Business strategy

Why small business strategy is so important

Ever wondered why business strategy and accounting are so important?

Our team of experienced accountants at Ingrams Accounting Group are here to provide you with the insight, knowledge and understanding needed to keep your finances organised. We know that managing your company’s finances can be a complicated process, but it doesn’t have to be!

With our comprehensive suite of services, we will help you create an effective business and financial management system tailored specifically to your needs. From maximising profits by reducing costs all the way through setting up budgets that guide successful operations. – when it comes to business planning, we’ve got it covered!

Get in touch with us today for more information on how we can help you develop a sound strategy for managing your money!

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how we help with your business strategy

Our strategies are designed to give you a competitive edge over other firms – an edge that will pay dividends year after year as your success grows over time. With us working beside you, our collective knowledge ensures that each decision made is improving your bottom line by driving more customers towards purchasing from you instead of them.
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do you need help with your business strategy?

Our business services team, make strategy easy by

Preparing a robust business strategy. Demystifying your financials so that they inform good strategic planning. Aligning your financial and business strategies. Advising on how you can empower staff towards better business outcomes. Optimising marketing opportunities.

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Why choose us to help with your business strategy?

Most businesses are as unique as the individuals that work there. We get that running a business and the finances can be complex and that different managers worry about different things. That’s why we love managing complex tax strategies and educating you on how to make it easier.

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Expert small business strategy.

Our team has years of experience understanding and creating financial strategies and can help guide you through making sound decisions for your business future. We use comprehensive planning techniques tailored specifically to your situation, so every plan we come up with together is unique, robust and reliable.

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Book a free consultation with one of our small business strategy experts today

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Our Small Business Accounting Services

At Ingrams Accounting, our small business accountant specialises in comprehensive tax and accounting services for professionals like tradies, doctors, and traders. Our experienced team helps navigate complex tax laws, providing tailored solutions to keep you on track financially.

From accounting and bookkeeping to audits and business setup, we address the unique challenges faced by professional service providers. We also understand the importance of crypto accounting and offer assistance in filing taxes for cryptocurrency transactions. With our reliable support, you can focus on growing your business and delivering exceptional service while we handle your financial needs. Trust Ingrams Accounting your small business accountant to keep you on top of your financial game.

small business accountant

Taxation

At Ingrams accounting, we understand that tax and accounting can be overwhelming for tradies, doctors, and traders alike.

Our team of experts can help you navigate the complexities of tax laws and provide comprehensive accounting solutions tailored to your unique needs. Let us help you stay on top of your financial game.

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accounting

Accounting

Ingrams Accounting offers comprehensive accounting services tailored specifically for professional service providers.

Our experienced team understands the unique financial challenges faced by businesses in this sector. From bookkeeping and tax preparation to financial analysis and strategic planning, we are dedicated to helping you achieve your financial goals.

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Bookkeeping & Payroll

Ingrams Accounting provides reliable bookkeeping and payroll management services for transport companies and healthcare professionals.

Our team of experienced professionals can help you streamline your financial operations, allowing you to focus on what matters most – growing your business and providing top-notch care to your patients. Let us handle your financial needs.

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Trust Audits

Ingrams Accounting offers auditing services for compliance audits for lawyers and real estate agents.

Our experienced auditors can help you maintain compliance with relevant regulations and provide accurate financial statements for your stakeholders. Let us help you ensure the integrity of your financial records and maintain the trust of your clients.

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waterloo

Business Setup

Ingrams Accounting provides expert guidance for startups and small businesses in setting up their business structures.

From registering for GST, PAYE, ABN, and ACN to advising on the most suitable business structure, our team can help you establish a strong foundation for your business. Let us help you start on the right foot.

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crypto accounting

Crypto Accounting

At Ingrams Accounting, we understand why crypto accounting is important. We help take away the pain of filing taxes if you buy, sell, or invest in Bitcoin, Ethereum, Dogecoin, etc. With all the excitement surrounding cryptocurrencies in 2022, the ATO is cracking down on crypto and NFT investors this year, and the penalties can be severe if you don’t disclose this income.

