The next Episode - The Week That Was - Next Advisory

The next Episode - The Week That Was

The next Episode – The Week That Was

It’s nearly birthday time here at nextAdvisory so as we do, we have our own annual business planning to get through. You guessed it – we’ll be leaving the rainy shores of New Zealand behind for a week to plan for our next 12 months.

We’ll keep the location a secret for a bit longer but you’ll know all about it soon enough. We’ve been busy setting an agenda and having a bit of a pre think about the things we want to get out of our trip away – homework you might call it.

Now before you go and accuse us of chasing tax deductible international travel expenditure, we’ll have you know that if you speak to any business owner that takes time to get out of their business to do some planning, they will tell you just how effective it is.

The businesses that we work with that complete regular business planning and then execute these plans, operate at another level. Whilst we are away, we are going to be filming some content around some of the things that have worked really well for us and our clients over the last two years.

Business planning is also as much about the business owner investing in themselves and their business. We all know that execution is the true variable to success so when people have bought into their own plan, they are usually more compelled to see it through.

It is a frightening question to ask a business owner to explain why their entertainment budget is bigger than their education budget – we’ll leave that for another day but something to think about. If you aren’t investing in yourself or your business in an era where you have such great access to quality people and resources, you need to ask yourself why.

Provisional tax and GST is due tomorrow (August 28th) so we’ve been ensuring all of our clients are up to date and we’ve also been producing additional content to remind those non clients of their obligations. Provisional tax pre pays your tax toward the 2020 Financial Year – we review these payments for clients at each instalment to ensure it is in line with their current financial years performance as provisional tax is historically based on the prior years income which could be drastically different to this years.

We had a client have a great win last week where an old customer of their’s, who had never paid, (becoming a bad debtor), returned for more service. The client stepped up and said yes sure, how about you clear your bill from 2015 first and this time, you’ll be paying up front. Sometimes it takes us to get burnt to learn not to let it happen again. Don’t be afraid to set the terms that you do business on.

Just so that you don’t forget- Prov tax and GST tomorrow (August 28th).

Enjoy your week!

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