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Paul Martin Chartered Accountant Ltd :: Accounting, Taxation and Business Advisory :: Auckland, New Zealand
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Be First, Be Different

Paul Martin • April 7, 2014

Being first to the market with a sought-after new product or service can be a potential money-spinner.

If you've done your market research and business planning, pitched the product at the right price, planned the launch and have been particular about quality service, being first to the market will undoubtedly give you a competitive edge.

The challenge however of entering a competitive market is working out when the product or service is ready to launch. You may have to go in at a satisfactory quality level, rather than waiting to achieve the final couple of percentage points of quality.

If you procrastinate and a competitor beats you to it, you would have missed the opportunity to be the "pace setter" in the market by being first with the product

Know what your competitors are doing

Standing out above the others and being different is another way of creating your competitive edge.

To compete in a market, you need to know what your competitors are doing and offer a better deal.

But don't compete on price alone. Instead, make customers believe your business offers better value for money in other ways, for example:

- After sales service
- More personalised service
- Value-added service
- Long guarantees
- Better than average quality.

A small service station, for example, might offer a free tyre check and windshield-cleaning service to customers, to compete with the bigger self-service, cut price petrol stations.

When you have your customers thinking your product or service is a better deal, even if it's just the way they interpret it, then you have created a Unique Selling Proposition (USP) for your product or service in the market.

If you want to make profits in your business, try to make your business look different from that of your competitors. Dare to be different!

Contact us  for help with your business planning today!

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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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