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Hire&Rental
INDUSTRY NEWS
Surviving or thriving? How do you go from surviving to thriving?
By Nicholas Guest, Partner Advisory & Andrew Ash, Director, Business Advisory The last two years has seen business owners face many challenges they would have never anticipated. From natural disasters, Covid, supply chain issues, sharemarket volatility, rising inflation, petrol prices and the war in Ukraine, operating a business is presenting greater challenge to business owners than ever before. So how do you go from surviving to thriving in such an environment? Often the best thing to do when you feel like you are just surviving is to look for a different perspective. Surround yourself with experts and advisers to assist and support you in making practical strategic decisions and to provide a different perspective on the challenges and opportunities you face. So where should you get advice from? It could be friends, family, customers, lawyers, bankers or accountants. We get it, people hear the word accountant and glaze over! Many people think we’re sitting around staring at spreadsheets, playing with calculators all day and if that’s what we did, our eyes would glaze over too! However, the role of an adviser is different to accountants who manage your day-to-day accounts. We help you plan for the future, identify the aspirations for you and your business and help put those plans into place today. Do you want more time with your family? Are you looking to streamline your business? Do you want to grow? Or are you thinking that you might look to exit your business in the next five years? An adviser helps you plan to reach your future goals rather than just looking at your day-to-day operations. As the saying goes, ‘it’s hard to read the label from inside the bottle’. So if you feel like you’re just surviving, or not reaching your potential, find someone to help you see things from a different perspective.
AUGUST 2022
was working seven days a week and did not feel like he was being rewarded for his efforts. He felt he was stagnating and unsure about the ’right’ steps to take to further develop the business. These were challenges the business owners had not anticipated. He went into business to grow the family wealth and take control of how he spent his time. Instead, he felt the business was holding him hostage and he was constantly being dragged into daily operational matters. Meeting with the team at HLB Mann Judd was an opportunity to discuss what the business owner and his family wanted to achieve with the business and in life. Through a diagnostic, HLB Mann Judd provided a different perspective on the root cause of the challenges being experienced so an effective strategy could be formulated. As part of the diagnostic, HLB Mann Judd: • Reviewed the profitability of the business assets • Explored the viability and improvement potential of the business model and competitive advantage • Interviewed key stakeholders to gain a broad perspective on the situation • Reviewed the refinancing potential of his debt • Reviewed the high pay-off activities of the business and the staffing mix; and • Analysed cashflow and forecasts. After 12 months of working with HLB Mann Judd Sydney — even during the early days of Covid — the owner has enjoyed a 30% growth in the business, tripled his salary and is now working 4-5 days a week (down from 7). As a result, he has lower stress and anxiety levels around the business, can spend more time with his family and has greater confidence in making future decisions.
Speak to our advisory team
Our team welcome the opportunity to talk to you about your business aspirations, HRIA, EWPA and TSHA, members can take advantage of an obligation-free, 30-minute confidential meeting to discuss business goals and how we can assist you. To take up the opportunity to meet with our team, please reach out to Kim on 02 9020 4285 or email kkelloway@hlbnsw.com.au.
HRIA member case study
In 2020, HLB Mann Judd Sydney was approached by a member of HRIA to discuss their business. The owner was anxious about the business operations and his family encouraged him to speak to an adviser. While business revenue was growing, the owner
To learn more about HLB Mann Judd and how we work with members of HRIA, EWPA and TSHA, please visit www.hlb.com.au/ locations/sydney/hire-rental-industry-hria/
