A business advisor can help you take your business from where it is now to where you want to be. They have the advantage of looking at it from the outside without being tied down by the day-to-day running of your business. A business advisor can help you see what is holding your business back and put it back on the path to success.
These are some common areas that your business advisor can step in to assist you with.
- Dwindling Profits: If your profits are inadequate, dwindling or stagnating, it may be time to get help. Your business advisor can look at your business structure and help with the big-picture ideas so you can get your financial house in order and make better strategic decisions in the future.
- Analytical Reporting:
- Cashflow Analysis – Determine where your money came from and where it went.
- A 12-Month Cash Flow Projection and Profit Plan
- Net Worth Change: Are you in business to improve your net worth? If not, we suggest that you should be. And to help you stay committed to this path, every investment (including your business) should provide a strong return on investment.
- Your Business Compared to That of Your Peers: Your business advisor has access to key financial performance indicators of businesses within your industry. Your business will be compared to these, so that you are aware of your progression toward business excellence.
- Identify Your Key Performance Indicators (KPIs): A KPI is a measurement of the performance of those activities within your business that you absolutely MUST get right. It is important to understand what your KPIs are, then have systems in place to measure them so that you stay on track.
And much more!
Having your Accountant act as your business advisor can provide the strategic advice and complementary skills required to take your business to the next level.
Partner with your accountant to improve your business.
INNOVAT is a graphic design studio. The business employs 20 talented people and is the brainchild of entrepreneur and owner, Richard Brown.
The business had a relationship with an Accountant but Richard wanted a fresh start. He approached a new Accountant to take on their work. The initial brief to the Accountant was to assist the business with a review of their systems and processes. In a nutshell, Richard felt they were inefficient. His team worked very hard but he wanted them to start working smart. The measurable outcome Richard wanted was an improvement in billable hours for clients driven by his team achieving higher productivity.
The Accountant’s first suggestion was to transition to a cloud-based accounting system. This change was agreed and it made a huge difference to the efficiency of Richard’s business.
INNOVAT’s new cloud-based accounting system helped them:
- Automate manual business processes
- Increase data accuracy by eliminating duplicate entries to prevent errors
- Secure data with streamlined approval processes and data backup
- Gain access to data at any time for complete control and collaboration
The Accountant then reviewed all systems and suggested improvements (many based on feedback from Richard’s team). The changes were implemented and the updated systems documented.
The Accountants also assisted with the creation of annual reports for the previous year and helped INNOVAT to forecast and set business goals for the year ahead.
The Accountant invested time to develop an understanding of the business offering and its culture. They gained an appreciation for the team’s enthusiasm and expertise. The Accountant then offered a holistic service offering and differentiated itself from the previous supplier who delivered work on key dates with an ‘accountancy-first-and-business-growth-second’ approach.
Benefit to The Client
The Accountant partnered with the business and helped INNOVAT to improve their business in a number of ways. The move to a cloud-based accounting system made their business more efficient with fast access to data that helps connect business systems. Productivity was improved by 15% which had a positive impact for clients and achieved the goals set by Richard.