Growing business is taking its own advice
ADVISORY Partners is preparing to move into a much larger office in Newtown after rapidly outgrowing its current CBD base.
Launched four years ago with a staff of five or six, Advisory Partners now has 25 staff and will be moving from Yarra St into its own premises over the next 12 months.
But partner Matt Le Maitre is mindful of taking some of the firm’s own advice when it comes to managing growth.
While the business advisory, accounting and financial planning firm is hoping to continue to grow, Mr Le Maitre puts a premium on sticking to your strengths.
“You have to choose a segment of the market that you are going to look after and do that really well rather than try and be everything to everyone,” Mr Le Maitre said.
For Advisory Partners, the key focus will be in advising genuine small to mediumsized businesses, particularly in how to manage their growth.
Advisory Partners started in mid 2014 with about a third of the team now offering financial planning, stockbroking and wealth management services for individual clients, while the rest provide business advisory, taxation and consultancy work for commercial clients.
With easier access to accounting systems, there was lot of competition among accountants for compliance work such as completing business activity statements, so business advisers had to add value for clients.
“What is happening is people have access to more and more information more freely,” he said.
“A big part (of what Advisory Partners does) is to work with clients to allow them to grow their business.
“Information is great, but how do you interpret the information to make really good decisions?”
Mr Le Maitre said the major issue for small/medium business in managing growth was undoubtedly cash flow.
“A lot of people in business know how to make money but they struggle a lot with cash flow management,” he said.
He said managing cash flow included having the right banking and reporting facilities in place and making sure budgets married with clients’ goals.
Advisory Partners is hoping to start building its new 1000 square metre premises in Bridge St, off West Fyans St, in July with the aim of being in them by early next year.