How to plan when you're not a natural planner [cheat sheet]

Posted by James Price | JPAbusiness on 22-Sep-2021 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, Succession planning, business advice, Business advisor, business management, growth strategies, James Price, strategic planning, JPAbusiness, annual business plan, Parramatta, Central West NSW, business plan

Don't pay the price of poor inventory control when selling a business

Posted by James Price | JPAbusiness on 15-Sep-2021 02:00:00

A few years back the JPAbusiness team facilitated the sale of a business involved in import and distribution.

It was a well-known, independent brand that had been established for well over 50 years and had solid bottom-line performance.

Unfortunately, when it came time to exit the business, it soon became apparent there was too much inventory (stock on hand).

We negotiated a price for the goodwill, plant and equipment etc, based on a multiple of Business Maintainable Earnings (BME), which is essentially the cash flow of the business.

Then it was time to address the stock value.

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Topics: Business Value, Selling your business, Advice, Cash flow, Case study, Inventory, business advice, selling a business, Business advisor, James Price, JPAbusiness, Parramatta, cash flow management, Central West NSW, business sale transaction advisor

How to develop staff training and PD plans [template]

Posted by James Price | JPAbusiness on 08-Sep-2021 02:00:00

We all want competent, confident staff who feel fulfilled and motivated by their work – as we've discussed in previous blogs, it's a win-win that provides benefits for both the employer and employee.

Training and professional development is key to staff developing that competence and confidence, so this week we're inviting you to download our free JPAbusiness Staff Training Plan and Professional Development Plan templates.

Don't let COVID-19 derail your training plans

As we move through an uncertain FY21/22, business owners and managers may be tempted to think now is not the time to prioritise staff professional development needs. I believe the opposite is true.

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Topics: Training and Professional Development, Template, business advice, Business advisor, staff performance, James Price, professional development, JPAbusiness, Parramatta, managing employees, staff training, COVID-19, coronavirus, Central West NSW, training and pd

How to achieve a successful business sale or purchase

Posted by James Price | JPAbusiness on 01-Sep-2021 02:00:00

Based on our years of business transaction experience – and successfully making a match between many buyers and sellers – answering ‘yes’ to the following questions is critical to setting you up for a successful business transaction:

        1. Price – Is the price market-related and does it reflect the value a willing buyer, under the circumstances of the sale transaction, will perceive as fair?

        2. Facts – Are the facts on the business or opportunity clear, unambiguous and relevant to the risks, issues and opportunities the risk-taking party will likely perceive in making the purchase? Have these facts been collated and presented in a professional Information Memorandum/Business Profile?

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Topics: Buying a business, Business transfer, business advice, selling a business, Business advisor, business broker, James Price, JPAbusiness, Parramatta, Central West NSW, business sale, transaction advice, business sale transaction advisor, selling my business

Why do I need a ‘brand identity’ and how do I develop one?

Posted by James Price | JPAbusiness on 11-Aug-2021 02:00:00

This blog comes from one of our most popular eBooks: Brand and Corporate Identity for Small to Mid-Sized Businesses.

The eBook was written with business branding experts Richard Amos and Mike Wilkinson.

What’s in a brand?

Comments by Richard Amos and Mike Wilkinson

We often talk about brand as a relationship, or a connection, between an organisation and its customers – it is the connection your business has with your customers’ minds.

A brand is the sum of all you say and do in relation to your products and services, plus consumers’ personal experiences with these.

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Topics: Business Planning, Brand and marketing, business advice, Business valuation, Business advisor, business valuer, James Price, brand identity, JPAbusiness, brand strategy, Parramatta, marketing, Central West NSW, branding, brand plan

How to achieve best practice in succession planning

Posted by James Price | JPAbusiness on 04-Aug-2021 02:00:00

Absolutely core to good succession planning and building a good team around you, is that each team member knows:

  • what’s expected of me;
  • where we’re headed, and
  • what success looks like when we get there.

If your goal is to be a business owner working on the business, rather than in the business, and to have a team of people working in concert for you, then one way to approach this goal is to consider the analogy of an orchestra conductor.

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Topics: Business Planning, cheat sheet, Template, Succession planning, staff management, business advice, eBook, Business advisor, James Price, JPAbusiness, Parramatta, managing employees, Central West NSW, business succesion

How to do 'vendor due diligence' when selling a business [checklist]

Posted by James Price | JPAbusiness on 28-Jul-2021 02:00:00

When business owners come to see us, wanting to sell their business, we often get involved in providing what we term ‘vendor due diligence’.

When conducting vendor due diligence for clients, our role is basically to ‘pretend’ we are the buyer.

We look at a range of business health factors including:

  • financial performance
  • business performance
  • staff and organisational aspects
  • contracts, systems and suppliers
  • how the business creates and drives value in terms of its point of difference in the market
  • forward order book i.e. the pipeline, to understand the true nature of the business as a going concern
  • how exposed the business might be to individuals or particular customers or suppliers.
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Topics: Selling your business, Template, Checklist, business advice, selling a business, Business advisor, Business selling, business broker, vendor due diligence, JPAbusiness, Parramatta, Central West NSW, business sale, business sale transaction advisor

6 key elements of managing your staff [cheat sheet]

Posted by James Price | JPAbusiness on 21-Jul-2021 02:00:00

A high-performing team is business 'nirvana'. A high-performing team:

  • is one where both the individuals and the team as a whole are performing to their optimum potential;
  • is aligned and attuned to your vision for where you want to take the business;
  • drives the key tasks and aspects of the business to achieve both its short- and long-term objectives.

In our eBook, Managing staff for high performance, we discussed 6 key elements that you as a business manager, owner or leader need to think about as you go about your day-to-day activities, in order to positively manage staff and help develop them into a high-performing team.

We've distilled that information into the following cheat sheet.

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Topics: cheat sheet, staff management, business advice, Business advisor, staff performance, performance review, James Price, JPAbusiness, Parramatta, managing employees, Central West NSW, managing staff

How to avoid losing customers when buying a business

Posted by James Price | JPAbusiness on 14-Jul-2021 02:00:00

There are a number of risks when buying a business and one of them relates to key customers taking flight in the early stage of the transfer.

In doing your due diligence it’s wise to look at customer concentration risk. Where you have a significant concentration of one or two customers, in particular, you should try and protect against that risk.

Here’s an example of how purchasers can use a ‘hard’ provision to protect against this risk in the final contract:

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Topics: Customers and Clients, Buying a business, Customers, business advice, selling a business, risk management, James Price, JPAbusiness, Parramatta, Central West NSW, business sale, business sale transaction advisor

How to make a business private equity ready [cheat sheet]

Posted by James Price | JPAbusiness on 07-Jul-2021 02:00:00

Private equity is much more than just some capital.

You can get capital from plenty of places, but private equity aims to be an aligned partner, helping a business to grow, set strategy and problem-solve.

In our eBook Partners in Your Business, guest contributor Gareth Banks from Champ Ventures explained how private equity works and what sort of opportunities private equity investors look for.

We have distilled some of Gareth’s advice down into this cheat sheet, to help you make your business private equity ready.

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Topics: cheat sheet, Template, business advice, Business advisor, equity investor, business partners, Private equity, James Price, JPAbusiness, Parramatta, Central West NSW, private capital

 
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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