to contact us call
0800 11 33 99
jamie@e3accountants.co.nz
Office: 10 Oxford Terrace, Christchurch, NZ
Invitation
Commentary
BOOM TOWN
As predicted in this column last March, Canterbury has now become the fastest growing employment region in New Zealand as hundreds of businesses and thousands of workers gear up for the Great Christchurch Rebuild. And it's just not for a few months or a couple of years. The rebuild will take 5-10 (some say 15-20) years and bring a level of prosperity to the region that would not have come about without the earthquakes.
Although many of us may have been quite happy with the prior earthquake status quo, we can't waste emotional energy and wish for the good old days so my message to everyone in business is - adapt to the new business conditions, position your business to be part of the boom and go hard for 3-5 years.
In years to come, you may look back and say "those post-earthquake days were the days you could work hard and make two bucks, spend one and save one."
SPECIAL OFFER
To play our part in the rapid growth of many Christchurch businesses, especially those in the trades and associated businesses, last year we formed a new division "accountants4trades" which has now held two very successful workshops with hundreds attending. The workshops cover the 7 Hard Core Strategies and 5 Soft Core Strategies of how to run a profitable business involved or associated in any way with the Great Christchurch Rebuild.
We are planning another workshop in March but if you can't wait until then and you would like to know more about how to improve your business and your profitability, send me an email and make a booking for a one-on-one session.
COMMUNICATION TIP
Speed and Brevity
A great tip from Alan Weiss. We seem obsessed with telling people everything we know rather than what they need to know. Keep two factors in mind in business: speed and brevity.
The more quickly you help others, the more valuable you are. Of course, that entails the suppression of ego and a true focus on helping, and a strong self-esteem that doesn't require that you continually prove how smart you are. Enough said.
TAX TIP
IRD Audit Activity
IRD audit activity has continued in earnest, with renewed focus on property transactions, losses, and the cash economy.
Our experience suggests that the IRD have completed significant amounts of research prior to their first contact with the taxpayer, and because of that, taxpayers should take special care in relation to any notices they receive from the IRD as it is possible the IRD have more information than you, the taxpayer, may think.
BUSINESS TIP
Setting Your Prices For Profit
One of the key profit making strategies we cover in our accountants4trades workshops is how to price anything you sell to meet what the market is prepared to pay.
Now assuming you know exactly what your gross profit percentage must be and the price that you cannot afford to go below, try this strategy:
  • Move your prices up until you get told no. 
  • Move your prices down until you get acceptance. 
Obviously this needs to be done in a controlled and skilled way, but it does get great results. I've seen that strategy at work in the current Christchurch re-build environment and its added big gains to the bottom line of hard working trades businesses.
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SIDE BAR
Suggest to a friend or work mate that if they say "Gullible" out loud and very slowly 3 times, it actually ends up sounding like "oranges". Why not try it yourself first?
Accelerants
Every business needs an "Accelerant" – a person who always gets things done, sorts out problems and lifts spirits. Usually this role falls on you the owner but that just locks you in to always being on the job. Identify an "Accelerant" in your business and look after them well for having those qualities. If you don't have one – go hire one.
Tax in Gold
There's tax in gold. The IRD reminds us all that if you buy gold and then sell that gold at a profit (which is obviously the intention when investing in gold) then factor in paying tax on any gain. On the other hand, you also have a case for claiming any loss on the sale should gold go back down.
Beware April 7th
Start budgeting now for terminal tax due on this date if your balance date is March, April, May or June.
Contact details
P: 0800 11 33 99
E: jamie@e3acountants.co.nz
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