Business Advice
Robertson Scannells’ team of senior Business Advisors provide ongoing strategic advice for all financial aspects of small, medium and large business.
Structuring
The structure of your business significantly influences your overall tax position, and therefore, it is in your best interest to choose a structure that efficiently minimises your tax burden, whilst maximising your business value and growth potential.
Effective structuring is an important aspect of both business and personal wealth creation.
Your initial decision on the legal structure under which you would operate, may have been weighted by factors such as costs, size, and possible longetivity of the business. But as your business changes and grows, the question must be asked, “Is it still the most appropriate legal structure for my business”?
Types of Business Structures
There are four main types of business structures commonly used by small to medium size businesses:
- Sole Trader: an individual trading on their own
- Partnership: an association of people or entities carrying on a business together
- Trust: an entity that holds property or income for the benefit of others - this is not a legal entity
- Company: a legal entity separate from its Shareholders, capable of holding assets in its own name. Shareholders own the Company while Directors run it.
Analysis and Financial Management
The success and growth of your business depends on your ability to evaluate performance on a regular basis, and to make the necessary changes today that lead to positive, profitable results tomorrow and into the future.
Key Performance Indicators (KPI’s)
Key Performance Indicators (KPI’s) are one of the most common measurements of performance in business. They are used to measure and monitor the most influential business elements that are critical for the success of your business.
Identifying and implementing KPI’s will help focus and break down the core activities of your business, and monitor their progress over a number of periods. KPI’s are also useful in highlighting potential problems, and identifying opportunities.
The team at Robertson Scannell can help you identify and measure the important factors in your business.
Benchmarking
Benchmarking lets you compare your business performance against other similar businesses in your industry. This will show you whether your performance is stronger or weaker than that of your competitors, and will give you a clear picture of where you can increase your financial performance.
Benchmarking will:
- Compare your business profits with others in the same industry
- Identify where you can reduce costs and improve efficiencies
- forecast the impact of any changes and see how to prepare for growth.
Regular Reviews
At Robertson Scannell, we will work with you to benchmark your business, assess the financial health of your business and develop a range of relevant Key Performance Indicators (KPI’s).
Along with regular reviews, these KPI’s are used to monitor the performance of your business. Rather than waiting until it is too late, regularly reviewing your KPI’s will provide you with the necessary information you need to keep your business on track.
Contact the team at Robertson Scannell today for an obligation free assessment of your current financial situation.
