Future proofing local businesses may be the key to navigating hard times in drought-affected areas.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The recent deluge of rain has lifted spirits, but the Tamworth Business Chamber is urging business owners to be prepared for more uncertain times at the Tamworth Regional Business Summit next month.
The three-day event will deliver "real solutions to real problems for real people", Chamber president Jye Segboer said.
"We don't know what the future will hold. It's pivotal business owners think to the future and prepare for whatever could lay ahead," he said.
Read also:
Roberts and Morrow is a financial firm in Tamworth and will be running workshops at the event on future proofing businesses and knowing when to 'cash in your chips'.
"People get caught up in the every day and not necessarily focus on the end game ... this is happening particularly at the moment with the way the local economy is ... with the drought and the knock-on effect," Roberts and Morrow partner Chris Ingall said.
"Widespread rainfall has been welcome across the drought-stricken Tamworth region, but it will take some time to flow through and impact the local economy.
"It is about having the right structures and plans in place to maximise tax concessions and an efficient handover when it comes time to sell a business," he said.
People get caught up in the every day and not necessarily focus on the end game...this is happening particularly at the moment
- Chris Ingall
And businesses that don't have a handover on the horizon can still benefit.
"The key with that is to not one day wake up and say 'I want to sell my business', but to work towards it ... and make sure the business is structured in a way that can happen," Mr Ingall said.
Retirement, restructuring, asset management, the drought economy and the regional economy will all be covered at the event by presenters from the finance sector.
There are no specific businesses targeted at the event - everyone from "mum and dad enterprises" to commercial businesses are encouraged to attend.
The summit will be held in Tamworth from March 17 to March 19 this year.
Business owners who wish to be involved can register online at www.tamworthregionalbusinesssummit.com.
Police and crime reporter at the Newcastle Herald.
Police and crime reporter at the Newcastle Herald.
