How Much Do Your Clients Want For Their Businesses When They Sell?
Most business owners wonder what their business will sell for when they come to exit, but many have no measurable method on which to base their assessment. Indeed, in my experience business owners want a certain amount of dollars for their business, but cannot explain any methodology which gets them there, or even close. If…
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Driving the Process for Knowledge Retention
One of the most valuable assets within an accounting practice is a combination of expertise, systems, and processes. Many practices go to great lengths to ensure their data is backed up and managed. Efficient disaster recovery plans are in place including cybersecurity protection but what are we doing to protect our knowledge? What does your…
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Identifying grants for businesses
Small and Medium businesses (SME’s) can access literally hundreds of government grants that are offered by the Australian, State and Territory governments throughout the year. Some of the common types of grants for businesses include: Research and Development The applicant must be a company, have undertaken a documented research and development project and complied with…
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A Business Advisory Success Model
Creating a successful model for business advisory success in an accounting firm requires a dedicated approach to the right structure, infrastructure, engagement and delivery systems and processes. While processes are important the most important factor is people and for that matter the right people who really want to be part of a new divisionalised service.…
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Identifying business grants for your clients
Small and Medium businesses (SME’s) can access literally hundreds of government grants that are offered by the Australian, State and Territory governments throughout the year. Being a trusted business advisor means this is another tool you can use to help your clients be aware of what is available. Some of the common types of grants…
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The keys to profit management
One of the major factors to be considered ineffective business management is the importance of profit. One method of applying effective profit management is by analysing key factors using an acronym known as SYCO: Service Yield Control of Costs Optimum Volume Service For many organisations, their product is the service they provide. Just as with…
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How can you support your employee’s mental health?
The importance of mental health in the workplace has grown due to the unpredictable and anxiety-inducing events that occurred throughout 2020. Employees were forced to adopt entirely different living and working conditions, and many suffered damage to their mental health as a result. And accounting firms in particular were very affected with all of the…
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Role of risk management in growth of a business
Neglecting risk management when constructing a business strategy can prove costly down the track. Businesses often focus on growth and profitability, which is an integral part of business strategy, but an equally important aspect which helps keep the business stable is risk management. The necessity of employing and updating risk management strategies has become abundantly…
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Ways to improve cash flow
Signs of growing revenue and profits are ones that indicate your business is succeeding. This does not reduce the importance of continually making small changes that will improve profitability of the business. These are some changes you can make to improve the cash flow of your business. Send invoices straight away: The faster you send…
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