If you want your business to remain relevant and continue to grow, it’s time to be proactive … and in our experience it’s often small and easy-to-implement actions that can significantly improve your business success (and personal prosperity).
Here are THREE key considerations for business owners that can help your business remain relevant now and long into the future.
#1: Find out the real story behind your numbers
A true understanding of your financial data (not just looking at the bottom line of your financial statements) provides the real story about your business performance.
Your numbers can reveal product trends, seasonal highs or lows, margins and key ratios that can be used to develop strategies that can shore up your business so that it remains competitive and sought after in your market segment. This of course is the definition of remaining ‘relevant’.
In our experience, it’s vital to take the time to regularly review your numbers. Today’s ‘cloud based’ accounting software, enables you to access real time and valuable financial information that can be used to implement small step-changes that can create huge improvements in future profit and business growth.
#2: ‘She’ll be right’ won’t she?
If you have stock standard cloud accounting software, you may be limited in the type and usefulness of the financial data available to you.
Rather than settle for the ‘she’ll be right’ option which is likely to be focused solely on tax and compliance requirements, take action to review your financial accounting system and put conscious thought to the type of reporting that will support good business decision making.
Remaining relevant is about reading your numbers in context of what is happening in your business environment. This type of financial ‘evidence’ will help you avoid making decisions based on your ‘gut feel’, which can leave you exposed to risks.
#3: Take the time to ask and make the time to plan
If your business numbers aren’t compelling enough and you need further validation about how your business can remain relevant, take the time to ask your clients and suppliers some questions and proactively use their responses.
This can be as simple as a quick but well-considered survey of what your clients like and don’t like about your products and services; and asking your suppliers to bring business solutions, new product ideas and insights about the future of your industry.
This information should be considered part of your business planning processes.
We believe business planning is among the most necessary, yet most under-utilised, business tools available to business owners.
It doesn’t need to be arduous (we offer a four-hour Business Planning session), but it does need to provide a clear and practical road map that will enable you to get from where your business is now to where you want it to be in the future.
Here are the key points it should address:
• Your personal and business goals for the next 12 months.
• An action plan to support achievement of your goals.
• Identification of key performance indicators and benchmarks appropriate for your business and goals.
• An outline of opportunities and/or vulnerabilities (including client and supplier insights) in your business that need to be managed.
• A 90-day plan to address any critical issues for your business.
At Robinson Voss Partners we are focused on empowering businesses to continually grow and change with the needs of their customers, technologies and a raft of other factors that ensure your business remains relevant now and in the future. We have a proud history of success driven business advice, tax strategy, asset protection, personal financial strategies and superannuation solutions that enable businesses to be profitable, and business owners to prosper.
If you would like to know more about strategies for your business to remain relevant and continue to grow, please contact 03 9708 8801 or email info@rvpartners.com.au
General Advice Disclaimer: The information contained on this webpage has been provided as general advice only. The contents have been prepared without taking account of your objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this webpage, consult your own financial advisor to consider whether that is appropriate having regard to your own objectives, financial situation and needs.
