At present, Australia’s economic conditions are extremely challenging. We are experiencing the tightening of lending; changing consumer habits, behaviours and expectations; new emerging technology, just to name a few.
Business Advisory - A Blue Print to Thrive
At present, Australia’s economic conditions are extremely challenging. We are experiencing the tightening of lending; changing consumer habits, behaviours and expectations; new emerging technology, just to name a few.
These forces are creating the need to refocus the way in which you do business; in fact in many cases, forcing a revisit of your entire business operating model.
No matter the industry, there has never been a more important time to ensure you have the right information to make key decisions within your business. Gone are the days we can simply rely on what was done in the past. To create business growth and/or growth in additional profits, a business requires the development of strategic framework that outlines the key steps or initiatives required to meet that growth.
This is achieved through a business advisory relationship.
So what is Business Advisory?
At Hailston & Co, we believe the meaning of business advisory is simple. It is any service or advice that focuses on improvement or growth within the business, or for that matter privately (i.e. ‘lifestyle objectives’).
It’s about identifying and doubling down on strengths, and identifying and improving upon any weakness in your business operations.
So what are some typical business advisory services?
Its’s important to start off by stating that business advisory services are custom and dependant upon the needs of any business. Whilst we strongly believe that every business can do with some level of business advisory (including our own), the level of business advisory engagement will depend upon the business phase. Whether you are at:
- Turnaround and Stabilisation (includes start-ups)
- Profit and Growth; or
- Continuous improvement
With that being said the following are examples of some typical business advisory services:
- Business health checks;
- Review of business systems and processes;
- Developing, monitoring and projecting of business cash flows;
- Monitoring and reporting of business performance;
- Monitoring and reporting of key performance indicators;
- Analysis’s and reporting of both financial and non-financial data or information;
- Advisory board services;
- Outsourced CFO roles;
- The development of strategic framework – project based or entire business based.
Where should I start?
The start of every business advisory relationship is your why.
Your purpose if you will. The reason you get out of bed every morning, the thing that pushes you even when you don’t feel like pushing anymore.
Once developed into a sentence that can be shared with staff and clients alike, the why will form part of every bit of strategy developed my here on out. Alignment is critical in the development of the road-map or blue print to success.
