Financial success for a business in Toronto is greatly increased with the help of chartered accountants who specialize in helping with planning and strategy, business management, and operational improvement.
Entrepreneurs, when seeking management consulting services in Toronto, do so with the goal of building long-term growth while improving short-term profitability. Finding a consultant to help move a company toward this goal is something many businesses struggle with. Many assume a proven track record and business know-how are of great importance, but the personal touch is needed also, according to Roy Hogg of Hogg, Shain & Scheck Professional Corporation (www.hss-ca.com). When one hires a consultant from this company, Mr. Hogg goes on to say, the consultant focuses on three core areas.
Business planning and strategy is one area the consultant addresses. He or she looks at business decision making, succession and exit planning. The consultant also reviews acquisitions and mergers, transaction planning and expansion assistance. While doing so, he or she must understand what the goals of the company are so a practical road map can be developed to achieve those goals. "Those wishing to sell a business need to strengthen the balance sheet to get the maximum value for years of hard work. In contrast, those wishing to expand or purchase a business have completely different goals and need to explore foreign markets or look for opportunities for possible purchase," Mr. Hogg states. "The consultant helps identify these areas and develops strategies that will move the company forward."
To achieve success, a company must understand how individual parts of the company fit into the larger picture. IT systems, profit analysis and cash flow issues are considered during the analysis along with many other aspects of the business. "CCH Profit Driver is used to turn historic financial data into tactical strategies and plans. Flow charts are used to report, measure and communicate the company's current position, past plans and future goals," Mr. Hogg explains. "Doing so helps the company answer important questions to determine where changes need to be made."
The third core area focused on is operational improvement. Companies are facing complex challenges while operating in a tougher overall business climate due to the volatility in the global economy. Operations need to be continuously improved to sustain success. "Businesses who are currently struggling need a trust advisor to assist in making improvements to ensure financial health," Mr. Hogg continues. "Regular feedback is a part of the process to ensure improvements are proceeding as needed. The consultant attends bank meetings with the client to provide insight into company financial statements after which plans will be presented to improve business performance."
Mr. Hogg explains why this is of great importance. If one area is overlooked, the entire business suffers. Consultants are trained to address every area to ensure a company is moving forward at all times.