Local experts, Craig Robinson and Sue Voss of Robinson Voss Partners in Mount Eliza have lived on the Mornington Peninsula their whole lives. We asked them for their top tips on how businesses can plan for success and help business owners make the most of their enterprise.
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.
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.
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 IMPROVMENT
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.
Content reviewed and updated January 2024
The Mornington Peninsula has an abundance of talented, local people in business. As part of the Support Local campaign, we are connecting our local business community to these local experts. 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.