Business essentials
Keeping an eye on all the key facets of your business is essential.
Whether you are planning for the next year or the next phase of your business, looking to deal with current or new stakeholders (including new financing options), it is imperative that you keep the whole 'engine' running smoothly.
Below is a business essentials list (not exhaustive) for smaller to medium operations for your consideration.
Strategic
Business plan: a concise vision of where the business is going and how it intends to get there, including SWOT analysis, covering goals and action items:
- management and personnel risk management and governance
- industry, markets and positioning
- operations
- financial
- economic and political landscapes
Industry, markets and positioning
- industry risk and position assessment: part of planning and business as usual
- technology and cyber considerations: disaster recovery plans (including risk)
- customer profile: management, review and communication
- competitor assessment
Risk management and governance
- statutory compliance: superannuation and ATO, PAYG, payroll tax, GST, WH&S / EPA, licences, tax planning
- policy, procedures and controls: operational, risk and governance
- foreign exchange/interest rates: coverage and controls
- insurance: coverage, public/professional liability and professional indemnity
- legal actions: creditor positions, settlement, litigation and disputes
Management and personnel
- remuneration and incentives: key person management / tied to risk
- succession planning
- board and/or management structure: right composition and effectiveness \
- personnel skillset & capability
- training & development
Operations
- products/stock: effective management systems, demand/supply, costing, ageing, obsolescence, returns
- premises: management, suitability, accessibility, ownership vs leasing, term & security of tenure
- surplus assets: management, utilisation, reinvestment (capex), offload, ageing/obsolescence & maintenance costs vs upgrade
Financial
- management information systems (hardware/software): produce timely, accurate and reliable three-way accounts with supporting information
- debtor & creditors: management, monitoring, insurance and compliance
- financier: effective management & communication, facility structure suitability, terms and conditions, financial/other reporting, covenant compliance, pricing
The business essentials act as a general guide; however, it is important to tailor any strategic, financial or operational functions to meet or improve your key success factors.
How can Cor Cordis assist?
We have a team of experienced practitioners who have worked on stabilisation, restructuring and turnaround, and insolvency matters across a multitude of industries. If you require further information or want a confidential discussion, please contact one of our partners at our office near you.
