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Housing : March 2009
Building Your Business r wave W iding the Protecting your assets is an important factor in surviving these tough economic times. Housing has a few tips. hile it’s hard to imagine good news in the current economic climate, many businesses view such times as a great opportunity to take their business to the next level. They concentrate on improving management skills, creativity, innovation, and systems in preparation for the upturn. And there are other important things that you can do, such as protecting your assets. Even though HIA does not give specific financial advice to members, we often help members to understand their compliance obligation which usually cuts across many of the accounting and legal issues that impact negatively on their business. There are a few recurring themes which HIA has converted into a basic exercise that members can use as guide to protecting their assets, while remembering that unlike other industries, the building industry requires builders to have substantial operating capital to remain licensed. Give yourself a tick where you agree with the questions below. Where you cannot answer the question, then we recommend you discuss the point with an appropriate professional such as your accountant: Banking relationship Do you have a good relationship with your banker? Do you provide your bank manager with regular updates on how your business is going (for example, annual financial statements)? Have you made provisions for bad debts into your profit and loss? Are your assets being valued correctly to support business loans? Accounting relationship Do you have a good relationship with your accountant? Does your business structure adequately protect your personal assets? Are private assets held separately from those belonging to your business entity? Are assets owned in the correct way for your circumstances (for example, tenants-in-common vs joint tenancy, trusts vs companies vs partnerships vs sole trader)? 85