Navigating the complexities of business, regulation and legislation is extremely challenging without qualified advice, and this can make a huge difference to how you feel about being in business. If #1 is to understand your numbers and #2 is to develop strategy, #3 is to access qualified business advisory services for the support you need for achieving your business and personal goals.
Business advice from experienced professionals provides a qualified ‘advisory sounding board’ that can provide the answers to questions you don’t know to ask. An experienced business advisor can help you identify and analyse business matters that can effect real change in your business. When you ‘don’t know what you don’t know’, seeking business advisory services will prove invaluable…
The most helpful advisory services provide answers to the questions you don’t know you have. Achieving your business and personal goals often results from working with professionals who are able to prompt you to consider different angles and scenarios you may not have thought about.
Advisory services are usually outcomes based. That is, they address specific business issues in both the immediate and longer term, to determine the actions necessary to create the best possible outcomes for you and your business.
These matters are usually broad-ranging, will vary from industry to industry and business to business, and are typically highly technical and complex. These matters are also often-overlooked, even though they tend to have major implications for the future trajectory of a business and the personal prosperity of its owners.
Areas in need of professional scrutiny may include your finance arrangements; governance and obligations towards your shareholders; review of product and service offerings and other matters that relate directly to business valuation, preparing your business for sale or, conversely, for growth by merger or acquisition; transaction services and in particular business structuring, asset protection and strategic tax planning and advice.
Advisory discussions around business structuring will inform your business decisions about legal structure. General principles underlying business structure solutions include ensuring the separation of personal and business assets; enabling an efficient and tax effective exit from your business; and reviewing your structure periodically in light of changes to legislation and/or your circumstances.
Asset protection advice strives to protect your business and personal wealth and assets through appropriate trusts and business structures that will limit your exposure to debtors, litigation and taxation. As your business and personal circumstances evolve, so may your asset protection requirements and it is important to review these regularly.
Strategic tax planning advisory services take into account the complex and inter-related factors that determine your tax obligations. Strategic planning aims to minimise your tax obligations and free up cash. Specific questions may include how to spread income across family members to reduce your overall tax liability; how to structure business ownership to reduce capital gains tax on the sale of assets; and how to make the most of superannuation by legally minimising your tax obligations and the tax effective acquisition of assets.
Qualified business advisory support from experienced professionals can shore up the achievement of your business goals by helping you to identify areas of concern so you may take steps to build strength and resilience into the business. You can look forward to experiencing feelings of relief once you know that important matters with significant consequences have been considered. This will add to your confidence, sense of empowerment and satisfaction as a business owner.
If any of the matters explored in this How to be Happy In Business series have raised questions about your business numbers, strategy and need for an advisory sounding board, we invite you to contact us to talk and work together to make a positive difference. Please email David firstname.lastname@example.org or Brenden email@example.com or phone 3217 5700.
P+Y Accountants and Business Advisors are known for expanding the possibilities for professionals and enterprising business owners.
The information contained here is general and not intended to serve as advice. Any information supplied is not a substitute for independent professional advice. We do not warrant the accuracy, reliability, completeness or adequacy of the information or material. All information is subject to change without notice. P+Y and each party providing material displayed here disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. Users are encouraged to contact P+Y for advice concerning specific matters before making any decision