You have a reasonably successful business, sales seem to be going well, and customers are happy. Come tax season, you are coughing up money for the tax man, yet you have no idea what money you are paying tax on, let alone know where it is.
This, along with many other questions, is what Michelle Hill, advisory Partner at BDO Rotorua, was asked on an increasingly regular basis. After spending many years in the compliance scene, and hearing the same concerns from business owners, Michelle decided it was time to tackle the issue in a different way.
Since setting up a host of courses designed to assist businesses with common finance and performance based issues, BDO Rotorua has seen over 150 business leave seminars and coaching sessions, with the skills they need to be able to run a successful and profitable operation. With over 90% of these businesses seeing tangible increases in profit, and noticeably streamlined performance, we look into what a business advisor can do for you.
An independent review
No one knows your business like you do. However, this can cloud good judgement, and allow processes and efficiency to stagnate. A good business advisor will take an independent view to the business, and review how decisions are made, why they are made, and how they could be done better. This removes the often troublesome emotive and kneejerk solutions to issues facing businesses.
Experience
A good advisor will have many years of business experience behind them, and for those in the accounting scene, will have exposed them to many of the issues businesses may face. A sound business advisory will call on their years of experience dealing with business related issues, use these lessons to not only solve, but prevent such issues from ever facing your business.
Strategy and Implementation
A good plan, based on analysis of the business and where it can perform better or more efficiently is created. Then, with assistance and guidance from your advisor, it is implemented and monitored. Effective KPIs are set up and used to monitor performance and adjustments made as necessary.
With a good advisor, businesses with room and potential for growth will see marked increases in profit and streamlining, in processes and efficiency. To find out more about what a business advisor can do for you, contact the team at BDO Rotorua.