Business Plans - Are they the blueprint for your business future?

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The blue print for your business? That depends on whether you use them or if they are just a “once done, filed away, never to be seen again” document.

The key points to a business plan are:
  • a mission statement (describes the business, its goals and objectives)
  • marketing strategy (understanding the strengths and weaknesses of the business)
  • people plan ( understanding the people needed in the business, their skill sets and leadership styles)
  • financial budget (a forecast of where the business will be financially in a year’s time)
Don’t worry we are all guilty of the “once off never to be seen document” but the success of having a business plan comes from the action points/plan - a detailed list of tasks or work to be done, over a specific time frame, to achieve the goals of the business plan.

There are lots of business plan templates, so if you would like to write a business plan, call us to discuss using one of the templates and other tools we may have.

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Sole traders: Got your NZ Business Number?

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Get your NZ Business Number

The New Zealand Business Number (NZBN) is a globally unique identifier available to all Kiwi businesses, including sole traders, and it comes with a growing list of benefits.
What's the NZBN? The New Zealand Business Number (NZBN) is a unique identifier available to every business in New Zealand. It provides an easy way to identify different businesses, and to share and update business information.

New Zealand companies and public sector agencies are automatically given an NZBN. Sole traders, partnerships and trusts can register for one.

Information about each business is listed in a secure online register, managed by the Ministry of Business, Innovation and Employment.
Why get an NZBN It’s free to get an NZBN. Any business operating in New Zealand can get one – whether you’re a sole trader working from home, or a multi-national organisation. An NZBN:

identifies you as a real NZ business
should save you time by reducing the number of places you need to …
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How you pay tax to the IRD is changing

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No more cheques – pay online instead From 1 March 2020 the IRD will stop accepting payment by cheque, including cheques dated after 1 March.

The safest and quickest ways for you to pay the IRD is online – either in myIR or through your bank.

For more information on the online payment options check out ird.govt.nz/cheques
Cash or Eftpos at Westpac You can continue to make cash or Eftpos payments at a Westpac branch. However, from 1 July 2020 they'll need to have a barcode to ensure the payment can be correctly allocated.

Barcodes are usually printed on Inland Revenue returns, statements or letters. Barcodes can also be generated on the IRD website, which can be printed, or just shown on a mobile device.

To generate a barcode go to ird.govt.nz/barcode
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Paying the Minimum Wage during the subsidy period

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Paying the Minimum Wage during the subsidy period 
Employment NZ’s website states that during the subsidy period, if an employee is not actually working, employers can choose to pay a minimum of 80% of an employee’s pre-COVID-19 income. So, for an employee on the minimum wage who isn’t working, employers could continue to pay them at 80% of last year’s minimum wage. The employee must be paid at the new minimum wage when they do start working again.
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