Business Structuring

Structure your business for optimal performance

Business Structuring in Australia

Is your business structured for optimal performance and success? Whether you’re just starting out with a new business, pursuing growth or preparing to sell, having the correct business structuring in place is critical.

Without a well thought out structure in place, your business can easily run off course and fail to thrive. Knowing which structure is ideal for your business and which one will work for your situation can be a challenge. Oldhams Advisory can provide expert advice and support to help guide you through this process.

What Is Meant By Business Structuring?

A business structure or organisational structure is designed to give clear directions regarding all aspects of a business. It defines tasks, procedures, expectations and more with the purpose of helping a business reach its goals both professional and financial.

Business structuring is also beneficial as it:

  • Establishes efficient operational practices
  • Set your business up optimally which can allow you to secure additional funding, create equity or manage debt
  • Is ideal for maximising tax opportunities and efficiencies
  • Ensures you are compliant at all times saving on revisions and associated admin
  • Protects your assets and works to minimise risks associated with your industry
  • Boosts your capacity for growth and profitability

At Oldhams Advisory we expertly guide you through the business structuring process while also providing qualified advice regarding intellectual property protection (IP), trademarks and business startup structures including company, sole trader, partnership and trusts.

How To Best Structure Your Business For Success

Every business, no matter its size or the industry it is identified with, needs to create a structure that ensures three key areas are addressed. These areas are sales, operations, and administration/accounting. Attempting to manage all these areas alone or without proper processes in place is a recipe for disaster. Your business will fail to thrive and you will be quickly overwhelmed by how much there is to do.

Even if you manage to make it work for a period, it leaves no room for growth and therefore no room for greater success. When structuring your business you need to:

Plan Ahead But Also Look Back

Set your goals and clearly define where you want your business to be 6, 12, 24 months or even years from now. This helps you strategise and structure your business effectively so that you’re consistently working towards achieving these goals. Equally, unless you’re very newly established you should have a history to look back at as a business. Consider past performance and goals you met or failed to achieve. What worked, what didn’t and why?

It is essential that you identify and correct issues that inhibited past performance such as underperforming staff, managerial or supply issues.

A well designed and implemented business structure ensures the smooth running of a business and can significantly reduce the stress and uncertainty that comes with business ownership and gives a clear framework for everyone involved.

Identify Groups And Assign Tasks

What daily tasks are there? Can you group them by function, region or product? Match specific staff to these groups or tasks and ensure their skills and time are being most effectively used. Use data from within the business to drive these decisions.

Determine Authority And Responsibility

Ensure everyone has a role that is clearly defined and that they understand who to speak to for help or when issues require resolution. Nothing works harder against forming great business structuring than a lack of clear responsibility.

Consistently Review Employee Performance

Eliminate complacency and tolerance of underperformance with regular employee reviews. This also ensures your staff feel involved and seen while providing an opportunity to remind them about the structure.

This creates a more connected workplace and allows for zero ambiguity about operations and expectations.

Undertake Annual Reviews

Business structuring is most effective when reviewed and updated every year to reflect changes in your goals, staffing or business trajectory. It helps you ascertain if your structure was effective and creates opportunities for further growth.

Work With The Best

At Oldhams Advisory, we have decades of experience working with businesses of all sizes and industries. We know the value of a data-driven, well-planned approach to business structuring and the longevity, sustainability and growth of your business.

We undertake an in-depth, well-researched analysis of your business and use it to deliver an unbiased, clear report of where your business is at. Enabling the development of a truly beneficial business structure in collaboration with our experts.

To learn more about the benefits of business structuring and how we can help, call Oldhams Advisory today on (07) 3188 5400.

Testimonials

Wow, I wish I’d known Glen when I was trying to start my business last year – it would’ve saved me a lot of trouble! Now that I have Glen onboard, his expert advice has helped me steer my business in a direction I never would have imagined and business is great. I couldn’t have done it without you, Glen. Thanks a million!

M. Birkdale

My business was in a downward spiral when I reached out to Glen for help. He restructured my entire business and business is picking up again. Glen has also provided very sound and practical advice on some pretty big decisions I needed to make. I’m looking forward to working with Glen as my business continues grows!

P. South Brisbane

Glen’s ability to see the “big picture” has helped me grow my business bigger than I ever thought was possible. His continued guidance makes all my business decisions so much easier!  Thanks, Glen. Cheers.

A. Hawthorne

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