Mr and Mrs Jones have a successful wholesale and manufacturing business with about 15 staff. The business has grown to a level that procedures and processes were not up to date, too many staff and no proper human resources (HR) management, business profitability is down, overheads are up, debtors days are too high and stock levels are too high and not properly managed.
We arranged monthly Board of Management meetings and systematically worked through the issues:
- We guided them through the HR issues so staff have job descriptions, objectives, quarterly reviews and incentive plans
- We provided templates for their procedures and policies and streamline processes to create efficiencies
- We prepared business plans and helped to set objectives for the sales managers to increase sales
- We have quarterly reviews of Key Performance Indicators (KPI) to monitor deviations and set strategies for the company to meet goals and objectives
- We advised clients to bar code the stocks and do half yearly stock takes to prevent pilferage, and improve cash flow.
- With our clients, we reviewed the company structures, goals for retirement and key man insurance requirements
- Monthly Management Meetings encouraged sharing of information, resolution of problems and increased innovative approaches to increase sales and reduced costs.
- The company has proper systems and procedures in place which will facilitate good transfer of knowledge to new owners or successors
- Good HR practices improved staff retentions and assist with staff recruitment.
- Staff efficiencies and staff morale improved as staff can be proactive to prevent problems and not just reactive to problems
- Better debtors control provided the company with better cash flow and reduced the risks of bad debts
- Sales and profitability improved and the company focused on gaining market shares in products that have higher gross profit margins
- Regular monitoring of KPIs enabled the Board of Management to keep track of the company’s performance
- Proper stock control enabled the company to increase cash flow and reduced stock becoming obsolete
Tax and accounting services provided:
- Group business structures review and advice
- Management accounting
- General business consulting
- Business tax and planning
- Payroll tax
- Sybiz accounting and stock control
- Retirement planning
- Capital gains tax planning advice
- GST and BAS compliance
- Effective tax planning and tax minimisation
- Systems and procedures