© Profit Advantage Group Every Business Needs a Profit Advantage www.profitadvantage.com.au A Difficult Time for Business ? (It Shouldn’t be for Yours.

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Presentation transcript:

© Profit Advantage Group Every Business Needs a Profit Advantage A Difficult Time for Business ? (It Shouldn’t be for Yours !) Business Planning (A Necessary Good) Presentation for Macarthur Accountant’s Discussion Group Professional Development Training Program by Geoffrey D Ellis B.Bus, M.Bus, FCPA, FAIM, MAICD, MIMC, MAIBB, JP (Business Development Specialist) 5 th August 2009

© Profit Advantage Group Every Business Needs a Profit Advantage 8 Good Business Essentials (For Greater Business Success) 1.Clear Focus & Direction 2.Financial Management & Liquidity 3.Overall Management & Business Experience 4.Sound Sales & Marketing 5.Resilience 6.Good Record Management 7.Reliable Staffing & Employment Practises 8.Seek Professional Advice

© Profit Advantage Group Every Business Needs a Profit Advantage Your Business Cycle (We are now entering a New Era) World Economy Australia Economy Regional Economy Local Market Industry Cycle Credit Availability Political Scene (National & State) Social & Community Sustainability Personal Circumstances Employment (Labour) Squeeze

© Profit Advantage Group Every Business Needs a Profit Advantage Clear Focus & Direction (You can call it a Business Plan !) What’s Your Approach to Planning ? –I haven’t needed a Business Plan so Far! –I’ve got one on the shelf –I actively Manage my Business by Planning & Reviewing Regularly

© Profit Advantage Group Every Business Needs a Profit Advantage Clear Focus & Direction (You can call it a Business Plan !) What is a Business Plan? Why is a Business Plan a MUST have? What should be in a Business Plan? So why don’t people do Business Plans?

© Profit Advantage Group Every Business Needs a Profit Advantage Clear Focus & Direction (You can call it a Business Plan !) What goes with a Business Plan: –SWOT –Vision/Mission Statement –Budget Income Expenditure Capital –Key Performance Indicators –Engagement of Key Personnel –Accountability –Regular Review & Updating

© Profit Advantage Group Every Business Needs a Profit Advantage Clear Focus & Direction (You can call it a Business Plan !) Our Approach to Planning (Extract) 

© Profit Advantage Group Every Business Needs a Profit Advantage 8 Good Business Essentials (For Greater Business Success) 1.Clear Focus & Direction 2.Financial Management & Liquidity 3.Overall Management & Business Experience 4.Sound Sales & Marketing 5.Resilience 6.Good Record Management 7.Reliable Staffing & Employment Practises 8.Seek Professional Advice

© Profit Advantage Group Every Business Needs a Profit Advantage Resilience (Survival Guide – 21 Suggestions Part 1) Account for every $ (Bookkeeping) Review Past Expenditure (Identify Excess) Reduce Costs (Does it Generate Income) Update your Planning (Budgets & KPI’s) Manage the Business (Work ON it not IN it) Reduce Inventory (Excess or Obsolete) Improve Efficiency (Process & Procedures)

© Profit Advantage Group Every Business Needs a Profit Advantage Resilience (Survival Guide – 21 Suggestions Part 2) Office Efficiencies (Organised & Tidy) Review Pricing (Twice a Year) Revisit Business Finance (Tax Effective) Keep Marketing (Consistently Focussed) Referrals & Testimonials (Reduce Risk) Seek Advice (Everyone needs some) Sales Pipeline (Leads & Conversions)

© Profit Advantage Group Every Business Needs a Profit Advantage Resilience (Survival Guide – 21 Suggestions Part 3) Staff (Job Descriptions & Incentives) Excess Capacity? (Space, Time, Staff) Review Trade Debtors (Look for their Risk) Use Available Technology (Work Smarter) Review Insurances (Risk Assessment) Survey your Customers (Are they Happy) Manage Credit (Cash is King !)

© Profit Advantage Group Every Business Needs a Profit Advantage What We Do (To Improve your Business) Business Development –Business Improvement –Growth Management –Business Recovery –Exit Strategies Services include (but not limited to) –Sales & Marketing –Business Planning –Budgets & Cashflow –Expense Reduction –Overall Business Health Check –Business Mentoring –Management Accounting –Employment & HR –Business Broking

© Profit Advantage Group Every Business Needs a Profit Advantage Our Processes (Ask About or Presentation Special)

© Profit Advantage Group Every Business Needs a Profit Advantage Geoffrey D Ellis Principal Profit Advantage Group 29 yrs Private & Public Sector Experience (State, National & International) B.Bus, M.Bus, FCPA, FAIM, MAICD, MIMC, MAIBB JP Director, Macarthur Business Enterprise Centre President & Director, Youth Solutions President & Director, Campbelltown Chamber of Commerce Listed in CPA Australia Register of Directors Listed in AICD Register of Directors Listed in 2 separate International volumes of Marquis Who's Who Qualified Myers-Briggs Type Indicator ® Facilitator (ENTP) Started the successful South West Networking Group in March 2004 Chairman Macarthur Lifestyle & Business Expo Steering Committee Former Director, Institute of Management Consultants Thank-you for your attention – QUESTIONS ?