Magazine
Do You Thrive To Learn More About How To Achieve Greater Business Success?
Sign up to our magazine designed specifically for Australian business leaders.
Growing a Western Australian Business with an Evidence-based Approach
Every business reaches a point where the day‑to‑day management skills that once drove success start to show limitations. As you evolve from a small business into a larger enterprise, the methods that served you well can begin to hold you back. Whether you’re focused on growing a business or refining your overall business strategy, common challenges we’ve seen emerge in our role as business accountants and advisors to Western Australian businesses are:
- Stalled Revenue Growth: Despite maintaining profitability, outdated practices may no longer push your revenue forward.
- Operational Inertia: Systems and processes that were once efficient for a small business can become bottlenecks as your company expands.
- Managerial Limitations: The leadership and management skills that worked in a smaller setting may not meet the complexities of a larger organisation.
- Resource Allocation Issues: Balancing investments in growth initiatives while maintaining stability becomes increasingly challenging.
- Overreliance on Old Methods: Clinging to outdated techniques can prevent you from leveraging proven business practices that drive sustainable success.
Our Suite of Evidence‑Led Business Advisory Solutions
Our Perth-based business accountants and advisors aren’t interested in recommending “high performance frameworks” or “masterclasses”. Rather, we want to pursue what really works, which is why our evidence‑based approach draws on robust research and proven business practices that propel business growth. Here’s how our business advisory services can help you overcome obstacles and refine your business strategy:
- Conduct a Comprehensive Review: We begin by evaluating your current processes against well‑established, evidence‑based benchmarks. This review pinpoints where your practices fall short and identifies opportunities for growing a business more effectively.
- Develop a Tailored Action Plan: Based on our review, we collaborate with you to set realistic and achievable targets across these key areas. Our bespoke planning provides a clear business advisory roadmap that aligns with your goals and leverages our expertise in business accounting.
- Implement Practical Changes: We guide you through optimising processes and strategically reallocating resources, ensuring that necessary adjustments are made without jeopardising the strengths you already have. Our approach combines professional problem solving with financial insights to deliver tangible results.
- Monitor and Adjust: Recognising that growth is an ongoing journey rather than a one‑off event, we offer continual support and regular reviews. This ensures that your strategies remain effective as your business evolves.
The result:
A business that not only preserves its current strengths but is also primed for sustained, long‑term business growth.
When you’re ready, let’s work together to utilise our research‑driven, evidence‑led growth solutions and strategic business advisory approach, so you can confidently tackle growth challenges and unlock your business’s full potential using time‑tested, proven business practices.
Read Key Points & Transcript
Scaling a Business in Australia With An Evidenced-based Approach
video key points
- Businesses often struggle to adapt their small business strategies effectively as they transition into larger operations, leading to growth stagnation.
- A common pitfall during this transition is the temptation to adopt the latest business management fads, which promise quick fixes but often fail to deliver substantial growth.
- Proven research suggests focusing on six key areas known to significantly impact business growth, emphasising the importance of excelling in these areas simultaneously for success.
- The challenge lies in consistently applying best practices across these critical business areas to achieve a “Winner” success rate of over 90%.
- To navigate these challenges and enhance business growth, engaging with Munro’s Business Academy provides access to evidence-based knowledge.
- Book a Get To Know Each Other meeting for personalised assistance tailored to your business needs.
Presented by: Drew Pflaum
video transcript
There comes a time in the business growth journey where you encounter considerable trouble getting your business to perform as desired.
A leading cause is because the way you’ve done business up to now has been designed to work very well for a small business. That is where your leadership, and that of your managers, have the skillset to thrive. However, that same skillset, well at least the way it has been applied in the past, is no longer optimal for the new challenges your business faces as it grows into a larger business.
This is a very difficult situation to overcome. Especially when your business is still making decent profits and keeping most customers. It’s difficult because what you’ve been doing does work, to an extent, but it also doesn’t work. You don’t want to jeopardize what you already have, but you can’t let the present growth challenges continue to persist unresolved.
This is especially the case if revenue growth has stalled, since some research has shown that 54% of companies fail to regain even moderate growth within a decade of a revenue stall, and when slow growth persists for more than 10 years the delay is most often fatal.
What you don’t want to do at this junction is get distracted by one of the almost never-ending fads of business management. You know what we mean, one of those new “high-performance frameworks” offering a silver-bullet to all your problems.
Instead, at this critical junction, we believe on relying upon proven research. Focusing on the key things which professional research has shown to have the highest impact on business growth.
You’ll probably be glad to know that there is research which directs you to focus your efforts on six key areas, so it’s not necessarily overwhelming. You’ll probably also find it good to know these are well-known business areas. What’s the difficult part is usually following through on excelling at each area, since the research indicates you’ll only have a better than 90% chance of “Winner” success when you do all six best practices at the same time.
Needless to say we’d be happy to help you scale your business. It is, after all, the purpose of our business – helping business owners and leaders experience success.
A great place to start is a no strings attached Get To Know Each Other meeting. But between now and then, take the opportunity to sign up to the Munro’s Business Academy where you can begin to arm yourself with evidence-based knowledge capable of propelling your business to greater success.
In that video you just watched, we mentioned some research.
If you’d like the references, simply head on in to the Munro’s Business Academy and you can find them on the Reference page.
Frequently Asked Questions for Evidenced-led Business Growth Services
- What does “evidence‑led growth” mean?
It means using proven, research‑driven strategies to address the key areas that fuel business growth. Since new research comes out regularly, it means we adjust our approach based on a combination of direct experiences, the experiences of other domain experts and what the latest research indicates is best – even if that means discarding previously held beliefs because new evidence informs us what’s now best. - Why do my business practices need to change as my company grows?
The methods that work for a small business often become insufficient as you expand. Updating your processes ensures you can overcome challenges like operational inertia and resource allocation issues. None of us are born knowing what to do at every corner, and it’s foolish to reinvent the wheel if others have already proven what to do – hence follow the evidence of what’s best. - Are Munro’s strategies effective for all types of businesses?
We asked our Perth-based business advisors who they thought is best suited to business growth advice and assistance and they’ve said it’s worthwhile exploring evidence-led business growth strategies so long as you’re a business owner trying to achieve more than half a million dollars in profit per year. - Does Munro’s provide business advisory outside of Perth?
Yes, whilst Munro’s is based in Perth our business improvement services are available to businesses in Western Australia and other parts of Australia too. - How do your clients rate your services?
We’re very pleased to share with you our over 100 5 star Google reviews praising our approach and reliable service. - What is the price for business growth advice and assistance?
Our pricing is transparent and reflects the complexity of your needs. Please visit our pricing page and contact us for a personalised quote.
Where To Begin
Come Along To An Improve Session
First Session is FREE (incl. GST)
Upskilling Event for Business Leaders
Is your business excelling at all six of these key business areas?
Take the spam-free* Experience Success Diagnostic.
* You’ll receive only two emails, which deliver the results, analysis and recommendations from the diagnostic. You won’t be added to our mailing list unless you explicitly opt-in.
Discover Our Key Services & Solutions
Business Accounting
Business Advisory
Asset & Wealth Protection
Tell us about your problem and we’ll respond within 1 business day.
- Call Us 1800 818 924
- Email Us hello@munros.com.au
-
Visit Us
308 Fitzgerald Street
Perth WA 6000