Your business will be a lot healthier if you meet regularly and have a plan
We began working with a local family business that had never held regular business meetings.
To start, an Annual Profit Plan was set so that the business owners and the board knew the profit the business needed to make for the year. Alongside this, a Key Performance Indicator (KPI) monitoring system was put into place. Monthly Board meetings were structured with the board including family shareholders, key employees & Sullivan Dewing as the external advisors. Each month, the internal accountant prepared the necessary reports to present to the board. A standing agenda ensured that all items were covered at each board meeting, and an efficient meeting was run.
After initially setting a stretch profit target & making sure at the monthly board meetings that there was a strategic focus on gross margin and profits, the business owners have enjoyed their best year ever. In the words of the business owner: “The key benefits gained from running a board meeting with external advisors are strategic direction, clarity of purpose and attention to detail.”