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It's that time again and Moving Day is upon. Moving Day' is a big day in the farming industry. To help you with a smooth transition here are some tips: Early preparation Make sure sharemilker or contract milker contracts are signed. Plan a farm inspection with relevant parties (farm owner, incoming and outgoing sharemilkers, farm manager, advisor). Recruit and finalise employment agreements for new farm staff. Communicate plans and dates with everyone involved. Contact your insurer and utility providers. Farm owner responsibilities Make sure employees leave the houses clean and tidy. Carry out house inspections for maintenance. Comply with healthy home standards. Confirm departure and arrival times with tenants. Consider drug testing, if needed. Animal movements and biosecurity Plan animal movements carefully. Clean and disinfect farm equipment and machinery. Minimise the risk of introducing exotic pests. About 5,000 farmers do this every year. Talking clearly and planning well makes this important farming tradition go smoothly.

Selling your business is a huge milestone—one that marks the culmination of years of hard work, dedication, and vision. But once the deal is done and the dust settles, you may find yourself wondering, “What’s next?” Exiting your business opens up a world of possibilities. Here are five potential pathways to consider as you embark on this new chapter of your life. 1. Enjoy Retirement For many, selling a business is the gateway to retirement. After years of being immersed in the day-to-day demands of running a company, retirement offers the opportunity to slow down and enjoy life at your own pace. Whether it’s traveling, spending time with family, or taking up new hobbies, retirement allows you to focus on the things that bring you joy. Planning ahead—both financially and emotionally—will ensure you make the most of this well-earned time. 2. Invest in Other Businesses Selling your business doesn’t mean stepping away from the business world entirely. Many people choose to invest in other businesses, whether it’s through buying equity, becoming a silent partner, or supporting start-ups. Your years of experience give you a unique perspective, and investing allows you to stay connected to the business community while diversifying your income streams. 3. Start a New Venture Once an entrepreneur, always an entrepreneur! If you have a new idea or are passionate about exploring a different industry, selling your business can provide the resources and freedom to start fresh. Whether it’s launching a tech start-up, opening a café, or pursuing an entirely new market, starting a new venture keeps your entrepreneurial spirit alive. 4. Become a Non-Executive Director Another pathway is to leverage your expertise and become a non-executive director. Many businesses value the insight and guidance of experienced business people. As a non-executive director, you can provide strategic advice, mentor leadership teams, and help shape the future of other companies—all without the full-time commitment of running a business. 5. Pursue Philanthropy For some, selling a business is an opportunity to give back. You might choose to support causes you care about through charitable donations, creating a foundation, or volunteering your time. Philanthropy not only helps make a difference in your community or the wider world but can also provide a deep sense of fulfilment and purpose in your post-business life. Charting Your New Path Exiting your business is both an ending and a beginning. It’s a chance to reflect on everything you’ve achieved and to embrace new opportunities that align with your goals and passions. Whether you’re ready to relax and retire, dive into new ventures, or make a positive impact through philanthropy, the choice is yours. Whatever path you choose, careful planning will help ensure your next chapter is as rewarding and successful as the one you’ve just completed. If you’d like support in exploring your options or preparing for life after your business, don’t hesitate to reach out us for guidance.

Cybercriminals are constantly finding new ways to trick businesses, and their scams are harder than ever to spot. Small businesses are especially at risk, often seen as easy targets due to limited resources or weaker security. But with the right precautions, you can protect your business and prove the scammers wrong. Be Aware of New Threats Staying informed is your best defence. Here are some of the latest cyber threats: AI-Powered Scams : Scammers now use artificial intelligence to create convincing phishing emails and fake websites that are difficult to distinguish from the real thing. Impersonation Attacks : Posing as banks, government agencies, or suppliers, attackers aim to trick you into sharing sensitive information. Deepfake Technology : Fake audio and video messages that mimic trusted sources are becoming more sophisticated and harder to detect. Train Your Team Educating your team is crucial. Teach them to: Spot warning signs, like urgent requests to act quickly. Double-check email addresses and URLs before clicking on links. Be cautious with unusual requests, even if they seem legitimate. Regular training sessions and phishing simulations can help your staff stay alert and recognise scams before they cause harm. Protect Your Business Basic but effective security measures can go a long way. For example: Enable two-factor authentication to secure your accounts. Keep your software and systems up to date. Use resources like the Business Online Security Series for practical cybersecurity tips. It's also wise to consult with your IT provider to evaluate your business’s vulnerabilities and develop a cybersecurity training plan for your team. Taking action now can save your business from potential threats while safeguarding your reputation. Stay informed, train your team, and strengthen your defences!

