Management Accounting

iStock_000014963228SmallDo You Know How Healthy Your Business Really Is?

How much money are you making right now, as of yesterday?  Don’t know?  Not sure?  Gut feeling?

Answers like that are hardly acceptable.  According to Microsoft founder Bill Gates, business today changes so quickly and moves at the speed of thought. You need to be totally up to date on your financial performance if your business is of reasonable size or larger.

Management statements produced monthly or quarterly will ensure you know the exact health of your business, and better still allow you to make educated business decisions based on accurate information, not just gut feelings.

Not every business has the luxury of having a Chief Financial Officer or Controller on staff, but the team at Joseph Truscott Chartered Accountant can be your business development service advisor to help make your business stronger, more profitable and more valuable.  Consider us a full time CFO at a part time price with over 30 years business experience, a keen eye for detail and the knowledge that behind the numbers hides an important story to be told.

 

 

Ten-Step Business Development Program

 

Our team helps you elevate your financial position by making your business more valuable and more profitable.  From years of experience we’ve developed a proven ten-step process to help you grow your business, improve your lifestyle and increase your profits significantly.  Here’s how we work with you to develop the true potential of your greatest asset.

1. Preliminary Assessment
To gauge the potential improvement you can expect from your business, we’ll ask you to complete a preliminary questionnaire.  Using specific software designed to identify and quantify your potential for profit improvement, we’re able to walk you through an analysis that shows you just how much improvement you could expect.  You will be considered for our Business Development Program if your potential is significant. Now before you think ‘my business couldn’t improve very much’ most of our clients are genuinely surprised and pleased when they see their potential for added value.

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2. Initial Consultation
This consultation provides you with a summary of the improvement potential locked within your business.  We’ll illustrate some of the processes and approaches we use to work with our clients to begin improving the business and its return on investment.  When you decide to continue with the process, you’ll receive a copy of your customized Business Development Program.

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3. Detailed Investigation
Here a more detailed questionnaire will give you instant insights into the unique challenges your business faces and what needs to be done to overcome those obstacles to further success.  Together we will then identify a documented analysis of the strategic opportunities that will help you develop a course of action.

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4. Planning Session
Many business owners do not have a clear vision for the future of their business.  To achieve real improvement it is important to turn your vision into a crystal clear picture from which you can identify all the strategies you need to implement to achieve your goals.  For that process, we conduct a planning session in which our team reviews with you the critical issues you face and identifies potential solutions.  Here you really start to see how the process comes together.

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5. Action Plan
We’ve found that clients relate better to concise action plans than to lengthy, heavily-worded business documents.  You’ll receive a results-oriented action plan that’s easy to relate to and simple to implement.  This plan provides you with the basis for moving forward with your business development.  With specific goals and target dates, you and your team have a clear direction laid out and are more likely to succeed.

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6. Customer Involvement
Understanding exactly what your clients want and what their frustrations are is an important component to continued success.  That way you can adopt strategies and business processes that make your business the one they prefer.  Addressing your customers’ issues gives you the competitive advantage that’s not just based on price.  This step hosts a Client Advisory Board where we meet with a group of your customers and listen to them in a constructive manner.  It is an invaluable way to add value to your business.

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7. Team Involvement
Your team also plays a key role in helping identify how well your business meets your customers’ expectations.  Who better knows your customers than the people who deal with them daily.  They often contribute insights that could benefit the business.  A Team Advisory Board generates strategies that improve the processes within your business.  The protocols we’ve developed to work with your team aid in developing a customer service plan that incorporates the feedback you receive from your customers and team members alike – instantly setting your business on a path aligned with your customer expectations.

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8. Process Audit
We view each business as a collection of people performing a wide range of activities or processes.  How well these activities are performed determines the outcomes or results your business achieve, and because most businesses have not truly systematized their processes, outcomes are often random, leaving business owners to feel that they lack real control.  Improving business processes is fundamentally about improving the key processes within your business.  Our system of analysis is designed to help you identify current areas that comprise your business which need to be redesigned for improved results.

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9. Documentation
After analyzing what processes comprise your business, we will work with you to set up a documentation system.  This will give you greater control over your results and outcomes by defining exactly how each process is to be completed.  Another critical outcome to consider is that the value of your business increases as your business moves more and more towards being a turn-key system.  A system that produces expected results.

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10. Management Control Plan
Imagine having a control panel on your desk, much like the dashboard of your car, with gauges and signals that tell you instantly how your business is running.  Compare that to the hectic, reactive nature of most businesses, large and small.  Your key performance indicators and your financial plan offer that level of control for your business, just like your dashboard.  Together they make up your Management Control Plan which helps you track the progress of your business and enables you to respond quickly to changes and new situations, thus generating optimal profits for you.  It’s important that we, as your Business Development Consultants, play an ongoing role to track key performance indicators and monitor your financial position with our sophisticated software programs.

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What story are your numbers telling you? Call us today and let’s get started 905-528-0234.

For further information, we recommend you watch the Quickbooks video below and browse through the many free articles and booklets in the Resource Library.