You can’t build a strong business on weak foundations. Strengthening your business foundations can make a big difference to your business success, and of course, your personal prosperity…
If you are looking to move your business forward, it’s important to take the time to get your business fundamentals right, and often it’s just a few strategic changes that reap the biggest rewards.
There are many factors that can affect business efficiencies, including a changing business environment, an outdated business structure or a lack of clarity about the future.
Here we explore how you can take your business from good to great by shoring up your business foundations.
- Revisit your business structure
The best structure for your business will likely go well beyond a basic legal entity. Your business structure should be flexible and match your business goals and ownership needs. If your circumstances have changed, you have introduced a partner or you are looking to grow or sell your business, consider reviewing your structure.
Restructuring can deliver enormous benefits that range from better management of business risk to protecting IP and personal assets, reducing your tax liability, capitalising on business growth and being able to better plan your business succession or business sale.
- Review your direction and business goals
We believe business planning is among the most necessary, yet most under-utilised, business tools available to business owners. If it’s been a number of years since you set your business goals, it’s vital to review your direction in consideration of a changing business or customer environment.
Setting your business direction and goals doesn’t need to be arduous. It’s about outlining a clear roadmap with well-defined practical steps that will enable you to take actions that will get your business to where you want it to be in the future.
- Make informed decisions
While you will likely have financial reporting in place, many business owners have a limited understanding of what their numbers actually mean and how to use them to make better decisions for achieving goals sooner.
A little advice and financial modelling real life business scenarios using your numbers can bring clarity, enabling you to plan more effectively, mitigate problems or pursue business opportunities with confidence.
- Create internal efficiencies
Your internal systems and processes may be outdated and costing you time and money. A review of your internal operations may identify ways for you and your employees to work smarter.
Simple steps such as clarifying roles and responsibilities, documenting processes or implementing systems and software can improve the efficiency of your operations, which can make a significant difference to your bottom line.
- Play to your strengths
The best way to build your business is to recognise your strengths (and weaknesses) and the skills of the team around you. It may be time for you to recognise you are not a ‘Jack of all trades’.
In our experience, all too often we see business owners focusing their energy on areas of the business which are not in the core skillset. These include business planning and financial modelling, and most often they also find it difficult and time consuming to work on these aspects of their business. The solution is to use your time effectively and engage professionals who can assist you in areas where they can add value for you and your business.
Advice and some practical and achievable strategies can strengthen the foundations for your business to allow you to grow, expand and be more profitable. If you would like to discuss how to move your business move forward, or if you could benefit from a second opinion, we encourage you to make an appointment. Contact us today on 03 9708 8801 or email info@rvpartners.com.au
General Advice Disclaimer: The information contained within this document is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Robinson Voss Partners (RV Partners) strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.
