Use this tool to test whether your business idea is feasible — and check for potential risks before you go full steam ahead. This will help you get an idea of whether your idea will make enough money to cover your costs and show a profit.
Types of advice you’ll need
There’s a lot to think about when you’re self-employed, contracting, in a partnership or running a business — but you don’t have to juggle everything.
Here are some things that might be top of mind for you, and the advisors who can help alleviate the load.
Even if you’re self-employed, you don’t need to — and shouldn’t — go it alone.
Lean on the wide community of business advisors, consultants and support networks available to help you and your business.
How can I be financially astute?
- I want to see if my idea is financially viable
- I need help to manage my cash flow and day-to-day finances
- I want to minimise my tax and maximise my profits
- I’m interested in exploring where I can get funding to grow
- At some stage, I want to understand how much my business is worth
- If I get into trouble, I’ll need help to manage my debt
Who can help?
- Bookkeepers
- Accountants
- IRD community compliance officers
- Financial advisors
- Budget advisors
- Bank managers
- Commercial lawyers
- Business mentors
- Insolvency advisors
How can I protect my business, assets and people?
- I need to register my business and stay up-to-date with licenses and approvals.
- I need to protect my most valuable business assets.
- I’d like to identify, register and protect my intellectual property.
- If I have a team, I’ve got to keep on top of health and safety issues.
- I want to make sure I hire the best people and do right by everyone I employ.
- If I decide to buy another business or sell my own, I’ll want help to get the best deal.
Who can help?
- Commercial lawyers
- Industry networks
- Insurance brokers
- Accountants
- Health and safety advisors
- Risk consultants
- HR advisors
- Recruitment consultants
- Employment lawyers
- Employment mediators
- Intellectual property and patent attorneys
- Business mentors
Don’t underestimate the potential return on investment of getting professional advice.
Advisors can help fill significant gaps you may have in skills, time and resources. They’ll also help you build and maintain a healthy business to a size that suits you.
How can I grow my business and develop my skills?
- I want to validate my ideas and strategies.
- I want to be more productive so I can improve my work-life balance.
- I want experienced people who have walked in my shoes to be my sounding board.
- I’m keen to develop my leadership skills and business acumen.
- At some stage, I’d like to explore my opportunities to innovate, expand or diversify.
Who can help?
- Business mentors
- Industry networks
- Business coaches
- Advisory boards
- Board of directors
- Management consultants
- Incubator or accelerator programmes
- Regional Business Partner Network (external link)
- Callaghan Innovation (external link)
- New Zealand Trade and Enterprise (external link)
How can I put good systems in place — both internally and to build my customer base?
- I need to set up and maintain some good digital systems.
- Being able to easily resolve any tech issues I encounter is important to me.
- I want to grow my customer base by marketing to the right people, at the right time, in the right way.
- I’m keen to build my brand’s identity.
- I’m always looking for ways to make the best use of my time.
Who can help?
- IT consultants
- Remote tech support
- Marketing consultants
- Digital strategists
- Graphic designers
- Branding specialists
- Business mentors
- Business coaches
- Virtual personal assistants
Expert view
Getting professional advice
Tax expert John Shewan recommends businesses of all sizes seek professional advice. Small businesses and the self-employed shouldn’t count themselves out of large professional service networks just because of their scale. Many large accounting companies offer in-depth services to small- and medium-sized businesses.
“It’s a little bit of a fallacy that the big accounting firms only look after big clients, that’s not the case,” Shewan says.
There are lots of benefits to working with advisors, particularly when it comes to tax, compliance and Inland Revenue.
But working with a professional advisor is a two-way road. You need to prep and put in work to make sure you’re getting the most from your advisors.
“You do that by asking them the right questions, by making sure you’re prepared and willing to be absolutely open to them,” Shewan says.
“My advice to people is spend a lot of time preparing before you go and consult with a lawyer or an accountant. Get maximum value out of the time. Make sure you put the pressure on them to deliver value to you.”
Have you visited your local regional business partner for advice?
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