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Western Sydney is an example where the economy has expanded to become the third largest in Australia, contributing $180b to Australia’s GDP (10 per cent of total GDP). There is more potential to unlock in Western Sydney, with future growth anchored by landmark infrastructure projects like the International Airport nearing completion this year.
According to NSW Government data, there is $14.4b of planned developments and 11,200 hectares of land at the centre of NSW’s transport networks, projected to create 200,000 jobs in the region.
This evolution provides opportunities for both existing and new businesses to scale. For business owners, while growth is a primary goal, uncontrolled growth and rapid change can expose vulnerabilities. Below we explore key considerations for business owners to successfully navigate the challenges associated with scaling a business:
As businesses grow and continually adapt to their environment, it’s important for business owners to have a point of reference as a guide through periods of disruption. Creating a robust business plan is an opportunity to document your strategy and can be an effective navigation tool that evolves over time. Broadly speaking, a business plan outlines why the business exists, the short-term and long-term financial and non-financial targets, and the key drivers that will influence the achievement of those targets.
A business plan can help to:
During rapid growth, it’s crucial to focus time and energy on the most impactful priorities. Setting clear action plans to address strategic priorities ensures the business remains on course, and a business plan can assist to manage changing priorities over time.
In most circumstances when businesses grow, the assets of both the business and the owners grow simultaneously. An effective asset protection plan is like an insurance policy – it can shield assets from unforeseen circumstances and protect the work invested in accumulating those assets.
Asset protection can provide the following benefits:
A robust business structure is fundamental to an effective asset protection plan. A considered structure can help protect assets as the business scales, and can also provide a level of tax efficiency and flexibility to adapt to changes in the business environment.
The ATO has recently intensified its focus on compliance of privately owned groups through programs like the Next 5,000 reviews. From these reviews, business owners have been encouraged to approach tax governance proactively and improve analysis and documentation of tax related issues. Recent cases highlight the financial impact of neglecting key tax issues and the need for the broader business community to take action.
A sound tax governance framework can help with:
If you feel like your experiencing rapid growth and are struggling to navigate this change, please reach out to our team of experts today who will be able to help you with your business needs.
Article contributed to by Raffaele Bellucci– Private Enterprise
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