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What is a Good Business Financial Strategy?
A good business financial strategy includes a range of business taxation and business bookkeeping services that helps you to fulfil your ATO and employee obligations, but that’s not all!
If you haven’t defined your branding message and target audience, and you haven’t identified your niche in the marketplace, your business won’t stand a chance of being successful.
Elements of a good business financial strategy
A good business financial strategy gives you a roadmap to success and covers all of the elements that are essential for your business’s financial growth and expansion, even in a highly competitive market.
Know your brand & message: If you want to get an edge on the competition, you must understand your brand and you must know the message you want to send to the community. Without this clarity, your business doesn’t stand a chance of gaining a foothold in the market.
Know your target market: Once you have defined your brand, you must identify your target market, so that you can finetune your branding message. This is one of the steps that is often ignored, resulting in a business that fails, because it can’t gain a foothold in the market.
Know your offerings: To sell your products or services, you must identify the problems they are designed to solve. People want solutions to their problems and a successful business will hone their marketing messages to a specific target audience and a specific set of problems.
A word about business bookkeeping services & taxation
All successful businesses require a sound business financial strategy that outlines how they will fund their operations, marketing, stock inventory, payroll and so on. This business financial strategy must include business bookkeeping services, as well as business taxation services, otherwise you will not uphold your obligations to your employees and the ATO.
Ryan Blachford & Associates provides a range of business bookkeeping services and business taxation services, all of which can be customised specifically for your business. We can also assist in creating a sound business strategy for your company, identifying your competitors, defining your financial objectives and designing an implementation plan to achieve your business goals.
What is a Good Personal Financial Strategy?
A good personal financial strategy involves effective financial planning; however this is a skill that is rarely taught in schools. The easy solution is to chat to our accounting professionals who offer a range of financial strategy services for individuals and families. Through careful financial planning, we can help you to achieve your financial goals and set yourself up for financial freedom later in life.
Essentially, there are four steps to a successful personal financial strategy: define your goals, make a plan, implement your plan, and make corrections if necessary.
Define your goals: These goals should be very specific and a combination of short, medium and long term goals is a good mix. These can include saving a deposit for a home, buying a new car, paying for a university education for yourself or your children, saving for a holiday, and so on.
Make a plan: This is where sound financial planning becomes important, because you need to assess your current finances and your cash flow and make a plan to free up some of your cash to help you achieve your goals. Our financial strategy services can help you with this step.
Implement your plan: With good financial planning under your belt, your next step is to implement your plan and don’t stray off course. Your plan should also include an emergency fund, so you shouldn’t need to dip into your savings to fix the car for example.
Evaluating: If everything goes to plan, then you are on your way to achieving your goals. Never become complacent about your financial planning, always reassess and make corrections as necessary. Sometimes your goals change, which is why a sound financial strategy is not only robust, but also flexible.
The accounting professionals at Ryan Blachford & Associates are experts at financial planning. Why not ask about our financial strategy services and start looking forward to a positive financial future?