MGI recommends firm strategies for new FY
Heading into the new financial year, global accounting alliance MGI has outlined a number of strategies accountants can use with their SME clients.
MGI Australasia chair Grant Field listed six tips in ensuring that accounting firms thrive with minimal to no hiccups.
He said that one tip is to undertake a new SWOT (strengths, weaknesses, opportunities and threats) analysis but with a more strategic angle rather than simply “a laundry list”.
“You might end up with up to 20 potential strategies but you can’t physically implement them all, so pick your top three and implement them,” Mr Field said.
“Once you’ve ticked them off then pick your next three and so on.”
Mr Field said another tip is to revisit estate planning for your business, saying that many people don’t realise that a lot of their assets are not really ‘their’ assets.
“Things like you jointly owned family home, your super and anything held in a family trust are most likely not ‘your’ assets to leave, so be sure that you have thought things through when drafting your will,” Mr Field said.
He also said that accountants should undertake a risk assessment identify any potential threats.
“Recognising potential threats to your business is the first step to developing a plan to manage and even avoid them,” Mr Field said.
“When undertaking a risk assessment you should identify any likely risks your business faces and estimate the potential impact of these risks so you can plan and prioritise accordingly.”
Other tips Mr Field recommends include ‘future proofing’ your business strategy to minimise shock and capitalise on opportunities, focusing on the smaller steps as well reducing business waste.