Bay of Plenty Business News November/December 2017

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20 BAY OF PLENTY BUSINESS NEWS November/December 2017 Remember it’s your money, take charge Every year, the Financial Markets Authority reviews the KiwiSaver market and releases an annual report based on information collected from all KiwiSaver providers. It makes for an interesting read, highlighting some key areas for consideration. WHAT TO DO WITH YOUR MONEY > BY BRETT BELL-BOOTH Investment Advisor with Forsyth Barr Limited in Tauranga. Phone: (07) 577 5725 or email brett.bell-booth@forsythbarr.co.nz With more than 2.7 million of us now in KiwiSaver and total funds saved in excess of $40 billion, KiwiSaver has firmly established itself as a key part of New Zealand’s retirement savings framework. Anyone who has taken this step towards their retirement planning should be congratulated. With 25 retail schemes to choose from, investors have a range of options open to them. Last year saw nearly $2 billion transferred between schemes by more than 172,000 KiwiSaver members. The report highlights the importance of education and engagement with members. With balances increasing, for many, KiwiSaver may be their most significant asset outside of the family home. While it may not be the preferred dinnertime conversation, it is worth investing some time into thinking about how much you are saving and projecting forward to what that will mean by the time you reach retirement. If you are considering your current investment arrangements, perhaps it’s time to get a complimentary review Forsyth Barr is a New Zealand owned firm with 21 offices nationwide including three offices in the Bay of Plenty and Waikato regions. Supported by Forsyth Barr’s research and investment expertise, our Authorised Financial Advisers can work with you to deliver a personalised approach taking into account your investment objectives, preferences and your tolerance for risk. To make an obligation free appointment to discuss your investment arrangements, contact your local Forsyth Barr office by calling 0800 367 227. We look forward to discussing how our investment advice can work for you. Disclosure Statements are available on request and free of charge. Fees and charges will apply if you elect to have a continuing relationship with Forsyth Barr. TAU5162-01 – © Forsyth Barr Limited August 2016 Many providers include a savings calculator on their website, allowing you to input information such as your salary and retirement age. Ideally you can also include information about other assets you may have invested and allow for withdrawals you may wish to make, perhaps for overseas travel or replacing the car in early retirement years. Tracking your balance every payday against this calculated goal allows you to view and monitor your progress. Progress will be influenced not only by the contributions you make, but also by changes in financial markets. While we have enjoyed a period of strong investment performance post the Global Financial Crisis, it is always important to remember that KiwiSaver is a long-term investment and as such your KiwiSaver should be positioned according to your age and investment risk profile. KiwiSaver providers normally have an investment risk profile tool which allows you to answer some simple questions, helping you to determine where to invest. Your authorised financial adviser can also help you talk through your investment choices. Regular contact is important too. While we have enjoyed a period of synchronised economic growth, corrections do occur. Active fund managers position themselves accordingly, communicating changes in investment strategy to members so they can remain informed about their account and make active choices. Think about the last time your provider contacted you and helped you navigate investment markets in relation to your account. When it’s your money, such engagement is important. Trans-Tasman transfers were also covered in the report. Kiwis who have worked in Australia since 1992 and who have subsequently moved back to New Zealand, have been able to bring back their Australian superannuation. Last year, more than $116 million moved across the Tasman and was invested in KiwiSaver accounts, giving balances a boost. For some, knowing they will never return to Australia to work, consolidating their retirement arrangements into one account is convenient and easy. For others, fees may be a consideration with multiple account fees and potentially insurance premiums in play. Insurance may be duplicated with policies held in New Zealand and there may be restrictions around access to benefits that the member had not realised. Tax is also a consideration and, as always, specialist advice is recommended in this area so an informed decision about your situation can be made. Remember once the funds have been transferred to your KiwiSaver account, they are ring-fenced and have special rules restricting access. You can’t use them for first home withdrawals, but generally you have access to them once you meet the Australian definition of retired, at age 60. Once you have decided to move your superannuation home to KiwiSaver, be prepared to be patient. It can take time. The key is keeping informed on the way through, so talk to your authorised financial adviser about how they can help you with the transfer process and liaise with your Australian provider. This column is general in nature and is not personalised investment advice. Disclosure statements for Forsyth Barr Authorised Financial Advisers are available on request and free of charge.
BAY OF PLENTY BUSINESS NEWS November/December 2017 21 The importance of creating a core differentiator Clearly defining what sets you apart from every other business that offers the same service or sells the same product as you is a huge advantage when in business. MONEY MATTERS > BY MICHELLE HILL Director and Partner at BDO Rotorua, Chartered Accountants and Advisers. To find out more visit bdorotorua.co.nz or email rotorua@bdo.co.nz It is important to establish what is known as core differentiators, which articulate exactly why you are unique and why potential customers should buy from you. If you do not let your customers and potential customers know what sets you apart from the rest, then buying decisions will be made on other factors such as price. In order to identify the unique identifiers in your business you need to ask yourself, “why do people buy from me”? Ask your staff and associates and get them to write a list of all the reasons. It is also a good idea to survey some of your current “A” customers. Asking customers can be useful as your perception of why they buy from you can be quite different from the reasons they actually do. Once you have established a list of what makes your business different, ask yourself if these also apply to competitors. If so, be sure to cross them off the list. The items that remain are what makes your business genuinely unique. If you are having difficulty establishing what sets you apart from your competitors, you may want to think about what you can change or do to make what you are doing better than the competitor, from the customer’s point of view. Those businesses that know why they are in business and what makes them unique tend to outlast many of their competitors. Once you have identified what makes you unique be sure to make it part of your marketing strategy and promote it everywhere. Those businesses that know why they are in business and what makes them unique tend to outlast many of their competitors. A well-formed Unique Core Differentiator (UCD) targets the hot buttons, and addresses the real buying concerns, or key frustrations for your clients and potential clients. In one statement or several, it tells potential clients exactly why they should buy from your business and reminds current clients why they continue to deal with your business. Built to Last: Successful Habits of Visionary Companies, co-written by Jim Collins and Jerry Porras, makes the point that the differences between directly competitive companies – the ones that outlast, outperform and run the competition – by an average of 19 times, is due to UCDs. Built to last companies have a central core that is the basis upon which all business decisions are made. Once you have a UCD, when faced with a judgement decision you can go back to the core to find the answer. This allows you to build consistency of purpose and focus. TERMS OF TRADE CREDIT CHECKING / MONITORING DEBT COLLECTION Nick from EC Credit Control is the Bay of Plentys leading debt prevention expert. CREDIT MANAGEMENT TRAINING FOR A NO OBLIGATION MEETING CALL OR EMAIL NICK TODAY nick.kerr@eccreditcontrol.co.nz | P: 027 713 2128 0800 EC GROUP | www.eccreditcontrol.co.nz
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