Businesses are based around expertise. The seeds that have sprouted any business are the owner’s knowledge, skills and training; commodities that are valuable to their customers. This expertise could be in a trade or a profession. It could be in the owner’s capabilities as a salesman, or both.
Whatever this expertise might be, there is no guarantee that the “expert” will also have expertise in another essential area, the area of Business.
What I mean by Business here is the requirements of a business operation that are common to all businesses; areas like funding, financial management, reporting, compliance, systems, analysis and strategic planning.
Successful business people source the skills that they themselves lack. And a person who can provide business expertise is one of the primary requirements of any successful business. It can be the difference between an enthusiastic hobby and a growing and sustainable business.
Large businesses have traditionally known this, and have had the size advantage to be able to recruit such expertise. In the September 2014 CPA Australia magazine In the Black, David Wright*, referring to the current regulatory burden on business says, “The big firms have got the resources to buy the best lawyers and the best accountants and auditors and so forth. The small ones can’t. They give up because it’s just too complex.”
It is only in recent times that there has been an increasing trend for some of these Business experts to consult to smaller businesses on a part time and more affordable basis. This trend is making a fundamental contribution to small business, helping them to achieve operational efficiencies and to make the best financial decisions for future growth. However there needs to be further education aimed at these small businesses so they understand the benefits that they can gain.
As small business owners learn of the advantages that Business expertise can bring to their specific business, they will continue to engage these consultants to give them a competitive edge over their rivals.
CFO Professional is one such consulting firm that gives clients a competitive advantage. We have business expertise in financial management, reporting, system improvement and implementation, cashflow, financial analysis and many other areas. With these skills available to our clients on a consulting basis, we are able to improve business performance and guide the operation through sustainable growth.
If you would like to know more give us a call on 0421 510 656.
