Updates & Articles

What do you want from your Business?

  • Share

When you started your business, you probably dreamed about flexible hours and highly profitable, stimulating work.

Ideally, you would’ve adopted best practice and documented those dreams in a succinct Business Plan. The plan would specify how much cash you need from the business, your role, and the hours you’d be working. In other words, what the business was going to deliver to you personally as an owner.

But that was all before the world turned on its head and most plans went out the window.

Whatever you previously dreamed of or planned for must be reconsidered due to the impact of Covid-19. It’s likely that what you want personally from the business hasn't changed, it will probably just take longer than expected.

Take the opportunity to reinvent your business to deliver what you want.

Trimming what you need personally from the business for the next year or two will give you the best footing to recover.

Consider the following:

1. Can you still have the lifestyle you want with less cash strain on the business? A walk with friends, as opposed to a dinner out, is great for your health and easier on your wallet.

2. Are there personal costs that can be avoided? Do you need that second takeaway coffee each day?

3. Can you refinance your personal and/or housing debts to achieve lower interest rates or reduced principal repayments?

4. Can you spend less on holidays or travel in the next 12 months?

5. Can you modify your role in the business to reduce stress or workload?

6. Will these needs be different in the medium term? I.e. can you hunker down for 12-months or until the business’s profitability and cashflow improve?

The best way to reduce the cashflow strain on your business is to revise your personal budget. Your budget will identify potential savings you can make and provides a benchmark against which your actual spending can be tracked in the future. The Business Plan and budget can then be built around how the business can deliver the level of personal cashflow you need.

There are no shortcuts here. The discipline of personal budgeting with ongoing monitoring of your expenditure is essential. The good news is that the process is both empowering and enlightening at the same time. You’ll be amazed at where personal savings can be made and will feel much more in control of your business.

Contact us if you need help developing your Business Plan or personal budget.

 

“You must gain control of your money or the lack of it will forever control you.” – Dave Ramsey

 

The Maritime Museum Foundation has enjoyed a significant long term relationship with the team at Lynch & Associates. They continue to provide our board with outstanding professional service and sage advice. I would unreservedly recommend their accounting, audit and advisory services.”

Eric Mahoney, Chairman, Maritime Museum Foundation

Lynch & Associates have been our accountants since 2018. Through that time their friendly and approachable team have guided us and made good, clear recommendations for our theatre company for children. Their support and advice continue to help create a stronger, more sustainable charitable organisation. 

Tim Bray, QSM, Trustee and Artistic Director, The Operating Theatre Trust

It has been a pleasure working with Errol Burn and the team at Lynch and Associates, their insight, intelligence and in-depth knowledge of the social impact sector has allowed the Sir John Kirwan Foundation to flourish and grow.  Fully supporting the Foundation in all of its financial needs, Lynch and Associates have never failed to deliver, always providing calm, thoughtful advice together with encouraging us to consider every aspect, to ensure maximum benefit.

Nikki Flexman, Head of Growth, Sir John Kirwan Foundation

We have used Lynch and Associates services for over 15 years and have always found them to be a very friendly, helpful and professional team. They also really care about us and our business, as they went out of their way to assist us during difficult times. We have also used their professional business services that proved invaluable in helping us to get through a rough patch and refocus our efforts. Their approach to business services was understanding of our situation but well blended with firm encouragement to address issues and make strides towards improvement. We highly recommend them for both their accounting and professional business services.

Darryn Smith, Director, Multicolour Screen Printers Limited

A huge “Thank You” and shout out to the team at Lynch & Associates for all the consulting and accounting services they have done for my wife and I over the past 12 years. The team have work diligently on both trusts and a number of companies for us over this time and long may this continue. It is so great to engage with a professional proactive team that results in no sudden surprises at the end of the tax period. We look forward to the catching up soon and hearing what is new and how else we can move forward faster financially.

John and Shelley Bishop 

We believe in putting people first and sharing our knowledge and experience to help our clients achieve success in business and life. If you think we could be a good fit for your accounting needs, please get in touch.

Contact Us

Phone +64 9 366 6005
Email: admin@laaca.co.nz

Location

Level 5, 60 Parnell Rd, Parnell
Auckland 1052, New Zealand

© Lynch & Associates Chartered Accountants

Website by Designer Digital