Assisting SMEs grow
Business Advisory Services Update
A key challenge confronting accountants is that all businesses, no matter what sector, need to keep moving, to adjust and adapt to changing market conditions. If such movement doesn’t happen in the right way and time, businesses can be negatively impacted.
One of the challenging aspects of providing business advisory services to SMEs is that many of them are aware of the need to drive business growth, if they are going to successfully meet the challenges that 2023 is presenting – high interest rates – high inflation – shortage of willing workers. However, many of them require your assistance.
Accountants can assist clients to explore the potential of new markets. This will require some testing of the market, the proposed location and an analysis of competitors.
What trends are likely to affect your client’s business growth aspirations?
Is there an awareness of product/service mix with variable mark-ups? How might these affect the bottom line results from a business growth initiative?
Could a premium be charged for products or would it be better to offer bundles of products to bolster the sales?
Has there been consideration given to introducing a “loyalty program”?
Does your client’s accounting system enable the quick identification of profit sources, costs associated with new operation, and key performance indicator reporting?
What threats or risks might be encountered as a consequence of driving business growth?
Has a feasibility review been prepared to identify that realistic opportunities exist for your client’s upgraded business?
Is your client committed to the preparation of weekly performance reports and monthly financial accounts that are compared to the budget estimate, so that there is ongoing scrutiny and accountability for the business growth phase?
These are some of the issues that we will discuss in our complimentary webinar – Driving Business Growth – that ESS BIZTOOLS is presenting today at 12pm AEST. There’s still time to register to this informative webinar – click here.
