The word on the street is that using job titles or language like Superstar, Rockstar, Boy/Girl Friday, or Ninja in job advertisements may not be as effective nowadays when seeking candidates to join your team.It can say more about you than the potential candidates.And let's be honest, we all embody these qualities when we're in a fulfilling role, appreciated, and working at our very best ability!So here are some top tips for kicking off your recruitment campaign in the right vain!1. Grab Attention with an Engaging TitleThink creatively to capture the interest of your perfect candidate. What would make them pause and take notice? Consider what unique opportunities your position offers: flexible working hours, school hours, remote work, health insurance, training, and career development!2. Keep It Clear and ConciseIn a world of information overload, brevity is key.Write with clarity, using action verbs to make your ad easy to read. Trim unnecessary words and streamline your message, drawing from the job description – we all love a few bullet points! You should be able to easily condense all your details into 250 words.And to really kick your job listing up a notch, getting current employees involved adds that extra touch of authenticity.You may feel the need to include lots of details about your business but anyone worth their salt will go straight to your website and socials and find that information out for themselves.Additionally, if you include the hourly rate/salary range, you are going to get over 40% more engagement. People don’t enjoy ambiguity when it comes to money, so take the awkwardness out of those initial conversations. It will save a lot of backwards and forwards later in the recruitment process.3. Define Your Ideal CandidatePaint a clear picture of who you're looking for. Developing a "target candidate persona" helps you go beyond basic qualifications and envision the perfect fit for your team.Also, think about the kind of person you don't want to attract. If you need a strong leader, make that clear. If a nurturing vibe is what you need, then focus on that in your wording.4. Showcase Your Company's AppealHighlight what makes your company stand out from the competition. If you have company values that you put into action, then this is where you can really shine! Emphasise exciting projects, growth opportunities, and benefits. Let potential candidates see why joining your team is a game-changer for their career.5. Outline the Application ProcessMake the hiring process seamless and straightforward to encourage qualified candidates to apply. For instance, instead of a lengthy instruction, opt for a direct call to action like: "Send CV & cover letter to: [address]."You can also include a closing date for applications, but this might run the risk of discouraging a great applicant from applying if it’s a few days past. You can take advertisements down once you have decided to move forward to interviewing.Need some help?For guidance in recruitment and retention, your local specialist team EASI NZ are happy to help in all or any parts of the recruitment process. From developing job descriptions to reference checking, we are here for you! 

Feeling overwhelmed by the idea of downsizing as retirement approaches? You're not alone. Many of us find ourselves faced with the prospect of downsizing. Whether it's to simplify our lives, reduce maintenance, or free up equity, downsizing can be a daunting task but ultimately a rewarding journey.Here's how to prepare for downsizing and make the transition smoother: Sort Out Your Budget:First things first, get a clear picture of your financial landscape.Seek a market appraisal from a trusted real estate agent to understand the estimated value of your current property. This information will be invaluable when determining your budget for a new, smaller home.Once you determine the price, remember to include legal fees, real estate agent fees, removal costs, and any other related expenses, as well as consider how much you want to set aside to support your retirement savings, before you complete your budget.This will provide you with a ballpark figure and help you make an informed decision on what houses you should be looking at.Research Several Properties:Once you have a budget in mind, make a list of your "must-haves". Your must-haves could include the number of bedrooms, office space, bathrooms, or even the level of maintenance required both internally and externally.While thinking about your "must-haves", you must also factor in what it might look like for you getting older. Proximity to amenities like supermarkets, medical care, and recreational facilities might be crucial to consider especially when things like driving become a challenge in the future.It might be worth exploring different housing options, such as retirement villages or houses closer to town, based on your needs and preferences.Aurum on Clutha residentsThe Future You:Getting older may mean your living space may have to look a little different.Some common considerations that people look into are single level with few stairs/stairways, internal access garage, low-cost heating, ensuite, wheelchair access and wet floor shower.Consider factors like medical dependency or convenience to amenities when making your decision too. Although homes like these are usually more favourable and can mean more demand, hiking up the prices. In Preparation For Downsizing:When downsizing you're not going to have the same storage space you once had, so you'll have to start decluttering and getting rid of items you no longer need. Consider giving back your children's belongings and consider hosting garage sales, donating to charity or putting extra belongings in a storage unit.While you might be excited to get rid of unwanted items, there may be quite a few sentimental items that can be hard to part with. Downsizing often requires making tough decisions about what to keep and what to let go, so start preparing months in advance to allow plenty of time for the decluttering process. Your real estate agent can also help you make decisions around decluttering.There are many areas of the house such as your kitchen or closet space that are likely to be smaller after you downsize, so it's a good opportunity to simplify and lighten your load across all areas of your life. With less square footage available, larger items like furniture pieces and heavy appliances might also need to be downsized or creatively arranged to fit the available space more efficiently. Don't Leave It Too Late:One common mistake is leaving downsizing too late. Waiting until health issues arise or mobility becomes limited can make the process more challenging. Start planning early to avoid unnecessary stress and ensure a smoother transition.Getting started early gives you extra time to spruce up your place for open houses or viewings. You can freshen things up with a new coat of paint or improve the lighting by switching out bulbs to better appeal to potential buyers. If you'd like some more suggestions, you can check out my article for some tips on getting your home ready for showings.Get The Help You Need:Consider involving family members in the downsizing process. They can provide support, help with decisions, and assist with the physical aspects of moving. Keeping lines of communication open ensures everyone is on the same page and can alleviate some of the burdens associated and decrease the stress levels with downsizing.Conclusion:Downsizing can be a significant life transition, but with careful planning and preparation, it can also be a fulfilling one.If you need some expert advice and guidance on budgeting, moving logistics, or navigating the real estate market, don't hesitate to reach out to me. We can support you every step of the way on your downsizing journey throughout Central Otago. 

Legal Aid, provided by the Ministry of Justice, offers government funded legal representation to those who meet the applicable financial thresholds and circumstances. Despite common misconceptions, Legal Aid is not free, rather it is considered a loan; those in receipt of Legal Aid may need to repay some or all of the fees under their grant of Legal Aid. In some situations, if you own a home, you may have to authorise a charge over your home as security for your Legal Aid, any debt owing under your grant of Legal Aid would likely need to be repaid upon the sale of that home.Legal Aid is available for an array of areas of law, including but not limited to, Civil Law, Criminal Law, Employment Law, and Family Law. Firms who offer Legal Aid may do so in one or more of these areas of law. Usually with Criminal Law, where you are facing a charge or charges carrying a maximum penalty of less than 10 years imprisonment, you would be assigned a lawyer upon the approval of your Application for Criminal Legal Aid, whereas with Family Law, you can approach a lawyer who provides Family Law Legal Aid and ask for them to be assigned on your matter(s).Legal Aid is a great resource that allows you to get the legal advice and representation you may require, whilst taking into account your financial and personal circumstances. At Checketts McKay Law we offer Legal Aid for Criminal and Family Law, so it always pays to ask whether you would qualify for Legal Aid, so we can best assist you. 

