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How can internal controls add value?

Internal Control

Controls that allow you to grow

One of the challenges that business owners face is to quickly adapt to the need to create, develop, and innovate better systems. The fact is many businesses grow faster than their systems, which is why it is imperative to create internal business controls that allow the business to grow with confidence. Effective and efficient internal controls are a sound base for a rapidly growing business.

The key is to understand business growth cycles and design a framework by which your business can grow at a steady pace rather than outgrow itself. Building an internal control framework allows you to stay in control. When your business was in its early days you may have been able to keep abreast of its inner workings right down to the finest details. However, chances are you may have lost control over the processes that regulate day to day operating procedures.

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Problems with having poor internal controls

This is a scenario that many businesses face beyond their start-up phase. However, it is never too late to identify these problems and formulate a set of internal business controls so that you can run the business more efficiently. Cash flow problems, surplus stock, a lack of planning for crucial meetings due to insufficient information can all suggest serious problems and the feeling of being disorganised. 

Proper delegation can only come from building a stable framework of internal business controls with the objective of creating time for key decision makers of the business. This will help to your business grow in a manageable way

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The solution

Businesses vary in their tolerance thresholds so the implementation of appropriate internal controls will help set you on the path for the next phase of growth. This needs to be done in a systematic manner, which Apex Advisors can help you achieve. We can assist in the creation of an internal controls framework and work through the process of rolling it out.

 

 

 

 

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How Apex Advisors can help 

To help you understand the benefits of internal controls for your business we can:

• Oversee the implementation of new internal control systems

• Create a plan that will allow key decision makers to devote more time to their strengths

• Establish systems to manage various procedures and monthly Key Performance Indicators or KPI

• Propose the most appropriate responsibilities for the business owner and delegation of duties to employees

• Establish various processes for the management of accounts, expenditure, investment approval, and new customer approval

• Create a system to forecast and monitor cash flow and a budgeting forecast

• Plan credit control measures and take steps to protect your brands and intellectual property rights