Professional Party Pooper

Professional Party Pooper

Message from the director, Kevin Smith –

I love my job. We have the privilege of working with some of the best people in their fields to ensure their hard work is rewarded and protected. It really is humbling when successful business people ask us for assistance and reaffirms that there is no shame in asking for a second opinion when you can’t see the answer yourself.

I like to think of our firm as a positive and solution based business rather than a stereotypical bean counting office. Having said this, one of our strengths is to remove emotion from a transaction to assess the viability of the proposed new venture. Often clients are reluctant to review the underlying facts and figures as they are already emotionally invested in the transaction.

Jokingly, we could be labelled as “Professional Party Poopers” when we review a business deal. Here are some typical scenarios where clients are in love with a concept likely doomed to business failure:

1. Buying a coffee shop as the client has fond memories of drinking coffee with friends. The financials are horrible and the potential vendor may suggest that it’s a ‘cash business’ which we never accept.
2. Buying a hobby business. For example, the client is an avid cyclist so opens a cycling shop. This could work provided the client is a decent business person or has decent business support. Unfortunately, a love for a hobby doesn’t necessarily translate into the hobby being a successful enterprise. Craft markets come to mind.
3. Buying a motel for ‘free’ accommodation. If ‘free’ means working 24/7.
4. Buying a video store as the client likes to watch movies. Enough said.
5. Buying an icecream store as the client like icecream. See point 4!

As Chartered Accountants we receive solid technical training to review the cold figures as well as strategy training to translate the cold figures into planning opportunities for your business. We thoroughly enjoy partnering with clients to grow their businesses. We don’t always say “no” but if we do it is based on solid financial reasons. We are very excited to be able to say “yes” when there is a worthwhile business opportunity.

Please contact our office if you are in need of a Professional Party Pooper!

Newsletter

The Profit Improver newsletter includes the following interesting articles:

• Maximising referrals
• Rebranding
• Win-Win negotiation
• Productive workspace
• Confidence
• Mobile office
• Misleading media
• Turning negative conversations into positive results

The Business Matters newsletter includes the following interesting articles:

• Finding your target market
• BAS errors
• Fuel Tax Credits
• Terms and Conditions
• Hiring bias