3 minute read
Accounting Matters with Sharee Webster
SUSTAINABLE BUSINESS STRUCTURES
By SHAREE WEBSTER, CA DIRECTOR
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Your Passion is the key that will ensure your business continues to grow and develop.
Once your business has got over the initial start-up stage, and it has a repeat client base and new business coming through regularly, you are on the way to having a self-sustainable business. This is the point where it becomes extremely important to ensure that the structure of your business is designed for maximum potential as it expands.
Signs that something isn’t right in your business structure
1. No Control - You and your team are feeling like you have no control over what is happening in the business, resulting in overwhelming feelings and mistakes. 2. Knowledge - A team that is heavily reliant on you as a business owner as no knowledge of the business has been transfered to them to do their role. 3. Stress - Struggling to keep it all together - running a business can be stressful at times.
One of the main critical issues you may encounter as a business owner, and is often the downfall of a business, is having no means of communicating the knowledge that you possess about the business. This can lead to a bottleneck in your business. Without that critical knowledge in their possession, team members may not be able to operate at their full potential.
For your business to implement a sustainable structure (and allow you as the owner the freedom to breathe and keep the business passion going), you should do the following critical steps:
1. Map out core processes with your team
Ensure that your team has the complete knowledge set that they need to get through a task – put the process in place. Mapping out the core processes that are required throughout specific tasks (from idea/ issue through to resolution) and sharing it with your team will allow them to undertake the task themselves and grow their confidence in their responsibilities.
2. Identify resource gaps within your business
Review these key areas to see where the gaps are in your business now and in the short to medium term - staffing, training needs and/ or technology. This will allow you to see what will add value to your growing business.
3. Accountabilities and Key Performance Indicators (KPIs)
As Peter Drucker once famously said, “If you can’t measure it, you can’t manage it.” Assessing the performance and expectations of how your team is performing will assist you in keeping your business sustainable. It’s important that your team share the same passion for your business as you to assist with keeping the business on track.
In summary, consider these points for your business to continue to grow and succeed. This will ensure that your passion for your business will allow you to focus on long-term success and sustainability. ca
Disclaimer: This article contains general information only. Regrettably, no responsibility can be accepted for errors, omissions, or possible misleading statements or for any action taken as a result of any material in this guide. It is not designed to be a substitute for professional advice, as such a brief guide cannot hope to cover all circumstances and conditions applying to the law as it relates to these items. www.holmans.com.au
SHAREE WEBSTER is one of the directors of Holmans and is located at the Maroorchydore office. Sharee is a Chartered Accountant and holds a Bachelor of Commerce. At Holmans, Sharee specialises in business structures, taxation advice, superannuation and in particular, Self-Managed Super Funds (SMSFs). She has extensive experience in providing strategic tax advice.
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