These are strange times indeed. Not in our wildest dreams did we ever think we’d find ourselves where we are now – no footy, no pubs, no school, no morning commute. Literally overnight every aspect of our lives has turned upside down. With all this extra time on our hands, we’ve had plenty of time to stop and think about what we need to do to minimize the financial and emotional fall-out. Now more than ever before, we need to work together to get through this chapter of our lives.
Business just got personal
My long-term mate Andy, who I caught up with this week, is one person whose business has been hit hard by the Covid-19 pandemic. We met by chance many years ago when our first-borns came into the world. We’ve been firm friends ever since, sharing the highs and lows of toddlers, teenagers, school formals and schoolies over the journey.
Andy is the quintessential great bloke who happens to run a very successful business. He’s the kind of guy who celebrates not only his own successes, but revels in the success of those around him. With his easy-going nature and infectious laugh, Andy is a magnetic personality. He jokes that he isn’t the smartest guy going around but he is a bloody good judge of character. Yep, I’m the first to agree with him on that.
Andy is smart because he knows he’s good at what he does but not silly enough to think he knows everything about running a business. He knows that he needs to rely on the expertise and advice of other professionals to be successful. Andy’s accountant has been with him since the early days of his business. It was his accountant who connected him with other key people such as his lawyer, financial adviser and bookkeeper. He credits this team with helping achieve all his biggest goals in life – starting a business, buying a factory, buying a dream home and setting up a plan for a comfortable retirement. So grateful for his team and the service they gave him, he referred his mates to them. He’s the kind of guy anyone would want as a client – someone you could build your business around.
It was all going to plan for Andy until the Covid-19 tsunami came crashing down around him. With every aspect of his financial world affected – business coming to an abrupt halt overnight; his property, super and investments all taking devastating hits – Andy now more than ever, needs his team. When talking to him it was clear that what’s keeping him awake at night is worrying simultaneously about both his physical and financial health.
Andy is lucky that his accountant has always done more than just lodge his tax return, his financial adviser more than just advise him on super, his book keeper more than just balance the books, his lawyer more than just prepare a standard will and his banker more than just provide a loan. Andy trusts that his team will work together with him to weather this storm.
I’ve seen some great examples of advisers pulling out all stops to help navigate their clients through this challenging time. The power of great advice in action can be seen at Tim Munro’s Change Accountants and Advisers practice. Check out Chris Ridd’s interview with Tim here to learn about his special COVID-19 Business Continuity Plan, which is estimated to be helping thousands of businesses stay afloat during these times.
Finally, here at myprosperity we’ve been working hard to bring forward a special new release that will prove to be a panacea for your business. It’s like nothing you have ever seen before, providing a space for accountants, planners, lawyers and mortgage brokers to come together in one place to help your clients live their best financial lives. Watch this space.
Written by myprosperity Executive Director, Peter McCarthy