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Articles by John Rowe.

WAYS TO IMPROVE YOUR BUSINESS

AUTHOR: John Rowe
Retired Partner, Consultant to GRA

POSTED: 27 March 2014

Typically at the outset of a new new year, business owners focus on a fresh start, new beginnings and how they can make it better than the previous year.

Although we are already in March and the year is racing ahead, some businesses have not yet set their intentions for 2014 - perhaps because they've had a very busy start to the year. It's not too late if you haven't yet made clear resolutions, plans and goals - but you need to get cracking.

For many, 2013 was an uncomfortable year, so they will be looking to make improvements to ensure that 2014 doesn't become a repeat.

This involves a two-pronged attack:
1.Deal with the problems of 2013 so they are resolved.
2.Create a plan for a better, more successful 2014.

Here I will talk about point number 1; point 2 will be addressed in my next blog.

It is going to be very difficult to have a fresh start if you still have unresolved problems looming in the background, so they need to be identified and dealt to. The sooner you sort them out the better, because delaying only serves to exacerbate them.

Being behind in payments to creditors is one of the biggest and most common problems we see. More often than not, one of those creditors is the IRD and owing money to the IRD is a problem that can very quickly snowball into a disaster. The IRD is very aggressively pursuing people who are overdue in their payments, and we see activity in this area increasing all the time.

Unfortunately we have some clients who are now facing criminal prosecutions because they have ignored their problems - if you don't file a tax return for 10 years, or don't make PAYE, GST or income tax payments, you can't expect to come through unscathed. Pleading ignorance of tax laws is no excuse as far as the IRD is concerned.

Of course owing money to creditors is not the only area where businesses may have problems. There may be issues with systems and staff, for example, and these will need to be addressed e.g. by refining, updating or replacing systems and/or providing additional training and support for employees.

So first up, get real. Identify your problems, then ask for help to get them resolved. If you owe money to the IRD, or anywhere else, talk to us as soon as possible so we can work out a plan. The sooner you get on to this the better - preferably yesterday.

Once you've cleaned up your problems, you can start focusing on moving forward in 2014.

Request a Meeting

John Rowe
Retired Partner, Consultant to GRA

09 522-7955

© Gilligan Rowe & Associates LP

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Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact the author.

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Hi Salesh, I just wanted to send you an email on behalf of GRA to say how fantastic we have found your company to date. As you know, Ben and I joined GRA a couple of months ago and have just found you so amazingly helpful in getting our new property set up correctly and sorted out. We have what I would consider a rather complicated structure as a result and it’s a fantastic feeling to know that we are getting everything done in the best way possible. We have just had approval to put a minor dwelling on the property which will make a massive difference in terms of cash flow and obviously value, something we would never have even thought of without GRA and which we are very excited about. During the buying process we attended a seminar with Matthew and from the outset thought he was fab. We therein signed up for property school and found this nothing short of fantastic. The content was relevant, up to date and comprehensive, but more importantly it was taught in a way that we could actually understand and really get value out of. I wanted to mention also, that everybody GRA have recommended to us has been just so efficient and absolute masters at what they do. A wonderful network of people that we feel very lucky to now be able to call on. From Kris Pederson and Bryan Rist who put our mortgage together to the insurance guys they then referred us to, I’m super impressed. Within GRA, Ellery has probably turned things around for us faster than I’ve ever known before, something which we appreciated so very much when it came to crunch time. She’s always a pleasure to deal with and again, we’re stoked. We’ve just settled on the property today and are about to go and get the keys. I’m pretty pumped and hence this email is probably rather excitable. So, a massive thank you to you Salesh, the partners for such a fabulous 6 weeks at property school and everyone at GRA for their help. May this be the start of our property empire. Thanks again, - A & B - July 2015

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Gilligan Rowe and Associates is a chartered accounting firm specialising in property, asset planning, legal structures, taxation and compliance.

We help new, small and medium property investors become long-term successful investors through our education programmes and property portfolio planning advice. With our deep knowledge and experience, we have assisted hundreds of clients build wealth through property investment.

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