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Adapting to the ‘Next Normal’: Australian Businesses Prepare for a Relaxation of COVID-19 Restrictions

With the Federal Government announcing their three-stage plan to restarting the Australian economy, businesses around the country are eagerly awaiting a return to “normal” work after COVID-19. However, what will this post-pandemic environment look like, and ho.....

CFO - 4 min read


The world never stops changing, but sometimes we do. And when we get stuck in the same routines, we miss out on precious opportunities.


For instance, a business owner may continue to use the same systems, suppliers and strategies year after year without ever adjusting for market trends, price changes or benchmarking these against their competitors.


Failing to step outside of your world can lead to stagnation. Inevitably, stagnation leads to decline. If you’re feeling the seven-year itch, it may be time to step outside of your world and question it.


In this post, we’ve put together some introspective questions to help you see where you could make game-changing improvements in your company’s financial systems. Let’s get started.


Has your business outgrown your accountant?

Most businesses start out with simple bookkeeping because volume and cost prescribe it. As the business grows, you likely consult an accountant. At some point, however, a business needs more than a once-a-year accountant who sits with you usually post the end of the financial year to tell you how you performed in the past. It requires the knowledge and expertise of a CFO to partner you along the journey, the ups and the downs.


But how do you know when you’ve reached this point? And what if you simply can’t afford a full-time, in-house CFO?


The good news is that you can obtain the services of a CFO on an on-demand & flexible basis. Perhaps you don’t need a full-time employee to manage your business strategic planning, cash flow management and performance reporting. However, all of those tasks need to be done, especially during periods of growth or even more importantly in a period of slowness or decline. It may be time to consider outsourced CFO services so you can take your business to the next level or ensure you’re tracking and monitoring to make the right decisions at the earliest possible moment.


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Is your accountant familiar with your industry?

Formal education for accountants doesn’t generally provide experience or insight in to different industries, and yet, they may work across many diverse sectors. What you need is someone who not only understands solid principles of accounting but who also “gets” your industry and understands business. 


Let’s face it, the construction industry deals with regulations and constraints that the retail industry just doesn’t understand. You only learn this by working in the industry or partnering with those that operate within. And companies in retail face very different market conditions than those in hospitality. Having financial experts in your corner who know and understand your industry gives you an incredible edge and also means you’re not paying them to learn.


Does your accountant understand whats makes business tick?

The greatest evidence of this, is they own, run and manage a high performing business themselves. Strong brand, systems, attract talent and have a clear service offering by your current accountant tell you they know how to advise successful businesses as they have one themselves.


Does your accountant meet deadlines?

You want to get your taxes submitted on time. However, it’s also crucial to have timely financial information for your own sake. Have a government tender you are applying for and need accurate, up-to-date financial statements? How about an urgent requirement for new machinery and your financier requires a long detailed list of financial information? We can often get caught short with requiring up-to-date financial information for some crucial decisions and opportunities.


It’s helpful to step outside your everyday world and question the way you do things. An outsider’s perspective can provide illuminating insights and fresh ideas to your hard-fought wisdom and experience.


To learn more about the financial services we offer, or to discuss your business needs with one of our experts, reach out to us at Altus. We can set up a time for a consultation to help you decide on the best way forward.

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Could Your Business Benefit from an Outsourced CFO?

Set your business on the right path with this simple guide.

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Prospective Business Owner - Succession Checklist

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