There were several regulatory and legislative changes that came into effect on 1 April 2024.It's important to note these changes because they could have a big impact on your business or investments, depending on how they affect you specifically.Below is a summary of some key changes to be aware of:Tax laws for rental properties in 2024 The Government is in the process of reversing current legislation and allowing any interest on loans used to acquire residential investment properties to be deductible for tax purposes again. Before this law change reversal residential property landlords were limited on what loan interest could be deducted against the taxable income the property made.  So, in simpler terms, the Government is changing a law to make it easier for landlords to deduct loan interest from their taxes when they buy rental properties.From 1 April 2024, 80% of all interest incurred on loans associated with residential rental properties will be deductible for tax purposes, and from 1 April 2025, this will increase to 100%.This change in legislation is expected to significantly increase the profits that certain residential property landlords will receive in the future. For instance, let's say a landlord paid $30,000 in interest expenses on a loan for a rental property during the 2024/25 tax year. Under the new rules, $24,000 of this amount (which is 80%) will be allowed as a deduction for tax purposes. As a result, the landlord would pay approximately $7,000 less in taxes compared to the previous year. This alteration in tax laws will lead to a significant boost in cash flow for many residential rental property owners going forward. The minimum wage increaseThe adult minimum wage increased by 2% to an hourly rate of $23.15 from 1 April 2024. For those who employ a number of staff on the minimum wage rate, this could impact your profit margins materially.As a business owner, you may need to complete a forecast for your business to better understand the exact impact on your business and if you need to consider changing your business strategy to cover this cost increase and mitigate the underlying impact on cash flow.Road user charges for electric vehiclesFrom 1 April road user charges will be charged on both full and battery electric vehicles. The cost works out at $76 per 1000km for EV’s and $38 per 1000km for plug-in hybrid vehicles. The reduced hybrid rate reflects the fact this type of vehicle already incurs a road user charge for the petrol engine component of the car.Overall, it is estimated that road user charges for EV vehicles will increase by $1,000 per annum. If you have a fleet of EV vehicles, this could result in a significant cost increase for your business. Therefore, you may need to consider adjusting your business plan to mitigate these higher costs and minimise their impact on your cash flow. 39% trust tax rate changeThe tax rate on profits earned through trusts has been increased to 39%, up from the previous rate of 33%. This change could have a notable effect on your cash flow. If you generate a substantial income through a trust and haven't already done so, it would be a good idea to consider seeking advice tailored to your circumstances. This will help ensure that a trust structure remains suitable for both your business and investment endeavours in the future. SummaryThose are just a few of the regulatory and legislative changes which came into force on 1 April 2024. Some of the changes may result in a material uplift in underlying cashflow for people, but others may also result in a material decline in cashflow generation.If you haven’t done so already it may be prudent to review your forecast business cashflows in detail for the next 12-month period, and potentially take some advice where required to make sure you are fully across the changes and the potential impact on you and your business.If you'd like some assistance or need some professional advice, BDO is here to offer support and leverage our expertise to help you adapt to these regulatory and legislative adjustments.

In the unpredictable landscape of life, financial stability is a paramount concern for individuals and families alike.While we often strive to plan for the future, unforeseen circumstances such as illness, injury, or loss of income can swiftly derail even the most meticulously laid out financial plans. This is where the importance of income protection, trauma and life insurance becomes profoundly evident, serving as crucial safety nets during financial hardship. Life Insurance: Protecting Loved Ones Beyond the PresentLife insurance stands as a pillar of financial security, offering a vital lifeline to loved ones in the event of the policyholder's demise.It provides a lump-sum payment to beneficiaries, helping them navigate the financial burdens that may arise following the loss of the primary breadwinner.From mortgage payments to educational expenses and everyday living costs, life insurance ensures that dependents can maintain their quality of life and pursue their aspirations, even in the absence of the insured individual.Income Protection Insurance: Safeguarding Financial Well-Being Amidst UncertaintyIn today's dynamic economy, the ability to earn an income is perhaps one of our most valuable assets.Income protection insurance shields individuals against the potential fallout of unexpected setbacks such as illness or injury that render them unable to work.By providing a regular income stream during periods of incapacity, income protection insurance mitigates the financial strain of medical bills, daily expenses, and other financial obligations, which is a huge help during difficult times.It offers peace of mind, enabling policyholders to focus on their recovery without the added burden of financial worries. With income protection insurance in place, individuals can navigate challenging circumstances while safeguarding their financial well-being. Trauma Insurance: Alleviating the Financial Toll of Critical IllnessA critical illness diagnosis can swiftly turn life upside down, both emotionally and financially.Trauma insurance offers vital support by providing a lump-sum payment upon the diagnosis of specified critical illnesses, such as cancer, heart attack, or stroke.This financial assistance can be used to cover medical expenses, rehabilitation costs, or even to adapt living arrangements to accommodate new circumstances.By alleviating the financial strain associated with critical illness, trauma insurance empowers individuals to prioritise their health and well-being without facing additional financial hardship. The Role of C&R Insurance Brokers: Advocates for Comprehensive CoverageWhile the significance of life, income protection, and trauma insurance cannot be overstated, navigating the complexities of insurance policies can be daunting for many individuals.This is where the expertise of C&R Insurance brokers proves invaluable. As professionals we possess an in-depth understanding of the insurance landscape and are adept at tailoring solutions to meet the unique needs of their clients and offer personalised advice.Especially for individuals on a tight budget, where every dollar spent needs careful consideration, a review of existing insurance covers is paramount. C&R Insurance brokers can conduct a thorough assessment of clients' current policies, identifying areas where coverage may be lacking or where savings could be made. By optimising insurance portfolios to align with financial constraints while ensuring comprehensive coverage, C&R Insurance brokers enable clients to make the most of their insurance investment.In times of financial hardship, the benefits of life, income protection, and trauma insurance extend far beyond mere financial compensation. They provide reassurance, stability, and a sense of security, enabling individuals and families to navigate life's challenges with resilience and peace of mind. Coupled with the expert advice of C&R Insurance brokers, these insurance solutions form a formidable defence against the vagaries of fate, safeguarding financial well-being and ensuring a brighter, more secure future for all. 

