Business Development

8 Step Business Improvement Programme – What’s included

So what is included?

Based on the research of what the UK’s successful businesses do every year, and developed over recent years, we offer you a Business Improvement Programme built around the principles of our 8 steps. Our objective is to make the programme ‘cost neutral to your development’ as soon as possible and help you implement the steps to deliver the results desired.

  • Would it be a problem if your vision wasn’t aligned with other stakeholders? Do you know their plans? Could independent facilitation help explore these factors?
  • Does your profit forecast consider the impact on your balance sheet and cashflow? Can you rely on your management information to make those key business decisions?
  • When comparing your actual performance to budget, do you delve deeper into your numbers beyond the headline figures? e.g. What activity makes up your turnover and profit?
  • Are you measuring the right numbers that influence your performance or provide a timely wake up call? What are the factors that truly influence your success and how are you accounting for them?
  • Have you seen the benefits of comparing your business against your competitors or the trends in your industry? Where could you improve?
  • If you’re not clear about what you really want from the business, how will you end up where you want to be, or know you are there? Are your goals at the heart of your decision making?
  • Are you aware of how your performance and non-financial factors impact your business valuation? Are you in danger of negatively impacting upon it?

Here’s a little more information, but we invite you to meet with us and discuss what each step really means for you.

Planning

Step 1: Decide what you want really want to achieve

Start with the end in mind. We will work with you to really understand your business objectives and personal goals. We will establish how you will measure your success and ensure that the business planning process covers all the key issues. This is a key stage to understand the purpose of your business and how the success will be achieved, whilst identifying those key factors that helps to drive your motivation, aid your decision making and build your strategy.

The type of key issues we explore are your Value proposition, Customer Interation & Relationships, your Team, your Partners, Cashflow, Key activities and priorities for attention.

As part of this step, we will also assist with your forecasting and budget, to plan how the numbers will need to work to deliver your objectives. Our 3-way forecasting enables you to create an effective forecast with relevant management reports that help you manage the business, make key decisions and plan for the future.

From step one, you will have clarity of the activities in your business that need your time, attention and commitment.

Measure

Step 2: Measure how well you actually perform each month

We help you identify and measure those key drivers that matter for your business. Using a range of tools and our expert analysis work, we will produce a regular summary of your financial performance that you can rely upon to support your key decisions. This includes management accounts information and performance reports that provide an update on those key performance indicators.

This step enables you to react to situations in a timely manner and not when it is too late or the opportunity has been missed. We will share our experience and expertise to reflect on the numbers to keep you on track to achieve your objectives.

We have a saying: Turnover and profit are only outcomes. We will help you to identify what is influencing your headline numbers and make your numbers work in relation to your business.

Review

Step 3: Measure your full year’s performance

If we are measuring your business on a monthly or quarterly basis, then there will be no surprises when we produce your year end business accounts and tax summary. As always, we will explain your accounts in plain language to ensure that you are able to fully interpret the numbers in your accounts.

We will ensure you understand all the numbers shown in the accounts, including the balance sheet, and importantly what activity in your business makes up each number.

Importantly, this step also ensures that you remain compliant with the requirements of HMRC and Companies House, where applicable.

The accounts we produce can help you easily assess whether you are on track to achieve your longer term vision and objectives, whilst ensuring you are managing the business to make the profit you desire.

Evaluate

Step 4: Evaluate your performance by comparison to previous years

For this step, we will evaluate your financial performance using a range of ratios and trend analysis. This evaluation step will clearly show how the business has performed year on year and what has influenced the changes.

Our overview will provide you with a clear picture of your overall business performance rather than simply seeing if the headline numbers have increased or reduced.

Compare

Step 5: Evaluate your performance by comparison to your industry

How do you really perform against your competitors? We will help you to benchmark your business against other similar businesses so you can compare your key performance indicators against those in the same line of work.

Such benchmarking can be very informative and can provide you with a focus area for small marginal changes that can lead to big gains in your performance. It will also highlight if you had a good or bad year compared to others in your industry and avoid simply relying on your gut feeling.

Value

Step 6: Consider the value of your business

How much is your business worth? Do you want to avoid the valuation ‘see-saw’?

We will use a consistent valuation method to demonstrate if the recent activity has influenced the value of your business.

This valuation will consider the important non-financial factors in addition to your accounts information.

Our clients find this extremelly useful as a guidance of progress, especially if the business value is their wealth creation and likely to be their exit plan or pension fund.

Analysis

Step 7: Calculate how much more profitable & valuable your business could be

We will review your business, using a sensitivity analysis, to suggest how certain improvements can make a difference in your business. This could be more sales, the improvement of your margins or driving lower costs, but at all times we will keep in balance, your objectives, your team, your customers and your suppliers.

The improvement potential of your business may be just a few simple changes that help to improve your profit and your cashflow.

Improve

Step 8: Establish a performance improvement plan

We want all our clients to be successful, so work with them to establish an improvement plan and establish how this can be practically delivered in their business.

This plan provides a continual focus of making your numbers work in your business for your success, whilst considering and balancing all the factors in your business (eg you, your people, customers, suppliers).

Why work with CRM

  1. A team with the balance of commercial awareness and the expert, technical knowledge you would expect to support your business.
  2. Highly recommended by our existing clients.
  3. Committed to Making Your Number Work for your success

Workbook Download

Much more than just accountants

For a flavour of the programme considerations, you can download a copy of our workbook based on these 8 steps

Talk to the team

How will you decide if we are right for you?

Could we help make your numbers work?

We invite you to meet with us and discuss how we can meet your personal requirements.

Resources

Watch our YouTube channel, Read our blogs or factsheets and download our 8 step workbook to learn how you can implement the 8 step principles.

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