This content was prepared by Target Accounting and is being published by NZME as advertorial.
In the context of successful businesses, accountancy is probably the least likely to fail. Apart from undertaking, perhaps. Death and taxes are two certainties in life, after all. Regardless how you perceive either option however, an accountant should be your next best friend – if you want to avoid the possible death of your own enterprise.
Target Accounting has been best friends with countless business people over the years, in its journey through the generations. Owner Justin Stent followed the family tradition of his father, Frank Stent, and grandfather before him. Frank started the business in Dunedin 37 years ago. Justin established a division in Mosgiel 15 years ago - now Target’s head office - building a team of 13 to manage business affairs for a wide range of clients around New Zealand and overseas. Target’s business developer Tyler Lapham hopes to create a similar pathway for his generations to come; though he’s the first in his family to graduate with a Chartered Accountant qualification.
Many Target clients follow this inter-generational loyalty as new customers come on board through their own associations. Relationships, trust and confidence underpin Target’s reputation. This is supported by some of Justin’s kiwi clients overseas – people who have expanded their lives for new opportunities, but who trust Justin’s knowledge about their affairs.
That’s one of today’s big advantages – technology has simplified contact to such a point, that it brings people into the room. A phone call or zoom conference eliminates precious time and solves issues on the spot. It’s an aspect Justin and Tyler pride Target’s ethos on. Professionalism handshakes with personal relationships. Having intimate knowledge of a client’s business and personal lives is never taken lightly. Nor is the advice and help Target provides.
Looking after clients’ finances involves far more than simple bookkeeping and preparing annual accounts for Inland Revenue. It can be as little or as in-depth as clients want. What it begins with, however is helping people achieve their goals.
First, it means knowing what that goal is.
Countless kiwi success stories began with an idea in the back room or out in the garage. Many started on the wing of a prayer and little money. While perhaps harder in today’s environment, Justin and Tyler are fully aware that good businesses can form as people turn working for someone else into working for themselves – ultimately building a business and long-term income.
It starts with a plan. Planning is as vital in starting a business as it is in having an exit strategy or retirement, according to Justin and Tyler. They stress it involves knowing the risks, having support of family and friends and knowing your comfort zone. Being in business can be overwhelming – either a sole trader or an employer; with all its compliance and cashflow demands, HR and legal requirements, debt collection and employment issues. As Target’s website says when giving its five top tips for small business: ‘Know your limits’.
Start with finding out what those actually are? That’s where any journey begins. Justin and Tyler say business is a journey – a journey they take alongside their clients, helping them grow to achieve the goals and success they seek.
Like any journey, it simply begins with a phone call.