Over a decade ago, there was a lot of talk about a huge transfer of wealth from one generation to the next, with baby boomers retiring and passing on their businesses. But that tidal wave never quite arrived. Many business owners held onto their companies for longer than expected. The global financial crisis came and went, followed by COVID-19, which brought new challenges for businesses worldwide. While there have been many business sales along the way, the expected transfer of wealth didn’t happen. Now, as more business owners approach their 70s, selling or passing on their businesses has become a priority. We’re seeing a rise in demand for help with succession planning for family businesses. One important lesson applies to every situation: starting early and giving yourself enough time to plan is key to a smooth transition. What Is Succession Planning? Succession planning is about preparing your business for the future—making sure it’s ready for the next owner. It’s a deliberate process that involves tackling challenging issues, but the payoff is worth it. With careful planning, you can: Identify strengths and weaknesses in your business. Fix gaps in management, finances, legal structures, or insurance. Be ready for unexpected events, like illness or injury. Ensure your business is ready for opportunities to sell or transfer ownership. Succession planning isn’t just about passing on your business—it’s also tied to your estate planning and any legacy goals for your family or philanthropy. How the Transition Works Choosing the right buyer or successor is a key step. Options include: Selling or transferring to a family member. A management buyout (where the existing team takes over) or a management buy-in (where an external team comes in). Selling to another business in the same industry. Selling to a competitor. Who Can Help? Succession planning usually involves a team of experts. You’ll need advice from accountants and lawyers to get your business processes, legal structures, and financial setup in order before a sale or transfer. For bigger transactions, you might need help from a merger and acquisition (M&A) specialist or a business broker. When all advisors work together and have a solid plan in place, the transition can happen smoothly. Why It Matters Getting succession planning wrong can have serious consequences. It can lower the value of your business or, in family-run businesses, lead to tension and broken relationships. The key to success? Start early! Many business owners delay planning, leaving less time to prepare, which can lead to rushed and less effective outcomes. If you want to talk about your future plans and how to prepare your business for its next chapter, our team is here to help.

