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Paul Martin Chartered Accountant Ltd :: Accounting, Taxation and Business Advisory :: Auckland, New Zealand
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Why your business strategy is in need of some dusting off

Paul Martin • May 12, 2016

Business PlanningA few decades back, it was a challenge for business owners to maximise their exposure and reach their target markets. These days, much has changed. With vast amounts of information and technology readily available almost anything is possible. Business owners can now reach their audience anywhere, anytime. The resources are there, you just need to choose the right strategies for your business. However, sometimes when your business is growing you have  less time to look at your business at a deeper level. Missing out on these essential business insights or becoming complacent with your existing business strategies can lead to problems. Before this happens, go over your business strategies and do some tidying up.

What are things that could happen to your business strategy that would require you to dust it off? Here are a few:


  1. Original plans didn't materialise as expected. The plans you initially made just didn't go through or you started with them but couldn't keep up with demands of time, effort and other things to be done. It happens. Sometimes your enthusiasm sky rockets only to be dragged down by an obstacle causing you to lose your focus and momentum.

  2. You are too focused on one element and  you overlook new trends and technologies. Nothing is constant, particularly when you are in the business world. There is always something new to discover, to test and see if it works for your company. With the ever changing world you need to recognise new business trends or you'll be left behind.
Here are some ways to clean your business strategy:
  1. Review your business strategy and take a closer look at your approach. Make sure that your business strategy is still aligned with your business goals.

  2. Audit your business strategy. Whether the strategy  is related to marketing or to the overall operations of your business, take time to review the resources, effort and time required. How much value are you getting with each strategy you are using? Evaluate the effectiveness of each strategy and how it contributes to your business growth.

  3. Remove or revise any strategies that are not working. If need be, come up with new strategies that are more applicable to your current business status. Think about your customers when developing new business strategies. Ensure that your strategic approach will improve the customer experience as well as your business processes.

  4. Review technologies you are using. Are these tools worth your investment or are you missing out on the best (and still affordable) tools available in the market? Take time to check the latest technology or tools available for your business. Choose the ones that could improve your business and can further help your strategic approach. Stay up to date to know what is changing in your industry and how your business can adapt to current business trends.
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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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