Imagine you have had a cash windfall, won a lump sum of money, received an inheritance or finally have access to your retirement savings.What happens next?In an ideal scenario, you would have had time to contemplate retirement planning and how you intend to navigate it. However, for many of us, life is busy, making it challenging to fully consider our next chapter.It can feel overwhelming. Many of us have probably fantasised about how we'd spend a large sum of money, but imagining it is one thing and actually managing real money is another challenge altogether.So it's important to think about your financial plan. First, take a breath Before doing anything, the first step should always be to take a moment to understand the full extent of this new financial situation you're in. It's advisable to resist the urge to make any hasty decisions, as the sudden increase in wealth can lead to impulsive spending.Deal with your financial prioritiesIn most cases there may be personal debt to consider, the easiest approach is to pay off any high-interest debt, personal loans, credit card debt and so on. Then you can consider the mortgage, but you will want to understand any costs of repaying, also whether it may be worth continuing with the mortgage payment for now and assessing all the options going forward.It’s also essential to consider an emergency fund so you have a safety net for any unforeseen circumstances, and you don’t have to dip into your long-term investments or take on more debt.Consider investingInvesting is another critical aspect to consider.Investing large sums of money carries inherent risks, and whether this aligns with your risk tolerance determines its potential outcome as either advantageous or detrimental.It might be worth considering having a diversified portfolio. This means investing in a wide range of different asset classes. Making the strategic decision to invest in different types of assets, can help lower your level of risk and maximise returns over time.Seeking professional advice on your investment decision from a financial advisor who understands your personal goals, financial goals and risk tolerance is highly recommended. They can assist in creating a tailored investment strategy that aligns with your long-term objectives and can also help with the steps above.Plan for the future Include thinking about the future in your financial planning. Setting up retirement accounts or education funds for children (or grandchildren) can ensure that the financial windfall has a lasting impact.Additionally, consider contributing to charitable causes that are meaningful to you, this can provide personal fulfilment and in some cases tax benefits.In conclusion As you can see, a windfall of money requires a thought-out financial plan and disciplined decision-making.By taking strategic steps and seeking professional guidance that offers personalised financial advice, one can effectively manage and make informed decisions about their newfound wealth to secure a prosperous financial future.How we can helpWe at Collinson Wealth Partners would be happy to share our knowledge and experience in this area, help you step through the considerations and come up with a plan you can implement to make the most of your options.The information contained in this publication is general in nature and is not intended to be personalised financial advice. Before making any financial decisions, you should consult a professional financial adviser.Collinson Wealth Partners FSP 743091 believes the information in this publication is correct, and it has reasonable grounds for any opinion or recommendation contained in this publication on the date of this publication.

As your family grows, it may be worth considering upgrading your current home.Upsizing your home isn’t as easy as upsizing your fast food. Accommodating a growing family is a significant decision that involves several considerations to ensure that the new space meets your needs and preferences.Here are a few things you should consider before making the change:Space Requirements:As your family grows, so do your needs for space. It can be challenging to live comfortably in a home that is bursting at the seams with belongings and people. Evaluate your current property and identify the areas where you feel cramped. Determine how much extra space you'll need to accommodate your family's needs comfortably.Budget:Before diving into the upsizing process headfirst, it is crucial to set a realistic budget. This means taking into account not only the cost of purchasing a larger property but also potential renovation expenses, moving costs, lawyers, and agency fees.Home Layout:Pay attention to the floor plan of the prospective homes you're considering. Look for features such as extra bedrooms, storage space, the layout of common areas, and any additional spaces you could need like a home office or playroom. For households with teenagers, it could be worth considering two separate living spaces/rooms and incorporating a media room, to provide everyone with their own space and entertainment options.Outdoor Space:Assess the outdoor space available with the new home, especially if you have children or pets who will need room to play. Consider factors such as yard size, landscaping, and outdoor amenities like a patio or deck.Location:Consider the location of your new home carefully. Choosing the right location can make a big difference in how smoothly your family transitions into a larger space. One of the first things to think about is proximity to schools. If you have school-aged children you may also want to consider the children's sports or after-school activities. Additionally, consider the proximity to work and other important destinations such as grocery stores, parks, and medical facilities.School Zoning:Speaking of school, if you have school-age children or plan to have them in the future, research the quality of the schools in the areas you're considering. A good school can significantly impact your children's education as well as your property's resale value.Commuting:Worth considering if you're choosing country over town. Often children who can walk or bike to after-school activities puts less stress on the family having to provide transport during work hours.Future Growth:Anticipate any future changes in your family size or lifestyle that might affect your space needs. While upsizing now may meet your current needs, it's essential to consider whether the new home will still be suitable in the long term.Resale Potential:While it's essential to choose a home that meets your current needs, also consider its resale potential. Look for features and proximity to amenities that appeal to a broad range of buyers and consider how the neighbourhood and local property market may affect resale value.Home Inspection:Before finalising the purchase of a new home, conduct a thorough home inspection to identify any potential issues or repairs needed. This can help you avoid unexpected expenses and ensure that the home is safe and structurally sound for your family. If unsure, get a builder through or better still get a comprehensive builder’s report.By taking these key considerations into account before you decide to leave your current space and upgrade to a larger house, you can ensure that your decision is well-informed before taking the plunge. For additional guidance, feel free to reach out to me at Tall Poppy.

Taking on your first employee is a massive step for any business, especially if you’re used to going it alone.Registering with Inland Revenue (IRD) as an employer is the easy part. An employment agreement that is fit for purpose can be easily obtained with the right advice, but the real challenge is bringing someone into the business who shares your vision and values.Therefore, both you and your new hire must have a clear understanding of why they've been brought on board. Before you start the recruitment process...As the business owner, you need to be clear about what is important to you, and why.If you can’t explain your expectations clearly to your new staff member, what chance do they have of representing you accurately in the marketplace?This means;Articulating your company culture and valuesProviding a job description that clearly indicates tasks, measurables, and expected outcomesIdentifying the skills and competencies needed for the roleProvide an induction plan when your successful candidate starts, so that you can maximise the chances of retaining them. Make it fit for your businessIn New Zealand, 97% of our businesses are small to medium enterprises (SMEs) with less than 20 employees.Even though it might not seem like typical ‘corporate’ stuff, being 'corporate' just means being united as a group or sharing things with others in the group. There is no size restriction to having a corporate identity.Nothing in the definition of “corporate” indicates you need to be “stuffy” or “bureaucratic” with your culture.Your vision and values may indicate a more relaxed “culture” supported by respect, integrity, quality and even fun! What’s important is that every single staff member and prospective employee understands exactly what is required of them. What does success look like to you?Becoming an employer puts you into a position of trust and one that you may well be held accountable for if you breach it.Providing clarity in the role within your job description, company strategy and business goals, can reduce your risk of future misunderstandings.Providing an objective and purpose for the new hire can also help identify how to measure “success”.What tasks will the person be doing on a day-to-day basis and what skills do they NEED to meet your business requirements?What skills do you WANT but are really just “nice to haves”?Is there an option to provide career development, or training so that you can acquire those skills when you need them?If you’re clear about what you need and how you’ll measure success, including the cultural expectations of the company, you’re much more likely to find the right type of person for your business. After the hiring process An induction process or an onboarding process is essential to ensure your new staff member is up and running as soon as possible.The first two to four weeks of employment provide the best window of opportunity to set the expectations of the job and deal with any immediate training issues.Need some help?For more information, professional advice, or assistance with your Human Resource queries, contact Cherilyn at Enterprise And Staffing Innovations NZ (EASI NZ) on [email protected] or phone 021 665 013. 

