Where do you want your business to be in 5 or even 10 years down the line? Do you want to undergo growth, move into new markets, maybe even go global? In business, it's perfectly natural to have these questions at the forefront of your mind - after all, what's the point of running a company if you're not thinking about its future?
However, all too often thinking about the future comes at the expense of considering the now. This is despite the fact that you can't create a solid growth plan if you aren't aware of exactly where your business is at today.
Why it's all about the now
The power of the now isn't just a stock phrase found in pretentious self-help books. When it comes to business, it's actually highly relevant in ensuring your company grows and ultimately succeeds. It provides a moment to stock take before you begin a period of what could be significant change, and allows for a solid foundation moving forward.
Accurately appraising your business' strengths and weaknesses may uncover hidden growth opportunities you weren't aware of. Crucially, it will also highlight any vulnerabilities in your company. This is essential, as embarking on a growth strategy without rectifying your organisation's shortcomings could be a recipe for disaster.
When it comes to businesses with multiple owners, taking the time to consider your current conditions could throw up cases of disalignment. Before moving forward on a growth strategy, it's important all owners agree on what their company's strengths, weaknesses, risks and opportunities are.
How does BDODrive help?
BDO's business advisory team know all too well how important the now is when it comes to moving forward. That's why we created BDODrive , which helps create a formal structure to resolve problems and discuss a forward planning strategy.
At the beginning of the BDODrive process, we'll send each key stakeholders a suite of leading questions that will help to realise a huge variety of things, including:
- what's working with the business
- what still needs work
- where potential opportunities are.
Each owner or stakeholder fills the survey out independently, which can uncover significantly differing views on where the business is at. This is a useful exercise because it helps to create a holistic view of the business, and gives a foundation for stakeholders to discuss when deciding on their plan moving forward. BDO's industry experts can then provide independent advice to assist with alignment and help the business to move forward.
From accountants to advisers
At BDO, we're changing the role of accounting. Technology is taking over the basic compliance function of our jobs, and it's up to us to find a new way of adding value to businesses.
That's what BDODrive is all about. We are building our advisory offering, ensuring we can help businesses move forward by providing the independent, expert advice and holistic overviews of their current state that they need to succeed in the future.