Building your panel of experts

Whether you’re starting or growing your business, or buying a franchise, an accountant can be highly beneficial at all stages. That doesn’t mean you need to hire one as part of your team, they can be outsourced as and when they’re needed – such as when you need help with a business plan, tax audit or strategising ways to maximise profits.

An accountant can help you create a thorough business plan that'll include financial projections or analyse whether a current business model is viable for the future. They can also investigate ways to save you and your business money through looking at your expenses, cash flow, revenue and taxes, as well as being skilled in many of the legal requirements for your business. This frees up your time to concentrate on other business matters.

Plus, if you’re wanting to raise capital through investors, bank loans and overdrafts, your accountant can help build a case to prove your eligibility. If you’re looking to buy a business or franchise, it’s a good idea to ask an experienced accountant to look over the business model/franchise model to project the financial outlook.

Chartered Accountants Australia New Zealand (CAANZ) offers a database of chartered accountants holding a Certificate of Public Practice and you can filter or search by location. It’s recommended to search for an accountant who has experience with businesses similar to your own. Make sure to ask for their fees and an estimate before booking their services.

Seeking financial advice is recommended at certain stages of starting, running, selling or closing a business. Business.govt.nz recommends getting financial advice when you're:

• Starting out
• Having trouble paying your bills
• Looking to grow
• Closing or selling your business
• Looking for investment
• Considering a large bank loan
• Filing your taxes or dealing with tricky tax issues.

A lawyer will be essential for certain business activities, such as buying or selling a business. You may need to consult a lawyer for intellectual property matters, employment contracts, property leases or disputes, so it’s best to have one in your network before an issue arises.

Business lawyers are also experts in negotiating transactions, Government regulations and taxation.

If you don’t already have a lawyer, you can find some of them listed via the Community Law Centre, Citizens Advice Bureau or ask friends or family for a recommendation.

Your lawyer should hold a current practising certificate issued by the New Zealand Law Society. To find out if their certificate is current you'll need to contact the New Zealand Law Society.

Hourly rates for lawyers vary, so ask for their fees and a cost estimate up front, before booking their services.

A business banking specialist has in-depth knowledge that may help you with your business goals.

Whether you’re just starting out, running a small to medium-sized business or growing larger, we have trained banking specialists in each area of your journey. This personalised support will be focussed around understanding the opportunities and pinch points of your business and the journey you've been on so far. Tailored solutions will then be designed to align with your business aspirations and goals.

If your business is dealing with international trade and foreign currencies, our foreign markets team can talk to you about making and receiving foreign payments. They can also help you manage your exposure to currency volatility risks.

We also offer asset finance which assists debt management and provides specific funding for assets like vehicles, plant and machinery. Asset finance transactions are regularly secured against the asset you’re purchasing, or existing plant and equipment, and repayments are tailored to suit your circumstances and cash flow.

If you’re a commercial or residential property developer or investor wanting to buy, develop or refinance a property, we’ve got specialist loans, structures and property finance specialists to help.

Our business banking specialists will discuss options for your specific needs, such as business banking accounts, overdrafts, business loans and term deposits.

Opening a business banking account will separate your business finances from your personal finances and allow you to set up a business overdraft facility if needed.

A business advisor could be a leadership coach or specialist in marketing, technology or other areas of your industry.

Business.govt.nz recommends seeking out an advisor if you:

• Have specific goals you can’t meet
• Are dealing with an issue you don’t know how to solve
• Need specialist support.

When speaking to an advisor, it’s important to be clear on your goals and issues and what you need help with.

If you’re looking for support from an advisor, you can search the Regional Business Partner Network. This network has 14 regional business growth agencies across New Zealand and each one provides access to government-funded resources.

Industry associations allow businesses to create alliances within their industry, network and learn from their peers and often lobby on specific issues.