Buying or selling a residential property can be one of the most significant transactions in your life.Whether you're stepping into home ownership or transitioning to a new property, understanding the process is crucial. Here are some valuable insights that I would recommend looking into throughout your home buying or selling process: Sale and Purchase Agreement (S&P):The S&P agreement records the terms of the agreement. Ensure you fully understand all the terms, as it's not just about sealing the deal with a purchase price and the settlement date. The better your understanding the more certain you can be about the transaction. Choosing the Right Entity:Deciding what entity to purchase the property under can have legal and financial implications. Consulting with a lawyer and accountant can help you determine the most suitable structure, whether it's purchasing as an individual, a trust, or a company. Financing Approval:Securing finance is essential for many buyers. Understanding which entity to get finance approved through and ensuring you meet the lender’s requirements is vital. Work closely with your mortgage broker and lawyer to navigate this process smoothly.Title Review:Before signing an agreement or going unconditional, it's crucial to review the property's title. This includes checking for any registered instruments that may affect your intended use of the property, such as having design requirements or even restricting you as to what type of dog you can own. Building Inspection Report:Obtaining a builder's report can uncover any hidden defects or issues with the property's structure. This information is invaluable for making informed decisions and negotiating if necessary. Land Information Memorandum (LIM):A LIM provides valuable information about the property, including zoning, building consents, rates, and any known hazards. Obtaining a LIM report is essential for buyers to understand the property's history and potential issues before proceeding with the purchase. KiwiSaver:KiwiSaver can be a valuable resource for first-home buyers, offering assistance with the deposit or at settlement. Understanding when and how to use your KiwiSaver funds is crucial, discuss this with your lawyer and mortgage broker. Ownership Agreements:If you're purchasing the property with a partner, friend, or family member, it's essential to have a clear agreement in place. The agreement will outline each party's rights, responsibilities, and contributions to avoid potential conflicts in the future. Navigating the legal process of buying or selling a residential property in New Zealand requires attention to detail and expert guidance. By understanding these key insights and seeking professional advice when needed, you can ensure you are protected.For personalised legal assistance and guidance, don't hesitate to contact our experienced team of property lawyers. We're here to help you every step of the way. 

In New Zealand, homeowners often take great pride in their properties, investing time and money to create comfortable and secure homes.However, you may be unaware of a lurking risk that could leave you financially vulnerable: underinsurance.Underinsurance occurs when the value of an insured property is underestimated, leading to insufficient coverage in the event of a disaster.This issue can have severe consequences, especially when it comes to home, building and contents insurance.Fortunately, with the advent of online tools, homeowners now have easier access to resources that can help them accurately calculate the sum insured for their properties.Understanding UnderinsuranceUnderinsurance poses a significant threat to homeowners across New Zealand.According to recent studies, a large percentage of properties are undervalued, leaving homeowners exposed to potential financial losses.When a natural disaster strikes, such as a flood, earthquake, or fire, the rebuild cost or replacing damaged property from these extreme events can exceed the coverage provided by insurance policies by a lot.One of the primary reasons for underinsurance is not staying updated with property valuations. As property values fluctuate over time. It's essential for homeowners to reassess the replacement cost of their homes, contents, and buildings periodically.Additionally, many homeowners mistakenly believe that their insurance policies will automatically adjust the level of cover to reflect changes in property values, leading to a false sense of security.Online Tools for Accurate ValuationsFortunately, homeowners now have access to a variety of online tools and resources that can help them calculate the level of insurance cover needed for their properties.These tools help you take into account various factors such as location, property size, construction materials, and local building costs to provide an estimate of the replacement value.One such tool is the Cordell Sum Sure, which is widely used by insurance professionals and homeowners alike. This online tool allows users to input specific details about their property, such as its address, age, size, and construction type. Based on this information, the calculator generates a comprehensive valuation report, including the estimated cost of rebuilding the property from scratch.For contents insurance, you can use Sum Insured. Which can help establish accurate replacement costs for contents assets.Appointing a qualified valuer to assess your commercial building is now required by most insurance companies every two years. If you need guidance on getting a professional valuation please let us know and we can put you in touch with the various valuers in the region.Tips for Avoiding UnderinsuranceIn addition to using online tools, there are several steps homeowners can take to avoid underinsurance:Regularly review insurance policies: Take the time to review your insurance policies annually and make any necessary adjustments to ensure adequate coverage.Conduct regular valuations: Periodically reassess the replacement value of your property to account for changes in property values and construction costs.Consider inflation: Factor in inflation when calculating the sum insured for your property to ensure that coverage keeps pace with rising costs.Consult with professionals: If you're unsure about the adequacy of your insurance coverage, consider consulting with us or property valuers for expert advice.ConclusionThe risk of underinsurance is a significant concern for homeowners and building owners in New Zealand, but with the help of online tools and resources, it's possible to mitigate.By regularly reassessing property valuations and using tools like the Cordell Sum Sure calculator and Quotable Value website, owners can ensure that they have adequate insurance coverage to protect their most valuable assets.Taking proactive steps to address underinsurance can provide peace of mind and financial security in the face of unexpected disasters.If you're uncertain about your coverage or need professional assistance, your local insurance brokers at C&R Insurance would be happy to guide you.  

