New Year, Time to Review your Business

As we’re safely into 2024 and in a traditionally slower month, now is the perfect time to review your business. As experienced business advisers, we know the value of taking the time to ask yourself some questions about your business, and what you’d like to do differently this year. It’s the perfect time to pose a few questions and gauge where you’re at with your planning, strategy, financial goals, and business goals. We can hold both you and the business to account.

Here's the top 7 questions you need to be asking yourself as a business owner:

1. Why does a customer choose your brand over another?

It’s important to know what makes your product/service valuable to your customers so that you can market what you offer effectively. Why does your brand stand out, what do you do well, what do you need to work on, and do any opportunities or threats exist? Who is your ideal customer? Who are you selling to, what problem or issue are you solving for them, and how can you better target them? We can work with you to help you pinpoint the best customers to target.

2. Are your employees/contractors happy?

Your staff are a vital asset to your business, but if they’re unsatisfied or have disengaged, then that’s a risk to your business. How do you show your staff that they’re valuable and important? Are you paying at or above market wage? What benefits do you offer your staff? What makes working for you better than working for a competitor? What can you do to make your business and workplace more attractive to potential employees? We can help you review this and the benefits you’re offering your staff.

3. Are your cash flow goals right?

How is your cash flow and are you meeting your cash flow goals. Do you have any specific costs or inefficiencies that are preventing you from achieving a positive cash flow position? Are the financial management processes you have in place working for you or against you? Do a review to identify where you’re lacking and where you can tighten your cash process.

We can review your cash management and look for efficiencies and cost-saving opportunities.

4. Are there aspects of your business that keep you awake at night?

It can be stressful being the boss and there’s likely to be a lot playing on your mind. What areas of your business are concerning you? What business issues or unexpected pitfalls are a cause for concern? What can you do to help smooth these out? We can offer advice from our decades of experience, so whatever the issue, we can work together so you can get a better night’s sleep.

5. Have you implemented tech and AI?

How digital is your business? Technology moves fast, with AI solutions and digital systems now an integral part of many business models it can be tricky to keep up with the latest innovations. So, what tasks can you automate or streamline? There are a lot of apps, software tools, and digital solutions out there. A lot of them integrate with one another, so if there’s a pain point in your business, we can suggest apps, software tools, and digital solutions to boost your business.

6. Have you thought about where your business will be in five years?

Not all businesses are focused on growth, but outlining your key goals around growth is an essential part of your business strategy. When the business is busy, the temptation is to focus on the most pressing fires, but without a forward-looking focus, you’re unlikely to meet your business’ goals. Ask yourself where you want to be in five years, and how you plan to get there. We'll help you create a detailed five-year plan so that you’re getting what you want out of the business.

7. Do you have the figures you need at your fingertips?

Your data drives your business, so do you have key financial information easily accessible? Think about where you need detailed data and metrics, and how this could put you in better control of the business and upcoming decisions. We can help you expand your reporting and management information so that you have a better eye on performance, spending, cash flow, and targets.

Talk to us about running a health check for your business

If these questions have started you thinking about your business efficiency and growth plans, that’s a good thing. If you’d like to take this process further, book a meeting with us to talk through your goals, aspirations, challenges, and strategy, so we can help you take the next step in your journey to entrepreneurial success.

< Older Post

Newer Post >

Tips for Moving Day

17 April 2025

It's that time again and Moving Day is upon. Moving Day' is a big day in the farming industry. To help you with a smooth transition here are some tips: Early preparation Make sure sharemilker or contract milker contracts are signed. Plan a farm inspection with relevant parties (farm owner, incoming and outgoing sharemilkers, farm manager, advisor). Recruit and finalise employment agreements for new farm staff. Communicate plans and dates with everyone involved. Contact your insurer and utility providers. Farm owner responsibilities Make sure employees leave the houses clean and tidy. Carry out house inspections for maintenance. Comply with healthy home standards. Confirm departure and arrival times with tenants. Consider drug testing, if needed. Animal movements and biosecurity Plan animal movements carefully. Clean and disinfect farm equipment and machinery. Minimise the risk of introducing exotic pests. About 5,000 farmers do this every year. Talking clearly and planning well makes this important farming tradition go smoothly.

