1. Multiple Income streamsThe old saying “don’t put your eggs all in one basket” has never been more accurate. In today’s constantly changing environment, it is important to ensure you aren’t reliant on one source of revenue. Explore the opportunity to offer complementary products and services that add value to your target market and reinforce your position in the industry. For example, many dentists offer not just core dentistry but, also cosmetic dentistry- such as the latest in tooth whitening innovations both at home and in-clinic. For service-based industries why not explore what on-going passive income generating opportunities, you could introduce? Your accountant is always on hand to assist with financial scoping.
2. Industry, marketing and emerging technology trends.Staying up to date with industry trends and developments will ensure you stay current, relevant and potentially be seen as an innovator in your field. To stay up to date:
- Follow thought leaders and influencers on social media
- Attend industry conferences
- Where relevant subscribe to the latest university publications
- Stay abreast with industry publications and newsletters
3. Are you planning for generational evolution?As baby boomers age, Gen Xer’s reach senior management positions in their careers and Generation Z enters the workforce; it may be worthwhile considering how generational evolution affects your business. Consider product adaption, marketing as well as your human resource strategy. There could be new and emerging market opportunities that you can capitalise on. For example, Generation Z is now 70 million strong and are now entering the workforce. They are the first true digital natives how can your business capitalise on this in the areas of customer service, product development and marketing?
4. Pain PointsIn our ever-evolving lives, new stresses and issues continuously arise for customers. Look at what problems are emerging for them both in your direct industry, as well as associated industries and consider how this could lead to a new source of revenue for you. Explore how you can adapt current products or services to address those evolving pain points and develop a communication strategy around those.
5. Study the Federal Budget and plan accordingly.Every year analyse the Federal Budget and look at what is currently in plan for regulatory or budgetary reform and understand the future financial implications for your business. Work with your accountant to develop a strategy that protects your business and optimises any potential planned reforms. There is no doubt that running your business on a daily basis takes up an inordinate amount of time, in an already hectic life. However, investing now in understanding new and emerging trends, evolving markets, and planning for the impact of impending federal budgetary reforms will stand you in good-stead to protect your business’s success moving forward. Feel free to discuss this with us at any stage if you need assistance with scoping the financial implications of any changes you are considering to make to your business plan.
Anthony McPhee, Principal
B.Bus (Accy) QUT | FCPA, SSA (SMSF Specialist Advisor with the SMSF Association) & Registered Tax Agent
Anthony has over 25 years accountancy, taxation and superannuation (SMSF) experience. He eagerly welcomes a challenge and his passion is in small business accounting, superannuation, consulting and taxation advice. He provides real business benefits for each of his clients and is well regarded for his succinct and accurate accounting skills. Anthony is also a self-managed superannuation fund (SMSF) specialist with Australia’s leading SMSF body, The SMSF Association.