To set yourself up for any changes coming your way and setup for success as a business, now is a good time to review the following:
- Build and work on your relationship with your bank. Make sure there is someone you can reach out to in the good and bad times;
- Have a good insurance broker on hand to review your cover and make sure it is the most cost efficient;
- Make sure you have a good legal connection and the relationship is strong;
- Where are you now? Now is the time to review your business value, assets and liabilities. Also review all personal assets and liabilities to get the big picture of where you sit now. This will give you more structure in your mind, ready to take on any changes that may be ahead;
- What can be updated/reviewed to get ready for any valuations?;
- Have good contacts in industry groups/government and grants are strong to work alongside; and
- Make sure the relationship with your accountant is strong to see you through any tough times, as well as the good.
Katrina Brennan, Director, SRJ Walker Wayland Business Growth Advisors, Accountants and Auditors. Level 2/2 Innovation Pkwy, Birtinya, 5301 9957, srjww.com.au.
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