Many accounting firms operate in a very similar way. You as the client operate your company, you provide your accountant with the numbers, and the accountant crunch them into viable reports and obligatory government returns. For some clients that is all they need and we will continue to ensure we meet your requirements.
When your company needs a strategy to grow, to make more profit, or even survive a crisis, then enablebusiness can also work with you to achieve your desired outcomes. We work with a number of our clients as their business partner through a relationship lead by advisory, coaching and mentoring.
There are many benefits to having enablebusiness take on the role of advisor/coach/mentor.
Defining your strategy
Continuous review of your current strategy, or setting a strategy if there isn’t one, is critical to the future growth of your company. We love the saying “Most people aim at nothing and hit with surprising accuracy.”
Imagine a business that has no defined plan, strategy or future goals. They spend all day “fighting fires” and working “in” the company. Wouldn’t it make sense to have the company work for the owners and have a clear pathway to the future success of their business? This can be done through planning and regularly checking it back to the business plan.
Accurate Budgets & Cashflow Forecasts are crucial
One of the core ingredients to a successful business is an accurate budget and cash flow forecast. You should be preparing one annually and updating this throughout the year. Rather than look at last year and add 10%, you should start with zero and ask what does it need to be and why? This turns the simple cash flow forecast into a planning tool that can show what the business needs to do to meet its targets and highlights any cash flow issues that may arise in the future.
If cash flow issues are forecasted in the future, a simple discussion with the bank, months in advance, supported by an accurate forecast is much better than that last minute “I’ve got no cash and need a temporary Overdraft increase” phone call that banks experience all too often.
Communication is key
We love having strong relationships with our clients. This will often mean that issues can be dealt with promptly before they get out of hand.
For example, a client comes to us with a crisis. Their business is profitable but struggling for cash. The business owners think it’s all “doom and gloom” and want to run away. Does this sound familiar?
Because the client had a good relationship with us and were willing to discuss the issue early, we were able to quickly review the problem, understand the issues, and propose a course of action.
These are just a few areas where enablebusiness can continue to work with you. We look forward to catching up with you soon.