Is your business on a solid foundation?

Is your business on a solid foundation?

< Back to Articles | Topics: Trends | Contributors: Stephen Slauenwhite, The CFO Centre | Published: September 2, 2022

When building a house, the design takes into consideration the size of the building, as well as the number, types, and sizes of rooms. The design considers the features of the building, like the length, width, number of stories, windows, doors, and the roof.

During the planning stage, the foundation of the house is planned out — the foundation must be able to support the proposed structure. The foundation plan includes things like the land layout, soil type, drainage, concrete type, thickness, and rebar. Once the house design is finished, the first step in the home construction is building the foundation that can support the building construction.

A contractor would never start constructing walls, joists, roof trusses, and all the finished living space unless they knew the foundation could support the building. (The local building inspector would make sure of that!)

The same is true in business — and the Strategic Plan is the foundation for a company. Unfortunately, the term “Strategic Plan” is used frequently in the business world and all too often, it is not fully understood by the business owner (particularly as to what should be included) or the plan itself is not documented and regularly reviewed over time.

Every strategic plan should have and consider Structure (the company as a legal entity), Owner and Owners (shareholder’s agreement, incorporation documents, governance requirements), Operations (human resources, procedures, policies, technology, and budget), and Risks (key employees, government regulations, competition, and cybersecurity).

If a business owner does not have the skills or knowledge to work through a Strategic Plan, they need the assistance of a financial professional. Financial professionals like us can not only help answer whether your business built on a solid foundation — we can use our professional training, skills, experience, and knowledge to help build a strategic plan for today that will allow you to grow with your business into the future.

An experienced financial professional can work with a business owner and their advisors to ensure the Strategic Plan is reviewed and that options are considered, implications are fully understood, and the Strategic Plan is documented.

Make sure your business has a Strategic Plan – a solid foundation to build your business on.

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Stephen Slauenwhite has 35 years of business experience ranging from executive roles during his 25 years with Royal Bank, 10 years as the Chief Financial Officer of a large manufacturing company and today he works with numerous professional CFOs on his team providing fractional CFO services to clients across Atlantic Canada. Stephen holds an Executive MBA from St. Mary’s University in Halifax, NS and is an accredited CPA, CMA professional accountant.

< Back to Articles | Topics: Trends

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