While I look forward to the day we no longer have to discuss business planning in the context of COVID-19, for now, it’s evident the pandemic and associated lockdown has hit many kiwi SMEs hard. While some businesses can use the lifting of domestic restrictions to get back on track, the ongoing closure of NZ’s borders poses long-term revenue risks for many others and, sadly, I think we can expect more business closures to come. If you haven’t already, it’s crucial you take stock and consider – for better or worse – what COVID-19 means for your business.
One of the best ways you can get to grips with your options and opportunities is through a strategic conversation with your accountant; which brings us to our deliberately worrying subject line… we know what you’re Googling!
You see, we’ve done our research and discovered that, since COVID-19, search volumes for accountants in NZ have surged by more than 30%. Qualitative research further indicates this is because quite a few business owners are dissatisfied with the level of support they are getting from their current accountant. With many of us contemplating how to ‘survive and thrive’ in this pandemic, we need more than a tidy set of accounts to file away from our accountants. If you’re wondering whether it’s possible to get tax compliance and business growth advisory in one human being, we’re here with good news: it is!
My guess is that, for many of you, your accountant just isn’t good enough. Here’s how I know…
Kiwi business owners have a heightened need for assistance right now – even the government’s assistance programmes, while useful for many, often require expert assistance to gain access to. While some of us have lived through the 2007 global financial crisis, for the owners of many small – medium size businesses in NZ, this is the first time they’ve faced a recessionary type environment. In either case, we’re all looking for guidance on our next best move because, prior to COVID-19 hitting, the NZ economy had enjoyed 10 years of growth; quite a few of us are feeling a bit like a duck out of water now.
Your accountant needs you, but do you NEED your accountant?
With the advent of Xero, MYOB and even a much more automated IRD system, some accountants are losing traction. Simply ensuring your tax compliance no longer justifies an expert fee – we can now do most of it ourselves with a subscription. But that’s not to say accountants aren’t relevant, they are…if they’ve evolved.
If you’re wondering whether your accountant is one that has evolved, ask yourself this question – How much of a big deal would it be for you to switch accountants? Short of the small amount of administration involved, would it really make much difference to your business operations if you swapped to a new one? If the answer is ‘not really’ it’s time to change, pronto
What a 2020 accountant should look like.
The accountant we all need in 2020 and beyond is less about last year’s compliance and more about next year’s growth. They are the definition of a business partner, asking you thought provoking questions about your intentions and ambitions and guiding you towards trusted experts who can help you grow your business. They are growth accountants and they are invested in your business success.
Where do I find a growth accountant?
I set up Grow NZ Accountants specifically to address this business need and to help accountants wanting to add value for their clients beyond tax and compliance.
Grow NZ Accountants can assist with the full gamut of business advisory services. Our registered accountants use their expert knowledge and experience to help small businesses succeed by helping to improve both business practices and profits. Each accountant has full access to Grow NZ Business’ ever-growing partner network, which includes a mix of kiwi and global experts covering all areas of business, from legal, HR, marketing and cash flow management to training, analytics and business strategy. By leveraging this network, they can save you valuable time and money and give you the confidence and space to get on with what you do best – growing your business