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Paul Martin Chartered Accountant Ltd :: Accounting, Taxation and Business Advisory :: Auckland, New Zealand
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5 Key tips for business growth

Paul Martin • January 7, 2016
Business Growth Strategies

There are many techniques successful companies have used to grow and thrive. You too can adopt a proven method and apply similar principles to grow your own business. According to Fergus Lee , Head of Capital Solutions at ASB , business growth can be achieved in three ways; a) build your business over time; b) borrow growth in partnerships c) or buy growth through acquisition.

But really, how does a business grow? This question has been puzzling business leaders and managers since the dawn of modern business. What is it about the global tycoons that allowed them to grow progressively from small businesses to the international business champions of today? 

These 5 tips for business growth can shed some light on that question.

1. Plan. Before you take action to grow your business, it is essential to plan ahead. Business planning is important particularly when you first start a business. As a business owner, take time to review any current business trends and weigh up pros and cons. When you have a plan, you can align your strategies to your business needs and specific goals. You can also measure your progress and watch your business grow gradually without worrying so much about the future risks. 

2. Don't be afraid to fail. As Napoleon Hill, author of Think and Grow Rich says, "Every adversity, every failure, every heartache carries with it the seed of a greater or equal benefit." The road to success is not a paved way but rather a road of different obstacles which you have to overcome to achieve your goals. Each time you fail on a project or business venture, there's a lesson learned. And the most important thing to remember about failure is to never let it hinder you; keep moving and keep trying.

3. It's okay to take some risks. Always try to bring something new to the table. There are several businesses out there taking the path of least resistance, so by doing things a bit differently you might find a whole new niche within your industry. Explore your horizons and don't be afraid to see beyond what you know and what you can do.

4. Keep doing what works and reinvent what doesn't. If it ain't broke, don't fix it. Growth happens when you're fulfilling a need or want. If demand increases, it means you are fulfilling your market's needs and wants. But if you have losses every passing day then it's time to evaluate what is missing or what have you been doing wrong. You can reinvent, experiment and explore business strategies or study and learn from your customers. Identify any expenditure in your business that isn't generating results and reallocate those resources to what is working, or to a new project.

5. Choose the right people. If you are serious about business growth, then you need the right people to support you and help you achieve it. With serious growth comes serious job creation. Find the perfect fit for each role in your company. It's okay to be choosy at times for as long as it's worth it.

If you have queries regarding business strategies or you need help in growing your business, please don't hesitate to contact us on (09) 576 4166 or request an appointment online.

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How the new Government and coalition agreements might affect owners of residential rental properties

By Paul Martin • December 4, 2023
There were some key takeouts of interest to many of our clients from the recently signed coalition agreements between National, ACT and New Zealand First and the formation of the new Government. In particular there are a number of policies which will likely benefit landlord clients who own residential rentals. I have summarised some of these below. 1. Return of Interest deductibility for residential rental properties Interest deductibility for residential rental property owners will return. It will be phased back in over three tax years: • 2023/24 tax year: 60% of interest cost will be deductible. • 2024/25 tax year: 80% of interest cost will be deductible. • 2025/26 tax year: 100% of interest cost will be deductible. 2. Reduction in bright-line period National signalled in their pre-election campaign that the bright-line period for residential rental property sales would reduce from 10-years to 2-years. While the exact implementation of this policy is not yet known, it is good news on the horizon for residential property investors. 3. Reinstatement of 90-day no-cause termination notices The new government will reinstate 90-day no-cause tenancy termination notices. This will avoid many unnecessary disputes in the Tenancy Tribunal and gives landlords more confidence in letting to possibly “marginal tenants". Many landlords have avoided what they considered to be risky tenants because eviction for anti-social behaviour was so difficult. With this reinstatement, landlords might be more inclined to give a marginal tenant a chance because they know that if the tenant misbehaves, they won’t be stuck with them. If you would like more information on how these changes might affect your personal circumstances, please feel free to contact us to discuss further.
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