Newsletter - December 2024
With only a few days left till Christmas there is still a bit to get done, and invariably a few jobs get added at the last minute!
Looking back, 2024 did not have the most promising of starts. The economic outlook could (politely at least) be described as grim and it looked like it would be a very tough year. For many of our clients, especially those in the rural sector, it has been challenging with the mantra of “survive to 25” being uttered by many. Well, the good news is you made it, and the economic outlook has improved (albeit slightly).
Around the office we had some big changes with Tim and Henry becoming consultants. Tom was promoted to associate and is now leading our rural team. At home my boys are growing rapidly and providing more than a few stories for the tearoom with their antics.
From all the team at Polson Higgs we wish you a very Merry Christmas and a wonderful New Year in 2025. Enjoy your holidays and we look forward to working with you next year.
Mike
In this newsletter
- Christmas Hours
- FYI Docs - eSigning is on its way
- Survive till 2025!
- Thrive in 2025
- Community Partners
- Beyond Sharemilking
Over Christmas our office will be closed from noon on 20 December and will reopen on Monday 13 January 2025. If you have an urgent matter that needs attention during this time, please contact the Partner you work with on their cell phone (the number can be found in their email signature and on the website).
FYI Docs - eSigning is on its way
In the New Year we will be improving how we send and receive back signed documents. We recently updated our document management software (to FYI Docs) and it has additional functionality that allows electronic signing (eSigning) of documents. ESigning is more convenient and faster, removing the need for printing documents or having to “pop into the office” just to sign something.
The process for clients is relatively simple, and we will provide more detail in the New Year as we get closer to rolling out the new process. You will of course still be more than welcome to “pop into the office.”
Survive till 2025!
The year started with the OCR (Official Cash Rate) at 5.5% and Inflation at 4.7%. Confidence was low, and with talk of hunkering down and ‘Surviving till 2025”. Without a doubt 2024 has been a hard year for many.
However, the outlook for 2025 is more positive. The annual rate of inflation continued its downwards trend, with the September quarter reflecting an annual rate down to 2.2%. That is well within the Reserve Bank target range of 1% to 3%. On the back of that the Reserve Bank made a series of cuts during the year, and the OCR is now down to 4.25% with most Economists predicting it will continue to fall in 2025.
Another component is business confidence. The recent Business South survey had 58% expecting the Southern economy to improve and the same percentage looking to invest in property, plant or equipment in the next 12 months.
This same confidence was reflected in our recent survey of clients. With 45% expecting the economy to get better, 46% that it will stay the same and only 8% that it will get worse.
We will update you with more detail from the survey and our our NPS in the next newsletter, once we have completed analysing the results.
Thrive in 2025
Firstly, we apologies to anyone who is about to suffer a flashback to studying Shakespeare at High School. But his quote from Julies Ceasar “There is a tide in the affairs of men. Which, taken at the flood, leads on to fortune” is more than appropriate.
The quote is about taking an opportunity today, rather than waiting for it to get better. It is the current state of the economy combined with falling interest rates that is creating the opportunity for expansion/acquisition. If you are thinking about new opportunities in 2025 then contact your manager or Partner for business advice.
Polson Higgs Community Partners Programme
Being involved in our community is an important value at Polson Higgs. Some time ago we decided the best way we could really add value was to use the expertise in the office to help community groups achieve their goals. Each year Polson Higgs provides up to $50,000 worth of time/services to support community groups. In 2024 our team supported a diverse range of community organisations from The Yellow Eyed Penguin Trust to Squash Otago.
Our team have provided expert support with:
- Accounting Systems Set Up and Training
- Business Planning
- Budgeting
- FBT/GST/PAYE Advice
- Governance Assistance
- HR Policies, Strategies/Organisational Review
- Investment Advice
- IT System Reviews, Support and Advice
- Payroll Support
- Recruitment Advice
- Strategic Planning
- Training
Tom and the rural team have partnered up with Westpac Bank to creating a unique presentation dedicated to Sharemilkers looking at either farm ownership or wanting to develop their business opportunities.
This unique event will be held early in the New Year around Oamaru. Keep an eye on our Facebook page for more information, alternatively email Tom.
Have a very Merry Christmas and a Happy New Year.
Kind regards,
The Polson Higgs Team.
You have received this email because you are subscribed to Polson Higgs mailing list.
If you no longer want to receive messages from us simply click the link below to unsubscribe.
Unsubscribe Here
Copyright © 2024 Polson Higgs, All rights reserved
