Matthew has owned and operated his business for the past 35 years, with multiple branches across Australia.
In 2011 the business suffered financially quite considerably due to floods contributing to the loss of $500k worth of stock. He realised he needed an internal financial controller and to put measures in place to keep his business afloat.
Matthew’s friend referred him to his accountant, who had helped when they needed to get their business back on track.
Some of the questions he had were:
- What benchmarkers and KPIs do I need to put in place to help us out of this hole?
- How can we keep on top of these and keep tracking how we’re doing?
- At some point I will want to step back from the business, and eventually sell, how do I prepare for that?
Together, Matthew and his accountant worked on:
- a strategy of creating monthly KPI’s for the business and its individual branches.
- educating salespersons, store managers etc on the importance of profit margins.
reducing waste. - and designed a robust set up of monthly management reports, working closely with internal financial controller.
The business has recently been able to promote the head of sales (whom has been with the business for 30 yrs) to GM, allowing Matthew and his partner to take a step back from the business.
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I want to take control of my financial future and take the plunge into self-employment, so I need some need help to make a plan and structure for this change
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