As a recruiter one of the questions I ask when speaking to potential employees is ‘What’s important to you in a role?'I can unequivocally say that in the last year ‘being able to make a difference/help with positive change’ has been the standout response. I have had candidates choose their values over their pay, and I think we can take a lot from that.People want to feel that what they're doing is good, and they're interested in doing positive things that actually make a difference. If that’s what motivates people, I feel like business owners need to listen up.This doesn't mean that professional development, flexible hours, bringing your dog to work, having your birthday off and the choice to work from home aren't also important!Values: So how can we look at authentically encompassing social or environmental positive change? See that word I snuck in there ‘authentically’? To be truly authentic you have to move in line with your values.To achieve this, you first need to develop your values, making them meaningful and relevant to your business. What do you want your company culture to look like? How do you want your business to behave? How should people feel? How should the business be seen or how should people feel about it?Your values do not have to be set in stone, they evolve and grow as you do and guess what? If you include your current employees in building these values you have their buy-in too, plus you’re all accountable. The values that you come up with should be revisited and visible for all to see.Team Culture:Feeling included, valued and listened to within the team is all the motivation people need to get out of bed in the morning. When people willingly invest their time in your team, it's a testament to the power of teamwork, as the saying goes, "Teamwork makes the dream work."On the flip side, if you claim 'teamwork' as a core value but experience weak communication, isolated departments, and a lack of team-building activities, it undermines collaboration and camaraderie among employees, leading to lower productivity and morale, which won't be great for your company culture.  Employee Well-being:Creating a positive employee experience and a workplace where everyone feels valued and supported boosts their happiness and engagement, leading to better productivity and job satisfaction. Keeping talented people around not only saves money on hiring but also keeps important knowledge within the company.On the flip side, a toxic work culture with long hours, high stress, and little care for mental and physical health brings down morale and makes people leave their jobs more often. This not only hurts individual performance but also puts the health of the whole company at risk.In conclusion It’s all common sense when you take a step back and look at the big picture. So, I challenge you to look at your values and ask yourself if you are using them to support decision-making within your team. Is it time for a refresh and can you ask your team their thoughts?Get them right, make them spread like wildfire around your organisation and see everyone thrive! Now that’s a key way of attracting amazing and qualified candidates and encouraging them to choose you. EASI NZ would love to help your local businesses and ensure that your operations, policies, and procedures all reflect your company values and how you would like to present your business to potential customers. Contact us for more information about aligning your HR strategy to fit your business needs. 

You may have seen recent articles in the news highlighting an update around studies on the human life expectancy and how it compares with how long people think they will live.A recent survey by Horizon Research showed that only 18% of people think they'll live to be 91 years old. But, interestingly, about 42% of women actually reach or go beyond 91. For men, it's around 30%. So, there's a difference between what people expect and what often happens when it comes to average life expectancy.The upshot is that, overall, we are living longer, and each generation is lasting longer than the previous one. Depending on your view this can be a reason to rejoice, however it does raise the question of whether we will outlive our financial resources or not.My thoughts on the possible implications are... Many people will have to work longer, save more or both.The idea of working longer as we get older doesn't have to be seen as a bad thing. Evidence shows that staying active in work, being productive, and enjoying the social aspects of a job are great for our well-being, especially for those who find fulfilment in their work.With the increasing popularity of working from home and flexible hours, the possibility of continuing to work as we age becomes more realistic and less challenging. This flexibility can have positive effects on our overall health and happiness.However, it's important to recognise that this may not be as simple for those in physically demanding jobs. For those in this position, it's recommended to focus on saving money and exploring less physically demanding career options as you get older. Planning for a transition to a less physically demanding job can be a smart move, ensuring more financial security and the ability to maintain a satisfying lifestyle and good quality of life as you age. Women are often overlooked in the financial planning world.  Women typically live longer than men. This means that, on average, women often end up with more financial responsibility as they outlive their partners. Despite the belief that men usually handle money matters in relationships, studies suggest that women can be better at investing.It's important for the financial industry to encourage more women to get involved in managing money. Since women live longer, there should be ongoing efforts to focus on their financial well-being. The longevity issue certainly highlights the importance of continued growth in focus on women and their financial future. Investors need to understand and define their time horizons.  When you start your retirement planning, the big challenge is not knowing how long you'll live and how long your retirement savings and investments need to last. While your human capital (earning power) in most cases will reduce in retirement and older age, your spending, which includes covering the cost of living, still needs to keep up with rising prices (inflation) to maintain your financial security. Therefore, your retirement savings and investments have to keep growing to support yourself for possibly a longer time than you expected.It's essential to take proactive steps now to secure a better retirement plan for the future as it affects how much risk you can take with your money and how you spend it now and in the future. Plus, it impacts how much money you can safely take out of your investment portfolio to cover your current expenses. So, taking action and planning ahead is really important to make sure your money lasts as long as you do. How we can help We at Collinson Wealth Partners would be happy to share our knowledge and experience in this area, explore the above considerations with you, and help you produce a plan to ensure security and peace of mind into your retirement.The information contained in this publication is general in nature and is not intended to be personalised financial advice. Before making any financial decisions, you should consult a professional financial adviser.Collinson Wealth Partners FSP 743091 believes the information in this publication is correct, and it has reasonable grounds for any opinion or recommendation contained in this publication on the date of this publication. 

