6 key elements of managing staff [cheat sheet]

Posted by James Price | JPAbusiness on 16-Jan-2019 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: staff management, staff performance, performance review, business advice, cheat sheet

When should I have my business valued?

Posted by James Price | JPAbusiness on 16-Jan-2019 02:00:00

People typically request a valuation of their business in reaction to an event, for example:

  • they’ve decided they want to sell or exit, so they want to know how much the business is worth;
  • they want to restructure the legal entities in the business and need a valuation for tax and/or statutory purposes;
  • there is a relationship breakdown between joint shareholders or spouses and they need to transfer or split the business so one can sell to the other, so they need to know its value;
  • they’re seeking finance and the finance company or bank has requested a valuation of the business.

Those are event-orientated valuation requirements and we certainly offer that service on a regular basis.

However, we also advocate using valuation as a proactive management and investment tool and we’ve been very excited to provide this service to more and more business owners over the past 12 months.

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Topics: Business valuation, budgeting, business management, business advice, Business advisor, valuing a business

How to create a brand plan [infographic]

Posted by James Price | JPAbusiness on 19-Dec-2018 02:00:00

When people think about the term ‘brand’ they often think only of a brand’s visual manifestation, i.e. the logo and livery. But a brand is much more than that.

A brand is the sum of all you say and do in relation to your products and services, plus consumers’ personal experiences with these. It is the relationship, or connection, between an organisation and its customers.

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Topics: Brand and marketing, infographic, business advice, brand strategy, business management

Succession war stories: the good, the bad and the average

Posted by James Price | JPAbusiness on 19-Dec-2018 02:00:00

Succession stories from the corporate world

The following business succession examples come from the international corporate world and have been well reported in business advice and human resources articles and blogs.

They provide some valuable lessons on how to – and how not to – plan for succession.

HP – The bad

Over the course of 15 years HP (Hewlett Packard) had seven different CEOs – each horridly replaced with the next.

At its core, the problem was that the incoming CEOs were not adequately educated on the innermost workings that made HP successful. They came in with sweeping changes that contradicted the soul of HP.

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Topics: Succession planning, business advice, Business advisor, JPAbusiness, business management

What are some 'rules of thumb' for valuing businesses?

Posted by James Price | JPAbusiness on 12-Dec-2018 02:00:00

When it comes to valuing businesses – listed or private – you will often hear people refer to ‘rules of thumb’. Some will say the value of a business is:

  • ‘x times its revenue’ or
  • ‘x multiples of its earnings’ or
  • ‘a function of its after-tax profit’ or
  • ‘a function of its gross profit’ and so on.

These ‘rules of thumb’ tend to be industry based i.e. “a business in Industry A is worth ‘x’ times multiple of earnings” while “a business in Industry B is worth ‘x’ times revenue”. (I won’t repeat the actual ‘rules’ I’ve heard – I don’t want to encourage anyone to use them!) 

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Topics: Business valuation, business valuer, Business Value, business advice, Business advisor, JPAbusiness

3 questions to ask when valuing a business [video]

Posted by James Price | JPAbusiness on 05-Dec-2018 02:00:00

Business valuation is not an exact science and nor is it a simple science. However there are some factors you should always consider when assessing a business’ value.

The following video lists 3 key factors to consider when valuing a business and 3 questions you need to ask to uncover this important information.

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Topics: Video, Advice, BME, Business Value, Business maintainable earnings, business advice, Business advisor, Business valuation

Why I went to California, and why you should too*

Posted by James Price | JPAbusiness on 05-Dec-2018 02:00:00

*You don’t actually have to go to California, but I do recommend taking advantage of professional development opportunities whenever possible. 

A senior member of the team and I travelled to California recently to attend the Advanced Business Valuation and International Appraisers Conference. The conference was hosted by the American Society of Appraisers, an international organisation representing all appraisal disciplines, including business valuation.

It was a jam-packed three days of hearing from expert industry practitioners and thought-leaders on diverse topics, including:

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Topics: Business advisor, business advice, professional development, Training and Professional Development, staff management, business development

What is succession planning?

Posted by James Price | JPAbusiness on 28-Nov-2018 02:00:00

Many people think of succession planning as an old person’s problem – something you do once you decide to exit your business. This is far from the truth, although it's not surprising the misconception exists. 

In planning this blog I conducted a quick Google search of the question 'what is succession planning?' to test the common perceptions. The first result (from an Australian government website!) provided the following answer: "succession, or exit plan outlines the things you will do when you sell, close or transfer ownership of your business."

I beg to differ. Succession planning should not be something you do when it's time to exit: it is a young person’s pathway to building a valuable business.

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Topics: Succession planning, business advice, small business, running a business, business ownership, business management, staff management

How to choose the right business structure [cheat sheet]

Posted by James Price | JPAbusiness on 21-Nov-2018 02:00:00

Good business structures should be effective in:

  1. Protecting your assets
  2. Minimising your income tax and capital gains tax
  3. Simplifying your administration
  4. Achieving your retirement objectives
  5. Achieving your estate planning objectives.
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Topics: Business Structures, cheat sheet, business advice, sole trader, company, trust, asset protection, tax minimisation

 
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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