Businesses need to adapt to succeed
16th February 2012
BMO is warning that if small business and farming enterprises don’t gear up for sweeping legislative changes, or familiarise themselves with new sectors, they’ll get left behind.
The new or changed laws in workplace health and safety, employment, personal property, carbon tax and superannuation will add extra compliance burdens on your business. These challenges do however also offer great opportunities for your business to adjust and improve its financial position, according to BMO partner, Michelle McVeigh.
‘Businesses need to adapt or they will just not make it in the highly regulated world in which we live. That’s why we are working to help inform local businesses and our clients on how to take advantage of new legislation, so that they can drive themselves and their businesses to succeed.’
BMO prides itself on ‘walking the talk’ and has been adapting to changes in the business landscape for 50 years. Traditionally an accounting practice, the firm has emerged as one of the region’s leading multi-discipline firms with more than 45 staff now offering advice in taxation, superannuation, loans and leasing, financial planning, human resources and marketing. A number of senior staff also run their own farming practices, so BMO ‘gets’ how business works in rural areas.
‘The most profitable businesses are those who not only survive hurdles, like droughts and floods or new industries entering the local market, but they know when to ask for advice and support.
‘At BMO we can help businesses in several areas. We’ve also used outside experts like solicitors when we needed help. This ensures we’re building our own business effectively and in turn, it helps us help our clients,’ Mrs McVeigh said.
Over the coming months, BMO is focussing on assisting Dalby businesses put strategies in place to take advantage of the raft of changing and new laws, especially in superannuation, taxation, personal property securities, and in accessing the emerging energy sector.
She said that the coal seam gas (CSG) sector had brought with it a range of challenges and opportunities for BMO clients.
‘Our farming clients and affected landholders need to be sure that they not only get legal advice but are also proactive and get financial advice early in negotiation to ensure compensation payments are structured to help minimise tax.
‘We encourage all businesses to familiarise themselves with the CSG industry so they can put contingency plans in place for negative impact and also be on the front foot in grasping opportunities, such as developing sustainable solutions and services to the sector.
‘New legislation, dry periods followed by floods, and CSG means there are some interesting challenges and exciting times for our region, so adapting and evolving businesses are the ones that will succeed. It’s something Dalby businesses have always done and we are confident that this will continue to be a major factor in our region’s growth.’
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