New Year, Time to Review your Business

As we’re safely into 2024 and in a traditionally slower month, now is the perfect time to review your business. As experienced business advisers, we know the value of taking the time to ask yourself some questions about your business, and what you’d like to do differently this year. It’s the perfect time to pose a few questions and gauge where you’re at with your planning, strategy, financial goals, and business goals. We can hold both you and the business to account.

Here's the top 7 questions you need to be asking yourself as a business owner:

1. Why does a customer choose your brand over another?

It’s important to know what makes your product/service valuable to your customers so that you can market what you offer effectively. Why does your brand stand out, what do you do well, what do you need to work on, and do any opportunities or threats exist? Who is your ideal customer? Who are you selling to, what problem or issue are you solving for them, and how can you better target them? We can work with you to help you pinpoint the best customers to target.

2. Are your employees/contractors happy?

Your staff are a vital asset to your business, but if they’re unsatisfied or have disengaged, then that’s a risk to your business. How do you show your staff that they’re valuable and important? Are you paying at or above market wage? What benefits do you offer your staff? What makes working for you better than working for a competitor? What can you do to make your business and workplace more attractive to potential employees? We can help you review this and the benefits you’re offering your staff.

3. Are your cash flow goals right?

How is your cash flow and are you meeting your cash flow goals. Do you have any specific costs or inefficiencies that are preventing you from achieving a positive cash flow position? Are the financial management processes you have in place working for you or against you? Do a review to identify where you’re lacking and where you can tighten your cash process.

We can review your cash management and look for efficiencies and cost-saving opportunities.

4. Are there aspects of your business that keep you awake at night?

It can be stressful being the boss and there’s likely to be a lot playing on your mind. What areas of your business are concerning you? What business issues or unexpected pitfalls are a cause for concern? What can you do to help smooth these out? We can offer advice from our decades of experience, so whatever the issue, we can work together so you can get a better night’s sleep.

5. Have you implemented tech and AI?

How digital is your business? Technology moves fast, with AI solutions and digital systems now an integral part of many business models it can be tricky to keep up with the latest innovations. So, what tasks can you automate or streamline? There are a lot of apps, software tools, and digital solutions out there. A lot of them integrate with one another, so if there’s a pain point in your business, we can suggest apps, software tools, and digital solutions to boost your business.

6. Have you thought about where your business will be in five years?

Not all businesses are focused on growth, but outlining your key goals around growth is an essential part of your business strategy. When the business is busy, the temptation is to focus on the most pressing fires, but without a forward-looking focus, you’re unlikely to meet your business’ goals. Ask yourself where you want to be in five years, and how you plan to get there. We'll help you create a detailed five-year plan so that you’re getting what you want out of the business.

7. Do you have the figures you need at your fingertips?

Your data drives your business, so do you have key financial information easily accessible? Think about where you need detailed data and metrics, and how this could put you in better control of the business and upcoming decisions. We can help you expand your reporting and management information so that you have a better eye on performance, spending, cash flow, and targets.

Talk to us about running a health check for your business

If these questions have started you thinking about your business efficiency and growth plans, that’s a good thing. If you’d like to take this process further, book a meeting with us to talk through your goals, aspirations, challenges, and strategy, so we can help you take the next step in your journey to entrepreneurial success.

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How to prepare for the end of financial year

20 February 2025

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.

Supporting the Heart of Dargaville and Whangārei Communities

17 February 2025

At Gunson McLean we are more than just a business offering financial expertise we also support our communities in Dargaville and Whangārei. By partnering with various local organisations, we help sustain and strengthen sports, recreation, and community initiatives in the region. Empowering Local Sports Clubs We understand the role sports play in bringing people together, promoting teamwork, and supporting youth development. We are proud to sponsor the Old Boys Marist Rugby & Sports Club, Hikurangi Rugby Football Club Inc, Maungakaramea Hockey Club, Maungakaramea Bowling Club, Mid Western Rugby Squash Club, Kamo Rugby & Squash Club, New Zealand Vikings Rugby Football Club Inc., and the Cobham Cricket Club. Promoting Outdoor Education We also believe that outdoor education is essential for youth development and are proud to work with the charitable trust, Pātaua Outdoor Education & Recreation Trust (POERT). We have been closely involved in the Trust’s activities for the past 8 years – handlings its financial matters – and Craig Gunson is the current Treasurer. Backing Community Halls & Facilities We’re proud to support the Whareora Hall Society and Whareora Cemetery Board as well as local cycling and motorcycling groups Marsden Wheelers Cycling Club Inc., and the Whangārei Motorcycle Club. We are passionate about the causes we support, and the opportunities and growth this enables in our Dargaville and Whangārei communities.

Optimise your business by taking care of your employees

7 February 2025

Most people agree that optimising your business is a good idea and spend hours looking at optimising the supply chain, storage, overheads etc. However, they forget that people are one of the most critical elements in your business. By providing a caring, supportive workplace for employees you also drive the success of your business. Studies show happy workers are productive workers and, as an employer, it’s a no-brainer to provide a workplace where employees feel valued, and where they can flourish. Here are five key ways to build employee relationships, nurture your team, and create a great workplace for your employees: 1. Invest in your employees This doesn’t mean ‘casual Friday’s’ or a pizza night once a month. This is about offering your employees access to training programmes, workshops, conferences, and mentorship programmes. It’s about the professional growth of your employee and how you can enhance their skills and make them feel truly valued as team members. 2. Create a positive work environment Creating a positive work environment is about cultivating a workplace culture that feels positive and supportive of your employees. Be open and transparent with your employees, listen to their feedback and have a strong focus on employee wellbeing. This could include offering flexible working arrangements, benefits such as health insurance, and other perks. 3. Recognise and reward your employees When an employee goes above and beyond, make sure your recognise and reward them. This could by through a performance bonus, employee-of-the-month programmes or even extra time off in lieu. Feeling valued comes partially from feeling rewarded and can be an amazing motivator. 4. Give employees autonomy One of the key ways employees feel trust, is by being given autonomy. Being trusted to come up with their own solutions, processes, and ideas is key to making people feel as if they ‘own’ their role. This helps employees feel fully involved and also brings new ideas, solutions, processes, and efficiencies to the table. 5. Put wellbeing at the heart of your culture Life is stressful. And work-life can be stressful. A well though out wellbeing programme can help your employees manage stress and, in turn, benefits your business. A wellbeing programme is different for each business but some ideas could be checking in with team members, creating a ‘ask for help’ culture, flexible working arrangements including work-from-home days, and offering mental health support. Making sure you’re a caring and supportive employer is vital to your business strategy. With a team who feel valued, nurtured, and encouraged, you’ll all be happier and more productive.