Taking A Hard Look At Your Business

When was the last time you had a good look at the way you run your business?

You may be your own boss, but occasionally, having someone critique your performance is helpful. Your accountant can do a management audit to ensure you maximise your opportunities.

Like a financial audit, a management audit can give you a chance to reflect on your skills and practices. This type of audit aims to detect potential managerial problems and find effective ways of addressing these issues.

You, as a business owner, should create a plan for improving the company and evaluate strengths and weaknesses in a candid and honest manner.

Some difficult questions can come with a management audit. 

Here is a list of what you could expect to hear:

• Are you qualified to manage a small business effectively?
• A manager can learn a lot from listening to others, do you listen well? 
• Do you monitor and adapt to changes in the market that effect your operation?
• Do you belong to a trade association or other business organisation?
• Do you have a written description of your firm’s target market?

Could your business benefit from a management audit? Would you benefit from an outside perspective? Why not chat with one of our business advisors and find out how they can help you with your business?