Another financial year has passed. Well, not just any ‘other financial year’. On reflection the past 12 months has been both challenging and rewarding for the PWS Advisory Group. We are sure the next financial year will provide new and on-going challenges.
However, we need to look forward, not backwards, and plan for the times ahead. PWS Advisory Group is focused on improving personal wellbeing by working closely with all our community to achieve their goals and aspirations. By ‘all’ we mean, our clients, team, associates of PWS Advisory Group, and the wider business community.
The Coronavirus and being forced to work remotely, has been a significant challenge to achieving our vision. We have seen first-hand the effects of the Coronavirus; physically, mentally, and financially.
However, with a strong and dedicated team we have worked through this period, particularly leading up to the 30 June 2020, to support those that needed us.
For the team and I, whilst challenging, the work we have undertaken in servicing our clients has also been very rewarding. We thank our clients for their support. We also thank the PWS Advisory Group associates for their assistance in providing the essential services required in these times. It is a team effort. Together we can make a difference. PWS Advisory Group is focused on the bigger picture and the longer-term effects of the Coronavirus on the wellbeing of our community. We are not just focusing on the immediate needs, but also looking forward, 6 months, 12 months and beyond.
The Australian economy will have a difficult time ahead, with a recession likely. The second lockdown in Melbourne is already creating new challenges. We have already seen the effects of the Coronavirus on business and the investment markets. Businesses and families, if not already, will feel the effect on cashflow during the next 3 to 6 months as the stimulus measures phase out. The freeze on loan payments has provided short term relief. However, further concessions will be more restricted, placing both businesses cashflows and families budgets under pressure. It is crucial that we all consider the longer-term effect on our client’s businesses and/or personal circumstances and be proactive with a planned approach. We are currently working with clients to develop strategies for their businesses.
Projecting the effect on cashflow, though development of budgets and forecasts, is the key to ensuring clients have a clear way forward once the effect of the stimulus measures fade.
The focus then moves to actions:
- Financing and re-financing, dealing with the banks on a pro-active basis
- Reviewing and possibly revising business models, focusing on new and other sources of income
- Dealing with customers and supplies to manage short term cashflow
- Dealing with the Tax Office
We are here to help for the long term and the PWS Advisory Group team are available and ready to assist. Clients, particularly retirees, are concerned about the current investment markets. Of concern to us is the current investment and property markets. With a real possibility of a recession, with increased unemployment, and personal and business cashflow pressure, why is the investment market, both in Australian and the USA reaching new highs?
Remember, we can’t predict correction to the investment markets, but we can prepare.
A properly considered investment strategy that meets the investors personal circumstance and risk profile is a necessity.
Planning & Actions
What do you want to be achieved this year, next year, and beyond? Now, with the start of a new financial year, is the time to start planning and focusing on what needs to be started now. sssYes, there is uncertainty. By working together, we can help navigate through these uncertainties and find a solution that provides peace of mind and a pathway forward to achieving financial prosperity. Together, we can make a positive difference. If you are feeling unsure of things, you are concerned about your business, investments or your livelihood, please feel free to call one of the PWS Advisory Group team. We are all in this together and are here to help.
Lastly and importantly, we, at PWS Advisory Group, are concerned with the personal wellbeing of all our clients, family, friends and associates and the wider community, particularly during these difficult times.
Looking after yourself isn’t being selfish.
You need to look after yourself, both physically and mentally, so you are in a better position to help those around you, that need you.
Stay connected and look out for each other. Together, we can make positive difference.