by Terry Edwards, Director
With the end of the financial year fast approaching, it may be tempting to assume that there is no time left for business and tax planning. I disagree. In fact, early June is not too late to take simple action to maximise your financial position, but you need to act now. More importantly, for all business owners, the planning you do now will set the foundation for well-informed decisions that will benefit your business in 2017-18 and beyond.
Longer term, the value of planning is that it allows you to take a more strategic approach to business development and wealth creation. Working towards clear goals and monitoring progress allow you to anticipate potential issues earlier and make more considered decisions. Clearly this is preferable to making spur-of-the-moment decisions that address a problem in the short term but may not be aligned with your longer-term business objectives.
The successful businesses I work with have clear strategic goals and detailed action plans that are aligned with their available resources, all of which is underpinned by a thorough and current knowledge of the financial health of the business. Such knowledge is a key outcome of good planning.
I am often asked why some businesses do better than others. Put simply, the answer is planning. In my experience, thoughtful planning is as important for meeting annual compliance deadlines (such as 30 June) as it is for the achievement of major business milestones. Whether your business goals are large or small, it is your planning that forms the basis for their achievement.
At DLA Partners, our goal is for your conversations with us to focus not on outstanding administrative and compliance issues but rather on the important (and exciting) work of helping you achieve your business goals. Whether your goals are around growth, restructuring or planning for succession, such discussions cannot take place without up-to-date financial and accounting data.
I invite you to contact me or your manager at DLA to find out how we can help. The team at DLA Partners and DLA Private Wealth – the financial planning arm of our practice – can assist you to meet your end-of-financial-year obligations and, importantly, to plan for the business outcomes you are aiming to achieve in the new financial year. Please phone (07) 3863 9444 or email clientservices@dlapartners.com.au
This information does not constitute financial or legal advice and is for general information purposes only. Please contact DLA Partners for specific advice relating to your particular circumstances.