Business reviews conducted by MNFG highlight the different challenges faced by companies and identify ‘growth blockers’ that impede success. Results have been used to develop MNFG webinar workshop topics for the future.
Analysis of business review results found common themes that were limiting the potential for business growth. They included low cash flow, lack of finance, lack of industry knowledge, knowledge or processes sitting with just one person (making the company vulnerable in the event of illness or injury), and no strategic business plan or marketing strategy.
Tony Coppola, General Manager Operations at MNFG, explained the process and its benefits to both manufacturing and supplier partners.
“Targeted business reviews offer an opportunity to have an expert assess your business and suggest improvements,” he said. “Our advisors are professionals with years of expertise in assisting companies to grow. Often an outsider can easily pinpoint areas for improvement that will make a genuine difference.”
Our advisors compiled a list of the most common improvements that could be made to improve business performance. These included:
- develop and/or expand marketing and sales strategy
- better business planning and/or financial planning
- additional staff (mostly contract manager and business development staff)
- further research on customer taste trends and/or market trends
- better banking facilities and/or create relationship with banker
- professional accounting or legal services
- improve risk management and/or disaster recovery strategy
- a broader and/or improved business strategy
- increase production capabilities (upgrade manufacturing equipment) and/or grow production volume
- external/outsourced storage facilities or larger factory space.
Since we established MNFG two years ago, more than 40 partners have taken advantage of our business review service. The service included Strategic Business Reviews, in which companies were presented with strategic goals and an easy-to-adopt implementation plan, and Operational and Financial Business Reviews, which offered in-depth reviews of performance including financial matrices.
Strategic Business Reviews are offered to partners free of charge. There is a minimal fee for Operational and Financial Business Reviews, which include completion of business assessment tool, review of last two years and current management accounts, a business review plan including financial ratios and metrics, presentation to the company, action recommendations, follow up visits to assist.