In today’s fast-changing business landscape, it’s crucial to regularly assess whether your business model remains effective. What worked a few years ago may not work now due to changes in technology, consumer behaviour, and market trends. To stay ahead, here are some key aspects to evaluate when determining if your business model is still fit for purpose. 1. Understanding Market Trends and Consumer Behaviour The first step is to assess how market trends and consumer preferences have evolved. Are your products or services still in demand? Has your industry undergone significant changes that require adaptation? For example, the rise of e-commerce and digital platforms has transformed how people shop and interact with brands. Staying informed about these shifts can help you identify both opportunities and potential risks. 2. Embracing Technological Advancements Technology is a driving force behind business evolution. New tools and innovations can enhance efficiency, improve customer experiences, and create new revenue streams. Assess whether your business is keeping up with technological advancements, such as cloud computing, automation, and data analytics. Leveraging the right technology can help you remain competitive and streamline operations. 3. Evaluating Financial Performance A strong financial foundation is essential for business sustainability. Regularly review key financial metrics like revenue growth, profit margins, and cash flow. If you notice a decline in these areas, it may be time to adjust your pricing strategy, cost structure, or revenue streams to improve profitability. A proactive financial review can help you make informed decisions before challenges escalate. 4. Listening to Customer Feedback Your customers provide valuable insights into the effectiveness of your business model. Actively seek feedback to understand their needs, preferences, and challenges. Are they satisfied with your offerings? Do they see value in your products or services? Use this input to refine your approach and enhance customer satisfaction. Building strong relationships with customers also fosters loyalty and trust. 5. Analysing the Competitive Landscape Competition is constantly evolving, with new players and innovative strategies reshaping industries. Conduct a thorough competitor analysis to see how others in your space are adapting. What are they doing differently? How can you innovate or differentiate your offerings? Understanding the competitive landscape allows you to stay relevant and find new opportunities for growth. 6. Navigating Regulatory Changes Laws and regulations can have a significant impact on your business operations. Stay informed about any new compliance requirements in your industry, such as environmental regulations, data protection laws, or sector-specific guidelines. Ensuring compliance not only helps you avoid legal risks but also strengthens your reputation and credibility. The Importance of Regular Business Model Evaluation Regularly reassessing your business model ensures it remains aligned with current market conditions and industry demands. By staying informed about trends, technology, financial health, customer expectations, competition, and regulations, you can make strategic adjustments to keep your business thriving. After all, adaptability and innovation are the keys to long-term business success.

E-invoicing is becoming more and more popular in New Zealand and Australia. E-invoicing is where you deliver an e-invoice directly into your customers accounting software without it needing to be emailed to the customer. E-invoicing has a number of benefits, and best of all, you don’t need to be using the same accounting software as your customers. E-Invoicing allows you to: Streamline payments which improves your cash flow Eliminate data entry errors Reduce admin which saves time and money Enhance security as invoices are sent directly between trusted networks which means they can’t be intercepted and altered. The Government is already making moves to e-Invoicing. From 1 January 2026, any government agency which processes over 2,000 domestic invoices annually must use e-invoicing and pay 95% of these invoices within five business days. Back in 2019, the New Zealand and Australian governments set up the e-invoicing framework for both countries, which uses a New Zealand Business Number (NZBN) as a global ID for every business. It has been adopted by software provider including MYOB and you can e-invoice your customers, or receive e-invoices from suppliers, even if they don’t use the same platform. Start sending and receiving e-invoices You can set up e-invoicing in MYOB or we can help you set this up - just get in touch and we can help. It only takes a little bit of preparation to use e-invoicing, and once you have the hang of it, you’ll reap the benefits.

Establishing a strong online presence is essential for small and medium-sized enterprises – whether you run a local bakery, a boutique consultancy, or a neighbourhood hardware store you need to be able to be found online. To help potential customers find you more easily, you can utilise the power of SEO (Search Engine Optimisation). Improving (aka optimising) your SEO helps your business appear in search results when people nearby search for products or services you offer. It’s like putting a spotlight on your business for local customers and making it easier for people to find your business, contact you, and visit your store or office. SEO seems like one of those buzz words and can easily be put in the ‘too-hard’ basket. However, here are some tips to help you increase your online visibility to potential customers. 1. Make the most of your Google Business Profile (GBP) You’ve probably heard of ‘Google My Business’ which is an online profile for your business. It’s now known as a Google Business profile and allows you to input information such as business hours, contact information, and images of your products or services. To make changes to your listing, simply search for your business in Google, and on the right-hand side it should come up with your business. Scroll down and click ‘Own this business’ and you’ll be asked to manage this business. If you want to go the extra mile, you can ask for reviews, share updates and offers, but this is not necessary. 2. Make sure your website is optimised for mobile devices People searching from their smartphones is becoming more popular than searching from computers and laptops, so it’s essential your website displays nicely on a mobile device. If you’re not sure, you can check by using your own mobile device and opening up your website – you’ll soon see if there’s a problem! 3. Build backlinks to your website Having high-quality links to your website (called backlinks), can boost your SEO. For example, you can get listed in an online directory, chamber of commerce, or local pages. If you sponsor an event, ask them to link the online information to your website. KEY TIP - make sure the websites that link to yours are ‘high quality’ – which means from reputable websites rather than random websites. 4. Optimise your website’s SEO When was the last time you looked at what you’re saying on your website? Are you using the common terms/names for what you’re selling? Is it easy to read, and have you included what people might search for in your descriptions? Make sure the words you’re using on your website match what people are searching for. 5. More complicated SEO efforts If you feel like you’ve mastered the above and are looking for some slightly more complicated things to try, here are some ideas: a) Ask for reviews from satisfied customers on your Google Business profile and on social media. This shows you value customer feedback.  b) Promote your products or services to a local audience through paid ads using location-specific campaigns such as Google Ads or Meta Ads (Facebook & Instagram). c) Analyse and track how your website and paid advertising is performing by using Google Analytics and Google Search.

