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Small & Medium Business

Overview

Small and medium businesses (SME’S) are the backbone of the Australian economy.

Of the 2,100,162 actively trading businesses in Australia;

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Construction had the most businesses operating

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Accommodation & food services had the highest business entry rate

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Agriculture, forestry and fishing had the lowest business entry rate

What we do for this industry

The challenges faced by businesses are generally not unique to just a single business. As accountants we are best placed to collaborate with you. We work with 1,000’s of small business owners each year and can use our experience to help you rise to your current challenge or take advantage of an opportunity. It might be that we simply provide a different perspective to a problem that you are facing.

Ultimately we help guide you through your current challenges and provide you with ideas about how to face the ones of tomorrow.

While we are experts in standard taxation compliance based services, we also offer:

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Business Start-up assistance

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Asset protection and structure advice

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Assist with equipment finance

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Employment and Human Resource Support (advice on awards, dispute resolution, employment agreements)

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Business purchase and sales (due diligence reports)

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Budgeting and cashflow guidance

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Exiting a business

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Bookkeeping support

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Financial planning for investments and insurance

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Self managed superannuation funds strategies to protect your assets and build long term wealth

Challenges & Opportunities

We are currently moving from an industrial age where big business ruled, to a technological age where it seems anyone can collaborate on an idea or product and markets may range from your local community to anywhere in the world. How we meet our challenges and take advantage of our opportunities will depend on us and how willing we are to seek help from others.

Over 50% of SME’s will not make it past 5 years. Getting the basic’s right quickly is critical to both sustainability and success. Understanding cash flow, marketing and employee management are all vital.

Case Study 1: Growing profits

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Issue

Our client was a SME who was struggling with minimal profits. The business was only providing the owner with an industry standard wage but not much more.

Solution

During a meeting with the client we collaborated on the issue of insufficient profits and reviewed all of the expenses. We also compared these expenses to a set of benchmarks for the industry. During these discussions we narrowed down the areas for improvement to pricing and productivity. We built a template to assist with pricing to ensure that all prices were appropriate and covered all costs including cost of goods sold, overheads and a profit margin. We worked on building a budget for turnover targets to ensure productivity would be at the right levels. The client then shared these targets with staff to ensure they were on the same page as staff “buy in” was critical to progress the plan.

Outcome

The net profit result wasfive times that of the previous result via a smooth and coordinated approach from both management and staff.

Case Study 2: Handling HR issues

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Issue

Our client identified, through a routine employment health check, that an employee was no longer fit to continue their duties. Unsure of what to do or how to handle this, they contacted our Human Resources (HR) Specialists for practical advice on how to proceed in engaging with the staff member.

Solution

Our HR specialists worked with the client and their employee to identify the impact of their health matters, assess the suitability of other available roles and ensure that a compliant process was followed regarding any proposed changes to the employee’s position.

Outcome

After looking at all options, an alternative role was not available within the client’s business. We worked with both parties to negotiate a fair settlement for the employee. The end result was an amicable separation and a fitting farewell for the long term staff member, who was highly valued and respected by the team.

To find out how we can help you

Get In Touch