3 business service components your company strategy needs
At the end of the day, it is every company's goal to find success in some capacity. Often that achievement is multi-pronged; businesses want both clients and employees to be happy, while also meeting their own financial objectives.
Operating an organisation is not an easy feat, however, and there's a fair amount of insight companies need to ensure things are running as smoothly as possible. With the right information at their disposal, businesses can not only succeed, but flourish.
Here are three business services your company needs:
1. Strategy oversight
Businesses commonly have a number of people offering ideas and actions that will result in favourable outcomes. It's important to listen to these contributions, but it's even more critical to pare them down. This is challenging, as company leaders want to be open to fresh concepts, while keeping in mind the organisation's overall objective. Sometimes, an outside perspective from a business adviser can help.
Strategy oversight pairs a company with an expert, who offers guidance on potential policies and other actions a business wants to put in place. The specialist can listen to all sides and find a middle-ground solution that every stakeholder within the organisation can be on board with. There's no one-size-fits-all answer, and an oversight expert can create a fix that maximises the business's strengths, while offering assistance to the key players who will ultimately execute the strategy. A helping hand and a fresh set of eyes can often go a long way.
2. Management reporting
Analysing past and current performance can help businesses not only understand where they need to improve, but what steps to take to do so. Management reporting offers data-driven insights organisations can use to their benefit. The goal is to give stakeholders and team members perspective on how the company is performing, from both an overall standpoint as well as a department-by-department breakdown.
By looking at important KPIs businesses will gain valuable insight into what strategies are yielding positive results, and which ones need some tweaking to perform to their greatest potential. Management reporting as a practice should occur on a semi-regular basis. While many companies only utilise this tool once per year, it's beneficial to construct a report on a biannual or quarterly basis as well. More frequent reporting - especially one that is easily accessible to employees at every level of the business - enables organisational leaders to make changes as needed.
Essential business services always include proper and accurate accounting.
3. Executive benchmarking
For many companies and their employees, performance reviews are part of the job. These appraisals are often conducted by an employee’s manager, a manager's manager, and then up the food chain. Board members don't face the same feedback lower-level staff receive, however, despite making decisions that impact the company as a whole. With executive benchmarking in place, organisations can review their stakeholders in the same way they'd analyse other employees.
This practice looks at the people and practices at the top: how they're performing, where there is room for improvement, etc. Outside experts can provide third-party observations and advice to help an organisation and its leaders improve morale, accountability and business results.
Let's tie it all together
According to Business Builders, companies need goals that are S.M.A.R.T.:
With strategy oversight, management reporting and executive benchmarking on their side, organisations can gain a comprehensive outlook and actionable plan to keep their company on the right track. Success is the ultimate outcome, but it is up to stakeholders and their team to make it happen.
DFK Crosbie can offer these three services and more. Contact us today to work with a collaborative partner and expert.
Varying your PAYG instalments
26th May 2020
PAYG instalments is a system that helps you manage your expected tax liability on income from your business and/or investments for the current income year by making regular payments.
Here’s what attracts the ATO’s attention about luxury car tax
21st May 2020
The ATO announced it has identified some common errors regarding luxury car tax (LCT) claims, but also says there are issues it has identified with LCT that are more associated with actively trying... more
2020 End of Financial Year Checklist
13th May 2020
The end of the financial year is an important time for your small business and you, and this end of financial year is a little different for many. To help prepare for the EOFY... more