Husband and wife team, Steve and Anna started their large family-run plumbing business just 7 years ago and now turn over approximately $5 million per annum. Steve carries out the management and day to day running, while Anna takes a less hands on role, but is involved in the high level decision making.
Steve and Anna are the first to admit that the financial side of the business was operating blindly with many decisions made on “gut feelings” rather than financial information.
The business grew quickly over the years and lacked essential financial support. Steve and Anna engaged Femia Accountants in November 2011.
WORKING WITH DAVID FEMIA, THE FIRM RECOMMENDED THE FOLLOWING ACTIVITIES:
- Restructure of business to allow for more flexibility
- A monthly management meeting- presentation of financials information and making
- decisions on this information. This includes budgeting for large jobs which required
- large capital outlay to purchase materials before the job is started
- Cash flow budgets- comparing actual vs projected budgets
- Strategic planning
- Access to accountant advice with same day returned phone calls and e-mails