Welcome to Munro’s, a business improvement and accounting firm dedicated to helping Australians as safely and as easily as possible to:
- Start;
- Grow; and
- Eventually exit,
… million dollar plus businesses.
In a few moments, we’ll talk about how we think you should build a million dollar plus business.
But firstly, let’s start with some grounded talk.
If you’re looking for an accountant or business advisor, someone you can trust to help solve existing problems and prevent others in the future, those conversations must always be genuine and backed by things that work. So, let’s begin our relationship on the right foot with straight talk.
- Business can be hard, and everyone makes mistakes and is learning as they go;
- You might want to find an easy way to propel your business forward. But, there is no such thing as a “high performance framework”, or ‘6-7 figure’ “formula”, “blueprint” or “masterclass” that will magically solve all your problems; and
- Whilst it would be nice to pay no tax, when you make a profit, there’ll be tax to pay; and that should be celebrated because you’ve made a profit.
Don’t get us wrong.
Our aim is to:
- Legally minimise your taxes and maximise your after tax wealth with exceptional accounting;
- Protect your business and hard earned wealth with asset protection; and
- Make growing and improving your business more rewarding with evidence based business improvement solutions.
It’s just having been in business since 1973, we appreciate immensely that the best advisor client relationships are built on trust and openness and are willing to give, receive and share advice, together.
Now, let’s address how we think you can:
Build a Million Dollar Plus Business.
This advice is backed by a firm’s experience from more than 50 years of service to the Australian business community and backed also by scientific knowledge on what helps a business succeed.
#1 – Above all else, you need a sound business model.
- People often under appreciate this when going into business. You need to be selling something that people actually want. Don’t sell a product or service that people don’t care about; and
- You must be able to sell it at a high enough price, so that you make ongoing profits, year after year, which give you a market based Total Return to Owners rate of 15% or more.
If you’re in business and you don’t know what your market based Total Return to Owners rate is, or you don’t know if you’re outperforming competitors, we can help.
#2 – You’ve got to have an inner drive to keep going and know when to seek help.
At times, things in business will be easy, but more often things may be tough.
The challenges that you face when running a business have most likely been encountered by others in the past, so seek out help to avoid reinventing the wheel.
There are several ways you can do this, such as:
- reading business books;
- getting direct professional help; and
- being involved in business groups and communities.
#3 – You’ve got to be a great leader and surround yourself with great leaders.
Businesses are made up of people and people need to be led. Knowing how to effectively delegate, train, motivate, hire and fire people is imperative for sustainable growth.
Leadership is a skill you can learn, enhance and share with your team. There are courses you can take and coaching you can receive.
#4 – You and your leaders should have a continuous learning mindset, constantly looking for ways to improve your business.
We’re not one to say that “the world is constantly changing fast, and you need to adapt or die”.
Rather, what we’re trying to say here is that you need to have an open mind and awareness and constantly on the lookout for ways to improve your business because no business is ever truly perfect.
If you don’t know where to start with improvement, please complete Initial Improvement Sprint.
Before we mention one final piece of advice that we give to everyone in business, this is our suggestion of what you can do as you explore our website.
On the Who We Help page, we mentioned that whether you need help with:
- Simple or complex tax;
- Wealth protection; or
- Business growth challenges, such as revenue stalls, underperforming staff, and leadership enhancement,
… we can help.
We’ll be a great fit with one another if you’re anywhere in Australia, and you have an existing business, or plan to go into business, with revenue ambitions of a million dollars or more.
Go and explore the Find a Solution pages to see how we might be able to assist you. As you go through these pages, you’ll come across diagnostics. We encourage you to take 3-5 minutes to complete at least one of them.
All the diagnostics have been built to help you see your problem with more clarity, providing focus so you can get to the optimum solution as soon as possible.
Importantly, the diagnostics are spam free, which means that we won’t add you to our mailing list, unless you explicitly opt in.
To give you a good level of comfort that we can genuinely help, we share the more than 100 5-star reviews submitted by our clients on Google. Based on an assessment we did in December 2023, these rank us in the Top 2% of Australian Accounting Firms.
There’s the Experience Success page, which is where amongst other things, we talk about six specific areas of business you may wish to pursue excelling in, given that scientific research has shown it can give a better than 90% chance of being a top performing business.
It’s quite insightful and intriguing, given in the research, the companies found to be top performers across all six areas were significantly more profitable over a 10 year period than similar businesses.
You’d like to learn practical ways to improve your business, then please feel welcome to start that journey by signing up for the free tier of the Munro’s Business Academy.
When you’re ready to have a chat and explore how we can help you, please go to the How We Get Started page.
We can get you started with:
- Accounting only;
- Business improvement only; or
- A combination.
Finally, the last piece of advice we tell everyone:
Tax minimisation often requires you to be PROACTIVE.
If you wait until the financial year has finished, until after the transaction has happened, there is often very little you or anyone can do to minimise the tax.
Instead, mitigating tax often requires you to:
- Get structuring right from the beginning; and
- Plan for tax minimisation well before a transaction happens or the financial year closes.
Therefore, please proactively attend to your tax mitigation strategies.
