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Regaining Control of Your Business
Typically business owners blame the bank, the ATO, their IT system, customers, senior staff or their accountant for business stress, or even failure. The reality is, as a business owner, there are warning signs that are within your control. Addressing and managing these warning signs can direct your business away from a distressed position. We advise you to avoid denial and seek the support you need to start working on your business rather than in it.
You may be leading your business towards a distressed position if you can relate to the following warning signs:
Understanding where your business is (and is not) profitable:
- Without a clear understanding of which channels are (and are not) profitable you can end up chasing revenue that takes the business’ cash flow backwards.
- Ask yourself if you have the time to work on this analysis and build a strategy around optimising your business profitability and sustainability.
Planning for tight cash flow periods:
- Do you have a week by week, or month by month forecast of your cash inflows and outflows?
- Do you have time to work with your accountant or finance manager to put one together?
- A lack of understanding how much cash needs to be allocated towards those inevitable payments; such as BAS, PAYG and superannuation payments, can mean ending up in default with the ATO or receiving a director notice for non-payment of superannuation obligations.
Growing too quickly:
- Are you finding that your growth plans are working too well and the capital commitments up front are eating into your reserves?
- Do you have the time to properly forecast your monthly costs and income associated with new business development on top of your current trading activities?
Are you putting up with mediocre staff and operations?
- Are your staff’s performance at a lower standard than you would like?
- Have you admitted to yourself that certain staff members aren’t committed to your business for the long term?
- Identifying and organising staff development and training can be challenging for busy owners and outsourcing this work is an effective solution.
- Knowing that your operational efficiency is not optimal should prompt you to review your operational processes.
Understanding your market and having a strategy to deal with changes:
- Do you have the time to review your target market, or assess other potential markets?
- Do you have a strategic plan for the sustainability or growth of your business?
- If you want to develop a succession or exit plan, what would it look like, who would be included and who would want to buy your business?
If you identify with one, or more, of these issues, be proactive and contact one of the team at SV Strategic Solutions on 1800 246 801.
Article written by Sheree Cross