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A business will go through various phases throughout its existence, all of which are necessary to make the business thrive and steer it in the direction it needs to go in. It’s highly recommended that business owners speak to a professional business advisor to guide them through their business’s lifecycle and all the challenges & opportunities they present. Walker Wayland Advantage is a Melbourne advisory firm that offers premium business advisory life cycle services. Our accountants and advisors can guide your business through each phase to help your business grow.
Business owners have a lot of work to take care of during the start-up phase, and it can be very easy to be focused on running your business and miss some growth opportunities. The business should work towards establishing a consumer base and growing a presence in the market. The foundations of the business must be prioritised in this phase. Speaking to a professional Walker Wayland Advantage business advisor with a background in advisory lifecycle services is highly beneficial.
The primary goal of any business in this stage is to manage its higher level of sales and customers. While all business owners would naturally want their business to grow, a common problem is that the owner lacks the time and experience necessary to achieve this goal.
Business advisory lifecycle experts can guide business owners through any difficulties they may experience during this phase. Such difficulties may include handling the major increase in business, managing the cashflow demands that comes with a sharp growth in business or hiring new employees that are capable of fulfilling the business’s needs. A Walker Wayland Advantageadvisor can help you pinpoint key areas where the business needs more support in order to succeed and grow.
A business that has reached this phase has established itself as successful and stands out in the market with many repeat customers. A common issue that occurs during this phase is that some business owners become complacent with their business operations.
This can become a problem due to the ever-changing needs of customers, rising competition from other businesses, and changes in the market. Not evolving with such changes can potentially lead a business to lose its stature, resulting in the business declining despite all the hard work that went into it.
Established businesses should continue to boost their productivity and competitiveness in the market, no matter how successful they’ve already become. Walker Wayland Advantage’s trusted advisors can help develop Key Performance Indicators to help you track and maintain the performance of your business during this stage.
Every business owner eventually will need to plan their exit strategy from their business. Owners should speak to a Walker Wayland Advantage business advisor to guide them through alternative exit strategies.
The succession planning phase could involve determining a business’s value to transition to family, sell to the existing management team or to the market. This phase is just not about maximising value but also about identifying tax strategies to maximise your retirement benefits.
If you wish to speak to a financial firm that offers business advisory life cycle services in Melbourne, get in touch with Walker Wayland Advantage today. Call us on (03) 9274 0600 or contact us online to book an appointment.