Effective Growth Management Strategies Webinar


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Essential resource management insights. A game plan for your growing business.

When your business is embryonic it's easy to know where you stand financially. It's also easy to manage staff when it's just you, just you and and one or two others.

But how do you most effectively manage people and money as you grow?

On 25 November two expert presenters, Bruce Whiting and Megan Tough demonstrate the key aspects of a master plan that will allow you to managing the growth of your business.

We will look at the pitfalls and dangers of mismanaging your most important resources.

Managing Finances as You Grow
When your business is small, you can often gauge how business is going from your bank balance. As you grow (and especially when experiencing fast growth) your bank account is no longer the really indicator of what is going on.

Growth makes it more difficult to have a clear picture of where you stand financially.

During this webinar we'll look at the procedures, systems and people to have in place to manage growth and stay on top of financials.

We'll also look at how to:

Ensure your 'accounting room' is operating correctly
Know you're getting the right financial results - measuring the right indicators
Get accurate monthly reporting
Develop links with financiers
Work towards getting your own board in place
We'll also look at the right structures and business plan you need to have in place if you are looking to fund growth.

Managing Human Resources as You Grow
Increasing rates of growth can result in these challenges:

Less of your personal attention on individual customers
Your focus dispersed more thinly across an increasing range of issues
The need to delegate responsibility
A requirement for broader operating capabilities
During this webinar we will discuss:

Planning Ahead - Workforce planning for growing businesses. How to determine what your business needs now and what it needs in the future.
Your Vision - How to align business capabilities to your vision.
Personal/Business Trajectories - The trajectory of your business will mirror your personal trajectory. If you grow and develop, so will your business. If you stay where you are - your business probably will too.

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Effective Growth Management Strategies Webinar

