Owning and running your own business can be a wonderful, rewarding experience, but it can also be very challenging. Firstly, it is important to choose the right vehicle to run your business through if it is a new business. Does it have to be a sole trader, company, trust or something else? Perhaps the existing business needs a complete restructure to function more effectively to minimise your tax and maximise your profits?
You also have to keep succession planning in mind. At some point you might want to ‘hang up your boots’ and you might need an exit plan. So, with strategic business planning and development, you can build a business with bigger profits and higher growth. This way, you will be able to develop a more valuable and profitable business that is easier to sell or hand over to the next person.