How fast do you grow in the current market?

Engineering accountants perth
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

By Tony Monisse

How fast do you grow in the current market? Drivers and enablers of growth.

In a recent client advisory board meeting we discussed the drivers and enablers of growth. It is important as a business grows that the drivers and enablers of growth are kept in reasonable balance.

Accounting perth

If the drivers of growth far outweigh the enablers of growth then we have the potential to blow up the business causing the following:

  • gross inefficiencies and affecting profit margins
  • can stretch the business’ infrastructure sometimes past breaking point
  • increase the complexity of your business and reduce communications
  • result in wasteful processes   
  • cause stress and strain on your people leading to burnout
  • dilution of culture as more people are taken on, making it difficult to develop management and reinforce your values
  • can put extreme pressure on cashflow

In the current market, the CCI Business Confidence Survey recently identified that 31% of businesses are turning down offers of new work which would suggest that the drivers of growth far outweigh the enablers of growth. In the current market, what should be the strategies for your business setting up the year ahead?

What we discussed in our client meeting were two important questions:

1. How do we refine the drivers of growth?
  • are we clear on the target customer and what work do we say no to?
  • can we improve our sales process and how we better articulate our value proposition?
  • in terms of product development are their opportunities to develop the existing offer to increase value to the customer and improve on pricing to the customer?
2. How do we strengthen the enablers of growth?
  • in terms of operations, are there opportunities to simplify the processes and remove waste?
  • can we invest and better take advantage of technology to be more efficient and reduce reliance on labor costs?
  • from a HR perspective, are we clear on our “Employee Value Proposition” so can better attract, develop and retain staff?
  • do we have the right people in the right seats doing the right things and can we better scale our business by re-organising who does what work?
  • what is our marketing plan and channels to market to attract the right staff?
  • how can we better manage cashflow including working capital (trade debtors, inventory and trade creditors) to finance growth?

We are confident with our clients that if they focus on answering these questions above, they will successfully navigate this time and grow their business whilst keeping the drivers and enablers of growth in balance.

If you would like to discuss the above and how it may apply to your business, please do not hesitate to contact our office at admin@brentnallswa.com.au or call us on (08) 6212 7200.

  • Get in touch

OUR DIRECTORS

Chris Mandzufas

Chris Mandzufas

Chris has a diverse range of skills and experience as a result of providing accounting, taxation, advisory board and management consulting services to owners and directors of fast growing businesses.

Chris Smith

Chris Smith

Chris Smith has been a member of the Chartered Accountants Australia & New Zealand since 2006, a member of the Tax Institute of Australia since 2013, and a registered Tax Agent since 2018.

Tony Monisse

Tony Monisse

Tony’s key focus is the integration of strategy and financial management. To this end he has developed tools and process that facilitate this integration, including business modelling, target setting and rolling cash flow forecasts.

Maximise your Business Potential

Whether it’s business growth, improved profitability and cashflow or streamlining operations to improve work/life balance, we can help you achieve your business goals. Gain clarity on which strategies will accelerate the success of your business

Our Impact

icon

INCREASE IN PROFIT AND CASHFLOW

Icon

IMPROVED ALIGNMENT AMONG LEADERSHIP

icon

IMPROVED CLARITY IN FINANCIALS AND FINANCIAL WELL BEING

Icon

IMPROVED STRATEGIC FOCUS

Icon

GREATER ACCOUNTABILITY AMONG LEADERSHIP

icon

IMPROVED MULTIPLE FOR BUSINESS VALUATION

Download the Info Pack