FS360 Episode 18

The advice offered can be explained as a ‘full business life’. It begins with establishing a new business with the correct structure, leading into industry specific advice throughout your business existence all the way through to the exit and doing so in the most advantageous way possible.

Jodie explains that the best way to achieve your business goals with this structure is through regular meetings to establish aims and a pathway to get there.

“Our most successful clients have what we call ‘accountability meetings’, which is a regular catch-up at least quarterly,” she says.

These allow owners to step out of the business, look at how it is performing, where opportunities may be and potential issues. The Mulcahy team can help them through this, as well as analysing how their set goals are looking down the track.

Jodie explains growing the business may mean delegating to those with more time and potentially more expertise in a specific area. It doesn’t always mean working harder and taking on more roles as the owner. This can give them the freedom to take some downtime and trust their systems if they step away for a holiday or time off.

Jodie says all businesses are suited to this advisory service. Whether it’s a single operator or large family business or corporate enterprise, Mulcahy & Co can help.

“All you need to have is a desire to improve and/or protect your situation. People are normally driven to or away from something, so if you’ve got something that drives you, that gives you passion to act,” she says.

While the meetings are usually composed of the managing team, the extension of this service is that managers or those to be promoted within the business can be mentored by Mulcahy & Co. They can be included in these discussions to get them ready for future roles.

One successful example of the Business Advisory service came in the farming industry. A sole trader came to the Mulcahy & Co team wanting to grow their business to eventually provide employment and a stable income for their immediate and extended family.

A 10-year business plan was developed. In due course he was able to bring his brother into the business. However, overtime the opportunities they had with their clients and the farming in their area dramatically reduced.

The Mulcahy & Co team helped them analyse possible industries and opportunities to expand their business into. Plans were put into action and they found new life. Other family members were able to be brought in and they eventually grew to a million dollar business.

They were able to work through the selling process with the Mulcahy & Co team and exit in the most advantageous way as well.

More recently throughout COVID-19, Mulcahy’s knowledge of and contacts in the hospitality industry were able to help many businesses survive.

The team were able to stay a step ahead of announcements regarding lockdown and business shut-downs. On the flip side, they were able to help these business re-open successfully once regulations were lifted in Queensland.

This included helping businesses to act on protecting themselves. Applying for grants that were available, even those that were going to be offered in a months’ time for example. Discussions with landlords and suppliers too, negotiating deals with them to be sure the business was in the best position possible.

In doing so, these business are flourishing once again as Queensland and broader Australia begin life in a COVID normal state.

To contact the Sunshine Coast office just head to mulcahy.com.au/sunshine-coast. The office is offering a free initial meeting at the moment, allowing your business to get to know Jodie and the team to understand your business and its goals.