What does business partnering actually mean? Business partnering is its simplest form is assisting clients to grow their business through planning and collaboration. Business growth is assessed across a number of key areas; it is not just about generating more profit.
Have you ever asked yourself:
- Why am I in this business?
- Why am I spending 60 a week working in my business?
- Where do I want this business to be in 12 months, 2 years, 5 years….
- When can I buy myself that boat, batch, overseas holiday?
Most business owners have asked themselves these types of questions at some point. Generally is due to lack of structured planning and not collaborating with other business experts, both of which are fundamental elements for delivering growth.
Without planning you could miss the target despite believing you are heading in the right direction. Businesses need to assess how they are performing against key targets. You may also miss opportunities, because your planning does not provide capacity to assess that opportunity.
- Setting targets (outcome and numbers based budgeting)
- Measuring and assessing results against those targets
- Business development
- Setting timeframes for process implementations
Most business owners are fantastic at business development, the issue is they lack the capacity to implement. It is critical that ideas and tasks are documented and implementation timeframes are set. Some business opportunities will only exist for a short period of time, before your competition has identified them. By documenting the key ideas and tasks, you will realise that your staff are more than capable of implementing aspects and likely in a timelier manner than you.
Once we have documented these ideas and tasks, we are able to provide a periodic proverbial kick every business owner needs to keep them on track.
Collaboration involves utilising the knowledge, experience and resources of people such as chartered accountants. You need to ensure they have the best interests of your business at heart. We always will have as from a selfish perspective, if your business is succeeding, then so is ours.
Often it is the simplest suggestions or ideas will deliver the most significant benefits for our clients. To coin the catch phase, it is hard at times to see the wood for the trees. As we are not working in the business daily (we work on the business), it is easier for us to step back and assess key business decisions.
Often it is overlooked that Chartered Accountants are also business owners. We face similar issues to our clients businesses and often we have developed solutions to deal with those types of issues. We are not just focused on the numbers.
What Does Business Partnering Involve?
Business partnering involves:
- us having a good understanding of your business;
- understanding your key trigger points;
- understanding what you want to achieve;
- assisting with planning for the future;
- generating business ideas;
- assisting with implementing those ideas;
- setting and assessing targets (not just profit results); and
- being your biggest business supporter (everyone needs a cheerleader).
We deliver this through ensuring clients remain on task and meet key timeframes. We also report monthly on the financial performance of the business, along with reporting on the key areas we have focused on (IE: payroll levels, new clients, gross profit margins, etc).
While we have developed key reporting formats, we tailor the reports to each client’s individual requirements.