If, like us, you’ve returned from the holidays and had to hit the ground running, you could be thinking 2018 is going to be a different kind of year. If your pre-Christmas planning was effective, you’ll be well positioned to take this in your stride and already be making inroads into the new year workload. If you’re already trying to catch your breath and longing for a weekend break, you may need to take a strategy stop and implement some quick organisational propping to avoid overload.
With most observers forecasting bullishly for 2018; the state government settling into its new role; interest rates tipped to start rising, however slowly; and the world settling into the most normal growth pattern since 2007, we probably all need to take a breath, take stock and think about how we can best meet the challenges ahead without being run ragged and sacrificing ourselves on the altar of success. Here are four areas you can focus on to get the best from the coming year.
- Looking out for number one is high on the priority list. Providing ourselves good personal care will see us best equipped to deal with the stresses of life and a dynamic business world. Adequate time away from the coalface to allow us to embrace a healthy lifestyle and time set aside for personal development and rest will pay dividends. Reviewing the nexus between business and personal investments can ensure the best protection of family assets.
- And looking after the other numbers by providing time for planning, review and ensuring communications are working well both within and without the business. Bringing in specialist advisory skills will fill gaps within an internal team and broaden perspective.
- Productivity gain has slipped from the agenda over recent years but is worth revisiting. Assets, capital and workplace practices can easily become lazy simply by familiar techniques and taking an ‘if it ain’t broke, don’t fix it’ approach. Reviewing existing practice in light of changing environments and the opportunity for inputs from new staff and external sources can produce rewards. New and emerging technologies can also add to the bottom line and, if ignored, could be improving the competition’s sooner than you think.
- Many new regulations will come into effect throughout 2018. Amendments to the Privacy Act will force data breach notification; changes to GST flows on new residential property settlements; the scrapping of import duty on used vehicles; replacing 457 business migrant visas; deductibility downgrades on new rental properties; and pension and superannuation amendments will all impact on business and investment. Energy policy and the environmental laws are also expected to add to the list and it’s rare for these not to involve business risk in some way, while ongoing reviews of business banking may see some improvements for business borrowers.
If you’re planning to maximise stability, security and returns in 2018, leveraging the strengths of NKH Knight professionals to broaden your team’s skills gives you the best opportunity to enhance strategic planning and risk management outcomes.