How to turn a good business into a great one

   msi - businessby David Carpenter, Cutcher & Neale, Accountants, Newcastle.

The key to the success of any SME is the passion and commitment of the business owner. On the flipside, the key to under-performance and outright failure is, more often than not, a lack of business and financial expertise. So how does a business owner bridge the gap when they’ve lost their way?

The answer is to seek out the services of an experienced adviser with the business and financial expertise required to take their business from good to great and beyond.

The engagement process involves getting to the heart of the business, and that means understanding the heart and mind of the client first. What got them into the business in the first place? What’s their blue-sky ambition for both the business and for themselves? What do they think they’re doing well and what could be done better?

Next, it’s on to a detailed review of the key areas that drive and sustain any successful business; operational processes, business strategy, financial processes, human resourcing, information and technology systems and marketing.

Armed with the insights from this exhaustive fact-finding process, their team will then develop a step by step plan that addresses the weaknesses and builds on the existing strengths of the business. The financial and personal results can be quite dramatic.

Clients who seek out assistance because they realised that they simply couldn’t do it all themselves now find that their adviser’s blueprint gives them a new freedom to focus on their core abilities.

Others, previously overwhelmed by the day-to-day slog of running their business and struggling for motivation and direction, are rejuvenated, their passion reignited by a coherent plan that sets them up for ongoing success.

To paraphrase a famous line, no businessman (or woman) is an island. Sometimes you just need a little help to find a new horizon.

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