Many people don’t spend enough time looking at their business.
Compare how much planning goes into a wedding, a purchase of a big item (like a boat, new car or caravan) and how much time is spent planning for a business. We often find that despite a business being worth many times that of a large purchase,the business receives either a tenth of the effort or a great deal of unstructured effort..
There are many reasons for this. Among these are that after running your business all week, people are short of lack of time. Often there is just a feeling of not knowing where to start.
In addition, accounting reports are often full of jargon and concepts that need explaining. Have you ever felt that the numbers that you get from your accounting systems are just that… numbers. Ever speak to your accountant or people in your business network and get a vague feeling that there is something more?
At OBB, we have an holistic, value-based approach to business planning.
In order to prepare for control and management of a business. the owner needs to move from being a passenger to a driver. There is a transition from not wanting to look at results to looking forward to seeing what impact your changes have made.
Business planning thrives with good information. The essence of good management reporting is that all reports and information you look at should have a purpose. That purpose is to aid you in making a decision. If it doesn’t then it’s of no use to you as a business owner. For this reason, business planning needs to be married with good bookkeeping and accounting systems.
This is not the whole story though, and good management information systems include non-financial measures. When you work out what you need to measure, it is possible to manage your business based on a one to two page report per month. This coupled with a regular strategy session to examine your environment and external factors means that your business has the best chance of success. Contact OBB to see how getting the right information at the right time, will help you make better decisions and have a business that is controlled by you.
Below, we discuss the other services we provide at different business lifecycle stages.
Setting up, buying or changing a business
Due Diligence on proposed purchases
Understanding the financial aspects of your prospective purchase is critical; as well as what liabilities or ongoing costs you may expect. Buying or selling a business is a major decision and the numbers presented are only a starting point. Getting good financial and business advice is crucial. Sometimes the question is not whether or not it is a good decision, but whether it is a good decision now. Emotions can run high and engaging O’Brien Bousamra makes sure that you are get high quality financial advice and you are told what you need to know,not what you want to hear.
Most appropriate Business Structure.
Having the right business structure at the outset can save a great deal of problems. Often those problems are in the future, not now. One of the most important principles is to preserve choice. This is a complex process that needs consideration of your particular circumstances. Whatever you do, please do not rely on the advice you received at a BBQ or family gathering. Speak to us about ensuring you have considered all the ramifications of your chosen structure before you start. If your business is changing, it may also be appropriate to assess if you have the most effective structure for your future needs.
Running, getting better control of your business
In order to effectively manage your business, you need to know what is happening. Management accounting focuses on the information needs of the business owners / managers and how it can be obtained. This is not just financial information but also information that you can control.
In particular, this service has a proactive planning emphasis focused on cash flow and overall budgeting.
- Management Accounts
- Performance Analysis
- Budgeting – profitability
- Budgeting – cash flow
- establishing a cash budgeting system which is critical to long term health and success.
Planning the sale or exit from your business
Exiting your business is an emotional and financial decision. Benefits can be gained from planning your sale / exit several years in advance. All too often, the people running the businesses are the business and they end up with nothing to sell. At O’Brien Bousamra, we can help you to determine what you want to achieve to part with a business you have invested your blood, sweat and tears to create and show you how to plan and implement a strategy that will allow you to maximise the attractiveness of your business at the time you want to sell.