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You’ve heard the saying ‘we all have 20/20 vision in hindsight’. How nice it would be to have that kind of clarity to see future events! Biz Boost is a system that we use at WHK to show our clients the financial impact of a business decision before it is made.
Your financial statements are historical information – this means that the events that gave rise to the transactions behind your Profit & Loss and Balance sheet have already occurred and cannot be changed. But what if the financial results you have achieved aren’t that great, what can you do about it? How can you ensure that your business is on track for better performance in the next financial period?
There are three fundamental ways in which we use Biz Boost:
- To look at the financial symptoms of a business and diagnose the underlying problem;
- To set goals for better performance and determine exactly how those goals can be met; and
- To develop professional projections and detailed analyses for finance proposals.
Financial Diagnosis
Biz Boost can be used to identify underlying conditions that have caused less than pleasing financial results and decide what to do next to turn things around. We load your business’ financial data into the Biz Boost software to produce a series of analyses that help us to diagnose the areas of your business which may be underperforming. Once we have given your business a thorough Health Check and identified where the weaknesses are, we use ‘What If’ scenarios. This means you can test different operational strategies see if they may help you trade out of difficulty, increase margins or improve your cashflow situation.
Ongoing Monitoring & Measurement
Biz Boost is a dynamic measurement tool when comparing actual business performance against budgeted performance. Using Biz Boost for monitoring and management purposes is ideal because the information provided allows you to quickly identify any deviations from the budget and take corrective action. The program enables you to implement ideas hypothetically and see the financial results, before actually effecting change in your business or committing capital to a project.
Using Biz Boost you have the ability to set a variety of targets. ‘Goal Seek’ strategies will show you where you need to allocate resources in future periods to achieve the goals that you have set for your business. This function also shows you the impact that a change in one area of your business has on each other area.
Finance Proposals
Biz Boost is very similar the software that banks use for risk assessment purposes – the information that this program produces is already ‘in their language’. Biz Boost produces reports that provide all the necessary financial data that banks require in a formal finance proposal. When integrated with a business plan this information becomes incredibly powerful.
Biz Boost can be used to prepare projections as well as calculating all the key financial ratios (including working capital, serviceability and leverage) in a professional format that pre-empts questions that the banks are likely to have.
Boost Your Business ...
The Biz Boost team at WHK are happy come out to your business and provide you with a complimentary working demo of the program, to show you its capabilities and determine how it can boost your business.
Sarah Powell
Senior Advisor,
Business Success Centre
T: 07 4052 3222
F: 07 4051 8827
E: spowell@whkcairns.com.au
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