From the Editor With the calendar year now well underway, for many businesses, attention will now focus on planning and budgeting for the new financial year. Clearly, as one looks forward, there is no escape from reading and hearing about the current economic climate and the fact that the situation is likely to get worse before it gets better. Certainly, recession has been a reality in New Zealand for some months and, while the Federal Government in Australia is desperately trying to circumvent a recession via its huge spending packages, most indicators point to this country also dipping into recession in the near future. However, from a business perspective, it will be important for all of us not just to look and learn from the various indicators that highlight economic trends. These are the things we cannot directly control. Whether you own a small, medium or large business, it is important to focus keenly on the things that you DO have control over – and work to maximise the opportunities in these areas. While none of us can influence the global or local economy, we do have a degree of control over how our businesses react to changing times. Importantly, as we move towards a new financial year we all need to review our business plans to ensure we are structured correctly for the current climate – it is going to be important to step back and view both strategy and operations from a new perspective. We encourage you to put your professional advisers to best use here – utilising their objective viewpoints. As part of your own planning process we would encourage you to look for changes in your business performance. If you can set key financial performance benchmarks in your business, then you’ll quickly see if you are falling behind in any particular area. Conversely you’ll see too where you are over-performing, promoting the possibility of further investment to capitalise on the changing economy. It is an understatement to say that a great deal has changed in the global economy in the past 12 months. As a part of MSI Global Alliance, the Australian and New Zealand member firms, believed we are well placed to assist clients either on a local or international basis. Jim Smith
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