Having lived and worked on the Mornington Peninsula their entire lives, Craig Robinson and Sue Voss - of Robinson Voss Partners in Mount Eliza - definitely qualify as ‘local’. Throw their considerable knowledge, qualifications and expertise on all things financial into the mix and they also have the ‘expert’ aspect covered. They believe that it's often the small and easy to implement actions that can make a significant difference.
We asked them for their top tips on how businesses can plan for success, and they shared a clever framework they have developed to help business owners make the most of their enterprise. It includes essential M.U.S.T. do’s for business - drawn from insights they have gleaned from hundreds of businesses across diverse industries.
Here’s how it works
1. Look at your business structure
Sometimes business structures that were established when the business started, fail to evolve as the business matures. Take the time to review how your business is structured and identify if it needs to change. Restructuring can deliver enormous benefits across improving management capabilities, protecting assets and intellectual property, minimising tax, and better succession planning.
“Don’t fall into the trap of thinking business structures are set-and-forget.”
2. Don’t underestimate the importance of setting business goals
Business goal setting is an underutilised, but very necessary, tool for business owners. It is important to establish a clear roadmap to get you where you want to be. Every year, businesses should make sure they step back, take a good hard look at the business, and set new goals for the next 12 months. Include an action plan to support the achievement of your goals, identification of key performance indicators and benchmarks appropriate for your business and goals, an outline of opportunities and/or vulnerabilities (including client and supplier insights) in your business that need to be managed, and a 90-day plan to address any critical issues for your business.
“When setting business goals, make sure to align them with your personal goals so they support each other.”
3. M.U.S.T. Do’s for Business
M: MEASURE (your performance)
What you can measure, you can manage, but the trick is to do it often. Identify the measures most relevant to your business and track how they are changing over days, weeks, seasons and years.
“Make sure you are measuring what is important to your business.”
U: UNDERSTAND (your numbers)
Look for the deeper story behind the numbers. Look at how these insights can be used to improve, create change and enhance your overall outcomes. Some expert advice, financial modelling and a better understanding of your financial figures can help you make better decisions.
“Without financial knowledge you have a limited picture of your business performance.”
S: STRATEGIC IMPROVEMENT
Setting a strategic business and financial plan will optimise your results and will target key activities designed to improve your actual business performance.
“Consider your business as a whole and focus your strategy for business success.”
T: TAKE ACTION
A good strategy is useless without taking action. Seek out those that can provide you with the support, confidence and focus to achieve goals and deliver KPIs that make the profound difference you are seeking. Include reviews at regular intervals and adapt the plan accordingly, then repeat.
“Work out who is doing what and when, and put the plan into action.”
Supporting local business: Connect. Support. Inform. Upskill.
These 5 tips are a great starting point for your consideration. Feel free to check out our other articles, webinars and industry development opportunities for ways to further your knowledge and upskill your team.
The Mornington Peninsula has an abundance of talented local people in business. As part of the Support Local campaign we are connecting local business experts to you, our local business community. In our new series of blogs, each local expert offers their valuable insights on a business-related topic. Through sharing their expertise and insider knowledge, these experts hope to play a part in re-energising the economy with new ideas to support local.
Meet our local experts: Craig Robinson and Sue Voss, Robinson Voss Partners, Mount Eliza
Having worked with business owners across a diverse range of industries, Craig and Sue understand the challenges facing business owners. Their key focus is making a significant difference to their clients’ financial outcomes through strong financial leadership. Driven by a desire to help business owners prosper personally and professionally, they believe that running a business doesn't need to be an arduous process – and even offer a 4 hour business planning session to help make it happen.