Recently Renee and I were appointed as Director’s of UHY Haines Norton CQ which is a proud moment in both of our careers. When we were given the opportunity, we knew that Steve and Tina run a great business and all of the advice that is given to clients is also implemented in our business. So, it is not a case of ‘Do as I say and not as I do’ as we actually do it!
We advise our clients to work ‘on the business’ and not work ‘in the business’ all of the time. To do this business owners must take a step back and set aside time to carry out planning and work on their business strategy. This is something that we do with our annual team strategy day an essential part of planning, preparing and implementing ideas for the business.
Monitoring results regularly is another essential part of running a great business. Business owners that know their financial results can make decisions about their business in a timelier manner than those who don’t monitor. We have monthly meetings for our business and suggest to clients as a minimum they should prepare quarterly financials and meet to discuss the results and any issues in their business.
As part of our planning process, and after this monitoring of results, we prepare budgets split by month and then compare to the actual results during the year. This helps in a number of ways including identifying any issues, knowing if you are on track to meet or exceed targets as well as planning for cash flow. This again is essential, and we suggest that all clients have a budget in place to help run a great business.
Finally, we advise clients to invest in themselves and their team. Providing training is an important part of ensuring that your business can run efficiently and effectively with the highest standard of advice and service to clients. Attending training and conferences ensures that you and your team can stay up to date with industry developments and legislation with an added bonus of sharing ideas and learning from others in your industry.
If you would like to discuss how we can help you run a successful business please call UHY Haines Norton on 4972 1300 or email info@uhyhncq.com.au