Unlock the Secrets to the success of Family Business with valuable insights and expert advice from RSM. RSM has played a tremendous role in supporting family businesses in Australia for over 100 years from structuring to tax compliance, cashflow budgeting, strategy, growth, asset protection, succession planning, and much more.
Turning our attention to family businesses, they form the lifeblood of Australia’s economy, contributing a staggering half a trillion dollars and generating numerous employment opportunities.
Some of the key valuable tips for your family business to thrive
1- Effective Structuring
In the early stages of your business, meticulous planning and a clear vision are crucial for success. Establishing an effective structure is essential to ensure the seamless operation of your venture. This stage holds great promise, but the decisions you make can profoundly mold your business’s future direction
2- Care about to Cashflow
Be it investing in building business skills or surrounding yourself with those who have them, the right structure and implementing quality systems are vital to minimize unnecessary expenditure, protect assets, and enable smooth succession to the next generation.
3- Document Everything
From policies and processes to buy/sell agreements, absolutely everything in your business should be documented. This not only makes everyday management simpler and supports growth activities but can prevent family relationship breakdowns in serious situations.
4-Look beyond your business
What exactly do you want your business to achieve? A family business can take on so much more meaning when the family unites for causes that extend beyond the core enterprise. Be it community involvement, charity or philanthropic initiatives, the drive to do more together for the greater good leaves a lasting impression on everyone involved.
5-Hope for the best, plan for the worst
Enhance your financial security by adopting smart asset protection and superannuation strategies alongside diverse investment approaches. Secure your family’s future with comprehensive insurance to safeguard your family’s well-being in unforeseen circumstances.
6- Engage good advisors
A good advisor is a source of valuable insight and guidance, and a trusted confidant you can rely on at any stage of your business journey. Their aim is to navigate the complexities and capitalize on the opportunities that appear on the horizon.
Whether you’re a first-generation family business or planning to welcome a third generation, RSM’s ThinkBIG Report can provide you with extensive support and key information in navigating challenges and capitalizing on opportunities. Count on RSM for tailored solutions and strategies behind thriving family businesses in Australia.