8 Keys to Unlocking 2023’s Opportunities
Welcome to 2023! As a business owner, you are well aware that this will be another year of challenges, but also another year of opportunity. How well your year goes will most likely depend on how ready you are to make the most of the opportunities that present themselves.
With the festive season over, most people back from holidays (well, at least physically) and kids back at school, you have an opportunity right now to take stock of where your business is at. He is a list of 8 key matters to consider as you work your way into the New Year:
Is your business using the correct trading entity? For example, are you operating as a sole trader when you should in fact be using a company?
If your business is owned by more than one party, is this evidenced by an appropriate agreement? For example, a partnership or shareholders agreement? The reality is, many businesses dismiss the requirement to have such an agreement only to suffer when a breakup occurs because there is no agreed pathway to achieve an appropriate resolution.
Does your business have the right insurance in place to cover the risks it faces?
Are your tax affairs in order?
Considering the high inflation environment that the Northern Territory economy is experiencing, have you reviewed your pricing strategy?
Are you across the changes that are progressively being implemented by the federal government with respect to workplace laws? Among other things, there have been serious changes made in relation to the reporting of sexual harassment and how information about an employee’s pay is dealt with.
Do you have a Will, a Power of Attorney and/or an Advance Personal Plan in place?
Have you considered a succession plan?
If you take the time to review these key areas, then act upon any gaps you have, you and your business will be in a stronger position to unlock the opportunities that will no doubt come your way in 2023. Importantly, you and your business will also be able to weather any challenges as your journey progresses.
Have a query in relation to the operation of your business? Please call Peter Walker on (08) 8941 6355 or email peter@bowden-mccormack.com.au