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Female tradie taxation

Taxion

At Ingrams Accounting, we understand that tax and accounting can be overwhelming for tradies, doctors, and traders alike.

accounting

Accounting

Ingrams Accounting offers comprehensive accounting services tailored specifically for professional service providers.

cafe owner bookkeeping

Bookkeeping & Payroll

Ingrams Accounting provides reliable bookkeeping and payroll management services for transport companies and healthcare professionals.

lawyer audits

Trust Audits

Ingrams Accounting offers auditing services for compliance audits for lawyers and real estate agents.

small business owners

Business Setup

Ingrams Accounting provides expert guidance for startups and small businesses in setting up their business structures.

crypto accounting

Crypto Accounting

COMING SOON

Female tradie taxation

Taxation

At Ingrams Accounting, we understand that tax and accounting can be overwhelming for tradies, doctors, and traders alike. Our experienced auditors can help you maintain compliance with relevant regulations and provide accurate financial statements for your stakeholders. Let us help you ensure the integrity of your financial records and maintain the trust of your clients.

accounting

Accounting

Ingrams Accounting offers comprehensive accounting services tailored specifically for professional service providers. From registering for GST, PAYE, ABN, and ACN to advising on the most suitable business structure, our team can help you establish a strong foundation for your business. Let us help you start on the right foot

cafe owner bookkeeping

Bookkeeping & Payroll

Ingrams Accounting provides reliable bookkeeping and payroll management services for transport companies and healthcare professionals. Our team of experienced professionals can help you streamline your financial operations, allowing you to focus on what matters most – growing your business and providing top-notch care to your patients. Let us handle your financial needs.

lawyer audits

Trust audits

Ingrams Accounting offers auditing services for compliance audits for lawyers and real estate agents. Our experienced auditors can help you maintain compliance with relevant regulations and provide accurate financial statements for your stakeholders. Let us help you ensure the integrity of your financial records and maintain the trust of your clients.

small business owners

Business Setup

Ingrams Accounting provides expert guidance for startups and small businesses in setting up their business structures. From registering for GST, PAYE, ABN, and ACN to advising on the most suitable business structure, our team can help you establish a strong foundation for your business. Let us help you start on the right foot.

Our Loyal business customers

Check out the Melbourne businesses that trust us as their small business accountant, while they get on with business and life.

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Testimonials

Read all about what our long term clients say about the great business strategy services at Ingrams Accounting group

Henry Louey
Melbourne
I have been a client/customer/friend of Ingrams Accounting Group since i chanced walking pass their pop-up shopfront in Carlisle St East St Kilda and popped in to submit my tax return.
Fast forward 32 years, 5 change in jobs, opening up an ACN and 31 tax returns later i cannot speak highly enough of the team and Ingrams.
Louise Dingley
South Yarra
My annual tax return is not an issue, as Ingrams make it easy and follow up with anything I may or may not have included. My return is prompt and the service is outstanding. Chris and Cathy are very professional and extremely reliable.
Hawa Evans
Melbourne
Amazing professional services. Been dealing with Chris and team for quite some time now and really appreciate the consultation support provided by the team.

How can we help you tax it easy?

Get your business strategy done with a smile.
Book a free 15 minute chat with our accountants South Yarra to discuss your circumstances.

03 9826 6000

[email protected]

Suite 2026, Level 19/644 Chapel St
South Yarra, Victoria 3141

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Small Business strategy – Frequently Asked Questions

We are here to help answer all your small business setup questions and provide you with the information you need to make an informed decision.

