You’ve gone through the hard yards of building your business from the ground up. Now it’s time to experience real growth and ROI.
But this can be a tough gig without a supportive and proactive accountant by your side. You’re going to need to continually assess your financial position, your business structure and systems, your budget, and shifts within your industry that could impact your future. There are so many facets of your business that you need to consistently analyse so that you can stand the chance of achieving expedited business growth. An accountant with many years of experience offering both financial and business advice is just the type of professional your company needs to grow and flourish. In this article, we explore how choosing an accountant focused on business growth can benefit your company.
An accountant focused on growing your business will:
Perform a SWOT analysis of your business
The first step to growing your business, for an accountant, is seeing where that business currently sits on the market and understanding its full range of potential. What are its strengths, weaknesses, opportunities and threats? Your accountant needs to know what your business’ weaknesses and threats are in order to generate new business structures, procedures and systems that will eliminate or mitigate risk. Toohey Reid’s Better Business Program assists businesses to recognise where they need to improve and help them get where they want to be. It’s about reducing risks and increasing assets to give your company a better opportunity to grow.
Be in on your goal setting sessions
Your accountant should be an integral part of your goal planning meetings. They can help you set realistic and achievable goals based on your budget and market forecasts. An accountant is an excellent sounding board for your ideas and will be able to tell you whether they are viable and what can be changed to get your business moving in the right direction.
Offer invaluable advice to help you reach those goals
An accountant that specialises in business planning will look over your current company systems and structures, and offer ideas on how these can be altered to assist you in reaching your goals more efficiently. You don’t want an accountant who sugarcoats! An accountant who faces problems head-on, and proactively works towards finding solutions is the kind of person you need on your team. They’ll offer honest, transparent advice, backed by years of experience, which will assist your business to nail its goals every quarter.
Bring a fresh outlook to the team
If you’ve been working with the same team for quite some time, it can become easy to develop a group mindset. A fresh perspective may be just what your business needs! A new outlook can be especially beneficial for family-run businesses, where an unbiased opinion can cut through any complicated personal ties to place your business’ growth at the forefront.
Think big, and encourage you to do so as well
An accountant focused on business growth will look at the bigger picture. How will shifts in your industry affect your future goals? Will technology play a significant role in your business growth? Is your competitor’s expansion a threat to you achieving your goals? How can you increase customer loyalty on a national or global scale to ensure consistent profits? What is your business’s current value and is it enough to provide a comfortable retirement? Will your business continue to grow after you have left? An experienced business accountant will consider all stakeholders, and all potential risks when planning your business’s growth.
Most of all, an accountant specialising in business growth will continuously be looking towards the future, not steadfastly stuck in the past. If your focus is to grow your business, Toohey Reid’s Board of Advice Program might be for you. The Board of Advice Program combines specialist knowledge with strategic services, aimed at growing your business by providing informed advice. If you want to know more, see our website here or contact Toohey Reid today.
General Advice Disclaimer
General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.
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