Why Every Business Could Benefit From Regular Business Reviews
Posted on 10th May 2022 at 10:05
Meeting regularly with your accountant to review your business on either a monthly or quarterly basis to look at current business performance can be greatly beneficial. Some of our most successful clients take advantage of this service as it provides them with an ideal opportunity to look at the finances and draw on our expertise.
What are business review meetings?
These business review meetings initially centre around examining the latest financial position which includes reviewing the management accounts, cash flow and discussing plans for the future. How the conversation develops from there is up to you and what the pressing needs are for your business at that time.
The range of things discussed at these meetings can vary but we provide an advisory and sounding board for a variety of ideas and plans. Whatever is discussed, by the end of the meeting the client feels like they have consulted on a variety of important matters and will have made some key decisions as result. A few examples of what this could include:
• Employing two new staff to aid business growth (this may have been held back due to being cautious)
• Increase cash flow by collecting accounts receivable more efficiently and reducing stock levels
• Increasing debt to aid business growth
Are they beneficial?
The service provided goes beyond the production of management accounts as many other accountants may produce these, but what they fail to do is go that extra step in explaining these accounts to you. In these meetings, we use these management accounts to show you what is working and what is not. These financial insights are then backed up by our knowledge of your business and the sector you operate in, and we can contextualise these figures and help guide you.
Feedback from our business review clients is always positive as they leave feeling like they are on the right track, a sense that a problem shared is a problem halved, a challenge feels more surmountable, a way seems clearer, or just by talking it through with someone with commercial experience, they feel more comfortable in making their decisions as they know they are financially sound. This is why some of our longest serving clients are those that use our business review service as they really value the service we provide.
Why choose us?
We have been providing business review meetings to clients for 25 years since we started the practice. Not all accountancy practices offer this type of service, and this is what makes us different. We like to get to know your business and work in partnership with you to help you grow your business through providing proactive and commercial driven support.
We are able to provide this type of support as we are not your typical accountant. We have worked within businesses providing financial direction and guidance, so we have experience and commercial knowledge to provide sound advice to our clients.
If you want to know more about this service, please contact Stephen or Victoria on 01937 584188 to discuss it further and see what we can do for your business.
Tagged as: Business Growth, business review, business support, cost reduction, Financial Advice, financial planning
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