4 ways to turn a good a business into a great one

by | Feb 7, 2022 | Business

Do you need help turning a good business into a great one?

In my opinion, this isn’t something you should have to manage on your own. Providing business advisory services, while keeping you on the right side of HMRC, is what helps to make a great accountant.

Of course, your accountant should embrace cloud accounting technology to ensure they don’t miss key deadlines and that they deliver on their promises.
But they should also go beyond just that, helping to take your business to the next level with strategic planning.

From management accounts to cashflow forecasts, there are a range of tools you can use yourself, or hire an accountant to carry out for you, to take your business to the next level.

1. Management accounts

As your company grows, you need to dig into detail. You can do this by producing management accounts, either monthly or quarterly.

These involve looking at your profit/loss record, and producing a balance sheet to give you an accurate picture of your company’s health.

Whether it’s monitoring your debtors or evaluating a marketing campaign, management accounts can help inform your decision-making.

They’re often presented with commentary and observations, and a good accountant will also schedule a meeting to talk you through it all.

2. Cashflow projections

It’s fair to say many businesses have experienced cashflow problems since the start of the pandemic, making projections all the more important.

Cashflow forecasts can help prepare your business for every eventuality – good, bad, and anywhere in between.

There’s no one-size-fits-all approach to cashflow modelling as every business is different and has various goals or objectives.

Usually, we recommend quarterly forecasts. But with COVID-19 lingering around, your business might benefit from more frequent predictions.

3. Business plans

A good business plan should set out clearly what you want to achieve, how you’re going to do it, with what, and by when.

At Mayflower, for example, we offer two types of business plan – power pages and the business navigator – for clients to choose from.

A power page is a tangible document containing a concise reminder about what you are going to do, why you’re doing it, and how.

The business navigator goes into more depth and can be a real ace up your sleeve when it comes to trying to secure investment.

4. Budgeting and forecasting

Your annual budgets should provide realistic but challenging estimates of how your business will fare in its chosen sector over the next 12 months.

You can also factor in profit and loss projections, and set annual targets to help inspire your business to succeed until it’s time to review again.

Forecasting takes the budgeting process a step further, by assessing your early performance in the first three months of working to a plan.

This helps to give you a real-time picture of whether you’re on course to meet your targets, or how to get back on track.

Mayflower can help

If you require an accountant to elevate stagnant finance functions within your business in 2022, you’re in the right place.

We know how to elicit answers from clients, all while maintaining the provision of best-in-class customer service.

That way, we know how to offer the best advice that’s relevant to your own specific needs.

We are transparent, communicative and always on the ball. You’ll play an active role in your tax affairs.

Get in touch to discuss how we can help you.

Ready to start the journey?

To get help with your accounts and start freeing up your time to focus on growth, talk to the Mayflower team today.

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