No business, no matter how forward-thinking or well established, is free from the risk of competitor disruption – and with technology moving at breakneck speed, this disruption can happen when you least expect it. Whether you’re dealing with digital threats or a new technology compromises the usefulness of your core business, it’s more important than ever to plan your finances to cover every eventuality.
Hiring an Accountant specializing in Business Advice is by far the most effective way for businesses to manage this risk – hiring an experienced Accountant eliminates the need to hire a full time CFO, it allows an impartial party to analyse your business externally and, quite simply, business advisors have focused skills and expertise which can benefit your business beyond the scope of your own knowledge. If you’re looking for business advisors or accountants in Watford or London to help you handle your business’s needs, get in touch with Dua & Co. today and we’ll be happy to share our expertise – but wherever you’re based, all businesses can benefit from financial guidance when it comes to competitive disruption. Here’s how.
Back in 2000 a man called Reed Hastings approached the CEO of Blockbuster and offered to sell him his business for $50 million – an offer which Blockbuster’s CEO found laughable, given it was a “very small niche business” which was losing money. Not so laughable now, considering that business was Netflix, which is now worth $32.9 billion – especially bearing in mind that Blockbuster is now, well, bust. Blockbuster was ousted by competitive disruption, and were so focused on their own business model that they failed to see the looming disaster. A business advisor would not be so sentimental – and would quickly suggest adjusting the business model to accommodate the threat.
Conversely, spending too much time worrying about threats to your business, and not enough time on running the business you have, can be catastrophic for business owners. A business advisor takes responsibility for solving the fiscal threat of competitive disruption off your hands, leaving you free to focus on doing what you do best – running your business.
Competitor disruption can affect your margins and your market share – in other words, it poses a serious threat to the stability of your business. A business advisor can analyse this threat along with your financial data and plan for every eventuality, taking care of forecasting, budgeting and planning – as well as providing valuable data which can help your business take decisions on how to respond.
When it comes to competitive disruption, using the services of an experienced, reputable business advisor is just common sense – after all, while you may be deeply experienced in your field, you may be less experienced in how you can keep your company financially stable while being hit by competition. Business advisors have years of experience in managing such risks – and if you’re looking for business advisors and accountants in Watford or London, Dua & Co. is here to help. We’re experienced in every aspect of running a business, not just the fiscal side – and we take the time to understand you and your organisation’s needs, to ensure the outcome is in line with your expectations. But wherever you’re based, if you’re concerned about competitor disruption, do your business a favour and get professional help with planning your finances – future you will thank you for it!