At Northern Sky we understand what is required to successfully run your business. We strive to support our clients in areas of financial management, business planning and corporate governance. Please refer to the extensive range of Best Practice Business Advisory services we offer clients.
Business Start-up or Acquisition
If you intend to start a new business you should carefully plan and research well before you start trading. Research shows that a high percentage of businesses fail due to poor planning, so the old adage ”people don’t plan to fail, they just fail to plan” still holds true.
Whether you are starting new or buying a business the evaluation and establishment phases can be periods of great anxiety due to a combination of excitement, uncertainty and financial risk. The team at Northern Sky can help with business planning, choosing a structure that will best suit your needs, ATO registrations, Payroll tax, insurance and recommending the most appropriate bookkeeping, invoicing and payroll system.
We are passionate about helping our clients succeed in their business.
Business Monitoring and Compliance
We believe that if you’re not monitoring your business performance then you’re flying blind.
Our clients have regular business reporting either on a monthly or quarterly basis. This is one of the essential tools of strong sustainable business management. We tailor management reports to suit each client based on their industry, business size and reporting requirements. This is usually an extension of the quarterly BAS reporting for small businesses and can be very cost effective. Our larger business clients and not-for profits choose monthly reporting to ensure their business is running to according to plan/budget or jobs are tracking accordingly to quotes.
We assist business and not for profits to ensure they are not only complying with the ATO through the provision of specialist taxation services but also ensure your complying with ASIC, ACNC and the Associations Act by providing Corporate Governance services. We ensure that business Directors and Company Secretarial work is completed in accordance with ASIC requirements. We even sit on private company boards as Finance Director to ensure all Directors understand and comply with their duties.
We provide Corporate Governance and Financial Management workshops and presentations for incorporated associations to ensure that committee members understand their roles and responsibilities under the Association Acts. We also mentor management and committee on how to effectively govern a not for profit organistation.
We provide services to ensure charities and not for profits comply with ACNC reporting.
Business Planning and Review
The Business review provides an independent objective assessment of your business to provide feedback on how many boxes you are ticking. It’s a review tool identifying critical issues such as:
- Financial analysis including sales trends, profit, operating costs
- Benchmarking against performance of industry peers
- Key industry ratio analysis including return on investment, labour, gross profit
- Cash flow and liquidity
- Labour cost, training, organisational structure
- Stock management
- Use of technology
- Marketing and market opportunity
- Corporate Governance
- Business Risk
- Goals and priorities
Strategic Business Planning
Does your business have a vision or mission, what are your core values and policies, who is your target market? What are your business goals, do you have strategies in place to achieve them? Are your managers and your team operating on the same page? Without effective business planning your business might be significantly underperforming and failing to produce results, missing opportunities or being exposed to risk.
Strategic business planning looks at your business as an investment tool and how the real value can be improved over time so that when you exit or sell, you maximise your return.
We spend time in your business working with you and your staff to create a profitable and sustainable road map (business plan) to help you achieve your goals. Banks and other stakeholders love to hear you have a business plan!
Our individually tailored scope includes but is not limited to:
- Competitive advantage;
- Sustainable growth;
- Profitability improvement;
- Improving efficiency and outcomes;
- Transforming an idea to reality;
- Mergers and engaging external investors;
- Risk management and planning; and
- Exit and succession strategies.
Our individually tailored business mentoring service usually follows a Business Review or Strategic Business Plan, where we continue to work with you to implement and monitor changes and keep your business plans on track.