Changing business conditions, interruptions and adapting to new ways of working has likely impacted your business.
If you feel like you are finally coming up for air, it’s time to be positive and proactive and get your business back on track.
The good news is there’s lots you can do.
Cashflow – Take control
Unscheduled closures, changes to inventory supply and unexpected expenses over the last year or so are likely to have played havoc with your cashflow. Getting your cashflow back under control should be your first priority.
Simple solutions including automatic invoicing and reminders, aligning suppliers credit terms with your own customer payment timings and prompt payment discounts can help improve cashflow.
You can also improve your cashflow and achieve operational efficiencies by using inventory and stock management to your advantage. We can help you identify what’s best for your business in terms of identifying necessary versus non-necessary spending, managing funds with consideration of timing inventory orders, paying off debt and invoicing customers.
If you are concerned about the ongoing solvency of your business, please get in touch, as there are options to be considered. We can help you negotiate payment timings with suppliers, implement a cashflow management plan or connect you to professional support that will be able to help you through challenging times.
Review your business direction and goals
It’s likely a lot has changed in your business environment, and while you may have adapted your operations on the fly, you need to take the time to consider your business goals for the future.
Setting your business direction and goals does not need to be arduous (we offer a half day business planning session), it’s about a clear roadmap and practical steps to get your business where you want it to be in the future. Key inclusions we recommend are:
- Personal and business goals for the next 12 months
- Articulating key performance indicators and benchmarks for achieving your goals
- Opportunities and vulnerabilities that need to be managed
- Critical issues to be addressed immediately.
Plan ahead for tax
Proactive tax planning (in addition to tax return preparation) can help business owners effectively minimise their tax obligation and avoid unexpected tax bills at tax time. Effective tax planning is about looking forwards so you have plenty of time ahead of June 30 to take actions which can make a significant difference to the amount of tax you need to pay.
Longer term strategies such as bringing forward or deferring tax-deductible expenses (in consideration of your overall cashflow and debt management needs) can help you in the short-term. Establishing tax effective structures to help you achieve your longer-term wealth accumulation and retirement goals. We can help you make the most of your tax requirements.
We’re here for you
As business owners ourselves, we’ve lived through it too. We genuinely want to help you get your business back on track. Please pick up the phone if you would like to discuss options for moving forward. Phone us on 03 9708 8801 or email info@rvpartners.com.au
Our collective experience includes specialised tax planning and management, accounting and business advice as well as strategies for personal financial planning.
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.
