May 19, 2020

How to make your business successful again

Business
Leadership
Finance
small business
Cutter Slagle
3 min
How to make your business successful again

Is your business currently struggling to stay afloat? It’s true, in today’s economy, your once successful company may have fallen on some hard times — but know this: You can get past them!

It doesn’t matter why type of industry you’re in or what product you have to offer, turning a profit can be difficult. After all, it can be next to impossible to predict what the public wants and when they are going to want it.

RELATED TOPIC: How to choose a location for your business

But whatever you do, don’t lose faith. With a tight business plan and lots of hard work, you can make your business successful again!  

For example, take Mohamad Faki. Faki immigrated to Mississauga, Canada, where he purchased a struggling Lebanese restaurant. Knowing that there are “no shortcuts to success,” Fakih worked hard to turn his business investment into a successful 20-outlet chain restaurant.

Today, Paramount Fine Foods is the fastest growing Middle Eastern restaurant chain in North America. Fakih used the following tips to accomplish this goal, ultimately turning a struggling business into a successful one.

Plenty of American companies have done the same thing, turning a struggling business into a successful one. Avon Products Inc., Bank of America and Timberland are just a handful of companies that have been able to put hard times behind them.

Originally reported by our sister brand Business Review Canada, the following tips can help you do the same!

RELATED TOPIC: 4 lessons learned from American Apparel’s filing for bankruptcy

Be consistent

 Again, it doesn’t matter what industry you’re in or what type of product your business has to offer, you need to be consistent. You need to make sure that you always offer the highest amount of quality available.

Once you’ve found your rhythm, a plan that allows you to be your best and offer your best, stick with it. If your model works, be consisten with it; don’t change it. After all, why would you want to fix something that isn’t broken?

Hire a good team

We’ve said it before; we’ll say it again: You can’t run a successful business all on your own. You need to find a team of people that believe in your company and want to help it grown. In a sense, your team can make or break you.

Make sure that you careful select your employees. After all, the people you choose to work for you are a direct reflection of you and your business. What kind of message do you want to send?

Properly train your employees

Once you find the right team, employees that share your goals and passion, you will need to ensure that they are properly trained. Yes, train, train and train some more — there is no such thing as being over trained.

As the leader of the group, your employees need to know what is expected out of them and how to properly accomplish a task. In order to help turn a failing business into a successful one, everyone must be on the same page and have the same understanding of procedures.

Remember that you can have a successful business. Of course, it won’t come easy, but nothing worth having rarely does.

If your business is struggling, then don’t be afraid to get creative. Come up with different ideas to get through this difficult time. Try a few of these methods out to see what does (and doesn’t work) for your specific company.

With the right business plan and the right team, your hard work will eventually pay off!

RELATED TOPIC: Learn how to start your own business with these 4 tips

Source: The Globe and Mail

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Jun 8, 2021

Six issues at the top of tax and finance leaders’ agenda

Tax
Compliance
financeleaders
Deloitte
Kate Birch
4 min
As businesses accelerate their transformation journeys, tax leaders are under increasing pressure to add strategic value. Deloitte reveals six tax trends

New Deloitte research reveals that tax leaders are under increasing pressure to add strategic value as companies accelerate business model transformation, from undergoing digital transformations to rethinking their supply chains or investing in green initiatives.

According to Phil Mills, Deloitte Global Tax & Legal Leader, to “truly deliver value to the business, the tax function needs to rethink its resourcing model and transform its technology infrastructure to create capacity and control costs”.

And the good news, according to Mills, is that tax and business leaders have more options at their disposal to achieve this.

Reflecting the insights of global tax and finance executives at global companies, Deloitte’s Tax Operations in Focus study reveals the six issues at the top of tax and finance leaders’ agenda.

Trend 1: Businesses seek more strategic counsel from tax

Companies are being pushed to develop new digital products and distribution channels and accelerate sustainable transformation and this is taking them into uncharted tax territory. Tax leaders say their teams must have the resources and skills to give deeper advisory support on digital business models (65%), supply chain restructuring (49%) and sustainability (48%) over the next two years. This means redrawing the boundaries of what tax professionals focus on, and accelerating adoption of advanced technologies and lower-cost resourcing models to meet compliance requirements and free up time.

According to Joanne Walker, Group Tax Director, BT Group PLC, "There’s still a heavy compliance load today, but the vision for the future would be that much of that falls away, and tax people become subject matter experts who help program the machine, ensure quality control, and redirect their time to advisory activity.”

Trend 2: Tipping point for resourcing models

Business partnering demands in the tax department are on the rise, but 93% of tax leaders say their department’s budget is remaining flat or falling. To ensure that the tax function can redefine itself as a strategic function at the pace that is required, leaders are choosing to move increasing amounts of compliance and reporting to a combination of shared service centers, finance departments, and outsourcing providers that have invested in best-in-class technology.

Trend 3: Digital tax administration is moving faster than expected

in addition to the rising focus of the corporate tax department partnering with their business counterparts, transformative changes to the way companies share tax information with revenue authorities is also creating an imperative to modernize operations at a faster pace. Nine in 10 (92%) respondents say that shifting revenue authority demands on digital tax administration will have a moderate or high impact on tax operations and resources over the next five years—and several heads of tax said the trend is moving faster than expected.

"It’s really stepped up in the last couple of years," says Anna Elphick, VP Tax, Unilever. "Tax authorities don't just want a faster turnaround for compliance but access into a company’s systems. It's not unreasonable to think that in a much shorter time than we expect, compliance will be about companies reviewing a return that's been drafted by the tax authorities."

Trend 4: Data simplification and lower-cost resourcing are top priorities

Tax leaders said that simplifying data management (53%) and moving to lower-cost resourcing models (51%) must be prioritized if tax is to become more proactive at delivering strategic insights to the business. Many tax teams are ensuring that they have a seat at the table as ERP systems are overhauled, which is paying dividends: 56% of those that have introduced NextGen ERP systems are now highly effective at supporting the business with scenario-modeling insights. Only 35% of those with moderate to low use of NextGen ERP systems said the same.

At Stryker, “we automated the source P&L process for transfer pricing which took a huge burden off of the divisions," says David Furgason, Vice President Tax. "Then we created a transfer price database to deposit and retrieve data so we have limited impact on the divisions. We are moving to a single ERP platform which will help us make take the next step with robotics.”

Trend 5: Skillsets are shifting

Embedding a new data infrastructure and redesigning processes are critical for the future tax vision. Tax leaders are aligned — data skills (45%) and technology process experience (43%) are ‘must have’ skills in a tax department of the future, but more traditional tax specialist knowledge also remains key (40%). The trick to success will be in tax leaders facilitating the way these professionals, with their different backgrounds, can work together collectively to unlock lasting value.

Take Infineon Technologies, which formed a VAT technology and governance group "that has the right knowledge about how to change the system to ensure it generates the right reports", according to Matthias Schubert, Global Head of Tax. "Involving them early was key as we took a greenfield approach, so we could think about what the optimal processes would look like and how more intelligent systems could make an impact 

Trend 6: 2020 brought productivity improvements

Improved productivity (50%) and accelerating shifts to remote working (48%) were cited as the biggest operational benefits to emerge from COVID-19-driven disruption. But, as 78% of leaders now plan to embed either hybrid or fully remote models in the tax function long term, 34% say maintaining productivity benefits is a top concern. And, as leaders think about building their talent pipeline and strengthening advisory skill sets, 47% say they must prioritize new approaches to talent recognition and career development over the next two years, while 36% say new processes for involving tax in business strategy decisions must be established.

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