Build Firm Foundations: 12 Essential Systems for Business Success
Accountants Minute 394
As accountants, bookkeepers, and business advisors, we often see businesses start with enthusiasm and ambition but falter due to weak operational foundations. A survey of 1,000 SMEs conducted by MYOB, and reported by CEO Paul Robson in the Financial Review, reinforced the importance of structured systems in securing long-term business success.
The findings revealed that many businesses lacked proper debtor control and supplier payment systems, leading to financial instability within just six months. This underscores a crucial role for professional advisors – guiding business owners in implementing proven systems to fortify their operations.
12 Essential Systems for Business Success
At ESS BIZTOOLS, we have developed a framework of 12 key business systems designed to help SMEs establish a strong financial and operational foundation. These systems can be used by accountants, bookkeepers and business advisors to support their clients in managing and growing their businesses effectively.
1. Business Evaluation
A deep dive into an SME’s operations to gain ‘an inch wide and a mile deep’ understanding of the business.
2. Business Planning
A business plan is essential for any organisation – be it a business, charity, or not-for-profit. Without a roadmap, navigating challenges becomes significantly harder.
3. Rhythm of Meetings
Structured daily, weekly and monthly meetings ensure that leadership stays engaged, informed and proactive.
4. Predictive Accounting Reports
Integrating financial forecasting into business planning helps in making informed financial decisions before problems arise.
5. 52-Week Business Enhancement System
Ongoing weekly and monthly financial assessments ensure continuous business improvement rather than just annual tax-time reviews.
6. Daily Financial Summary
A concise snapshot of financial health each morning – covering cash flow, debtors, and pending obligations – keeps leadership teams alert and informed.
7. Weekly Profitability Analysis
A structured weekly review comparing profitability and key metrics against budgeted goals. Immediate corrective action prevents small issues from becoming major setbacks.
8. Monthly Performance Review
Comprehensive monthly reporting offers in-depth insights into profits, expenses and Key Performance Indicators (KPIs).
9. Balance Sheet Analysis
Regular reconciliations ensure financial accuracy and detect anomalies before they become serious financial risks.
10. Virtual CFO Financial Reports
A monthly financial health report prepared by an advisor offers strategic insights and keeps leadership accountable.
11. Board of Advice
A small advisory board can add immense value by providing an external perspective on business challenges and opportunities.
12. Board of Directors
For businesses with formal governance structures, an active and engaged board provides strategic direction and oversight.
Expanding Advisory Services Beyond Taxation
Many SMEs only engage with their advisors for tax compliance and may not realise the full extent of financial, commercial, and management advisory services available to them. Larger businesses benefit from in-house CFOs – so why shouldn’t SMEs receive similar insights?
Using an SME Needs Analysis, advisors can identify key areas where business owners require support, from cash flow forecasting to pricing strategies and financial risk management.
Strengthening Fiscal Management
One of the biggest weaknesses found in the MYOB study was the lack of debtor control and supplier payment systems. SMEs often struggle to manage their receivables and negotiate favourable supplier terms.
To address this, ESS BIZTOOLS provides structured systems for managing credit control and supplier relationships, ensuring businesses maintain healthy cash flow and avoid financial distress.
Opportunities in Research & Development (R&D)
Thousands of SMEs engage in R&D activities but may not be aware of the R&D Tax Incentive and other funding opportunities. The ESS BIZTOOLS Starter Package provides advisors with the tools to guide clients through R&D tax claim processes and eligibility requirements.
Optimising Retail Pricing for Profitability
Retailers operate in a dynamic environment where pricing strategies can make or break their business. Our structured pricing advisory system helps SMEs balance profit margins with market competitiveness to ensure sustainable growth.
Join Our Free Webinar: "SME Advisory Essentials"
We invite you to our complimentary webinar on Thursday 27 February at 10am AEST. This session will cover:
✔ Key Business Systems for Success
✔ SME Needs Analysis: Expanding Your Advisory Role
✔ Fiscal Management: Strengthening Debtors & Supplier Controls
✔ Introduction to R&D Advisory
✔ Retail Pricing Strategies for Profitability
By incorporating structured systems, SMEs can build strong financial foundations – and as their trusted advisors, you play a vital role in their success.
We look forward to seeing you at the webinar!
Visit our website – www.essbiztools.com.au – to discover the detailed overview of the services provided by ESS BIZTOOLS. You are also welcome to contact us on 07 4724 1118 or email .
HEADS UP: Discover Systems to Assist SMEs Achieve Success
Join us for an exclusive webinar series, free of charge, where we will dive into powerful solutions designed to give your firm a competitive edge. Discover how our innovative tools can help you streamline operations, enhance advisory services and drive success for your SME clients and, in turn, your firm. Register to your preferred webinar below.
Systems Assist Success – Thursday 20 February at 10am AEST
SME Advisory Essentials – Thursday 27 February at 10am AEST
Don’t miss this opportunity to gain actionable insights and explore how ESS BIZTOOLS can transform the way you support your SME clients.
ESS BIZTOOLS Podcast
The latest podcast episode explores how systems drive business success for accountants, bookkeepers and business advisors. Discover how structured financial and management accounting processes – such as the 52-Week Business Enhancement System, Predictive Accounting and Profitability Analysis – can help SMEs not just survive but thrive. Learn about key strategies for capital raising, succession planning and business evaluation, to enhance growth and efficiency. Get insights into how implementing these systems can set your firm apart and create new revenue streams. Don’t miss this deep dive into how systems can transform businesses in 2025!
CLICK HERE TO LISTEN TO OUR PODCAST
Listen to more Accountants Minute Podcast episodes here
Want to know more?
Visit www.essbiztools.com.au.
If you would like to have a discussion about how this concept of virtual CFO services can be supplied by Australian accounting firms please ring our Managing Director, Peter Towers, on (07) 4724 1118 and we will arrange a complimentary 45-minute Zoom meeting to discuss your firm’s position and to give you our advice.
We believe that this is the blueprint for the delivery of an enhanced range of services by Australian Accounting and Bookkeeping firms to assist SME businesses to add value to their businesses and to assist accountants and bookkeepers not only to attract but to retain outstanding talent who want to be involved in the delivery of “real accounting services”.
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