Do you understand your figures? When you discount do you know what it is actually costing your business? The financial function of your business is fundamental and the life blood to understand and track income, expenses, statutory compliance, GST, forecasting, profit, loss and margins. Without quantitative financial information as a business owner, you cannot make an informed decision on the direction of your organisation. Working within a competitive industry, at Universal Electro Tech and Universal Switchboards, we strongly believe in quoting correctly, fairly and ensuring there is a margin in place to sustain employment opportunities and continued growth. As Robert Kiyosaki states “Making more money will not solve your problems if cash flow management is your problem.”
This is Nitin Vashisht story and how his journey progressed in the accounting industry to help individuals and organisations, become financially independent. Have you ever heard of a magic formula that helps you to get what you want, a recipe for success that you can replicate in any facet of life, including your business? We have often heard of spiritual clichés like the law of karma, reap as you sow and your prayers get answered. Modern psychology calls them the power of affirmation, law of attraction. It may sound intriguing how – if at all – are they relevant to the journey of an entrepreneur or are they just part of lexicons for use by the spiritually inclined?
As an entrepreneur, you are a natural at the law of attraction whether you realise it or not. The truth is that your entrepreneurship is not a coincidence. It is a process that starts with a subtle inclination to be your own boss or be a millionaire that eventually morphs into an idea and enterprise.
So, if you harness your thoughts in a particular direction, hopefully positive, they will gather momentum, you will subconsciously be more aware of the opportunities around you and things will eventually start falling in to place. There is nothing spooky or spiritual about it. That’s how life works and you get to make your own luck.
Growing up in New Delhi, India, I always wanted to be an accountant and run my own practice. So I qualified as a Chartered Accountant and was employed by one of the big four accounting firms. Soon it became apparent that qualification and experience are not the only ingredients necessary to set yourself up in business, knowing where to start, ability to take risks, network and your personal circumstances were equally important. My career took an unexpected turn, much of it outside my country of birth. Eventually, I migrated to Perth and after a corporate career here, the stars aligned and I am now in public practice and enjoying it.
However, I must stress that nothing happens out of the blue. The seeds of entrepreneurship, running my own business and being my own boss, were sown many years ago probably as early as my student days when I was studying to become a chartered accountant. When an idea, a belief or a dream smoulders within you, it is very hard to ignore. Everything you do, consciously or subconsciously, draws you toward your inner purpose. And that is probably how, even though I started out as a successful individual in the corporate world, my passion eventually directed me to what I was meant to do, and what I know now has been the best for me.
So, what do I see brewing for me in 2020?
First up, holidays, holidays and more holiday. USA and Canada have been on the menu for a long time and I am optimistic that stars will finally align around June 2020. Niagara Falls to Washington DC would be great fun, especially catching up with friends and family after many years. Being a serious photography enthusiast, I will relish the opportunity to capture stunning American Landscapes with my Nikon Fix. It will be a great contrast to life down under and will be four weeks break, capping the year with a week long cruse from Fremantle to an exotic Asian destination. Can’t wait.
2020 is also the year of opportunities. Property prices will be rebounding in WA and investment climate will be much better. The overheated property markets in the Eastern States will soften in 2020, if not crash, diverting investor interest to WA. So, 2020, should be another year of opportunities and it will be a great time to expand my portfolio – specially through self-managed super fund and subdivisions.
So far, I have not had much time for retirement planning. You don’t start on a career with retirement in mind, do you? No, it will also be a time to stand back and get the retirement plans in gear. I am not big on share markets and speculative investments, so investment opportunities have to be around real estate. For me, volunteering for communities have always been a key value and commitment. What use is life and professional success without giving it back to the community? About time to be getting back to Rotary after a sabbatical. Rotary is a great organization to be able to contribute to the community as well as network with people from across different professions. Men’s health is another issue close to my heart and I have in the past years contributed to it via “Movemeber”. I missed out in 2017, but in 2020 hope to top the fundraising of $8000 my “Movember” team” currystache” did in 2016.
Some Board positions would be nice and an icing on the cake. It will enable me to bring my diverse experience to the table and expand my own horizon and network. Mining, construction and hospitality would be ideal sectors to be in on a Board position. While listed companies would be suitable, larger private companies would also be a fantastic start.
Vision 2020 should also see the practice expanding and growing rapidly into niche areas as Self-Managed Super Funds, Retirement Planning and Property and Business and Tax Advisory. I am sure there will be opportunities for vertical growth through acquiring a quality fee base. It will be an exciting time with WA economy rebounding and the talk turning towards positive growth investment.
So, in a way, I have come full circle. My intentions may have been fuzzy when I started out as a young student wanting to get my degree in Accountancy, but somewhere within me the entrepreneurial embers remained alive. That wish for an independent practice, being a business owner and an entrepreneur, of being able to live life on my own terms the universe granted me what I wanted. The Law of Attraction worked because deep within my subconscious I had a wish and somehow everything that I did in my daily life must have been imbued with a direction that led me to where I am today, and I am fulfilled and eternally grateful.
At Universal Electro Tech we are knowledgeable and wired to support clients in Electrical Contracting, Switchboard Manufacturing and Cabling. So, we stick to what we are good at by putting a spark in peoples lives, ensuring property and people safety. We however, as an organisation rely on external support of a Chartered Accountant. The accounting function, should be the heart beat of your organisation. With the right firm working with you and an individual that is vested in your success, you will increase production, control costs, quote with the correct margins, manage your profit and loss and increase the overall efficiency of management. Nitin often states “money is better in your pocket than in ATO’s”. With Nitin’s technical expertise in accounting, he can tailor financial service solutions to your business, ensuring sustained growth. Engaging in a qualified accountant, can truly help you manage the financial function within your business.
If you need an electrical health check to your business premises, connect to our team of qualified Electricians to resolve your electrical pain points, we know what is watt. Electrical Solutions Designed and Delivered by Universal Electro Tech and Universal Switchboards. Contact our team on (08) 9328 9491 | admin@universalelectrotech.com | www.universalelectrotech.com.au/ or visit our premises at 105 Robinson Avenue, Belmont, WA 6104. If you don’t have the financial means to manage your maintenance, it means you need more cash in your business. Contact Nitin Vashisht from the Tax Store Australia (Osborne Park) on 0407 027 593 | www.taxstoreosbornepark.com.au |
Nitin.vashisht@taxstore.com.au and make sure your financials are right now to prepare you for 2020, to bear the fruits of your labour.