The Profit Improvement Program: a clear path to more profit
The Profit Improvement Program is Back Beach Accounting's ongoing advisory service for small business owners in Coffs Harbour and across the Coffs Coast. We help you set a clear profit goal, build a budget and cashflow forecast to reach it, then meet with you regularly to keep you on track.
Tax time tells you how last year went. This program is about next year, and the one after that.
Is the Profit Improvement Program right for you?
It's built for owner-operators and growing small businesses who know the business could be doing better, but aren't sure where to start. It's a good fit if:
You're flat out, but the profit doesn't reflect the effort
You only really look at your numbers once a year, at tax time
A tax bill has caught you off guard before
You're not sure how much you can afford to pay yourself
You're thinking about hiring, expanding or buying equipment, and want to know the numbers stack up
You want someone in your corner who understands both the business and the tax
How the Profit Improvement Program works
Four steps, one goal: a more profitable business that works for you.
1. Goal setting workshop
We start with a planning session to get clear on what you want from the business. That might be an extra $50,000 a year in profit, more time off, or a business you could sell one day. We look at where you are now, where you want to be, and what needs to change to close the gap.
2. Budget and cashflow forecast
Next, we turn your goal into numbers. We build a realistic budget for the year and a cashflow forecast, so you can see what's coming in, what's going out, and when. This becomes the roadmap we measure your progress against.
3. Monthly or quarterly check-ins
We meet monthly or quarterly, whichever suits your business, to compare your actual results with the plan. We talk through what's working, what isn't, and agree on the next few actions. Regular check-ins keep the plan alive, rather than sitting in a drawer.
4. Tax planned all year
We keep an eye on your tax as the year unfolds, not just at 30 June. Where it suits your situation, we'll help set the PAYG instalments on your BAS to reflect the profit you're actually making. That way you're putting tax aside as you go, rather than facing one big bill after year end.
What's included in the program
A goal setting and planning workshop
A written plan with your profit goal and the key actions to reach it
A 12-month budget
A cashflow forecast, updated as the year goes on
Monthly or quarterly progress meetings
Tax planning throughout the year, including PAYG instalment reviews
Access to your accountant between meetings when questions come up
What the program means for you
Know where you stand. Clear numbers every month or quarter, not just once a year.
Make decisions with confidence. Hiring, pricing and spending decisions backed by a forecast, not gut feel.
Fewer surprises at tax time. Tax planned and set aside through the year.
A goal worth working towards. And someone checking in to help you get there.
Why work with Back Beach Accounting?
We're a Chartered Accounting practice based in Coffs Harbour, working with small businesses and owner-operators across the Coffs Coast. Because we understand both your tax and your day-to-day numbers, our advice joins the dots between them.
We explain things in plain English, we're easy to reach, and we know the local business landscape. You'll always know what we're doing, why it matters, and what it means for you.
Profit Improvement Program FAQs
What is a profit improvement program?
A profit improvement program is a structured, ongoing process for increasing the profit your business makes. At Back Beach Accounting, it combines goal setting, a budget and cashflow forecast, regular progress meetings and tax planning throughout the year.
Can an accountant help me make more profit?
Yes. A good accountant can show you where your profit comes from, where it leaks, and which changes will make the biggest difference. Your accountant already works with your numbers, so they're well placed to turn them into a plan, not just a tax return.
How much does the Profit Improvement Program cost?
It depends on the size of your business and how often we meet. We'll agree the fee with you upfront, before any work starts. Many owners find it useful to weigh the fee against the extra profit the program is aiming for.
How often will we meet?
Monthly or quarterly, depending on your business and your goals. Faster-moving businesses tend to get more from monthly meetings, while others find quarterly is enough to stay on track.
Can you guarantee I'll make more profit?
No, and we'd be wary of anyone who does. Results depend on your business, your market and the actions you take. What we can promise is a clear plan, honest advice and regular check-ins to help you stay on course.
How does paying tax through the year work?
Many businesses pay PAYG instalments on their activity statement (BAS), which the ATO works out from their last tax return. If your profit has changed since then, your instalments may be too high or too low. We review them against your current results and, where appropriate, help you vary them. The ATO can charge interest if instalments are varied too low, so we take care to get this right.
Do I need to be an existing client?
Yes. The reason why your accountant is best-placed to work with you on a project like this is because they’re already intimately familiar with your numbers and your situation.
There are lots of business coaches that will offer this kind of service but they’re hit-and-miss because firstly there’s no qualification behind calling yourself a “business coach“ and secondly they can’t know you as well as your accountant will by being so familiar with the way you interact with your money.
We’re playing the long game over here.
Do you only work with businesses in Coffs Harbour?
We're based in Coffs Harbour but work with businesses around the country. The COVID years showed that location doesn’t need to be a barrier and it’s more important to get the right advice than the closest advice. We're happy to meet in person or online.
Ready to plan for more profit?
Book a chat with our team. We'll ask a few questions about your business, talk through where you'd like it to be, and let you know whether the Profit Improvement Program is the right fit.
Disclaimer: The material and contents provided in this article are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
About the Author
Jack Dixon is a Chartered Accountant (CAANZ) and member of the Tax Practitioner’s Board (TPB). He holds degrees in both accounting and finance, and has career experience working internationally as well as in mid-tier accounting firms in Australia’s largest city. A move to regional NSW in 2018 gave Jack the opportunity to share his skillset with the local business community through establishing his very own progressive cloud accounting firm, Back Beach Accounting. Jack is an accounting technology enthusiast with a strong passion for helping business owners work smarter to give them back hours in their day.