Importance of Tax Planning

Often, most businesses focus so much on growth in revenue and minimization of costs that taxation becomes a secondary priority. However this is where many businesses stumble because if not administered carefully, tax debt can be a death knell for the business. Tax is critical in terms of cash flow planning, optimising costs, identifying product portfolios as well as to meet the social commitments of the business. Advantages of tax planning includes –

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Time Management

Time management is using a person’s time more effectively to accomplish tasks within a short period of time in order to improve both efficiency and productively of the task.

Managing time is one of the crucial skills for a small business to possess if wish to succeed. As many small businesses struggle to complete day-to day tasks within time, they end up wasting precious time which they should be using for growing their business. Once a small business start practicing good time management, they consistently improve their products and services.

Patience

Patience is a virtue for growth and profits in many small businesses. Although entrepreneurs want to grow fast with their new business plan and expect fast results, they need to be patient to see success. Having patience means you can wait peacefully because you have invested time, energy and money rather than getting frustrated, worried or disappointed.

Listening

Listening is the key to effective communication. Effective listening helps in sharing clear information, increasing productivity, building customer satisfaction and employee motivation. Whereas poor listening can easily create misunderstanding, irritation or frustration in business.

Listening is a desirable strength for your business to have in order to build relationships both internally and externally.

Small Businesses

Small businesses are independently owned cooperation, partnerships or sole traders. There is a close control over operations and decisions by the owners. In NZ, small businesses play an important role in the growth of economy as they make up majority of businesses.

Although the big businesses may lead the stock market, however the small businesses are making economy moving as these are engine for growth. 97% of businesses in NZ are small businesses, employing less than 20 people and contributing 28% in GDP of NZ (New Zealand’s Support for Small Business 2018).

Team building is a systemic process where individuals work together in a well-coordinated and cooperative way turning into a cohesive team in order to achieve common goal. Team work is crucial for the success of a business. With team building skills, knowledge, talent and creativity of different individuals are blended together to get the best out of them.

Effective team building enhances working relationship between individuals, improves cooperation and as a result, produces better results, improves productivity, boosts morale and overall motivates team.

Business Networking

Business networking is a process of creating and nurturing relationships with other businesses, clients or potential customers. It is mutually beneficial for both the parties to enhance their knowledge, build new business opportunities and learn from success of others.

Enhance employee engagment

Employee engagement is the degree to which employees feel enthusiastic about their work, are highly committed and put their best effort in the growth of the business. As employees are backbone of any business, so employee engagement not just meant for running your business smoothly, but also helps in overall success.

Engaged employees are focused, full of energy and always present in the situation. They are constantly ready to do more than what is expected out of them as they feel connected with the purpose of the business. According to Gallup, companies with engaged employees outperformed their peers by 147% in earnings per share.

Problem Solving

Problem solving is a process of working on the minuteness of a problem in purpose of reaching a solution. These days, none of the businesses have immunity towards problems, so they face many problems every day. In one situation, problems can be small, easy and simple or big, difficult and complex in other. How a business handles a problem makes a huge difference in its success and failure.