Your accountant is most likely your greatest business asset, and yet one which is often underutilised.
As a business owner, you trust your accountant to efficiently prepare your tax and annual statements, tax returns (individual, company and/or SMSF) and BAS. However, if you limit your accountant’s input to tax and compliance services, you could be missing out on quality business advice that could make a significant difference as your strive for success.
If you are looking to minimise your tax, grow your business AND personal wealth or you’d like to implement a plan for a future beyond being a business owner, you need to make the most of the experience and knowledge your accountant has to offer.
Your accountant will have a wealth of knowledge about your business, but they also have insights accumulated from working with hundreds of other businesses over the years. And remember, accountants are business owners too. Who better than your accountant to provide strategic advice for your business?
At Robinson Voss Partners we are focused on empowering businesses to grow, and business owners to achieve personal prosperity. We have a proud history of success driven business advice, tax strategy, asset protection and superannuation solutions. Our five tips for business owners are:
#1: Play to your strengths
The best way to build your business is to play to your strengths. In our experience, all too often we see business owners focusing their energy on areas of the business which are not in the core skillset. These include business planning and financial modelling, and most often they find it difficult and time consuming to work on these aspects of their business. The solution is to use your time effectively and engage professionals who can assist you in areas where they can add value for you and your business. We are highly skilled and experienced at helping business owners to develop strategic business and financial plans to optimise results.
#2: Look at your systems
The business management or accounting systems you started your business with may no longer be appropriate for your needs. Business systems have evolved in the last ten years and outdated systems could be costing you unnecessary time and money. Cloud based systems can help you work smarter through efficient data entry applications and improve the efficiency of your operations. New technologies are designed for busy business owners and are intuitive, easy to use and scalable to the individual needs of your business. We can work with you to implement financial management systems which are best suited for your business.
#3: Get with the program
You need to meet with your accountant on a regular basis, not just at tax time. Many business owners get caught up in the day to day operations of their business and often lose sight of the bigger picture. With a genuine partnering relationship in place, we are able to provide meaningful business insights that can help you transition from business ‘operator’ to business ‘owner.’ Our M.U.S.T. Do for Business Program is a comprehensive business development and support service for established businesses, and we also offer the 100 Day Business Challenge, designed for new clients to experience significant improvement in their business financial wellbeing within 100 days of engaging our services.
#4: Get to know your figures
You have financial reports in place, but do you really know how to read them and what they are telling you about your business? Your environment and circumstances can change quickly in business, and without a close understanding of your financials, you could be caught unaware. In our experience, there are often small and easy to implement actions that can significantly improve your business performance.
#5: Plan for life after business
The importance of planning for life after business is often overlooked by business owners. Considering your business succession plan as well as your personal wealth and superannuation needs is vital and starting early is important. We help business owners make the most of their personal prosperity through:
– Building a significant asset portfolio alongside business interests;
– Strategic tax advice with consideration of your personal wealth; and
– Addressing superannuation as an integral part of business owners achieving a self-funded retirement lifestyle of their choice.
Is it time to get a second opinion?
If you want to feel confident that your business is relevant and equipped for the future, it might be time to get a second opinion. As business owners ourselves, we understand the challenges and what needs to be done when growing a healthy business. At Robinson Voss Partners, we have over 40 years combined experience and expertise in specialised tax issues, accounting and business advice.
We have identified 15 areas for business owners to focus on for their greatest chance of business success. To find out more please download this document now.
And, if you want to make the most of your business, the answer is to make the most of your accountant.
If it’s time for a second opinion, I encourage you to give us a call on 03 9708 8801 or email info@rvpartners.com.au
General Advice Disclaimer: The information contained within this document is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Robinson Voss Partners (RV Partners) strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.
