ACCOUNTING and business advisory firm Davidsons shared their learnings about business risk in an informative Bizz3228 networking event hosted by Torquay Commerce and Tourism at RACV Torquay Resort Last week.<\/p>\n
Clinton Fraser and Ian Sweet from Davidson\u2019s Torquay office talked about the company\u2019s 2017\/18 SME Research Report, which is collated using a business risk survey completed by between 400 and 500 businesses each year.<\/p>\n
\u201cBusiness risk is something that if you ignore it, you\u2019re taking a huge risk,\u201d Mr Sweet said.<\/p>\n
The top three concerns of SMEs from the latest Research Report are business planning, protecting the business and family assets, and stress and lifestyle.<\/p>\n
Mr Sweet said a business plan \u201ccould do whatever you wanted it to do but the important thing is that you\u2019re thinking about your business in total\u201d.<\/p>\n
\u201cAsk yourself \u2018why do I do what I do?\u2019 and evolve it from that; I think that gives you a point of difference.\u201d<\/p>\n
On protecting assets, Mr Fraser said it was important to be on guard against \u201cpredators and creditors\u201d not just now, but for future generations.<\/p>\n
\u201cI think estate planning is a really critical component. From the research data, 50 per cent of people have a will, but only 30 per cent of people have an estate plan.\u201d<\/p>\n
He said business activities had inherent risk and should be kept separate from family assets.<\/p>\n
\u201cWe all go into business hoping that it\u2019s going to be fantastic and work out well, but I think everybody\u2019s got an awareness that it\u2019s tough being in small business, it\u2019s not always easy and unfortunately for some business activities, they can\u2019t see it through.<\/p>\n
\u201cBeing able to exit an unsuccessful business without causing damage to the other assets that you have is really, really important.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
ACCOUNTING and business advisory firm Davidsons shared their learnings about business risk in an informative Bizz3228 networking event hosted by Torquay Commerce and Tourism at RACV Torquay Resort Last week. Clinton Fraser and Ian Sweet from Davidson\u2019s Torquay office talked about the company\u2019s 2017\/18 SME Research Report, which is collated using a business risk survey […]<\/p>\n