within the trust are to be managed and distributed to protect personal assets from business liabilities.

How can you use a trust to protect your personal assets?

Running a business comes with a certain amount of inherent risk. There’s potential for the business to go bust, for creditors to come after your assets, or for individuals and organisations to make legal claims against you and the business.

Setting up a family trust to shelter your personal assets allows you to separate your personal financial security from these inherent risks of running a business.

The trust creates a legal barrier between your individual wealth and any financial liabilities or claims arising from the business.

Here are the five key reasons why a trust is worth considering

- Shield your personal assets from any business liabilities:

If your business faces bankruptcy, lawsuits, or significant debt, your personal assets can become vulnerable. This is especially true for sole traders or partnerships, where you don’t have the protection of limited liability as an incorporated company.

By transferring your assets to a trust, these assets are legally owned by the trustee, not you personally. This makes them inaccessible to the owner's personal creditors, in most cases.

- Mitigate the risk of being an entrepreneur:

Being an entrepreneur involves taking on certain risks. Sales can plummet, businesses can fold and unexpected external conditions can scupper your well-laid plans as a business owner.

With your personal assets held in a trust, you can take calculated business risks knowing that your family home, savings and other personal investments are safeguarded. The family trust provides you with a crucial safety net to secure yours and your family’s future.

- Enhance your estate and succession planning:

Protecting your personal assets is the key function of the trust. But a well-managed family trust can also help with the orderly transfer of your assets to future generations.

Having the family trust set up prevents your hard-earned assets from being tied up in your estate upon death. This is great for estate planning and helps your immediate family achieve a smoother transition and protects these important assets from potential claims against the estate.

- Balance control vs. ownership:

As the business owner, once your assets are held in a trust you are no longer the legal owner. However, through a trustee or appointor role, you can still maintain a significant degree of control over how the assets in the trust are managed and distributed

Even though you no longer hold legal ownership of these assets, you can still balance a level of control over the assets, while also enjoying the benefits of reduced liability and risk.

- Benefit from better tax planning, in some instances:

Asset protection is the primary driver of a family trust. But having the trust in place can also make it easier to distribute income among beneficiaries in different tax brackets. As such, there may be an opportunity to enhance the overall tax position of the whole family.

Tax planning within a trust structure is a complex area and should always get professional advice from your tax adviser.

Having worked so hard to create a profitable business, it’s vital to take every opportunity to protect your personal assets and the future prosperity of your family and loved ones.

Think you’re ready to grow?
Ask yourself these 4 questions first

Growth is exciting, and with the right planning, it can be a turning point for your business. 

But whether you're taking on more clients, expanding your services, or launching into a new market, it's important to first make sure your financial foundations are solid enough to support what’s next

 Here are four key questions to ask yourself before scaling up -

1.   Do you have enough cash flow for the next stage?

Growth often means spending before you earn. You might need to stock up on supplies, hire more staff, or invest in new technology. Do you have the working capital to manage that gap? If not, it could be time to explore funding options, stagger your expansion, or adjust your timeline.

2.   Are your systems and processes built to scale?

Can your current invoicing, inventory, and reporting systems handle increased demand? Review your software, automate what you can, and build in capacity now so your systems won’t buckle under the pressure of a larger operation.

3.   Is your pricing model sustainable as you grow?

Bigger business brings more overheads and greater complexity. Are your current margins wide enough to cover these costs? Now’s the time to adjust your pricing so it reflects the extra time, effort, and resources needed to deliver at scale without eating into your profits.

4.   Are there any tax or compliance implications?

Business growth can push you into new tax brackets,
GST thresholds, payroll obligations or even overseas tax obligations if you are dealing with overseas customers or doing business overseas. Make sure you stay compliant. The last thing you want is a surprise tax bill just as your momentum is building.

How to use forecasts and scenario planning

For centuries, accounting was all about reviewing historic information – but that only told you about the past, not what was going to happen in the future.

If you’re only looking back at past periods and historic numbers, this limits the insights you can achieve for your business. With a backward-looking ideology, it becomes difficult to plan, run through different scenarios or understand the path of the business going forwards.

Forecasting changes this. With the right data analysis and forecasting tools, you can project sales, cash, revenue and profits into the future – and get in control of your business.

A forward-looking view of your business journey

Forecasting switches the focus of your financial management. By moving to a forward-looking view of your business journey, you can see further down the road – and that helps to spot any opportunities and avoid common business pitfalls.

Forecasting adds value by:

- Highlighting the data patterns – a forecasting tool takes your historic data and projects it forward in time. This helps you and your advisers spot patterns, trends, gaps and opportunities, revealing the true ‘story’ behind your business accounts. For example, forecasting may reveal a predicted seasonal slump in the next quarter, allowing you to plan ahead and proactively take action to minimise negative impacts.

- Giving you a future view of your business – instinctively, business owners will look back at prior periods to assess performance. There’s value to reviewing your historic actuals, of course, but using forecasting helps you to look forward, rather than just backwards. Forecasting is the satnav, showing you the road ahead, rather than the rear-view mirror showing you the road you’ve already travelled.

- Helping you scenario-plan – with a financial model of your key drivers, combined with accurate forecasting, you can quick answer your burning ‘What if…?’ questions. Forecasting lets you run different scenarios, with different drivers, to see how business decisions may pan out over time. If option B performs better than option A, that’s invaluable information when defining your next strategic move.

- Making informed, evidence-based decisions – having ‘the full picture’ of combined historic numbers, forecasts and longer-term projections aides your business decision-making. Forecasting gives you solid evidence on which to base your strategy, and helps to red flag any threats that are looming on the horizon – giving you the best possible information to keep your executive team informed and on the ball.

- A deeper relationship with your accountant – forecasting also helps us to get a far more granular view of your business. This helps to spot potential areas of performance improvement, and to give you the best possible strategic advice, all backed up by solid, empirical data and management information.Talk to us about the benefits of forecasting

If you want to get in control of the destiny and results of your company, come and talk to us. Forecasting helps you highlight your future threats and opportunities – and create a proactive strategy to improve the performance of your business.