Greenlion are there to assist with these three vital factors in owning your own business, in particular assisting in any cash flow forecasting as it’s so important given the current economy. Also, succession planning. Business owners are normally too busy making sure their business is operating well and forget about their own personal structure. Greenlion can assist with this,recommending best structure for the entire family and the related tax efficiencies and the most important, their asset protection.
A cash flow forecast is in essence a cashbook that projects you or your business’s income and outgoings for any given period in the future, eg week, month, quarter or financial year. For each period, it lists your projected starting account balance, your predicted income, your estimating outgoings, eg bills, salaries, raw materials, and your projected ending account balance and any money left over.
It’s typically presented as a spreadsheet, but many contractors, sole traders and small businesses use accounting software and work with their accountants or bookkeepers to ensure greater accuracy. Greenlion say, remember, a cash flow forecast is only as valuable as the information and detail put into it.
Regarding succession planning, if leadership development is not enough of a priority for the company to establish goals and track progress against those goals, it will be difficult to make any succession planning process work. Second, the act of engaging with senior executives to establish these goals will build support for succession planning and ownership for leadership development.
Whether you’re just dipping your toes into an exit plan or have spent the better part of a career developing your business and asset portfolio into what it is today, Greenlion’s asset protection advice can help. Ensuring that your personal and business assets are structured correctly, a well-thought exit strategy has been put into place, and a comprehensive estate plan has been set up is the best way to ensure that your life’s work is protected, and for more information on budgeting tools, chartered accountants Auckland and business advisory services please go to http://www.greenlion.co.nz .
