A good business plan is the starting point for every business. It does not have to be a glitzy document but it does need to be written down and it needs to be an everyday working tool of your business. Keep your business plan short and concise but make sure it sets out your goals for the business; most importantly refer to it regularly to help you keep a clear focus on the direction of your business. Also, remember to update it as your circumstance change.
Business Purchase/Sale advice
Buying and selling a business are two of the most stressful times for any business owner. A lot can be done to lessen the apprehension that appears around these stressful times. We can help you analise the financial health of a business so you know what you are buying or we can help you ascertain the true value of your business if you are wanting to sell. We can let you know what documents to ask for and what questions to ask if you are looking at purchasing a business.
Nobody likes paying more than they have to and, equally, nobody likes selling something for less than it is worth. We can help you put a realistic price on a business.
It is also important that you seek professional advice before you buy or sell. It is often too late when the paperwork has been signed.
Taxation advice and planning
Every business has to pay tax of one type or another. Understanding your legal obligations and planning your systems and cashflow to satisfy these obligations is an important part of your business planning. The requirements are often anything but pain free, however good planning can ease the pain.
A very important reason for good taxation planning is the very tough penalties regime now in place with the Inland Revenue Department. Your taxation planning should include provision for:
- Provisional Tax
- Terminal Tax
A good cashflow plan is another important tool that you should regularly refer to. This will help make sure you are on track financially and if something is going wrong, will help you identify the trend early.
At some stage your bank may well ask for a budgeted cashflow, so it’s a good idea to update it regularly, say every 3 months.