Tax is something I don’t typically write about as it doesn’t tend to be much of a crowd pleaser.However, as death and taxes are the only two certain things in life (as the saying goes) and the fact that there are a few key tax changes about to occur, I feel compelled to do so in this instance.On the 1st of April 2024, a few tax changes come into play that could impact how much net earnings you generate in the future. I'll talk about two changes below to help you understand how they might affect you (if they apply to you) and give you enough time to get ready. Trust Tax Rate ChangeFrom 1 April 2024, the basic tax rate for trustee income will increase from 33% to 39%. This adjustment will match the top marginal tax rate that applies to individuals earning over $180,000.Trustees must be aware of the implications this increase has on the taxation of trust income. The new trustee tax rate may influence decisions around the distribution of income to beneficiaries, as taxable distributions are generally taxed at the beneficiary's personal rate.If your trust holds shares in an operating company, you have until 31 March 2024 to raise a dividend in that operating company to clear out any imputation credits available.This is important to know because if you change the dividend before 31 March 2024 the Trust will be taxed at the existing 33% rate, whereas if you declare a dividend after 1 April 2024 the tax increases to 39%.I would recommend speaking to your accountant as soon as possible for clarity, as the potential cost savings may be significant.   The “App Tax” – GST changes impacting accommodation providersThe so-called "app tax," is also starting in April 2024. It is an adjustment to New Zealand's existing GST rules, expanding them to "listed services" like ride-sharing, food delivery, and short-term accommodation.This change will impact platforms such as Airbnb and Uber, requiring them to collect and pay GST on all transactions, even if the driver or host is not registered for GST themselves.How could this affect you? The ultimate impact will largely depend on the circumstances of the operator and underlying short-term accommodation provider.The following are the most common scenarios: Holiday homes that are not registered for GSTConsider Bob, an accommodation provider with a holiday home advertised on Holidays-R-US. As his turnover is below $60,000, he isn't GST registered. If Richie stays for one night at a cost of $100, the "App Tax" imposes 15% GST ($15), collected by Holidays-R-US. Bob receives a standard input credit of 8.5% ($8.50), resulting in a net payment of 6.5% ($6.50) to the Inland Revenue Department. Consequently, Bob experiences a 6.5% reduction in annual revenue from April 1, 2024, onwards.Overall, this will result in Bob receiving 6.5% less revenue from 1 April 2024 than he had inthe past. As such, you may want to review pricing so not to impact what you receive in thehand. Holiday homes that are already registered for GSTTaking the facts above, Bob’s neighbour, Jenny, is also an accommodation provider and advertises her holiday home via Holidays-R-US. Unlike Bob, Jenny is registered for GST as her turnover is greater than $60,000. Hence, Jenny already charges 15% GST for guests and claims GST on costs related to providing the accommodation. Richie stays one night at Jenny’s home for $100 + GST.The total 15% ($15) will now be paid by Holidays-R-US to Inland Revenue. Jenny will treat any income as a zero-rated supply for GST purposes (so as not to double pay GST) as Holidays-R-US has already collected the GST.GST-registered owners are allowed to opt-out of Holidays-R-US collecting GST on their behalf (and continue collecting and paying GST as you currently do), but if you don’t choose to opt-out it is important that moving forward sales via apps such as Holidays-R-US are zero rated for GST purposes so you don’t double pay. Large operators (hotels and holders of management rights)A large Hotel next door to Jenny’s home, Luxury Hotels, advertises homes via its website and through online intermediary websites such as Booking.com. Under the App tax, any Hotel/Hostel/etc. making taxable supplies of more than $500,000 have the option to opt out of the platform rules, without requiring the platform's consent.  In conclusion, staying informed and proactive about these upcoming tax changes is crucial for protecting your financial interests. If you have any questions or concerns, our team at BDO is ready to provide support and guidance tailored to your specific situation. Don't hesitate to reach out – we're here to help you navigate the evolving tax landscape. 

Beginning on the journey to purchase your first home is an exciting and significant milestone, but it can also be daunting and overwhelming. It's often hard to figure out where to even start! So let's delve into valuable information to simplify the process and make your home-buying experience more manageable.Sorting out your financesTo kick off your journey, start by assessing your current financial standing. It is crucial to get a clear understanding of the homes within your price range.Start by seeking the expertise of a mortgage broker to navigate the complexity of home loans, find favourable mortgage rates, explain loan options, and guide you through the application process.Prior to embarking on your house-hunting expedition, also take a moment to sit down and conduct a comprehensive evaluation of your financial situation. Calculate your affordability by factoring in your income, expenses, and mortgage rate. Online calculators can be great tools for estimating your borrowing capacity.Additionally, explore the possibility of utilising your KiwiSaver funds and check your eligibility for the first home grant. These government initiatives are designed to extend financial support to first-home buyers, enhancing your options as you step into homeownership.Research Once your budget is in order, it's time to research the right house for you.Look into exploring different neighbourhoods and homes in your budget, considering factors like proximity to schools, childcare, supermarkets, and local services. A house should align with your lifestyle, work, and amenities preferences.I would recommend researching at least six to 10 homes before making your final decision, this approach allows you to understand how your budget aligns with the options in the marketplace (value for money). Familiarising yourself with the market and property prices during this process can also provide valuable insights into the features that matter most to you in a home. Open homes are a great way to do this!While looking for your new home, consider areas with growth potential that could contribute to a good living environment and potential property value increase. But also be mindful of local council zoning rules, which can impact your ability to make future property modifications.Before the purchase You've signed up for a property! However, the journey doesn't conclude there. Initially, it involves a series of crucial steps, including a building inspection, valuation, obtaining a LIM report, securing pre-approval for house insurance, and having a lawyer examine the title and interests.Before committing to any deal, consider investing in a professional building inspection as a stipulation in your agreement. This ensures a thorough examination of the property, allowing you to spot potential issues and make well-informed decisions.Ask your agent to help you understand the legal aspects and contractual information involved in the home-buying process. They can guide you through the sale and purchase agreement and the offer process when you're about to make a purchase.You may also need to sharpen your negotiation skills. Be ready to discuss price, conditions, or inclusions before finalising the purchase. Online valuations are a valuable resource to gather facts and figures that can aid in negotiations. Additionally, leveraging insights from someone experienced in the property market can be advantageous.SecurityCongratulations on buying your house! Ensure its protection by finalising your home insurance. Compare policies to find one that suits your needs, covering potential risks like natural disasters or burglary.Additionally, consider establishing an emergency fund. You never know what may change, so allocating funds for unexpected expenses tied to homeownership, such as repairs or unforeseen financial shifts, is a wise move. This proactive measure not only creates a financial safety net but also reduces stress during the transition to home ownership.Need some more guidance on buying your first home?The REA (real estate authority) has developed Settled.govt.nz, which is a useful resource guiding first-home buyers through the home buying and selling process. Check it out for more information.If you have any more questions, want to discuss matters with an agent or need personalised guidance on your home-buying journey, feel free to reach out.Happy house hunting!   

