Legacy in Business

As Accru Hobart turns 50, it’s had me thinking how businesses survive and thrive through the generations. In Australia, sixty percent of businesses fail within 3 years (the highest rate in 15 years) – so what sets those that survive apart? 

Our businesses have plans – often more than 3 years in advance, documenting the team we need to service our clients, the divisions we need to focus on and develop. This might be investment in new technologies such as digitising phone lines, or moving premises, big moves need big plans. 

Any of the local Accru offices have more than one offering, whether it be traditional accounting compliance to cashflow forecasting, business planning, business valuation, or financial planning. By diversifying, we protect our business should government regulation, or societal needs, change.  

Key to any successful business is an eye on the numbers, ensuring cashflow management to pay bills on time, forecast for growth in staff numbers, and survive events such as COVID19. 

As Accountants, we’ve branched out from ledger books to desktop accounting software, and now cloud based programs with direct bank feed data. Adopting and adapting as technology comes along, helps businesses stay ‘up to date’ with their offering to clients. 

Being part of a bigger group of professionals, whether it be nationally, or in your local community, it’s important to be part of something bigger. Being able to share knowledge, talk about shared industry issues, or refer people to other likeminded businesses when it’s not in our wheelhouse, helps us provide a greater service to our clients. 

For a business to survive long-term, it has to have a plan to change ownership over the years. In it’s fifty years, Accru Hobart has had nine major ‘owners’, with varying percentages of the business. What started out as a venture between two business owners, has now grown to a business with six major equity owners. An openness to change, and an attitude of ‘sharing the pie’ has enabled the business to grow and adapt, putting it in good stead for the next twenty years or more. 

Around each office is a great team, from administration assistants, to Graduate Accountants, Managers to Partners/Directors. We know we’re better when we work together, and we also know as business owners we can’t do it all by ourselves. Having a team around us, reduces the risk – allowing team members to take holidays, and take time out when unwell, while the business continues on. 

If you’d like to see your business survive and thrive, in the future, contact your local Accru Office to see how we can help.