Selling Your Business: What’s Next After You Exit?

11 April 2025

Selling your business is a huge milestone—one that marks the culmination of years of hard work, dedication, and vision. But once the deal is done and the dust settles, you may find yourself wondering, “What’s next?” Exiting your business opens up a world of possibilities. Here are five potential pathways to consider as you embark on this new chapter of your life. 1. Enjoy Retirement For many, selling a business is the gateway to retirement. After years of being immersed in the day-to-day demands of running a company, retirement offers the opportunity to slow down and enjoy life at your own pace. Whether it’s traveling, spending time with family, or taking up new hobbies, retirement allows you to focus on the things that bring you joy. Planning ahead—both financially and emotionally—will ensure you make the most of this well-earned time. 2. Invest in Other Businesses Selling your business doesn’t mean stepping away from the business world entirely. Many people choose to invest in other businesses, whether it’s through buying equity, becoming a silent partner, or supporting start-ups. Your years of experience give you a unique perspective, and investing allows you to stay connected to the business community while diversifying your income streams. 3. Start a New Venture Once an entrepreneur, always an entrepreneur! If you have a new idea or are passionate about exploring a different industry, selling your business can provide the resources and freedom to start fresh. Whether it’s launching a tech start-up, opening a café, or pursuing an entirely new market, starting a new venture keeps your entrepreneurial spirit alive. 4. Become a Non-Executive Director Another pathway is to leverage your expertise and become a non-executive director. Many businesses value the insight and guidance of experienced business people. As a non-executive director, you can provide strategic advice, mentor leadership teams, and help shape the future of other companies—all without the full-time commitment of running a business. 5. Pursue Philanthropy For some, selling a business is an opportunity to give back. You might choose to support causes you care about through charitable donations, creating a foundation, or volunteering your time. Philanthropy not only helps make a difference in your community or the wider world but can also provide a deep sense of fulfilment and purpose in your post-business life. Charting Your New Path Exiting your business is both an ending and a beginning. It’s a chance to reflect on everything you’ve achieved and to embrace new opportunities that align with your goals and passions. Whether you’re ready to relax and retire, dive into new ventures, or make a positive impact through philanthropy, the choice is yours. Whatever path you choose, careful planning will help ensure your next chapter is as rewarding and successful as the one you’ve just completed. If you’d like support in exploring your options or preparing for life after your business, don’t hesitate to reach out us for guidance.

How to Protect Your Business from 2025's Cyber Threats

7 April 2025

Cybercriminals are constantly finding new ways to trick businesses, and their scams are harder than ever to spot. Small businesses are especially at risk, often seen as easy targets due to limited resources or weaker security. But with the right precautions, you can protect your business and prove the scammers wrong. Be Aware of New Threats Staying informed is your best defence. Here are some of the latest cyber threats: AI-Powered Scams : Scammers now use artificial intelligence to create convincing phishing emails and fake websites that are difficult to distinguish from the real thing. Impersonation Attacks : Posing as banks, government agencies, or suppliers, attackers aim to trick you into sharing sensitive information. Deepfake Technology : Fake audio and video messages that mimic trusted sources are becoming more sophisticated and harder to detect. Train Your Team Educating your team is crucial. Teach them to: Spot warning signs, like urgent requests to act quickly. Double-check email addresses and URLs before clicking on links. Be cautious with unusual requests, even if they seem legitimate. Regular training sessions and phishing simulations can help your staff stay alert and recognise scams before they cause harm. Protect Your Business Basic but effective security measures can go a long way. For example: Enable two-factor authentication to secure your accounts. Keep your software and systems up to date. Use resources like the Business Online Security Series for practical cybersecurity tips. It's also wise to consult with your IT provider to evaluate your business’s vulnerabilities and develop a cybersecurity training plan for your team. Taking action now can save your business from potential threats while safeguarding your reputation. Stay informed, train your team, and strengthen your defences!