The world and specifically the business world is changing at a pace never seen before. Jobs or industries that have been around for many years previously in some cases are now superseded overnight. Never before has there been a time where business owners can’t rest on their laurels, they need to adapt, to change and to have an intimate understanding of their clients, competitors and their market. Knowing your business, knowing your market and knowing your competitors is critical, the GFA 4 Pillars SMP is a platform to help you keep abreast of all of these areas to ensure you manage the long and bumpy road that is being a business owner in these days and times.

So what is the GFA 4 Pillars SMP? As it suggests our program is made up of 4 key pillars that will help you, the business owner, and us as your Accountant, to develop the key strategies that are needed for your business to survive and thrive, to have the support in place to help you make the right short, medium and long term decisions, ensuring we have the most up to date and accurate figures to aid in the decision-making process, and then a platform or board to ensure accountability and commitment to the strategic plan.

Of course, we also ensure your compliance and tax requirements are all being met, but the 4 Pillars program offers so much more than just standard compliance, it’s a framework for your business success. It really is the difference between the services offered by a good Accountant to those of a great Accountant.

Although each component of the GFA 4 Pillars SMP can be implemented in its own right, to gain the full value as a business it is optimal to engage us to deliver the complete plan as they all dovetail together, with the sum of the parts offering incrementally more power to a business.

Pillar 1 – Strategic Planning

Pillar 2 – Effective Bookkeeping

Pillar 3 – Virtual CFO

Pillar 4 – Board Of Advice

Pillar 1 – Strategic Planning

Pillar 1 is all about working together to help business owners have a clear and concise understanding of the business they are in and the market they operate within. We undertake a review using industry benchmarking to compare the key performance indicators of their peers along with their own expectations. This process identifies potential gaps and we then work together to bridge those gaps with the establishment of key initiatives to implement within the business. We look at where they are now and where they want to be and ensure that their business is structured appropriately for tax efficiency and their assets protected.

In most instances, we undertake a current view – 1 year plan – 5 year plan, looking at what resources, capital and growth opportunities they currently have and then we forecast what cashflows, systems, staff and processes will be needed to reach the 1 year and 5-year goals.

As part of this process we apply the RAVDA Tool which analyses the Risk & Value Drivers of the business. RAVDA is a very powerful benchmarking tool that specifically identifies current and future business value predictions and potential risks in an ongoing basis and allows us to tweak specific levers within the business to ensure that the short to medium term goals are being met and the business is growing to the forecasted plan.

Pillar 2 – Effective Bookkeeping

Although not the normal realm or service offering of your Accountant, bookkeeping or accurate bookkeeping is critical to the GFA 4 Pillars SMP and offered within the program. Key decisions are made based on the numbers, so timely and accurate provision of numbers is critical to ensure the current and future success of the business, particularly when overseen within the GFA 4 Pillars SMP. We see many instances where inaccurate bookkeeping has led to the downfall of businesses, and its also our role as part of the GFA 4 Pillars SMP to manage your bookkeeping service whether provided as part of our program or managed In conjunction with an existing internal or external resource.

Pillar 3 – Virtual CFO

Many small to medium-size businesses can’t afford a full-time CFO, and that’s where the Virtual CFO offers all you would expect of a fulltime resource but without the cost and in most instances engaging with a senior-level professional with CFO experience.

In the GFA 4 Pillars SMP the role of the virtual CFO is to manage the numbers. The CFO manages a GANT Chart specific to the owners business, and is responsible for ensuring that the numbers are accurate and timely, and that key projects and strategies are in place and being met according to the chart. As part of the process, a 3-way forecast is established focussed on budgets, benchmarks and KPI’s and business analysis is performed monthly purely based on the numbers or financials.

The Virtual CFO relies heavily upon the reporting of the actuals from the bookkeeper as key decisions are made and levers are adjusted based on the actual financial performance as outlined in the GANT Chart and 3 way forecast. Their role is to also undertake, monitor and manage annual compliance requirements and liaison with the ATO in regards any audit requirements.

Pillar 4 – Board Of Advice

The Board Of Advice element of the GFA 4 Pillars SMP basically evolves around support and accountability. Your Advisor meets with you regularly to review the Strategic Plan, to compare against the current and forecasted performance, to offer an independent set of eyes and ears with unbiased insight or feedback and to then assist with key decision making that aligns with the overall plan. The Board Of Advice may also include relevant external parties introduced as needed such as lawyers, finance brokers, financial planners, IT Experts and all identified as a resource needed to bridge a certain gap in the overall business plan.

The key though is accountability, with regular scheduled meetings ensuring that the business owner, their staff and your Advisor are all delivering to the agreed plans. We all know that in business you find yourself too busy in the business to work on the business, but it’s critical as the owner or General Manager to find the time to pull yourself away and to work on your business with your Advisor.

The GFA 4 Pillars Strategic Management Plan is a very powerful tool or set of tools that can assist any business in gaining a greater understanding of the key drivers of their business, along with the levers that can be adjusted to ensure optimal financial performance is met and goals achieved.

To give you an insight into the power of the 4 Pillars SMP we’re offering a complimentary RAVDA assessment for any small to medium size business who wants to take greater control of their business. Call or email our office to book an appointment with one of our team members.

info@gfastrategic.com.au

07 5527 1112