2016 – Year of the underdog

2016 – Year of the underdog

Message from the director, Kevin Smith –

2016 is the year of the underdog:

1. Cronulla won the 2016 NRL Grand Final
2. The ‘leave camp’ won the Brexit referendum
3. The Chicago Cubs won the World Series
4. Donald Trump is President-elect
5. Uber was legalised in Queensland to the dismay of the established taxi industry

How these changes are viewed with the benefit of hindsight will be interesting.

Haraclitus’ quote “change is the only constant” could never be truer. Bearing this quote in mind, how should you approach inevitable changes in your industry? Some businesses ignore any change in their industry and focus on the work at hand until the work dries up realising too late that their business is terminal.

Conversely, some businesses are very early adopters and burn through substantial resources trying to chase the next great invention. It’s interesting to note how successful ‘new’ inventions are often refinements of pre-existing but unknown products.

So what should you do? Having a clear strategic and business plan will help you balance your relevance in your industry, the ability to harness new technology and manage resource allocation (usually cash!).

My preference in accounting and software industry is to be an early adopter. This can lead to some frustrations but the rewards are substantial.

Please contact our office if you would like assistance creating a strategic plan for your business.

Regards,

Kevin

Newsletter

The Business Matters newsletter includes the following interesting articles:

• Investing in business real property
• Changed PAYG withholding rates
• Chattel mortgages
• Unfair contract terms
• Business exits
• Employee penalty rates
• Workplace policies