Do you want to promote growth in your business? Are you looking for a way to be more competitive? Are there other specific goals you want to achieve?
No matter the size or scope of your business, planning is critical to its success: it’s the blueprint to achieving your goals.
Why do I need to plan for my business?
Setting and achieving your goals:
With no documented plan in place, you, your business and your employees are flying blind without the clear directions and business goals needed to drive the business forward. Many business owners create their own business plans, but if you’re new to business, taking your business in a new or unfamiliar direction, or looking to expand or refinance, you may need professional advice to build your business plan.
If you need to reach out to investors or banks for finance, it’s vital that you can show the potential worth of your business and how you hope to see it grow. Without a thorough and well thought out business plan, securing finance will be even more difficult than usual.
It’s easy to get swept up in the hustle and bustle of running a business, which is why it’s important to take a step back and get a good look at the big picture. Effective business tax planning allows you to identify areas that work and areas that don’t, while minimising your tax obligations and better positioning yourself to make informed decisions.
The value of business tax planning through a third party
Other than the experience and expertise you gain, there is another key benefit of engaging us in your business tax planning. By having a third party assist in the development of your business plan, you are increasing the likelihood that new opportunities will be identified where they may have been missed. You also open your business to our expert scrutiny and may discover issues you were unaware of, giving you time to address said issues while there is still time to correct them.
PJT Advisors can assist you to develop a workable business plan which will take into account the market, your current business and scope for expansion, product mix, pricing, distribution and promotion and more. We may also develop projected profit and loss or business cashflows in combination with your business plan.
Put your business on the front foot
Your business plan should have achievable goals, which should be reviewed on a 6-monthly basis to ensure they remain in line with your needs as they change over time. The full business plan should be reviewed annually so that you can new goals and ensure you’re on track to achieve your longer-term goals. If your business undergoes any significant changes, such as a transfer of ownership or a partnership dissolution, we can conduct an independent business valuation or assist with new business purchases as necessary.
Talk to your trusted PJT advisor today for a review of your business plan, or for assistance in developing one for your business.
Beyond being experts in accountancy compliance, PJT has a very strong focus on providing sound business advice, ensuring your profits are maximised, tax is minimised, assets protected, and wealth creation and superannuation strategies are designed to match your lifestyle goals. We look forward to being of service to you and your business.
Read Related Articles
With the end of the financial year fast approaching, it is time to get everything Continue reading