2006 | Entrepreneurs - shaping the future of Australia

Businesses pass through a number of stages as they develop. As small start-up or spin-off companies grow, their operations change. But they do not have to battle on alone. Ernst & Young provide advice and support for businesses at each stage.

Ernst & Young's Entrepreneurial Growth Markets division works with small to medium-sized enterprises (SME's) to ensure they reach their goals. How big is a small or medium-sized enterprise? We are not referring here to a small business such as the local corner store; the size of a small to medium-sized enterprise relates to turnover and the size varies from business to business. In fact they may actually employ a few hundred people.

How does Ernst & Young help these SME's? It supports them by providing advice in the following areas.

1. Developing a dynamic business plan
Ernst & Young can provide advice on all elements of a plan from sourcing and applying for finance, seeking government funding such as research and development or export grants, market analysis, setting up operational systems and processes including IT systems, setting of benchmarks and buying assets. Advice is often tailored to unique problems such as a start-up biotech requiring a technical solution or patent protection.

2. Understanding and meeting business taxation needs
Tax problems for a business can be very complex. Ernst & Young can help small businesses record and monitor taxes, such as GST, stamp duty, state taxes, customs duty, company tax and PAYG taxation, and research and development tax concessions. Help can be given regarding the taxation implications of decision-making and the impact on cash flow and profit.

3. Planning and executing transactions
Businesses need to keep up-to-date with any change in rules setting out how they record and report financial information. As a business matures it may require help to grow into a larger, perhaps even global, organisation. For example, a business may need advice on how to raise new capital, how to merge with another company, or strategic planning. It may need an independent analysis and check on the accuracy of its financial data. Ernst & Young also provides advice on due diligence which is providing a check for a business on the accuracy of their financial data.

4. Building and improving infrastructure, people processes and technology
This major area covers issues such as risk management, including security of data, independent audits, corporate governance, financial investigations and technical accounting advice. As they work with clients across many industries,

Ernst & Young can offer up-to-date expertise on evaluation of IT systems, knowledge management, compatibility with global regulations and partnerships.