Strategic reviews help
Business Advisory Services Update
Conducting a Strategic Review for a SME will help the Directors to think and then plan a strategy, which will help them combat the challenges that lay ahead in 2023/24.
If you are undertaking these activities for clients, it is a good idea to develop an “Opinion Questionnaire” and forward it to the client’s leadership team, to get their input on various ideas that you and the CEO have prepared.
Recent financial accounts are very important for a Strategic Review process. If draft accounts are available for June, this would be great. Otherwise, accounts to 31 May would be sufficient for the review process.
The key questions in a strategic review are as follows:
What trends are emerging that could affect the business?
What are the opportunities available for this business?
What weaknesses does the business have that need to be fixed?
What strengths can be built on to make the business stronger to meet the challenges?
What are the threats/risks that could affect this business?
What does the CEO and Leadership Team want this business to look like in 3 years’ time?
What are the competitors doing? Have they introduced strategies that could legally be copied or even improved upon?
Are there any demographic changes occurring that the business needs to be aware of and develop strategies?
At the end of this process, the Leadership Team needs to be able to identify “3 Key Things” that need to be “nailed” in the September quarter – what are they?
Strategic planning is very important for business operators and is part of the overall “Business Advisory Services”. ESS BIZTOOLS was developed to support accountants to offer business advisory services, for the benefit of their SME clients and their firm.
Visit www.essbiztools.com.au to find out more about the services that ESS BIZTOOLS offer, including our current new financial year special offer on our product packages.
