Navigating 2024 challenges!

There is certainly plenty of challenges confronting Directors, Business Owners and Managers at the beginning of 2024:

Inflation and interest rates are still high!

Difficulty in finding suitable staff.

The new ‘Industry Growth Program’ offers grants for businesses operating in the ‘priority areas’ as defined by the National Reconstruction Fund, such as:

• Value-add in resources

• Value-add in agriculture, forestry and fisheries

• Transport

• Medical science

• Renewables and low emissions technologies

• Defence capability

• Enabling capabilities

Grants range from $50,000-$5million on a matching contribution basis.

You might have been undertaking some R&D activities and only recently discovered that, if you wish to claim the taxation benefit, you need to be undertaking the R&D activities through a company.

Many businesses are combating some of the challenges by establishing a Board of Advice, so that the Owner/Director can receive advice from some experienced business operators.

Funding for your business might be difficult to arrange because of security requirements for loans – have you considered capital raising direct from the public via Early-Stage Innovation Company, Crowd Sourced Funding Equity Raising, or Section 708 of the Corporations Act.

To navigate the challenges, businesses/companies need key documents prepared internally or by external advisers. This will assist in monitoring the business’ performance and having documentation available to assist in discussions with lenders and potential investors including:

• Business plan

• Business valuation

• Predictive Accounting Reports incorporating Budgets – Cash Flow Forecast – Projected Balance Sheets.

• Corporate Chart

To find out more about any of these issues or other financial/corporate governance issues affecting your business, contact Towers Business Development on 1800 232 088 or email . We can arrange a complimentary initial consultation with you via Zoom meeting.