How to build value by starting succession planning early [cheat sheet]

Posted by James Price | JPAbusiness on 12-Feb-2020 02:00:00

The following cheat sheet contains 6 succession strategies you can start employing in your business today.

Adopting these strategies will help future-proof your business for when and if you decide to take up an exit opportunity, or relinquish operational involvement in your business.

It’s never too early to start thinking about your succession plan and developing the skills of your team and business capability.

If you future-proof your business in this way, the business should thrive even if you’re not there, and the market should reward you.

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Topics: infographic, cheat sheet, Template, Succession planning, staff management, business advice, business management, business ownership, business valuer, running a business, small business

Create an Annual Business Plan with our free template

Posted by James Price | JPAbusiness on 05-Feb-2020 02:00:00

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:

  • frank and honest appraisal of resources
  • analysis of your competitive environment
  • SWOT analysis
  • targets
  • budget.
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Topics: Free download, Business Planning, Template, Succession planning, Business advisor, business management, Parramatta, Orange NSW

How often should I have my business valued? [video]

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

Valuations are extremely useful management tools for business owners looking to maximise their current business performance and long-term value.

A valuation can help you identify what you are currently doing that is:

a) adding to your business value, and

b) detracting from that value.

My advice is that, if your business is greater than five years old, you should have it valued on a reasonably regular basis, say every 2–3 years depending on your growth track and the external environment the business is experiencing.

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Topics: Business Value, Advice, Valuations, Video, business advice, business management, market appraisal, Parramatta, Orange NSW

Do you have what it takes to run a business? [infographic]

Posted by James Price | JPAbusiness on 18-Sep-2019 02:00:00

Before you spend months trawling through business advertising sites, trying to decide which business would best suit you, first consider whether you would suit business.

In this infographic we’ve summarised 10 attributes we tend to see in successful business people.

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Topics: Buying a business, infographic, Starting a business, business advice, business management, business ownership, Parramatta, Orange NSW

Should I get a valuation or a market appraisal? [infographic]

Posted by James Price | JPAbusiness on 11-Sep-2019 02:00:00

Clients often ask us whether they need a valuation or a market appraisal.

The answer has a lot to do with the ultimate purpose of the valuation or market appraisal. For example:

  • Does the valuation/appraisal need to stand up in a court of law?
  • Will the valuation/appraisal form part of a transaction/settlement process?
  • Is the client seeking an indicative view of a business' fair market value and the likely factors that add to and detract from that value?

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Topics: infographic, Business valuation, business management, market appraisal, business valuer

How to conduct performance reviews for senior staff

Posted by James Price | JPAbusiness on 04-Sep-2019 02:00:00

I recently put together some questions for my senior staff to consider in advance of their Annual Performance Review discussions.

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.

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Topics: staff management, business advice, Business culture, business management, staff performance, performance review, Parramatta, Orange NSW

How to keep key staff when buying a business

Posted by James Price | JPAbusiness on 29-May-2019 02:00:00

In our experience, the risks associated with business purchases fall into three categories:

  1. People
  2. Customers, suppliers and market dynamics
  3. The value exchange.

In this blog we're examining how to manage the 'people risks' of a purchase.

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Topics: Buying a business, staff management, business advice, Business advisor, business management, Parramatta, Orange NSW

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 advice, Business valuation, Business advisor, business management, budgeting, 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, business management, brand strategy

 
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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