Advisory FAQs
What is business turnaround management?
Business Turnaround Management is the process of analyzing a business that is in poor financial health. Strategies are then implemented to return the business to profitability and stability.
How do you conduct a business turnaround?
The first step of a business turnaround is to identify the root cause of problems the business is facing. Allevi8HQ will then, based on proven methodologies, implement a 100-day turnaround plan with actionable goals.
What are the main types of turnaround strategies?
The main strategies for a business turnaround can include: cost-cutting, restructuring and repositioning. Ultimately the goal is to reduce costs and increase sales.
What is meant by business planning?
Similar to creating a business plan before starting a business, business planning involves assessing the current state of a business. It looks at strengths, weaknesses, opportunities and threats for both the business and industry.
What are the basic steps in business planning?
Basic steps include research, setting goals, forecasting sales and creating a cash flow analysis.
What are the business forecasting methods?
The 2 main methods of business forecasting are quantitative, where you rely on past data, and qualitative, where data isn’t available so you rely on personal opinion.
What is the importance of business forecasting?
Business forecasting can help you plan for the future. It assists in avoiding unexpected tax bills or sales slumps as well as informing strategy.
What is the difference between business coaching and mentoring?
Business coaches are there to guide their clients in business decisions only. Mentors form more of a personal relationship and will offer advice in many aspects of life including business.
CFO
What is strategic financial advisory and what does a strategic advisor do?
A strategic financial advisory is a business consultancy that provides advice and guidance in all financial areas of a business to help them achieve their financial goals. A strategic advisor is a consultant employed by the advisory.
How do you do a strategic financial plan?
A strategic financial plan involves setting financial goals and then allocating resources to be able to achieve them in a timely manner.
What are best practices in finance?
Some best financial practices include goal-setting, budgeting, forecasting, not overleveraging (borrowing too much) and investing wisely.
What is SOP control and what are examples of SOPs?
Standard Operating Procedure (SOP) control is a set of policies a business enforces with regard to how employees handle regular processes. SOP’s ensure continuity within a business. Examples can include: How a client or employee is onboarded. How equipment is maintained. How data backups are implemented.
What are the benefits of remote support?
Remote support trumps in-person support by being more efficient. There is no need for travel with remote support. Remote support teams can be located on various timelines to be available 24 hours.
Compliance
What is the difference between accounting and bookkeeping?
Bookkeeping is the process of recording every financial transaction that affects a business. Accounting analyzes the financial transactions to help businesses make decisions. Generally speaking bookkeeping involves looking at the details whereas accounting is looking at the bigger picture.
Do bookkeepers do payroll?
It depends on the size of the business. While bookkeepers can often handle the payroll for a small business, usually in larger organizations it is handled by a different department.
What is the meaning of tax compliance?
To be tax compliant means to have obey all the legal requirements of a country’s tax authority. Simply put, it means to have paid all the required taxes due.
What is the importance of tax compliance and how do you ensure tax compliance?
Being tax compliant is important not only because it is a legal requirement, but also because paying taxes enables governments to provide public services for their citizens. You can make sure you are tax compliant by filing your returns and paying your taxes timeously. Working with accountants like Allevi8HQ will aid you in knowing which taxes to pay when.
Is it better to outsource accounting and is it cheaper?
If you are a small business it may be better to outsource your accounting to an experienced firm like Allevi8HQ. Rather than paying a full-time employee you have the benefit of drawing on services when you require them. Outsourced accountants draw on a wider experience pool meaning they are exposed to different companies and therefore leverage that experience for your benefit. Whether outsourced accounting is cheaper depends on the size of your business and your accounting requirements.
What is financial reporting?
Financial reporting is using the data from your accounts to inform stakeholders on the financial position of their business. This is usually done in the form of financial statements.
What are the types of financial reporting?
The main financial statements are the Income Statement which shows the profit or loss for a given period, The Balance Sheet which shows what a company owns versus what it owes at a given point in time and The Cash Flow Statement which shows the inflows and outflows of cash by the business.
What is the main purpose of financial reporting?
The main purpose of financial reporting is to provide information to business stakeholders to enable them to make decisions for the future benefit of the business.
Exit Strategy
Why is it important to increase the value of the company?
Increasing the value of a company will increase the price a potential buyer will pay for the business.
How do you increase market value?
Some ways you can increase the market value of your business by growing your business’s sales and/or decreasing its costs. For smart strategies to increase market value, speak to our advisory team.
What should a future business plan include?
A future business plan should include a market analysis, ideal customer profile, revenue stream strategy, unique value proposition and organizational plan.
Why is future planning important in business?
Future planning is important to enable a business to have a clear, well-thought-out and achievable goal to work towards.
How can I prepare my business for the future?
Working with a company like Allevi8HQ, you can build on tried and tested methodologies to diversify risk and identify potential growth areas.
What is a proven business model?
A proven business model is one that is currently being used successfully. Proven business models in existence from B2B, B2C, Subscription services, market-place ownership, and Saas to name a few.
What is the best business model?
The best business model is the one that works to your strengths. Factors that may influence the business model you choose include the barriers to entry, whether you have first-mover advantage or require a large capital outlay.
What are examples of exit strategies?
You can read about the different types of exit strategies by clicking here:
How do you make an exit strategy?
Allevi8HQ can assist you in creating an exit strategy. Strategies are dependent on your unique situation and business and our advisors are standing by to assist.
How do you successfully sell a business?
You successfully sell a business by creating value for potential buyers. Use our value builder valuation calculator to see how you can increase your business’s value.
Why is adding value important to a business?
Adding value to a business increases the price potential buyers will pay for the business.
What are examples of value addition?
Examples of value-adds include removing yourself as a key person so that your business is not dependent on you. Increasing the efficiency at which your business operates. Improve customer satisfaction. Creating a stronger brand equity.
