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.
Topics: Brand and marketing, infographic, business advice, Business advisor, business management, James Price, JPAbusiness, brand strategy, Parramatta, Central West NSW, branding, brand plan
I had a chat with a prospective client the other day – a young guy in his mid-20s, with a business partner – who has embarked on starting a technology and communications business from scratch after graduating from university.
We were talking about a meeting I had had the previous day with a business owner who had started their business 30-plus years ago, and who is now aged in their 60s.
I recalled how I met up with this business owner to talk about sale, succession and business value, and, unfortunately, my assessment was that their wholesale industrial products distribution business was going to be very hard to ‘sell for value’ because of various factors.
Topics: Business Value, Business valuation, business management, business valuer, James Price, small business, JPAbusiness, valuing a business, Parramatta, Central West NSW, business sale transaction advisor, business value drivers
There are some common 'people-related' risks associated with business purchases, particularly in small to middle-sized businesses that are substantially dependent on an owner or a few senior employees for their success.
Two things can happen if those personnel aren’t retained in the business in an active way:
Topics: Buying a business, Business transfer, staff management, business advice, Business advisor, business management, James Price, JPAbusiness, Parramatta, Central West NSW, business transaction advisor, human resources
This blog is based on some questions I put together a while back for my senior staff to consider in advance of their Annual Performance Review discussions. We've updated the blog to include some COVID-19-specific questions.
We have discussed the mechanics of the performance review process in previous blogs, and a key theme was that reviews are ‘a two-way street’.
Senior staff members bring considerable experience and insight to your business so you need to ensure you use the review event as an opportunity to tap into those insights for the benefit of your business, as well as the individuals involved.
Topics: staff management, business advice, Business culture, business management, staff performance, performance review, James Price, JPAbusiness, Parramatta, COVID-19, coronavirus, Central West NSW
We are often approached by private companies looking for advice about setting up incentive arrangements for their employees, including issuing shares to provide a form of ownership.
These companies tend to have turnovers ranging from about $5 million to well over $100 million, but they all share an interest in achieving closer alignment between their people and their company visions.
We tell these clients and prospective clients, issuing shares can be an effective means of aligning and incentivising employees, but it’s not the only option.
In this blog I’m sharing excerpts from some work we’ve done in response to some of these inquiries, which outlines a range of options when creating an employee incentive plan (EIP).
Topics: business management, staff performance, performance review, James Price, staff share plans, Parramatta, managing employees, team building, employee incentives, incentive plan, company bonus
As we head into an uncertain FY20/21 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.
One of the key elements of your business proposition – large or small – is your team, and they’re going through the same anxiety you are. The COVID-19 crisis is impacting their professional lives, personal lives, physical and mental wellbeing, just as it is yours.
Even though you may be struggling simply to pay wages, the last thing you want is to lose good people, whether you lose them physically, or in the sense that they become disengaged as a result of their anxiety about the current environment.
Topics: Template, business advice, business management, staff performance, running a business, professional development, Parramatta, staff wellbeing, managing employees, staff training, COVID-19, coronavirus, Central West NSW
Business owners often seek a business valuation after being prompted to do so by a 'significant event’, for example:
In this video I explain how valuation can actually be used as an ongoing management tool, adding value while you’re running the business and also potentially boosting value on exit.
Topics: Business Value, Valuations, Exiting your business, Video, Business advisor, business management, growth strategies, James Price, JPAbusiness, Parramatta
As a business owner or manager, there are a number of 'levers' you need to control to successfully manage working capital and drive a successful, cash-generating business.
As our Working Capital Checklist shows, those levers fall into two buckets: current assets and current liabilities.
You can use the free checklist to assist you in achieving a firm control of your working capital levers and cash position, so your business proposition is not hampered by poor cash flow.
Topics: Business Value, Selling your business, Cash flow, Working capital, Exiting your business, Template, Checklist, business management, COVID-19, business strategy, coronavirus
A banker is not just a simple supplier to your business – they are a partner in your business.
Their success in lending you money is inextricably linked to your success as a business, so treating them as anything other than a business partner is not doing the opportunity justice.
The following infographic sums up what you can do to give that partnership every chance of success.
Topics: Advice, Partners, Running your business, infographic, Banking, Business advisor, business management
We often hear business owners and managers say “it’s so hard to find good people – we’ll just do it ourselves”.
But as we’ve discussed in many blogs and eBooks, critical to building business value is having the people resource that allows the business to deliver sustainable returns and earnings.
If you find yourself throwing your hands in the air and saying ‘I’ll do it myself’ because you can’t find someone suitable for a role, or you’ve hired three people in 18 months and they’ve failed to stay or deliver the outcomes you were after, you need to reconsider your recruitment process and what you’re trying to achieve.
Topics: Business Value, Employment and recruitment, eBook, staff recruitment, business management, Parramatta, Orange NSW
