Getting a successful business up and running is no small feat. It can become your biggest asset, source of income and part of your retirement plan. However, building your business up from nothing to then taking it to the next level can be a challenge without the help of a Business Advisor.
A Business Advisor is your co-pilot for success, your confidant in all things business and an ally in helping your business grow. They will be there every single step of the way to provide you with information and ideas on running your business more effectively.
But what exactly does a Business Advisor actually help with or advise on?
Business Valuations
Many business owners don’t know the commercial value of their business or understand how to maximise its value. A Business Valuation, also known as a Company Valuation, is the process of determining the economic value of your business. This gives you the tools necessary to leverage your business’s value into a growth strategy.
Bookkeeping
Hiring a full-time finance manager for your business may not be feasible for your business, but your Business Advisor can discuss the options of appointing a bookkeeper – this can allow you to gain a better understanding of your finances and accounting information.
Chief Financial Officer (CFO)
Ensuring you always have accurate and up-to-date information can be daunting when operating a business. Your Business Advisor and help to appoint a CFO – this can be a way to relieve financial stress by supporting you on the critical financial elements of running a successful business, which includes growing sales, managing key operating costs and improving profit and cash flow.
Advisory Board
Creating a Board of Advice( BoA) can provide you and your stakeholders with regular access to expert advice. Having a BoA will result in the successful implementation of growth, value improvement and succession planning strategies. All of this is done alongside objective advice from your trusted Business Advisor.
Tax Planning
Tax planning or Tax Effective Investing works to minimise your tax and maximise your return within the intent of the law. When it comes to tax time, a Business Advisor will work with you, your bookkeeper and your accountant to minimise your tax payable in line with your business and profitability goals.
Business Structuring
When starting a business, deciding on the business structure that will most benefit your long-term goals is important but not always simple. A Business Advisor can help you choose the initial business structure that is most beneficial to you or help you restructure your business in line with its growth.
Succession Planning
A Business Advisor can assist with creating a succession plan which identifies the critical roles needed within your business and they can help develop a plan for individuals to assume these positions. Having an up-to-date succession plan will ensure a smooth transition when the time comes to pass on your business.
Business Advisors at Momentum
If you’re ready to take your business to the next level but need some guidance, the Momentum team can help. Contact us online or give us a call on (03) 5222 6688 to begin your business journey to success!