Strategic management and accounting are closely related and interconnected disciplines within an organisation. Here are some ways in which they are related:

  1. Cash Flow Planning: Strategic management involves developing long-term goals and objectives for an organisation and devising strategies to achieve them. Accounting provides financial information and analysis that is crucial for strategic decision-making. It helps in estimating costs, projecting revenues, and evaluating the financial feasibility of strategic initiatives
  2. Financial Planning: Strategic management involves developing long-term goals and objectives for an organisation and devising strategies to achieve them. Accounting provides financial information and analysis that is crucial for strategic decision-making. It helps in estimating costs, projecting revenues, and evaluating the financial feasibility of strategic initiatives.
  3. Performance Measurement: Strategic management aims to monitor and assess the performance of the organisation in relation to its strategic goals. Accounting plays a key role in measuring and reporting financial performance through various metrics and financial statements. It helps in evaluating the effectiveness of strategic actions and identifying areas for improvement.
  4. Cost Analysis: Strategic management involves assessing the costs and benefits associated with different strategic options. Accounting provides cost data and analysis to support decision-making, such as determining the profitability of products or services, evaluating the cost-effectiveness of different projects, or identifying cost-saving opportunities.
  5. Budgeting and Resource Allocation: Strategic management involves allocating resources effectively to support the organisation’s strategic objectives. Accounting plays a crucial role in budgeting, providing financial forecasts, and tracking actual expenditures against planned budgets. It helps in aligning financial resources with strategic priorities and optimising resource allocation.
  6. Risk Management: Strategic management includes identifying and managing risks that may impact the achievement of strategic goals. Accounting contributes to risk management by providing financial data and analysis to identify potential risks, assess their potential impact, and develop appropriate mitigation strategies.
  7. Decision Support: Strategic management often involves making complex and critical decisions that impact the organisation’s direction and success. Accounting provides financial information and analysis to support decision-making, such as investment appraisal, evaluating potential mergers or acquisitions, or assessing the financial implications of strategic alliances.

Overall, strategic management and accounting are interrelated disciplines that work together to support effective decision-making, performance evaluation, resource allocation, and risk management within an organisation. By leveraging accounting information within the strategic management process, organisations can make informed decisions and align their financial resources with their long-term goals and objectives.

Accounting plays several important roles in the strategic management of an organisation. Here are the key roles of accounting in relation to strategy:

  1. Financial Information and Analysis: Accounting provides financial information and analysis that is essential for strategic decision-making. It involves recording, summarising, and reporting financial transactions and performance metrics, such as revenue, expenses, profitability, and cash flow. This information helps managers understand the financial implications of strategic choices and evaluate the financial feasibility and potential risks of various strategies.
  2. Performance Measurement: Accounting helps in measuring and evaluating the performance of the organisation against strategic goals. Through financial reporting, accounting provides metrics such as key performance indicators (KPIs), financial ratios, and variance analysis that enable managers to assess how well the organisation is progressing towards its strategic objectives. It helps identify areas of success and areas that may require adjustments or improvements.
  3. Cost Analysis and Management: Accounting plays a crucial role in analysing and managing costs associated with strategic initiatives. It provides cost data and analysis to support strategic decision-making, such as determining the profitability of products or services, evaluating the cost-effectiveness of projects or investments, and identifying opportunities for cost reduction or efficiency improvements. By understanding the costs associated with different strategic options, managers can make informed decisions and allocate resources effectively.
  4. Budgeting and Resource Allocation: Accounting supports the strategic management process by facilitating budgeting and resource allocation. It helps in developing financial forecasts, preparing budgets, and tracking actual expenditures against planned budgets. By aligning financial resources with strategic priorities, accounting ensures that the organisation allocates its resources optimally and efficiently to support the chosen strategies.
  5. Risk Assessment and Mitigation: Accounting contributes to strategic management by assessing and managing financial risks. It helps in identifying potential risks and uncertainties associated with strategic initiatives, evaluating their potential financial impact, and developing risk mitigation strategies. Accounting also provides tools and techniques for risk analysis, such as sensitivity analysis and scenario planning, that aid in assessing the financial viability and potential outcomes of different strategic choices.
  6. Decision Support: Accounting information serves as a critical input for strategic decision-making. By analysing financial data and performance indicators, accounting helps managers evaluate the financial implications of strategic options, assess the potential benefits and risks, and make informed decisions. This includes investment appraisal, evaluating potential mergers or acquisitions, assessing the financial feasibility of new ventures, and determining pricing strategies.

In summary, accounting plays a fundamental role in supporting the strategic management process by providing financial information, performance measurement, cost analysis, budgeting, risk assessment, and decision support. By leveraging accounting insights, organisations can make informed strategic choices, allocate resources effectively, and monitor progress towards achieving their strategic objectives.

