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Business Questions
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26 questions every business should answer
Are you happy with your business profits?
How do you feel about your role in your business?
How do you feel about tax?
Is your net wealth sufficient to fund your life goals?
Have you planned for the succession / sale of your business?
Life is unpredictable! Have you implemented strategies to reduce your financial risk?
Are you happy with your business profits?
- How is business? Are you happy with your profit levels?
- Are you managing your profit margin? Is it increasing or decreasing?
- Do you know how much similar businesses are making?
- Do you have systems in place to monitor your key business ratios e.g. profit margin, return on equity?
- What is the general trend in your income, expenses and profits?
- Do you have a plan to grow your business and increase your profits by measuring your actuals versus budgets?
If you answered "no" to any or most of these questions, then contact us today to discuss your needs and goals and to see how we can help you increase your business profits.
How do you feel about your role in your business?
- Are you working long hours under high stress and pressure, and unable to leave your business to enjoy a decent holiday?
- Do you feel out of control?
- Do you think there is room to improve your profit level?
- Are you happy with your team’s performance? Do you think they can work more efficiently?
If you answered "yes" to any of these questions, then contact us today to discuss how to manage your business differently i.e. for greater profits with less stress.
How do you feel about tax?
- Do you have sufficient money put aside to pay your tax on time?
- Do you have a monthly reporting system in place to monitor your profits and tax payable?
- Do you feel you pay too much tax?
- Do you have a strategy to legally reduce the tax you pay and simultaneously increase your overall wealth?
If you answered "no" to any of these questions, then contact us today for discussion about legal and effective tax structuring and tax minimisation for your business.
Is your net wealth sufficient to fund your life goals?
- Any day of the week, can you see a list of the investments you hold and what their value and total net wealth is?
- Any day of the week, can you see how your wealth is spread across the different asset classes?
- Any day of the week, can you see how your managed funds are spread across different Fund Managers?
- Do you have all your wealth in 1 or 2 assets called your business and home?
- Have you protected some of your hard earned assets from creditors in case of unforeseen bankruptcy and received a tax deduction for doing so?
- Have you built 3 Pools of Wealth to support your short, medium or long term your goals?
- Do you have enough money saved to fund a comfortable retirement?
- Do you have investment strategies in place that build your wealth and reduce your tax? Do you have an investment strategy in place to fund your most important life goals?
If you answered "no" to any of these questions, then contact us today for an introduction to our My Net Wealth® service, which allows you to view your consolidated portfolio online 24 hours a day, 7 days a week. We can also discuss how you can improve your financial security.
Have you planned for the succession/sale of your business?
- When do you want to retire?
- How do you want to retire? Stop completely or slow down and work part time?
- What succession plan do you have for your business? Who will you sell to?
- Are you building a business that can be sold easily and for a good price or is it over dependent on you and your knowledge?
- If you are planning for your children to take over the business, has the business been systemised so it is more manageable for them?
- Are your current profit levels maintainable going forward?
If you have not thought about or planned for the future ownership of your business, then contact us today for a discussion of your business & how we can work together to improve its future manageability / profitability and therefore saleability.
Life is unpredictable! Have you implemented strategies to reduce your financial risk?
- What would happen to your family and your business if you died tomorrow?
- What would happen to your family and business if you could not work for an extended period of time?
- If in a partnership, do you have a partnership agreement that addresses conflict resolution, control in the event of the death of one partner with a built in business valuation?
- Do you know and are you addressing your 3 biggest business risks?
- Is your will up-to-date? Does it address the ongoing concerns of your business?
If you feel uncomfortable with any of these answers then contact us today to discuss your business needs and goals and how we can help you reduce your business risks.
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