Business Fitness Review

Would you like to know the impact of every business decision before you make it?
Have you given your business a health check lately? Looking for ways to improve your cash flow or your bottom line profits?
Thinking about obtaining finance and want to know if you will be successful before wasting time with lengthy and costly applications?

If you have answered YES to any of these questions, then you should definitely read on to find out more about the Lockwood & Ward exclusive Business Fitness & Tax Review services.

An introduction

Lockwood & Ward uses an easy to understand, financial modelling software program to provide a critical financial analysis of your business.

The major banks adopted this very same software for the specific purpose of processing and approving business finance applications.

Aside from assisting in identifying a businesses ability to meet the banks “hidden criteria” for finance applications, it has been proven to be the most beneficial in predicting possible tax liabilities before the end of a financial year. Even where there hasn’t been a tax problem, this service has been invaluable in graphically identifying the key drivers within a business that can assist in turning a loss making or average turnover business, into an extremely profitable one.

What is a Business Fitness Review?

Imagine you would like to enter a triathalon for the first time in your life. You will need to prepare yourself physically for the challenge, and may approach a fitness coach to help.

Well in business, it is not dissimilar. Our Business Fitness Reviews are essentially a ‘health check’ of your current and future financial positions. It allows us to diagnose your business and offer recommendations and solutions to potential expansion, cash flow and profit issues, whilst maintaining a focus on the overall improvement in financial performance.

So why not see how your business checks out today? There’s a good chance Lockwood & Ward can provide you with the insight you need!

How does it benefit my business?

Small business owners are rarely also finance experts, most often we hear comments like…… “How I can improve my business” or “I really want to know what would happen if I make decisions to change my business”.

Well in short, some of the many benefits you receive are:

  • Uncovering the possible causes of current financial difficulties.
  • Plotting future directions through goal seeking analysis.
  • Creating projections, discovering solutions and averting potential disasters with graphical “what if scenarios” such as - What if sales improve by 10%? What is the financial impact on cash flow if I increase my volume? How can I improve my cash flow from -$325,500 to breakeven and have the answers in a second?
  • Find out if your next dollar of sales will have a positive or negative cash flow impact?

Some of the favourable comments we have received from clients following these reviews:

  • “I have been wanting this from my accountant for years”
  • “Now we have a much clearer picture of where we are heading”
  • “Great, now we know what we need to focus on to turn our business around”
  • “Can we book a follow up review next quarter to review our progress”

How long does it take & how is this service delivered?

Due to the extremely informative nature of this review, we allow for an hour and a half to visually deliver our analysis and then discuss strategic recommendations based on the priorities we identify with you.

Although we prefer to deliver these reviews in our own office, we are more than happy to come to your premises, although in order to get the best value for your money, we would recommend you provide a room that is practical in size, lighting and guaranteed free from interruptions. You will also need to provide a suitable projection screen.

Lockwood & Ward will ‘graphically’ demonstrate the analysis and review utilising modern technology via notebook computer and digital data projector. This allows the directors, partners or key managers of your business to participate in this process without having to crowd around a computer workstation or muddle through mountains of meaningless papers and reports.

Do I receive reports or summaries of this review?

Yes, most definitely. Shortly after your review has been conducted, you will receive professionally bound reports clearly outlining and summarising both the initial analysis and subsequent goal seek scenarios undertaken during our meeting. These prove invaluable when monitoring your performance improvements over the coming periods

What do I need to provide Lockwood & Ward with?

Lockwood & Ward will require you to supply a detailed Balance Sheet and Profit & Loss reports for the last financial year and for the current year to date, up to the last fully finalised month.

These figures must be as accurate and complete as you can make them. Inaccurate accounts will mean that our analysis can only be a best estimate, based on your figures. If you use any MYOB package, we can accept your full data file for review and extraction of the required figures.

This service does not include a full review and adjustment of your accounts. Should we deem your accounts insufficient to proceed, we will immediately advise you of such and provide you with recommendations with a view of rescheduling your appointment.

Ok, so what does it cost me?

The fixed fee for this invaluable service is $2,200 including the GST.

Before you decide against taking up this service by focusing purely on the cost alone, let us ask you how much you have spent on ‘Bank Fees’ this past year and what benefits you received from such fees? Do you even know what you ‘invested’ in bank fees last year?

Go on, make the comparison and if this hasn’t convinced you, then our service guarantee will.

What guarantee does Lockwood & Ward offer with this service?

We are so confident that we can advise you of ways to either save you the cost of our fee in tax, or improve the bottom line by the same amount that in the unlikely event we should not be able to do either of these, we will provide you with a credit for the full amount of our fee for service!

Yes, this is our guarantee to you and we are both professionally and ethically bound to it. So what do you have to lose or should it be, how much are you going to save?

Why doesn’t my own accountant offer this service?

A great majority of accountants are so bogged down with compliance tax work that they either do not have the time or the resources to provide such a detailed review of your business.

The delivery of such a service requires both a substantial investment in software as well as a sound professional knowledge of complex accounting ratios and acute business analytical skills. Of course, being able to take all this technical jargon and turn it into plain English so that you get the ultimate benefits and see the big picture, does take some skill.

Lockwood & Ward is more than happy to work in conjunction with your own accountant in providing you with what we believe, is an invaluable service particularly for those who really wish to understand how healthy their business is.

We see this as a value added service for both you and your accountant, not a threat. Feel free to have your accountant contact us to discuss this offer further.

I want one, so how do I arrange for an appointment?

Just telephone our Practice Manager on 9299 7044 and arrange for one of our advisers to contact you. Our adviser will then contact you directly, to discuss in detail your Business Fitness Review and to set a suitable appointment time and location.

Comments are closed.