“Make sure you work on the business, not just in the business” – it can be easier said than done. Whether you are looking to take the next step in expanding your business operations or your enterprise is well-established and in need of a bit of a refresh there are a few strategies we use to help businesses achieve their goals and grow. Here are five things to do to aid successful business growth.
1. Management reporting
Regular reviews of the financial data of your business are vital to ensuring its long-term success. The annual financial statements are a useful tool for evaluating historical performance but keeping your finger on the pulse require analysis on a more frequent basis and on more than just the standard ‘Profit and Loss’ and ‘Balance Sheet’ reports. Our experts recommend reviewing a range of management reporting including:
– monthly or quarterly financial statements
– key performance indicators
– industry benchmarking
– cash flow forecasting
– tax planning
Is your current business structure still the best fit for you? It is important to re-evaluate the structure of your business after a material change in circumstances including growth in the size of your operating activities, a transformation in the nature of business activities, taking on a new business partner, a change in your personal or family situation or a significant investment in business/personal assets. The correct structure can help protect your assets and reduce tax while avoiding issues of non-compliance with regulations. It’s well worth investigating whether you’re ready for a restructure.
3. Payroll and employment
Taking the leap from sole trader to employer and making the decision to hire staff requires a number of important considerations. It’s important to familiarise yourself with your obligations such as worker’s compensation insurance, payroll tax, and PAYG withholding. Then there’s award wages, leave, and SuperStream to consider. A clear understanding of all the regulations is vital when you make the transition from sole trader to employer. When in doubt, seek advice and information from industry experts to avoid costly problems down the track.
4. Bookkeeping System Evaluation and Refresh
If you have been running your business for a number of years there is every chance that there is room for improvement with your bookkeeping system. There are some great advances in bookkeeping packages and new apps in the marketplace that make bookkeeping a whole lot simpler, even if you’re numerically challenged. If you’re still operating on old bookkeeping system, an update can help you handle the books with ease. Simplify your bookkeeping processes and maximise efficiency so you spend less time doing the books and more time working on your business.
5. Government Grants
Have you ever thought about looking for government grants or assistance to grow your business? Both the federal and state governments offer a range of grants and other forms of assistance designed to assist Australian businesses. These grants are always changing with new grants being introduced every year. When in doubt, seek some expert assistance in determining your eligibility for grants and assistance with the application process.
AMG Accountants and Advisors take the time to understand your business and your goals for its growth. Our hands-on, thoughtful team can help you with these growth strategies and more.