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Reasons Why Setting Goals Is Important for Your Business

Paul Martin • Jul 24, 2016

One of the major reasons why businesses fail is because they fail to plan. Business planning is the most critical part of running a business. It is not enough that you want to have or have started a business. And it is not enough that you have sufficient funds to sustain it. You should have every detail well mapped out if you don't want your efforts to go to waste. And your business plan should include goals. These goals will help you to not only maintain your current position, but also to achieve further growth.

If you don't have business goals right now, here are more reasons that you should consider creating some as soon as possible:

They serve as a guide.

Having business goals will give you the right perspective. They will serve as guides to help you manage and operate your business. They allow you to set certain targets and then meet those targets one step at a time. When you do this, you will be able to see the positive changes taking place.

They help you focus.

They encourage initiative.

If you have goals and those goals are shared with the rest of your team, your team will know how to use them as their guide in accomplishing tasks. They will even think of ways to help you achieve those targets. Also, once they are on board with your goals, there will likely be less supervision required on your part.

They help you make critical business decisions.

As your business progresses, hard choices will need to be made. Your business goals will guide you on what decisions to make and steps to take. Whether you need new assets, new employees, possible expansion and so on, your business goals are your key to unlock these major decisions.

They help you measure your progress.

If you have business goals it is easier to measure your success. You simply have to check if your goals for this week, this month, or this year have been met. If not, then you can make changes that will help you achieve your desired result. As you measure your progress, you will also have a chance to reassess your goals.

You can't just desire success. You must specifically identify the things you want to be successful at. These will be the goals you need to work out.

We've seen a lot of entrepreneurs who are still unsure of what they really want for their business. And as chartered accountants and business experts, we've helped them identify possible goals that they can achieve. We've given them an attainable business strategy that is tailored for their business.

For assistance in creating business goals and business planning, please book an appointment online or phone (09) 576 4166 to personally talk to our advisors.

How the new Government and coalition agreements might affect owners of residential rental properties

By Paul Martin • 04 Dec, 2023
There were some key takeouts of interest to many of our clients from the recently signed coalition agreements between National, ACT and New Zealand First and the formation of the new Government. In particular there are a number of policies which will likely benefit landlord clients who own residential rentals. I have summarised some of these below. 1. Return of Interest deductibility for residential rental properties Interest deductibility for residential rental property owners will return. It will be phased back in over three tax years: • 2023/24 tax year: 60% of interest cost will be deductible. • 2024/25 tax year: 80% of interest cost will be deductible. • 2025/26 tax year: 100% of interest cost will be deductible. 2. Reduction in bright-line period National signalled in their pre-election campaign that the bright-line period for residential rental property sales would reduce from 10-years to 2-years. While the exact implementation of this policy is not yet known, it is good news on the horizon for residential property investors. 3. Reinstatement of 90-day no-cause termination notices The new government will reinstate 90-day no-cause tenancy termination notices. This will avoid many unnecessary disputes in the Tenancy Tribunal and gives landlords more confidence in letting to possibly “marginal tenants". Many landlords have avoided what they considered to be risky tenants because eviction for anti-social behaviour was so difficult. With this reinstatement, landlords might be more inclined to give a marginal tenant a chance because they know that if the tenant misbehaves, they won’t be stuck with them. If you would like more information on how these changes might affect your personal circumstances, please feel free to contact us to discuss further.

How does provisional tax work, especially in an economic downturn?

By Paul Martin • 18 Jul, 2023
If you had to pay tax of more than $5,000 in your last income tax return, you may have to pay provisional tax for the following year. Provisional tax is like making progress payments on next year's income tax.

How to handle inflation as a sole trader

By Paul Martin • 18 Jul, 2023
Sole traders have had an especially difficult few years as inflation surges. We have got three tips to help lighten the load for your sole trader business. 
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