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    4 components of a Strategic Plan [video]

    Posted by James Price | JPAbusiness on 11-Jul-2018 02:00:00

    A business' Strategic Plan establishes its strategic direction and will usually cover a period of one to five years.

    I like a Strategic Plan to focus on a period of three years because, in today’s volatile world, things get a little hazy after three years.

    In this video I list four key components of a Strategic Plan.

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    Topics: Business Planning, business advice, Business advisor, James Price, strategic planning

    Why does my business need a plan? [video]

    Posted by James Price | JPAbusiness on 04-Jul-2018 02:00:00

    As a business owner or senior manager, you can’t plan for every eventuality, but you can plan to withstand shocks. 

    In this video I explain that business plans don't have to be excessively large or detailed, but they do need to exist in order to demonstrate your commitment to your business goals.

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    Topics: Advice, Business Planning, Video, Business advisor, business management, James Price

    How to plan when you hate planning [cheat sheet]

    Posted by James Price | JPAbusiness on 11-Apr-2018 02:00:00

    If you’ve been reading my blogs for a while now, you know I love a well-written business plan.

    I encourage my business advisory clients to write things down, even in a summary sense, because it’s a good way of pressure testing your objectives and communicating them to your team.

    Despite my penchant for written plans, I do know successful business owners who don’t write things down and still manage to be supreme at operational and business planning.

    They do, however, employ a number of other important techniques, some of which we’ve summarised in the following cheat sheet.

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    Topics: Business Planning, business advice

    Australian Economic Outlook – forecasts for 2018

    Posted by James Price | JPAbusiness on 15-Nov-2017 04:33:00

    Forecasts for the Australian economy in 2018 are cautiously optimistic, driven largely by improving global conditions but tempered by uncertainty around household consumption.

    As reported in our Global Economic Outlook, the international economy appears to be improving and gaining momentum.

    The ‘Advanced Economies’ group is experiencing cyclical recoveries, while the ‘Emerging Markets and Developing Economies’ group is benefiting from improving global demand and government spending.

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    Topics: Business Value, Advice, Business Planning, Financial, 2018, forecast

    The 3-Step Annual Business Plan Process [infographic]

    Posted by James Price | JPAbusiness on 26-Jul-2017 05:00:00

    Step one in the business planning process is to simply overcome the notion that planning is not critical to your business – it is!

    Business plans don't need to be weighty documents, but they do need to be:

    • referenced regularly,
    • shared with others, and 
    • pressure tested.

    The following graphic illustrates the 3 fundamental components of an annual business planning process.

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    Topics: Advice, Business Planning, Running your business, infographic, Starting a business

    Strategic planning – it doesn’t have to be so hard [blog]

    Posted by James Price | JPAbusiness on 14-Jun-2017 05:04:00

    When I speak to business owners about planning I find their eyes often glaze over or they break out in a cold sweat.

    “Planning? Oh no!” they say. “Do we really need to talk about that? How will it make my business better?”

    But planning doesn’t have to be an onerous task and it is very valuable.

    I recently met with a new client to discuss the strategic planning program we are about to embark on with them.

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    Topics: Advice, Business Planning

    Free download: Annual Business Plan Template

    Posted by James Price | JPAbusiness on 08-Feb-2017 05:47:00

    Business planning is about making your business as robust as possible, so it can take advantage of opportunities and also successfully withstand inevitable shocks.

    Annual business plans don’t have to be weighty documents, but they do need to contain some key information, with the most important being:

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    Topics: Free download, Business Planning, Template, Succession planning

    Why do I need an Annual Business Plan?

    Posted by James Price | JPAbusiness on 30-Nov-2016 05:35:00

    As a business owner or senior manager, you can’t plan for every eventuality, but you can plan to withstand shocks.

    Having a business plan and following our 3-Step Annual Business Plan Process will help you make your business as robust as possible, should such a shock occur.

    Some years ago I was given a key business insight by a client – a successful retailer with 40 years’ experience running newsagencies in regional NSW.

    He said: “Don’t focus on what you can’t influence. Put the majority of your time and effort into what you can influence and you’ll find things will flow.”

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    Topics: Advice, Business Planning, Running your business

    How to choose the right business structure [infographic]

    Posted by James Price | JPAbusiness on 26-Oct-2016 03:00:00

    There is generally no perfect structure that covers all wish-list items for a given business structure proposal, so the goal is to achieve a structure of ‘best fit’ for your business.

    We are creating a series of infographics to illustrate the pros and cons of four common business structures: Sole Trader, Partnership, Company and Trust.

    First up is the Sole Trader infographic – keep an eye out for the others, which will be published over the next three weeks.

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    Topics: Buying a business, Advice, Business Planning, Business Structures, Starting a business

    Fools rush in – planning your business purchase [blog]

    Posted by James Price | JPAbusiness on 21-Jul-2016 14:06:59

    Why 'how much' should not be your first question (or second, or third)

    Whether we’re assisting a client to buy a business, providing advice or due diligence, or fielding enquiries on businesses we’re marketing for sale, one of the first things I tell people is the price of the business should not be their primary concern.

    Now that sounds a bit strange, I know, because price is obviously important –  it would be silly to enquire about a business worth $5 million, for example, when you have $500,000 maximum to invest.

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    Topics: Buying a business, Advice, Business Planning, Starting a business

     
    Disclaimer: The information contained in this blog is general in nature and should not be taken as personal, professional advice. Readers should make their own inquiries and obtain independent, professional advice before making any decisions, taking any action or relying on any information in this blog. 
     
     

     

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