With the change in government, the landscape for employees and employers is changing.Here are two of the main changes that will affect many employees and employers across New Zealand.90-day trial periodsStarting from December 23, 2023, every employer in New Zealand, regardless of their size, can now implement 90-day trial periods. Before this date, these trial periods were exclusive to employers with fewer than 20 employees. Now, all employers can utilise these trial periods.A 90-day trial period provides employers with greater confidence when hiring new employees but provides less security for employees.What you should know about 90-day trials:Before an employee begins their job, the employer and employee need to mutually agree in writing and in good faith to a trial period, as part of their employment agreement.The extension of 90-day trials will not affect other aspects of employment relations, such as the requirement to act in good faith, or worker protections regarding pay, conditions, leave, and health and safety.If employers are hiring people on certain work visas, they will also need to consider any immigration requirements relating to the use of trial periods. On January 6, 2024, the Worker Protection (Migrant and other Employees) Act 2023 takes effect, reinforcing immigration and employment regulations to enhance the safeguarding of employees from exploitation.Repeal of Fair Pay Agreements legislationAs of December 20, 2023, the Fair Pay Agreements (FPA) Act has been repealed. However, rights and obligations under other employment laws remain applicable for employers. Despite this change, employers, unions, and employees are still encouraged to work together to agree on suitable employment terms.If your organisation currently holds any personal information collected for the purpose of the Fair Pay Agreement activities, including bargaining, it must now be disposed of in line with the privacy laws. The Office of the Privacy Commissioner explains how you can do this.Disposing of information and documents safely – Office of the Privacy CommissionerUpdate to Minimum Wage RatesThe Government has also announced an increase in minimum wage rates from Monday, 1 April 2024.The details of the increase are:Adult minimum wage will go up from $22.70 to $23.15 per hour.Starting-out and training minimum wage will go up from $18.16 to $18.52 per hour.All rates are before tax and any lawful deductions, for example, PAYE tax, student loan repayment, and child support.If you are an employer or an employee - now is also an ideal time to ensure you know the details around the minimum wage, including that:It applies to all hours worked, unless both parties agree to a higher rate in the employment agreement.It applies to employees paid with a salary, or piece rates, or commission.Note the minimum wage does not apply in some situations including:Employees under the age of 16.Where a Labour Inspector has issued a minimum wage exemption permit to an employee who has a disability that limits them carrying out the requirements of their work.How we can helpAt Checketts McKay Law, we can help employees and employers work through any employment issues from preparing and reviewing employment contracts to dealing with personal grievances, we have an experienced team of employment lawyers ready to assist. For more information, please visit our website here www.cmlaw.co.nz and know you can always find us under Professional Services in The Central App. 

Insurance is a vital aspect of financial planning, providing a safety net for individuals and businesses alike. However, several myths surrounding insurance persist, often leading to misconceptions and confusion.Let's debunk some of these common myths to better understand the reality of insurance.Insurance is Only for the Wealthy:Contrary to popular belief, insurance is not exclusive to the wealthy. In fact, it is a crucial tool for everyone to manage risks and protect against unforeseen events. There are various affordable insurance options that cater to different income levels, ensuring accessibility for a broad range of individuals.Young and Healthy Individuals Don't Need Insurance:Many young and healthy individuals believe they can forgo insurance. However, accidents and illnesses can strike at any age. Insurance not only covers medical expenses but also provides financial stability during unexpected life events.Auto Insurance Covers Everything:While auto insurance is essential, it doesn't cover every conceivable scenario. Comprehensive coverage is necessary for non-collision incidents like theft or natural disasters. Understanding the specific terms of your auto insurance policy is crucial to avoid surprises in times of need.Life Insurance is Only for Death Benefits:Life insurance is often misunderstood as a mere death benefit. However, some policies offer living benefits such as, critical illness coverage, and long-term care benefits. Exploring the diverse features of life insurance can provide a more comprehensive understanding.Renters Don't Need Insurance:Many renters assume that their landlord's insurance will cover their belongings. A landlord's insurance typically only covers the structure, not the tenant's personal property. Renter's insurance is essential for safeguarding personal belongings and providing liability coverage.Health Insurance Covers Everything:While health insurance is a vital component of overall well-being, it doesn't cover every medical expense. Understanding co-pays, deductibles, and excluded services is essential. Dental, vision and certain elective procedures may require additional coverage, emphasising the importance of comprehensive health insurance planning.Home Insurance Covers Market Value:Contrary to common belief, home insurance does not cover the market value of your property. Instead, it typically covers the cost of rebuilding or repairing the home in case of damage. Homeowners should regularly update their coverage to reflect changes in property values and construction costs.We can assist you with trusted advice in all insurance products, click on the link or give us a call.Commercial - Horticulture & Viticulture - Rural - Personal - Life & Health - Income Protection

As we shift into the New Year, perhaps with refreshed enthusiasm or maybe with reluctant acceptance that the holidays are done, many of us are looking to the future and setting ourselves goals.'It is important that New Year’s resolutions don’t just apply to your personal life but also to your business goals. Business strategy can feel overwhelming – let's simplify it. It’s basically planning. A good plan or strategy will consider what you are trying to achieve, an honest assessment of where you are at and an intentional plan of how you will succeed.Often a lack of time can see planning pushed aside. However, having a clear plan will support you to recruit well, retain and develop your staff - saving you more time (and money!). Look at the past and present for the futureAssessing where your business is now, allows you to establish what you are doing well so that this can be built upon, as well as understanding what still needs attention.Reflecting on your plan is also an excellent way to measure success – there’s no better feeling than looking back and seeing the steps forward you have already taken. Ensure you reflect your core business valuesBefore you start planning it’s essential to be clear on the values or culture of your organisation– these should be genuine and reflected in how you conduct business and in how you manage staff.A mismatch of values in theory versus reality is a risk factor for burnout and staff attrition – so it’s important to get this right. Sharing your business plan has a huge impact on employee well-beingOnce you have a plan, share it with your current staff. Knowing the plan will help them grasp the context of decision-making, find purpose in their daily tasks, contribute valuable input, and cultivate a sense of ownership. This, in turn, enhances employee retention, engagement, productivity, fosters loyalty, and positively impacts staff well-being. Strategic actionNow you have your plan, what are you going to do with it? There’s no sense in “ticking the box” and then filing it away until next year. Your strategy should inform your staffing structure and planning for any changes required. Therefore it will need to be revisited on a regular basis. It should be used to consciously achieve your strategic objectives. This flows into staff development – knowing what you will need in future means you can develop current employees' strengths by intentionally upskilling them to meet these needs.Additionally, your plan should also guide the recruitment process, ensuring you design and hire for roles that align with your needs and seek individuals who not only resonate with your values but also possess the necessary skill set for your future demands. Need some help planning?Overall, the message is the old adage of “failing to plan is planning to fail” – it seems harsh but a well-thought-out plan will maximise the chances of business success, whatever that looks like to you.If this all seems overwhelming, we’re here to help – we offer all new clients a 1-hour free chat to discuss what you need and to find out whether we can help you achieve that. 

