I know that many of you may be starting to get a little tired of hearing accountants drone on about the importance of tax planning especially at this time of year….so I’m not going to go there! (Updated Friday, 20 September 2019)
OK maybe I am but from a slightly different perspective so hear me out!
What I will say is that all too often I see clients who are doing it tough in their business, struggling with cash flow issues and unable to afford the advice to help them fix the problems that have arisen due to a lack of earlier planning. Sound familiar?
It’s human nature, I guess! Business is going well; your client base and profitability is growing and you’ve got your cash flow under control. “Why do I need advice about how to manage my finances more effectively?” you might think.
But the majority of businesses go through peaks and troughs, whether it’s due to seasonal demand or pressures of the economy.
The secret to riding out the tough times is to make sure you invest in getting good tax and business planning advice when you CAN afford it.
It’s the same with businesses looking to borrow money. All too often it’s only when they’re really struggling that they start looking at their borrowing options. Of course, this is the time when they’re least attractive to lenders.
So what are you waiting for? If business is going well for you, my advice would be: don’t wait until things quieten down. Invest in getting some good advice now and let the good times continue to roll.