Business strategy and a business plan are two distinct but interconnected components in the process of running a business. Here are the key differences between them:

Business Strategy:

  • Business strategy is a high-level, long-term plan that defines the overall direction and goals of an organisation.
  • It involves making decisions about how the organisation will compete in the market, differentiate itself from competitors, and achieve sustainable success.
  • Business strategy focuses on understanding the market, identifying target customers, defining value propositions, and determining the core capabilities and resources required to deliver value.
  • It involves analysing the external environment, such as industry trends, competitive landscape, and customer needs, to identify opportunities and threats.
  • Business strategy guides decision-making at the organisational level and provides a framework for making choices about resource allocation, growth, and expansion.
  • Business strategy is flexible and may evolve over time based on changing market conditions, industry dynamics, and internal capabilities.

Business Plan:

  • A business plan is a detailed document that outlines the specific steps, actions, and objectives for achieving the business strategy.
  • It is typically a written document that describes the business concept, market analysis, operational details, marketing strategies, financial projections, and implementation timelines.
  • A business plan provides a roadmap for executing the business strategy and serves as a communication tool to attract investors, lenders, or stakeholders.
  • It includes information about the organisation’s structure, management team, target market, competitive analysis, sales and marketing strategies, operational processes, and financial projections.
  • A business plan is more tactical and operational in nature, focusing on the short to medium-term actions and milestones needed to implement the strategy.
  • It includes specific metrics and targets to measure progress, timelines for implementation, and details on how resources will be allocated and utilised.

In summary, a business strategy defines the overall direction and competitive positioning of the organisation, while a business plan outlines the specific actions, resources, and timelines required to achieve the strategic goals. The strategy provides the vision and framework, while the business plan serves as a detailed roadmap for executing that strategy.

A written strategic plan typically includes the following high-level components:

  1. Vision and Mission: The strategic plan should articulate the organisation’s vision, which is a clear and inspiring statement of its desired future state. The mission statement defines the organisation’s purpose and the value it delivers to its stakeholders.
  2. Goals and Objectives: The plan should outline specific, measurable, and time-bound goals and objectives that align with the organisation’s vision and mission. These goals serve as the strategic priorities and guide the allocation of resources.
  3. External Analysis: The strategic plan should include an analysis of the external environment, such as market trends, customer needs, competitive landscape, and regulatory factors. This analysis helps identify opportunities and threats that may impact the organisation’s strategy.
  4. Internal Analysis: An assessment of the organisation’s internal capabilities, strengths, weaknesses, and resources is essential. This evaluation provides insights into the organisation’s competitive advantages and areas for improvement.
  5. Strategic Initiatives: The plan should outline the strategic initiatives or projects that will be undertaken to achieve the defined goals and objectives. These initiatives may include market expansion, product development, operational improvements, partnerships, or other strategic actions.
  6. Resource Allocation: The strategic plan should provide guidance on the allocation of resources, including financial, human, and technological resources. It identifies the resources required to execute the strategic initiatives effectively.
  7. Key Performance Indicators (KPIs): The plan should define the KPIs that will be used to measure progress towards strategic goals. These metrics help monitor performance, provide feedback on the effectiveness of strategic initiatives, and enable corrective actions when needed.
  8. Implementation and Timeline: A strategic plan should outline the implementation approach and a timeline for executing the initiatives. It should identify the responsible parties, establish milestones, and allocate specific timelines for each strategic action.
  9. Risk Assessment: The plan should include a consideration of potential risks and uncertainties that may affect the achievement of strategic objectives. This involves identifying risks, evaluating their potential impact, and developing risk mitigation strategies.
  10. Monitoring and Evaluation: The plan should establish a framework for monitoring and evaluating progress towards the strategic goals. It defines the review and reporting mechanisms to ensure ongoing alignment and effectiveness of the strategic plan.

It’s important to note that the components of a strategic plan can vary based on the organisation’s size, industry, and specific circumstances. The level of detail and format may differ, but these high-level components provide a foundation for a comprehensive strategic plan.