  1. 1. Essential resource management insights. A game plan for your growing business. Effective Growth Management Strategies
  2. 2. Stella De Zotti Australian Businesswomen’s Network
  3. 3. Suzi Dafnis Australian Businesswomen’s Network
  4. 4. GoToMeeting Corporate is the most cost-effective, accessible and easily managed online collaboration solution ever. Sponsored by
  5. 5. Bruce Whiting Business Artisans
  6. 6. Megan Tough Complete Potential
  7. 7. <ul><ul><li>Strong Foundations </li></ul></ul><ul><ul><li>Managing my Finances </li></ul></ul><ul><ul><li>My Team </li></ul></ul><ul><ul><li>Forecasts and Plans </li></ul></ul><ul><ul><li>Money in the Bank </li></ul></ul><ul><ul><li>My Business Structure </li></ul></ul>Agenda
  8. 8. <ul><ul><li>Why am I in Business (remind me that this is fun) </li></ul></ul><ul><ul><li>Lots of Fantastic Ingredients but I Need a Great Recipe </li></ul></ul><ul><ul><li>Understanding each Facet of my Business </li></ul></ul><ul><ul><li>Growing Pains (ouch!) </li></ul></ul><ul><ul><li>Financial Objectives that let me Achieve my Life Goals </li></ul></ul>Strong Foundations
  9. 9. <ul><ul><li>Accounting Software and Systems I can Grow into </li></ul></ul><ul><ul><li>Don’t be the Financial Expert – Hire Them! </li></ul></ul><ul><ul><li>Insist on Financial Information in Your Format </li></ul></ul><ul><ul><li>Challenge the Guru’s </li></ul></ul><ul><ul><li>Schedule Time Out to Monitor Finances </li></ul></ul><ul><ul><li>Introduce Key performance Indicators you Understand </li></ul></ul><ul><ul><ul><li>Daily sales or volumes </li></ul></ul></ul><ul><ul><ul><li>Costs of opening the doors </li></ul></ul></ul><ul><ul><ul><li>Available cash </li></ul></ul></ul>Managing My Finances
  10. 10. <ul><ul><li>You are the Captain </li></ul></ul><ul><ul><li>Financial Team Members who Share Your Vision </li></ul></ul><ul><ul><ul><li>Bookkeeper </li></ul></ul></ul><ul><ul><ul><li>Accountant </li></ul></ul></ul><ul><ul><ul><li>Coach or Mentor </li></ul></ul></ul><ul><ul><ul><li>Like Minded Business People & Networks </li></ul></ul></ul><ul><ul><li>Schedule Your Team Regularly </li></ul></ul>My Team <ul><ul><li>Your Board </li></ul></ul><ul><ul><ul><li>Move from Technician to Director </li></ul></ul></ul><ul><ul><ul><li>Think like a Director and Report to Shareholders </li></ul></ul></ul><ul><ul><ul><li>Report on results, Projects and Strategies </li></ul></ul></ul><ul><ul><ul><li>Become Accountable to Others </li></ul></ul></ul><ul><ul><ul><li>Maybe www.smeboardroom.com.au </li></ul></ul></ul><ul><ul><li>Planning Days with My Team </li></ul></ul>
  11. 11. <ul><li>Myths and Legends </li></ul><ul><ul><li>Confines the imagination and limits flexibility </li></ul></ul><ul><ul><li>My business is too unpredictable </li></ul></ul><ul><ul><li>Too busy and I am making plenty… </li></ul></ul><ul><li>Truths </li></ul><ul><ul><li>Helps You Become a Better manager </li></ul></ul><ul><ul><li>Will Assist You Raise Money </li></ul></ul><ul><ul><li>It Will Help You Avoid Running Out of Money </li></ul></ul><ul><ul><li>Creates Goals, Focus and Fun </li></ul></ul>Forecasts and Plans
  12. 12. <ul><li>How Do I Actually Prepare Budgets?? </li></ul><ul><ul><li>• Bring in The Team to Assist! </li></ul></ul><ul><ul><li>• Look at The Past Where Possible </li></ul></ul><ul><ul><li>• Consider Your Business Cycle and Trends </li></ul></ul><ul><ul><li>• Add Some Blue Sky and Your Business Plan </li></ul></ul><ul><ul><li>• Start With Predicting Revenues and Then the Costs of Those Revenues </li></ul></ul><ul><ul><li>• Finish With Overhead Expenditures Then Cashflows </li></ul></ul>Forecasts and Plans
  13. 13. <ul><ul><li>• Why Worry About Cash if I am Making Profits?? </li></ul></ul><ul><ul><li>• Experiencing Great Business Liquidity </li></ul></ul><ul><ul><li>• Review Cashflow as You Would Profitability </li></ul></ul><ul><ul><li>• Look at Cashflow Historically and as a Projection </li></ul></ul><ul><ul><li>• Cashflow and Your Business Value </li></ul></ul>Money in the Bank
  14. 14. <ul><li>8 Tips For Improving Cashflow </li></ul><ul><ul><li>• Ensure Your Client pays You Before You Pay Your Supplier </li></ul></ul><ul><ul><li>• Make it Easy For Customers to Pay You </li></ul></ul><ul><ul><li>• Pay Suppliers Right on Their Credit Terms </li></ul></ul><ul><ul><li>• Take Advantage of Cash Discounts From Your Suppliers </li></ul></ul><ul><ul><li>• Use Your Credit Cards to Give You Longer to Pay </li></ul></ul><ul><ul><li>• Send Regular Statements to Your Customers </li></ul></ul><ul><ul><li>• Get To Know Your Customers Accounts Payable Department </li></ul></ul><ul><ul><li>• Be Nice to Financiers Before You Need Them </li></ul></ul>Money in the Bank
  15. 15. <ul><li>Have You Outgrown Your Current Business Structure?? </li></ul><ul><li>Do I have the Right Structure Going Forward </li></ul><ul><ul><li>• Sole Trader </li></ul></ul><ul><ul><li>• Partnership </li></ul></ul><ul><ul><li>• Company </li></ul></ul><ul><ul><li>• Trust </li></ul></ul><ul><ul><li>• Combination of These </li></ul></ul><ul><li>Dependant Upon </li></ul><ul><ul><li>• What am I Trying To Achieve? </li></ul></ul><ul><ul><li>• Level of Risk (Protecting My Assets) </li></ul></ul><ul><ul><li>• My Personal Situation </li></ul></ul>My Business Structure
  16. 16. Megan Tough Complete Potential
  17. 17. <ul><li>Thinking strategically about managing your workforce: </li></ul><ul><li>Understanding strategic capabilities </li></ul><ul><li>3 approaches to managing human resources (people!) </li></ul>Agenda
  18. 18. <ul><li>2 kinds of capabilities to create competitive advantage: </li></ul><ul><li>1. Distinctive </li></ul><ul><li>2. Reproducible </li></ul>Strategic Capabilities
  19. 19. <ul><li>Capabilities are the common glue across your HR activities </li></ul>Strategic Capabilities Vision Mission Purpose Strategic Capabilities Training Hiring Development Job Descriptions Managing Performance
  20. 20. 3 Approaches to Managing your People Production Centred Person Centred Problem Solving
  21. 21. 1. Production Centred Approach
  22. 22. 2. Person-Centred Approach
  23. 23. Problem Solving Approach
  24. 24. Take a piece from each world Production Centred Person Centred Problem Solving
  26. 26. GoToMeeting Corporate is the most cost-effective, accessible and easily managed online collaboration solution ever. Sponsored by
  27. 27. <ul><ul><ul><ul><li>www.abn.org.au/facebook </li></ul></ul></ul></ul><ul><li>Go to the ABN Facebook Page </li></ul><ul><li>Start a discussion </li></ul><ul><li>Participate </li></ul><ul><li>Network </li></ul>Next Steps