Philip Holland Financial Independence financialindependence

What a right mess we are in the mighty Bay of Plenty.

Between the slow and devastating Psa outbreak and the potential devastating effects of Rena, things are starting to look somewhat concerning for local businesses.

Add to this is the potential of a ‘double dip' recession and this mixed cocktail of disasters can, and probably will, have an impact on our awesome region.

Whilst this is a negative view and for the most part I am a very positive person, the reality is that we all need to be prepared to help out. Be it volunteering to scrape the black ordure from our beautiful beaches, through to ensuring local business owners are supported. So why should we help out local business owners?

In a nutshell, without local businesses the wheels will quickly fall off our local economy. People will become unemployed and spending will slow down even more. This will place even more pressure on other local businesses and the vicious cycle starts. There are many businesses that have done well to survive the last three years of economic mayhem, but this could be the tipping point for some.

So how can you help local businesses?

Make sure you buy local. We are continually being stripped from offshore companies and out of town companies where the profits are not spent in our great region. Make sure that you are supporting local service providers as well.

So what about insurance?
If you are being affected by the disasters playing out, make sure you seek our advice before you simply stop paying your insurance premiums. There are options available which may help you maintain some, if not all of your precious insurance while the economic disaster pans out.

Despite all those negatives, I believe we will ride the storm and the mighty Bay will come out fighting again. As the famous saying goes; ‘what doesn't kill you makes you stronger'.

On that note; go the All Blacks.

Philip Holland is the managing director for the Financial Independence group, Tauranga's leading specialist insurance and mortgage advisers. A Disclosure Statement is available free of charge on request. The opinions stated in this article are those of the writer and should not be taken as specific advice.