Running your business without a strategy is like driving a car without a planned destination. However, our market research indicates that 82% of SMEs do not have a strategy. In our experience, the most successful businesses have a clear vision and joined-up strategic thinking, which all owners/managers have bought in to.
The owners’ personal plans have been aligned as part of this process. The strategy is broken down into manageable steps, which are benchmarked and responsibility is allocated within the management team.
It is essential that progress with the strategic steps is regularly reviewed by management, so there is real accountability in ensuring the strategy is driven through the business.
We ordinarily work closely with the management team to review their current vision, strategy and how far they have progressed. If significant change is required, we work closely with the management team to review their current roles and how they are currently spending their time, as they will be crucial in ensuring the implementation of the changes are successfully implemented in the business.
A financial business plan should exist which underpins and demonstrates the financial benefit of the proposed strategy. It should ensure the business has sufficient control over cash flow and working capital, to ensure the business is financially stable at all stages of implementing the strategy.
Strategic & financial solutions services
- Articulate a clear vision for the business.
- Create a strategic plan with clear strategic steps to achieve the vision.
- Help allocate key tasks and targets and create accountability within the management team for the delivery of the strategic plan.
- Implement and track performance against the strategic plan.
- Align owner/managers’ personal plans, including succession and exit plans, for the business to create commitment.
- Create financial business plans to underpin their strategy with a tight focus on managing cash flow to ensure the business is financially sound at each stage.
The benefits of delivering these services are ultimately the achievement of the owners’ aspirations; increased profitability; reduced risk and increased business value.
The Menzies business advisory team has substantial experience and a range of unique tools to help you in these areas:
- Creating the company’s Vision
- Creating and implementing a strategic plan to achieve your vision
- Helping management with changing roles and establishing accountability
- Establishing a review framework and tracking progress of the strategy
- Developing a financial business plan
- Cash management and working capital management
- Exit planning
- Ownership structure and protection.
Our unique advisory approach helps business owners to reduce risk and improve performance in their business. As a result, we have been able to meet their aspirations and even surpass them.
To speak to a partner or for more information about the services we offer please contact one of the Menzies LLP offices or complete our online contact form.