Our latest insights

Boards play a critical role in the success of private businesses by providing strategic direction, advising the Executive team, overseeing business performance, and managing risk and compliance. To fulfill these roles effectively, Board members need to be equipped with insightful information.

As the end of the financial year approaches, now is the time for family groups to consider their annual tax planning. Tax planning is a critical part of the tax management processes for all family groups, and brings about benefits.

Grant Thornton Private Business Tax & Advisory Partner Nick Love recently interviewed Mark Nicholas, Founder and CEO of Anchor Private Financial Services, about forecasting and budgeting for businesses, focussing on the banker's perspective on three-way forecasting.

Effectively managing a modern professional services firm requires a strategic approach to profits, cash flow, and equity.

Australian manufacturers have been through difficult times, particularly with the shutdown of the automotive industry, but remaining businesses are proving to be agile and resilient having already battled through lots of challenges. In addition, the accelerating pace of new technologies being introduced, combined with COVID-19 disruption and the Government’s substantial industry support, many manufacturing business models have been fundamentally challenged for the better.

Next generations are itching to take over – the question is are they ready? Future leaders should allow at least three to five years to demonstrate their credibility and develop leadership skills. There are high expectations of the next generation’s business acumen, financial and industry understanding, the ability to lead and inspire, and capability to overcome hurdles. Taking over the family business is a process that often spans across a number of years, and can be separated into succession of management (that is, responsibility and authority), and succession of ownership.