A regular meeting of the leadership team of a business significantly improves the internal communications and awareness of what other people are doing in the organisation. It’s a great introduction to the concept of “corporate governance in operation” because it involves:
- follow-up from the Minutes and Action Plan of the previous meeting;
- ensuring that deadlines are met for the submission of reports for this meeting; and
- reading the material that has been submitted by each of the participants, prior to the meeting.
It’s very desirable that the leaders arrive at the Business Review Meeting having read the Agenda and the reports and having their “brains in gear” to actively contribute to the matters being discussed at the meeting.
This is a leadership team working in a constructive manner!
However, this just doesn’t occur, it requires planning and discipline to ensure that:
- Minutes of Business Review Meetings are prepared promptly after the end of a meeting.
- Action Plans are prepared promptly after the end of a meeting, distributed to all Business Review Meeting attendees and to any other person who has been nominated to produce a report or a comment for consideration at the next meeting.
- Action Plan items from the previous meeting are answered.
- Reports are prepared.
- Deadlines are met.
- Reports are read before the meeting.
Every organisation will have different report requirements, but a sample of items that relate to most businesses include:
- Weekly Performance Reports prepared for the individual business units within the organisation
- Weekly Key Performance Indicator Reports prepared for the individual business units within the organisation
- Weekly report by the Manager/Supervisor of individual business units
- Monthly Financial Accounts prepared for individual business units
- Monthly Key Performance Indicators prepared for individual business units
- Monthly report by the Manager/Supervisor of individual business units
- Financial Accounts Actuals compared to Budgets for individual business units and the consolidated organisation
- Working Capital Review
- Actual balance compared to budget
- Debtors’ days outstanding
- Debtors requiring special follow-up
- Inventory investment compared to budget
- Stock turns outside of budget expectations
- Work in Progress:
- Work in progress investment compared to budget
- Projects still in work in progress beyond expectations
- Bank Account:
- Actual balance at the end of the month compared to budget
- Variations were caused by …………………………………………………..
- Balance as compared to budget
- Creditors’ days outstanding
- Creditors whose payments are not being made in accordance with negotiated payment terms
- Have any loan repayments not been made when they were scheduled to have been paid?
- – Australian Taxation Office:
- BAS lodgements made on time?
- PAYG tax payments made on time?
- Superannuation payments made on time?
- Income tax payments made on time?
- Financial predictions update:
- Cashflow Forecast
- Projected Balance Sheets
- Marketing Report
- Sales Report
- Raw Materials/Supplies Report
- Customers Advisory Committee
- Research and Development Projects
- Commercialisation of Projects – Update
- Professional Development – Leadership Team
- Team Training
- Legal Action:
- Against the business
- Instigated by the business
- Workplace Health and Safety:
- Training courses undertaken
- Fair Work Australia:
- Correspondence received
- Complaints received
- Action referred to Fair Work Australia
- Reports from organisations of which the business is a member
- Social Media
- Team Meetings
- Progress on projects
- Business funding:
- Current action
- Proposed action
- Strategic/Business Plan
- Identification of strategic strategies
- Implementing strategic strategies
- Review of strategic plan
Towers Business Development is an experienced business advisory services organisation the Managing Director of which, Peter Towers, was the Company Secretary/Chief Financial Officer of a company listed on the stock exchange and had considerable involvement in the organisation of business review meetings. As a Business Consultant, Peter has advised many companies on the implementation of business review meetings on a regular basis.
We are presenting a free webinar “Business Review Meetings” on Wednesday 18th August 2021 at 12-noon AEST. To register – click here.
- Identifying Grants for Businesses – click here to review the recording.
- “Business Review Meetings” - Wednesday 18th August 2021 at 12-noon AEST. To register - click here.
- “Planning Funding for Your Business” - Thursday 26th August 2021 at 12-noon To register - click here.
Towers Business Development Services
Towers Business Development does not give taxation advice but offers consulting services for small/medium sized enterprises and accountancy businesses, including:
- Corporate Governance Mentoring
- Mentoring/Training Company Directors
- Assistance with Due Diligence for Early Stage Innovation Company Status
- Assistance with Company Being Accredited as a Crowd Source Funding Equity Raising Company
- Assistance with Capital Raising Utilising Section 708 of the Corporations Act
- Assistance with the Preparation of an Application for an Accelerating Commercialisation Grant
- Government Grant Advice for SMEs
- Preparation of Business Plans
- Predictive Accounting – Budgets, Cashflow Forecast, Projected Balance Sheets
- Virtual Chief Financial Officer Services
- Succession Planning
- Establishment of Research and Development Systems
- Business Review Meetings – Monthly or Quarterly
Want to know more about the services that Towers Business Development can supply to assist your business in its business growth? You are invited to visit the Towers Business Development website; or contact Peter Towers:
Have a great day!