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Time to grow? A guide to attracting investors

Time to grow? A guide to attracting investors

If you don’t have the working capital to invest in significant expansion, it might be time to consider bringing investors on board. Pitching to raise funding can be a nerve-racking experience, so here are some tips to impress: Investors need to see evidence of an opportunity before they’ll part with their time and money. One…

Residential investment property: what you can claim for

Residential investment property: what you can claim for

  If you’ve invested in residential property, you may be scratching your head over whether recent tax changes affect you. If you borrowed to acquire residential property before March 27, 2021, interest deductions will be phased out over the next three years. If you bought on or after March 27, 2021, you won’t be allowed…

Residential Rental Property Tax

Residential Rental Property Tax

There are many tax implications when investing in residential property in New Zealand. Property investment and understanding the impact of current tax laws and their application is rather complex now, Please seek professional advice when you are unsure of the implications, as mistakes can be costly! The Brightline test For sale and purchase agreements that…

Employment Matters

Employment Matters

  Sick leave entitlement changes The recent passing of the Holidays (Increasing Sick Leave) Amendment Act increased the employee sick leave entitlement from 5 to 10 days per year. The change comes into effect on 24 July 2021. The day in which the employee’s sick leave increases is based on their next entitlement date and not automatically…

Covid-19 Business Support

Covid-19 Business Support

  This lockdown was announced at 17 August 2021 and has triggered three of the government’s existing policies – Resurgence Support Payment, the Covid Wage Subsidy, and the COVID-19 Leave Support Scheme. The terms ’employee’ and ‘business’ below include sole traders and shareholder-employees. Some information and applications may not be immediately available, so keep checking…

Trusts Act 2019, What you need to know

Trusts Act 2019, What you need to know

  Trusts Act 2019 As of 30 January 2021, there will be significant changes to New Zealand trust law. Therefore, 2020 is the year for trustees to review trust arrangements and to make any necessary changes, and to be ready to comply with the Trusts Act 2019. The Trusts Act 2019 is the first major rewrite…

Lead by example: be a mental health champion

Lead by example: be a mental health champion

Did you know the main reason people take time off work is due to poor mental health? So, it’s in your best interest to promote positive mental health at work. Plus, stats show investing in building and maintaining good mental wellbeing at work boosts productivity, sales, creativity, and customer satisfaction. Here are some straightforward, effective…

Are you a landlord? Keep up with the changes

Are you a landlord? Keep up with the changes

  With a third of New Zealanders renting homes, and some for a lifetime, it’s key to have clear, fair rules for tenancies. The Government’s tenancy law reforms announced late last year aim to improve tenants’ security and stability while protecting landlords’ interests. The Residential Tenancies Amendment Bill is now making its way through Parliament,…

Five steps to a healthy rental property

Five steps to a healthy rental property

  To boost the quality of rental properties in New Zealand, the Healthy Homes Guarantee Act was passed in 2017. If you’re a landlord, there are five actions you need to take to ensure your property meets the Healthy Homes Standards. By 1 July 2024, you need to provide: Fixed, efficient and healthy heating devices…

Family Trusts

Introduction Family trusts have become a popular way of conducting small business operations in New Zealand.  There are a number of persons who form and operate the trust. Settlor This is the person who establishes the trust and signs the trust document.  They may transfer property other than the initial settlement to the trustee to…

Pricing and Profits

This guide contains the following topics: What is profit? How to increase profit Developing a profit improvement strategy Adding value What is profit? Profit is residual The important thing to note is that profit is ‘what’s left over’. In other words, profit is residual. It is the consequence of what happens in and to your…

Terms of Trade

Areas to include When drafting terms of trade for a standard seller of goods or services consider the following areas:   Terms Notes The Parties Clearly identify the legal entity you are contracting with Goods and/or Services An exact description of the nature of the goods and/or services is essential Price Payment Including whether the…

Debt Factoring

Introduction Factoring is not new, it originated in England in the 1300s. Today it is a common method of financing business transactions. The factoring company purchases a business’ debtors’ invoices for a fee. The benefit to the business is that it receives cash for a high percentage of its debtors’ invoices, virtually simultaneously with the…

Writing Position Descriptions

Introduction A position description is a final product of a process of thinking about what you really want from this position.   Task Review Sometimes the tasks associated with the position you are recruiting to are very clear cut, such as a pastry chef, a machinist, a carpenter/joiner. However, in many businesses it is not…

Customer Advisory Board

Introduction   You can greatly improve your chances of succeeding in today’s marketplace if you focus your efforts on addressing the business issues that face your key customers. Consequently, it is more important than ever that you know ‘the voice of your customer’ and that you use this knowledge to create competitive solutions that deliver…

Marketing

Introduction Marketing is the art of ‘getting yourself out there’. It is the way you let your customers and prospective customers know what you do, how you do it and where you are. Marketing can be broken into three general areas: branding and promotion, advertising, and direct marketing. If done well, these steps will naturally…

Performance Management

Introduction   When you have your employee’s employment confirmed as ongoing (after the trial or probation period) it is important to manage their performance. This should be delegated to the employee’s manager (eg customer service manager or business manager). This chapter contains the following topics: Feedback and Career Development Review Training your team Solving problems…

Key Traits of a Successful Business

Introduction   What’s the secret to success in business? Here are 16 things to start you thinking.   Contents   This guide contains the following topics: Effective leadership Outstanding customer service Strong product and industry knowledge Strong management capability Effective staff performance management Tight working capital management Understanding the key drivers and therefore the key…

Succession planning

Introduction   In New Zealand it is estimated 24% of small business owners are now over 60 years of age. A further 25% are between 50 and 60. A great question to ask yourself is ‘What if I were hit by a bus tomorrow?’ In other words, in the event of death or disablement how…

Family businesses

This guide contains the following topics: The eight fundamentals of family business Spouses in business Conflicts within family businesses Dispute resolution   The eight fundamentals of family business   Family involvement in any business has to be an integral part of the business’ successful future and therefore provided for in the business plan. Incoming family…

Valuation of a Business

Introduction   There is no topic about which greater differences of informed opinion may exist than the value of a business or shares in a private company.   Contents   This guide contains the following topics: Overview Valuation methods Developing the succession plan Valuing the business Valuation methods summarized Goodwill   Overview   Introduction The…

Direct Marketing

Introduction   Direct marketing is contacting the seller personally to engage them in the sales process. This is generally done around a certain offer or event, as this type of marketing is not appropriate for general awareness marketing. Direct marketing is generally done by telephone, email or letter.   Contents   This guide contains the…

Computers in Small Business

Introduction   Your computing needs will vary greatly depending on the type of business you run and how many team members you have. This guide will give you an idea of the basic options available.   Contents   This guide contains the following topics: Computer setup PC vs Mac Setting up a network Backing up…

Exporting Business

Introduction   New Zealand relies heavily on exports to support its economy. Because of this, the New Zealand Government puts a lot of resource into its national economic development agency, New Zealand Trade and Enterprise (NZTE).   Contents   This guide contains the following topics: Setting up an export business Developing your intangible resources Going…

Customer service

Introduction   Good customer service is easy. Once you have been through the hard work of attracting customers, and have successfully sold them something, you will want to encourage repeat business. It is far easier to sell more to your existing customers than it is to find new ones. One of the keys to attracting…