McAdam Siemon : Accountants and Business Advisors

The Five-Minute Business Coach - July 2010
 
In this issue:  Happy New Financial Year!

What are your 'New Year' resolutions for your business? January 1 may be the date many of us evaluate our personal lives, but the crucial date for business is July 1.

Last Wednesday would have been frenetic for many businesses as they rushed to pay bills, organise expenses, transfer money and get their books into shape before the big day.

As many of our clients breathe a collective sigh of relief that 30 June has been and gone, the work for us continues to ramp up.  Contrary to those age-old myths about accountants and their pocket pen protectors, this is actually the time when many people appreciate just how important the role of their accountant is in helping to drive the success and sustainability of their business. 
Now is the time when we talk to our clients about focusing on the positive, actionable resolutions you can make for your business. 

It’s set to be another challenging year for business with changes ensuing from a new Prime Minister, an impending Federal Election, further potential interest rate rises and tight lending criteria showing no immediate signs of easing.

Over the next 12 months, we’ll be guiding our clients around a few key areas - the first being to ensure that business owners have a tool to enable them to get an immediate snapshot of their business each week, in the form of a ‘one minute manager’. 

Having an objective ‘helicopter’ view of exactly how your business is performing against set criteria is an essential component to moving forward in the New Year. 

We’ll also be honing in on the importance of estate and succession planning, which we say is simply about ensuring that the right assets end up with the right people, at the right time. Do you have the correct documentation in place? 

Now is also the time to review your borrowings.  It’s been a somewhat tough time for SMEs looking to borrow to grow their business.  The credit crunch meant many banks have pretty much closed their doors to the prospect of lending to both small and medium sized businesses.

So if you’re looking to boost your borrowing power, assess your capacity or simply understand your situation more clearly - carpe diem, seize the day!

When it comes to the overall fiscal health of a business, cash - or more aptly, cash flow - is still King.  We’ll be encouraging our clients to take a close, hard look at their collection policy and take steps to ensure it is being adhered to. 

The new financial year is also a great time to ensure your sales targets and business plans are formally reviewed.  Our experience shows that businesses working to a strategic plan are far more consistent in the achievement of overall sound results.

As mentioned on our website, we see business plans as similar to an architect’s plan: providing reference points and benchmarks to measure achievement - and at the same time detailing the big concepts on which decisions will be made.

On the topic of what you’ll find on our website, you may have noticed things for McAdam Siemon look very different.  To launch the new financial year, we’re proud to introduce our new website.

We hope you agree our revitalised online environment not only looks great, but is also vastly more user-friendly and clearly outlines the wide range of services we offer.  

As Lawrence J. Peter said, “If you don't know where you are going, you will probably end up somewhere else” - and at this time of year, the saying seems especially true for business.  Enjoy the new financial year and the ideas, innovation and planning it brings. 

If you are considering a review of your business situation, the professional and proactive team at McAdam Siemon would welcome the opportunity to discuss the ways we can meet your needs.