At the end of 2016 people’s mood found expression in boardroom discussions, stories around barbecue fires, articles in the printed and online media and especially in humour in the social media – everyone had had enough, 2016 should now come to an end!
But then 2017 started with a solid dose of its own bad yet also interesting medicine: with surprising pronouncements by world politicians, with more sportspeople leaving the country, with more uncertainty about the profit margins of companies, with dwindling dividend payments, and with a continuing expectation – when is the tide going to turn?
We reckon the easiest response is to attend to areas where you can indeed exercise influence, whether in your family, your community or your business, in order to turn the tide in your life. How else are you going to tackle 2017?
Churchill said, “He who fails to plan, plans to fail”, and how true this is. Therefore our advice on how to plan for 2017 and let circumstances turn in your favour, is the following:
- Tax planning: The tax year-end for individuals, trusts and most close corporations and companies is 28 February and this means that the closing of the tax year is imminent. Make sure that you obtain the necessary inputs on how to maximise your tax benefit with regard to matters such as retirement provision, make a note of your car’s odometer reading on 28 February if you receive a travel allowance against which you annually claim travel expenditure, and make sure that you do not render unto Caesar more than is due to him!
- Financial planning: Are you saving on a monthly basis to provide for unforeseen events? How do matters stand with your retirement planning? Is your will up to date? Are you comfortable with the financial route you or your business is on? Should any of these questions make you uncomfortable, start planning today for the steps you should take to address your discomfort, or speak to us for further inputs. In instances where we cannot be of assistance we can refer you to reliable advisers.
- Strategic management: What are you going to do differently this year to ensure that you can realise your potential or that of your business? Is your business structured optimally, do you know which parts of your business are making money and which not, are you receiving real time information that enables you to take relevant and sound business decisions?
- Budget and manage: Neither time nor money comes from an inexhaustible source and you need to make the right choices to ensure that they are used optimally.
Make sure in 2017 that you have the right advisers and business associates by your side to position you for coping with further uncertainties and to make a breakthrough, as it were, in realising your own potential and that of your business.
We look forward to searching for the underlying opportunities in 2017’s challenges that come our way and are excited about executing our own plans and strategies!