For business as in sport, premierships are won on defense

A twenty percent increase in revenue is great until it is met with a thirty percent uplift in costs. A team can't win without kicking goals, and a business cant profit without revenue. Extending that analogy, a business with too many costs is like a leaky backline that lets in too many goals.

A backline in any business is made up of its systems and processes that are designed to deliver the product or service the customer expects. When those systems fail, the business is effectively letting in a goal.

So who are the starting five business defender all stars?

1. 🏆 Internal audit – the business full back. When done well, an internal audit will tell management and directors exactly where deficiencies in systems and processes exist as well as what they should be doing to close the gaps.

2. 🔍Investigations – internal audit’s partner in crime. Audit will identify issues before they happen, whereas an investigation will leap in to action once an event occurs to stop it from happening again and plugging any systemic gaps in the backline.

3. 🛡️Compliance management – Knows the rules and team playbook.

4. 🦾Risk Management – The General. Risk management structures the backline so each player knows their role in the team and has a clear accountability in terms of being in place and effective.

5. 🥇Quality – the flashy forward. Knows how to kick a goal and isn't afraid of telling everyone about it. Critical to team success as they are able to run both in attack and defense and is adept at detecting when the business runs off course.

🏆What does the starting line up look like in your business? Contact⚡ Virtus Advisory⚡ to discuss your backline.