2023

Written by Peter Minkoff (UK correspondent) Running a successful business in today’s fast-paced and competitive business landscaperequires more than just hard work and determination. Businesses must keep up with thelatest trends and technologies while also adapting to changing market conditions. With thatin mind, here are a few key factors that will help businesses succeed in 2023: Embracing TechnologyAdopting technology not only allows businesses to increase their efficiency and productivity,but it also enables them to collect and analyse data in order to make more informeddecisions. Furthermore, incorporating technology into various aspects of a business, such asmarketing and customer service, can help to improve the overall customer experience.Following the latest technological trends and tools can also assist businesses in remainingcompetitive and relevant in their industry. To fully reap the benefits of technology,businesses should also prioritise cybersecurity measures to protect against data breachesand cyber attacks that can harm both the company and its customers. Investing in Employee DevelopmentInvesting in employee development benefits not only the employees but also the overallsuccess of the business. Employee job satisfaction, motivation, and productivity can beincreased by providing opportunities for learning, growth, and career advancement.Moreover, a learning and development culture can help businesses attract and retain toptalent, as well as create a more skilled and versatile workforce. Businesses can build astronger and more resilient organisation by prioritising employee development. Businessesthat invest in employee development should regularly assess their employees’ skills andprovide customised training programs that align with their career goals and the needs of thecompany. Seeking Expert AdviceRunning a successful business is a complex endeavour, and businesses may requireoutside expertise to achieve their objectives. For instance, expert marketing consulting isone area in which businesses can benefit from outside assistance. Marketing consultantscan offer businesses a fresh perspective on their marketing strategy, as well as insights andbest practices, and can assist them in optimising their marketing efforts to reach their targetaudience. Businesses can gain a competitive advantage and achieve their marketingobjectives more efficiently and effectively by working with the right marketing consultants. Focusing on Customer ExperienceProviding excellent customer service is only one aspect of creating a positive customerexperience. Businesses must truly understand their customers’ needs, desires, and painpoints in order to tailor their products, services, and interactions accordingly. Businesses thatinvest in collecting and analysing customer feedback can gain valuable insights that can helpthem make better decisions and improve the overall customer experience. What’s more, astrong focus on customer experience can help businesses differentiate themselves fromcompetitors and build a loyal customer base. In addition to providing excellent customerservice, businesses should focus on social media in order to create an emotional connectionand foster loyalty. Emphasising SustainabilitySustainability is not only a moral imperative but also a strategic business decision.Businesses that prioritise sustainability can reduce operational costs, improve theirreputation, and attract customers who value environmentally friendly practices. Furthermore,sustainability can spur innovation and create new markets and revenue streams. Businessesthat are proactive in their approach to sustainability can position themselves as industryleaders and contribute to a more sustainable future. Businesses that prioritise sustainabilityshould also communicate their efforts to their stakeholders in a transparent manner in orderto build trust and credibility. Moreover, businesses should continuously evaluate andimprove their sustainability practices to ensure their long-term viability. Staying AgileBeing agile means being able to change with the times and seize new opportunities. Agilityis more important than ever in today’s rapidly changing business environment. Businessesthat are willing to experiment, take risks, and pivot quickly in response to market trends andcustomer needs can gain a competitive advantage. To remain agile, businesses must beopen to new ideas and perspectives, learn and improve on a continuous basis, and stayconnected to their customers and the broader market. Businesses must be agile not only inresponding to market changes, but also in anticipating them through scenario planning andrisk management strategies. Businesses can also foster agility by cultivating an innovationand experimentation culture. To summarise, running a successful business in 2023 necessitates a mix of technologicalsavvy, customer-centricity, employee development, sustainability, agility, and expert advice.Businesses can stay ahead of the curve and succeed in an increasingly competitive marketby embracing these key factors.