At Gunson McLean, we offer a comprehensive range of accounting services tailored to meet your needs. As specialists in Agri Advisory, Bigger Business and Trade & Contractor services, we pride ourselves on delivering top-quality support in partnership with you. Taxation Services Our proactive approach to taxation ensures you stay ahead while minimising your tax obligations. We assist with preparing tax returns, tax payment advice, and managing GST, FBT, and ACC obligations. With our expertise, we help you navigate complex tax matters while keeping your key objectives in focus. Business Advisory & Financial Planning We provide strategic business advice, including budgeting, financial projections, cash flow forecasting and investment planning. Whether you're looking to refine your long-term vision or implement a 3-5 year strategic plan, we can offer guidance in achieving your business goals. Financial planning is crucial for long-term security. We develop comprehensive strategies to ensure your financial goals are met, creating income sources beyond your business or employment. In collaboration with NZ Funds Private Wealth, we provide an integrated wealth management service for our clients. Payroll & Office Support Managing payroll and employment legislation is becoming increasingly complex and time-consuming. We take the hassle off your hands by providing a confidential payroll service, including IR-filing, customised payslips and general payroll administration. If office administration isn't your strength, we can help with processing wages, managing creditors and debtors, handling secretarial duties, and training in general office tasks. GST & FBT Management GST legislation can be tricky, but we know it inside out. From GST registration to preparing and filing returns, we ensure you meet compliance requirements, even for special events such as property sales or purchases. Our expertise also extends to audit assistance when needed. FBT rules frequently change and staying compliant can be challenging. We offer accurate advice on preparing FBT returns, understanding FBT implications for your business decisions, and developing cost-effective employee benefit plans. Succession Planning Planning for the future is vital to ensure the long-term success of your business. Our years of experience allow us to address complex succession planning issues, giving you peace of mind and relieving the stress of business continuation. Management Consulting We help businesses unlock their full potential through expert management consulting. Acting as a trusted advisor, we offer guidance on business growth, key performance indicators, and overall business efficiency. With our support, you can confidently make informed decisions that drive success.  At Gunson McLean, our goal is to provide expert accounting and advisory services that help your business thrive and achieve long-term success.

The end of the financial year is fast approaching, so if you’re balance date/end of financial year is 31 March, there are a few things you need to do to help us prepare your financials. Take a stocktake If your business sells products or has stock, you’ll need to do a stocktake on 31 March. If you’re a business that sells products, then you need to take a stocktake of your physical inventory. If you’re a farmer, then you need to take a physical livestock tally. Send in your EOY papers Compile a folder (digital or hard copy) with a copy of the following documents: Bank statement that shows the balance on 31 March 2025 for all your bank accounts and loans. Insurance invoices. ACC invoices. Loan statements for the year (if applicable). Any new loans or refinancing documents. Invoices for assets purchased and sold. GST workings and reports. Submit the online questionnaire You’ll also need to fill out and submit the online questionnaire. You should receive an email from us in April/May, with a link to fill out and submit the questionnaire. If you haven’t received an email with the link by the end of May, let us know.