As we step into the new year, it's a perfect time to reflect on the journey of the previous 12 months and think about the path that lies ahead.From a financial adviser's perspective, this is especially crucial when thinking about your money goals for 2024 and beyond.There are three key items we at Collinson Wealth think you should focus on when mapping out your financial goals: Revisiting personal and family goalsExpecting the best and preparing for the worstBear in mind important dates e.g. tax, KiwiSaver, your ‘Review Day’Revisiting goalsFinancial plans are about mapping the future, showing how you are going to achieve your long-term goals with the finances to back them. It’s about structure and flexibility.Consider your aspirations: What do you aim to achieve, and when? Take into account the individuals in your life—partners, kids, and parents—who may require support. Figure out how much money you'll need to achieve these goals and understand the costs involved in making them happen.Flexibility is key. When life throws changes your way, you need to manage your personal circumstances and the finances connected to them. Be ready to adapt—life is full of surprises. As your personal situation changes, your plan should adjust too. While keeping long-term goals in mind, remember that the path to reaching them may shift.It’s a good time to look at performance. What is your current financial situation? Did things go as you planned? Should you adjust your expectations? Consider if your comfort level with taking risks has changed. Make sure the level of risk you're taking is suitable for your current situation.Explore new opportunities and constraints. Since the market is constantly changing, consider if there are fresh investment options worth exploring. At the same time, be mindful of what you should avoid. Expect the best but prepare for the worst.One very interesting aspect of 2023 was that despite economists forecasting negative outcomes for markets and economies, it turned out to be a surprisingly positive year for stocks and bonds. This highlights the importance of why you should approach forecasts, especially short-term ones, with a grain of salt and not take them as absolute predictions.The key here is developing the right mindset that guides you to take the right steps to mitigate risk, and a part of this involves being a ‘realistic optimist’ You don’t want to be crazy optimistic as that is how you end up piling into cryptocurrency or single stocks on the promise of big returns, while these investments can be rewarding when they rise, the downside is not pleasant when they crash. Similarly, too much cash on hand can cause you to miss out on the long-term positive effects of investing and compounding. Successful wealth builders blend the right mindset with the right financial plan.Ask yourself some key questions to test your mindset and thinking. Consider scenarios such as a 20% drop in stocks—would you sell everything? What if you lose your job? What would you do if you encountered a large unexpected expense? What's your plan if you fall short of your financial goals? Delving into these questions helps you better understand your preparedness and prompts thoughtful considerations for various situations.  Key deadlines and datesHere are some important dates in the year to keep in mind when you're planning for your financial goals and the year ahead. 31 March – The end of the tax year. Make sure to handle provisional tax and gather all your investment information for filing, along with taking care of any other financial matters. If your affairs are complicated, ask yourself if you have the right advice to help you complete your return and ensure you are meeting your obligations.30 June – KiwiSaver government contribution. Have you met the $1043 min to get the $521 government contribution?Your Review Day – Designate a day that you invest time in your future. Review your financial position and include your investment portfolios such as KiwiSaver. It’s like a warrant of fitness except it is for your personal financial goals.  What we can do to helpWe, at Collinson Wealth Partners, are experienced financial experts who are always happy to assist you in reviewing these key items and share our knowledge and experience in this area.The information contained in this publication is general and is not intended to be personalised financial advice. Before making any financial decisions, you should consult a professional financial adviser.Collinson Wealth Partners believes the information in this publication is correct, and it has reasonable grounds for any opinion or recommendation contained in this publication on the date of this publication. 

Just like that the New Year is upon us, I certainly hope you all had a great break with family and friends.In my final column for 2023, I discussed the idea of utilising the Christmas break to establish business goals for the upcoming year. Now, I want to delve into the process of translating those business goals into reality by constructing a strategic plan for your business.A business plan serves as a vital tool for any business as it formalises the goals set for the year. The approach to creating a business plan can vary based on its purpose and the size of the business. But for me, any good business plan, particularly strategic planning, should revolve around four fundamental pillars: business, market, people, and risks.BusinessTo build a plan you first must fully understand what your business does. Are you a service provider or a manufacturer? What skills or goods do you offer to generate revenue? Answering these questions is crucial, as a clear definition of your business can lead to a better understanding of how to enhance your top line. This could involve expanding existing product/service offerings or introducing new ones.Key questions to consider:What are you selling?Who are you selling to?How can you increase your top line, whether through price/margin improvements or an uplift in sales volumes (organically or via new sales)?Taking the time to reflect on the core business aspects and its revenue drivers you will naturally learn potential avenues for growth.MarketUnderstanding the market in which your business operates is integral to consider for your business strategy to continue business success in the future. Regularly reviewing the market environment is crucial, since the market you operate in will continuously evolve. For instance, the recent developments in artificial intelligence and its potential impact on your specific market. Key things to consider:Begin by clearly defining the market you operate in, then take a closer look at the specific niches/smaller markets your business currently engages with or should consider entering.Identify the key competitors in your market, including both direct and indirect competition. Additionally, stay vigilant for any new entrants that might be entering your market that you may need to be aware of.What competitive advantages do you possess over your rivals? If there are none, consider whether there are opportunities to establish new advantages.A regular assessment of the market you operate in and who operates in it will keep you aware of any potential threats to your business, and allow you to evolve your business to be a market leader.  PeopleBusinesses are fundamentally about people. In my banking experience, we always emphasised putting people before businesses. It was a belief rooted in the understanding that, without a solid team of individuals, especially in the event of losing key members, businesses could experience a rapid setback.Key points to ask yourself:Who are my key people? Additionally, is there a risk if a key person leaves, and should we have a contingency plan?Do I have the right people in the right roles?Who else could be beneficial to support the future growth of the business?Do we have the right mix of people in governance, management, finance, operations, and customer service to make our business perform at its best?I highly recommend that all businesses look at this area to ensure a well-balanced team, a crucial factor for maximising business performance. RisksKnowing the possible risks for your business is really important. It's just as crucial to have plans in place to deal with those risks. Even though it feels great to see your hard work paying off in business, it's equally important to be ready to handle any big challenges that might pop up.Key questions to ask:What are the key risks to my business, be it financial, competition or regulatory?What potential new risks could arise, such as developments in products/services or market changes.Am I exposed to customer concentration risk? In other words, does a single customer contribute a significant portion of revenue, to the point that their departure would have a substantial impact on cash flow?Once you identify the main risks to your business, you can create plans to address them if needed. Implement these plans as swiftly as possible to reduce the potential impact on your business. Final thoughtsTaking the time to create a business plan focusing on these key areas of your strategic plan is a significant step toward sustaining and expanding a successful business, in my opinion.If time is a constraint, consider conducting a SWOT analysis (assessing Strengths, Weaknesses, Opportunities, and Threats) for your business. It provides a quick yet effective way to gain insights into your business and market dynamics. While you may need to explore key themes later on, it offers a snapshot of your business at any given moment.If really in doubt, or something is keeping you awake at night, don't hesitate to reach out to us at BDO. We're here to assist and leverage our experience to support you.