October 29, 2015

The 3 wise men or women of business

The 3 wise men or women of business

With the end of the year fast approaching, holidays beckon as does the need for reflection on a year which has rapidly gone by.

The Christmas holidays are a time for family. The seriously minded business operator will also take time to reflect on what has happened during the year.

Perhaps more importantly though, your mind will turn to plans for the future.

So where are you at now?

Whatever the issues you will have to face in your business’s future you will need a plan.

A well rounded and thought out plan will require the input of 3 wise men or women… a lawyer, an accountant, and above all a seasoned and experienced marketer.

Together these professionals can guide you through the complexities you will face in implementing your plan for the future.

So let’s look at what each of these professionals offer:

Your lawyer will give you critical advice in relation to your current legal requirements and also provide direction relating to potential changes to the law. The law in relation to employees and their entitlements is in a constant state of flux. Failure to comply with your obligations to employees and their entitlements could have serious consequences for you (not the least being financial ones).

Issues such as a safe working environment, securing confidential information and the terms of employment (for key employees) are just a few of the areas you need to think about.

Remember, the documentation of your business arrangements, whether for the lease of your business premises, the leasing of equipment, the acquisition of plant and equipment and the myriad of other arrangements which you will enter into in the course of your business, will be an essential part of your future success story.

Finding a lawyer who is trusted and whose advice is valued – especially when given without fear or favour in your best long term interest – will be a cornerstone of your business and its continued success.

Your accountant will also play an important role in your future strategy for business success.

Advice relating to the correct structure for your business and sound ongoing advice such as minimising your tax, effective use of borrowings, depreciation and general tax and accounting advice will see you retain as much as you can from your gross earnings.

Remember, your obligation to pay tax is something which will arise every year you operate your business and you will need to constantly review your financial position to make sure that your hard earned profits are not wasted.

Other issues, such as superannuation and employee entitlements, are matters which you will need to monitor so that there is not only compliance with the law but also to make sure that appropriate profit levels are maintained.

Your marketer will be the key to your future success.  Do you want to provide the same services in the same environment as your competitors? Of course not!

You want a point of difference – something that sets you apart from your competitors so that you are the first place customers will call when they need your services.

Sound and well-considered strategies for the marketing of your business and the services which you provide need not only to be cost effective – they need to be EFFECTIVE in bringing customers to your door. That’s where experience in the real world counts as a serious component of your ongoing success.

Advertising is something which is constantly before us.  Daily we are bombarded from advertisers offering deals in all segments of the media.  How do you choose which course to steer?

Choosing the right course is almost impossible – but this can be overcome with a trusted and experienced marketer; a marketer who comes with the recommendations of others, those who have had the benefit of said marketer’s experience. Talk to Roy at Business for Lawyers if you want to know more.

So why do you need to plan?  Is all this really essential for you to make a success of your business in the coming years?

The answer is an uncomplicated YES.  Support of professionals that you can rely on – whose judgments you can trust – whose advice is frank and to the point – is a commodity to be valued highly.

Why need help? You’re an expert in your field, but you can’t be everywhere so you need the trusted advice of professional helpers.  Remember – the grey hair doesn’t come without the experience and knowledge gained by those professionals who do exactly what you do – run a small business.  They know from hard learned experience the pressures you face each day and they can help you concentrate on your core business activities without being distracted by the things you don’t really want to or need to do.

Well Christmas will soon be here and you don’t have to look towards the east nor a long way away for guidance – the availability of guidance is nearer than you think.