What is Management Accounting? Management Accounting involves financial and non-financial ‘decision-making’ information provided to managers and stakeholders within an organisation. It is an accounting method that creates statements, reports and documents to help businesses make better-informed decisions with performance. It provides operational business metrics and market analysis that help to forecast future purchases and investments for company growth. What are the typical duties associated with Management Accounting? Although it varies from organisation to organisation, some of the essential duties associated with management accounting include: What are the 7 Functions of Management Accounting? Essentially, the 7 typical functions of a management account encompass the below: What is the difference between Financial Accounting and Management Accounting? Financial Accountants record and report spending and transactions related to business operations. Management Accountants help managers with decision-making. It requires strong leadership skills combined with a sound knowledge and understanding of various topics. These include market trends, compliance, and risk management. A good Management Accountant ensures the future growth and profitability of a company. Are you ready to talk to an exceptional and professional accountancy firm about your business financial needs? Howick Office Phone: 64 9 534 4382 Email: office@dnaca.co.nz Address: 69 Ridge Road, Howick, AKL Tauranga Office Phone: 64 7 576 2194 Email: admin@dnaca.co.nz Address: 152 Waihi Road, Judea, Tauranga

Business Connect is fast providing New Zealand businesses and entrepreneurs with a community that is designed to encourage each other and help to achieve their strategic goals. A collaboration of products and services, Business Connect is a platform for entrepreneurs and businesses in both the in-person and online space. A place to mingle, learn and socialize with each other, “Business Connect is an entrepreneur hub, a greenhouse, where you find inspiration, where you don’t feel alone with doubts and struggles,” says Phillip Quay, founder of Business Connect. “Business Connect is ideal for any business which likes to get their business seen, needs help with sales, clients, barriers or would like to connect with like-minded people to help them achieve bigger goals faster and succeed in their business,” commented Phillip at a Business Connect meeting on Tuesday. Business Connect is an open and free platform without judgement and is not restricted by age, gender, or profession. “We can help you find products and services that you might not know are available to you,” adds Phillip. Business Connect gives you the opportunity to seek advice and support. “We have key speakers and mentors, and we encourage you with activities that will assist you in achieving your goals and overcoming roadblocks,” says Phillip. Since its inception last year, Business Connect has fostered new collectives, seen new clients signed up, products sold, new ideas and opportunities opened up as well as countless referrals. Believing that businesses are stronger when they work together, Business Connect wants to help businesses grow and people flourish, “We are all connected through our roots and together we can achieve greater things,” says Phillip. Business Connect offers you a fantastic opportunity to interact in person, make new friends and get ideas to achieve your dream and live the life you deserve. Contact Phillip Quay Business Connect Phone: 0274 587 724 Email: phillip@nzbusinessconnect.co.nz Website: www.nzbusinessconnect.co.nz

Tax Compliance – a taxpayer complies (or fails to comply) with the tax rules. Tax Obligations – Filing in a cost-effective timeframeGovernments are increasingly putting pressure on tax administrations – our global economic environment has resulted in businesses facing challenging times in managing tax compliance. Why is tax compliance important?Failure to file returns and report income and transactions subject to tax is likewise punishable by law. Tax compliance has three dimensions – filing, payment, and reporting. What does compliance mean in the workplace? Everyone who earns money in New Zealand must pay income tax, including: Taxable income can come from various sources, including:  If you are a: Ignorance in failure to pay taxes on time will have consequences – it is your duty as a taxpayer to educate yourself on all tax obligations you must fulfil on time. Tax compliance can be challenging for small business owners, and requires a thorough knowledge of various tax laws – it also involves much time and follow-up work. In addition, deadlines are crucial and must meet with accuracy. The Drumm Nevatt & Associates team are professional, highly skilled Chartered Accountants based in Tauranga and Auckland.They can provide help with all your tax accounting services, including annual accounts, GST legislation, tax facts, tax legislation changes and critical dates. The knowledgeable and experienced accounting team will provide tailored advice and firm solutions to help your business get the best results and ensure you only pay as much tax as you need. Are you ready to talk to an exceptional and professional accountancy firm about your business financial needs? Then let’s chat. Drumm Nevatt and Associates LimitedHowick OfficeE: office@dnaca.co.nzRidge House69 Ridge RoadHowickAuckland 2014PO Box 54 060The MarinaAuckland 2144 Tauranga OfficeP: +64 7 576 2194E: admin@dnaca.co.nz23 Myres StreetOtumoetaiTauranga 3110