Navigating your business toward your goals involves intention, planning, performance management, and effective responses to ever changing circumstances. Many business owners are great at their craft, at the delivery of the product or service they provide, and the ability to continue focusing on that can be a key success factor for future growth. It’s not uncommon, however, for business owners to become consumed by the other important parts of the business, which then detract their attention from what they should be focused on. This is where our business advisory services come in.
Equipping & Informing
While we are happy to continue to operate as the finance arm of your company, we are just as happy to equip you in this area; to help set up the tools and systems to position your business to grow well, so that you can take them and run with them!
In addition, we value the importance of being informed, and so explanation videos often accompany our deliverables, to ensure you are as informed as possible.
Tools & Processes
Below is a list of some of the common tools in our toolbox, when it comes to Business Advisory services. And, just like tools in a toolbox, the best tools to be used are determined by your specific business situation, which comes from an initial complementary introductory meeting with you to discuss your business.
Establish where your business is at
Much like the "You are here" maps to help navigate the mall, determining where your business is positioned allows you to best determine what next steps need to be taken to move toward your goals.
Financial Analysis & Benchmarking
Determine where your business is positioned financially, and how it compares to others in your industry.
Financial analysis includes assessment of key financial ratios, as well as vertical and horizontal analysis of your financial information, to help you better understand the story that your financial information is telling.
Through tools such as SWAT and TOWS analysis, Porter's 5 Forces, and PESTEL analysis, you can establish a strong understanding of how your business is positioned in order to respond to forces in the market, as well as internal strengths and weaknesses and what actions you may want to take as a result.
Cost-Volume-Profit (CVP) analysis
Determine your break-even point, and sales requirements in order to achieve target profits.
Depending on the information you have available, we can also utilize this tool to determine your optimum product mix.
OUtline Goals and Performance Measures
Establish Key Performance Indicators (KPI's)
Utilizing the Objectives and Key Results (OKR) framework can be a powerful approach here.
Position yourself to make adjustments when actual performance varies from what's expected (Operational Budgeting), or to assess larger purchase decisions (Capital Budgeting).
Operations & workflow analysis
Analyze your workflows and systems to find opportunities for enhanced efficiencies, and to help implement standardized systems and workflows, allowing for the benefit of scaled efficiencies and standard quality control. Think about it this way: If you are going to do something more than once, you should have good system for it.