How does succession planning add value to my business? [template]

Posted by James Price | JPAbusiness on 28-Aug-2019 02:00:00

Succession planning is the process of identifying and developing internal staff who have the potential to fill key business leadership positions should existing leaders – including yourself – leave the business.

It’s about creating a back-up system for your people resource and it should start the minute you take on a business’ ownership, whether you buy it or start it from scratch.

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Topics: Business Value, Business Planning, Succession planning, business advice, Parramatta, Orange NSW

How long does it take to sell a business? (Video)

Posted by James Price | JPAbusiness on 31-Jul-2019 02:00:00

The time it takes to sell a business is heavily influenced by how prepared you and your business are for an open market, or trade, sale.

In this video I'm sharing 3 basic things you should have done before embarking on a sales process:

  1. Gathered and prepared some of the key information about your business that a purchaser will want to examine
  2. Sought independent advice on the market value of your business
  3. Sought professional advice on the potential tax and other implications of selling. 
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Topics: Selling your business, Business Planning, Video, Succession planning, business advice, selling a business, James Price, Parramatta, Orange NSW

Client case studies: Why do I need a shareholders' agreement?

Posted by James Price | JPAbusiness on 10-Jul-2019 02:00:00

If you’re thinking about starting a business with someone else, or you’re an existing business owner considering taking on an investing party or shareholder, I strongly advise you to create a formal shareholders’ agreement at the outset.

I have dealt with a number of clients over the years who have found themselves in very sad and frustrating situations because they have entered into shareholding arrangements without a documented and legally well-constituted agreement.

Relationships have suffered, friendships have been lost, and business performance and value has been severely eroded through distractions caused as a result of not having an effective shareholders’ agreement.

In this blog I’m sharing the stories of two clients and how the lack of formal agreements has impacted them.

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Topics: Business Planning, Shareholders, business advice, Business advisor, shareholders agreement, JPAbusiness, Parramatta, Orange NSW

How to create an annual business plan

Posted by James Price | JPAbusiness on 09-Jan-2019 02:00:00

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.

Planning is about influencing the things you can influence, while taking account of the things you can’t. The latter are risks or opportunities that may or may never eventuate.

By changing the things you can change, you can position yourself to take advantage of opportunities should they arise, or mitigate risks that might flow.

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Topics: Advice, Business Planning, Running your business, Template, Business advisor, annual business plan

How to create a business plan in 3 steps

Posted by James Price | JPAbusiness on 14-Nov-2018 02:00:00

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

10 do’s and don’ts when selling a business [infographic]

Posted by James Price | JPAbusiness on 10-Oct-2018 02:00:00

Planning, professional marketing, timing and finding the right match regarding value and terms are just some of the ingredients that go to making a successful business sale. (As we often say, selling a business is not an exact science!)

The following infographic is a distillation of lessons we've learned over many years of advising business sale clients.

Use these tips to help you make the right decisions when preparing your business for sale.

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Topics: Selling your business, Advice, Business Planning, infographic, selling a business

Confidence softens in second JPAbusiness survey: results

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

Almost 54% of respondents to our July survey indicated they were ‘confident’ about trading conditions heading into the 2018/19 financial year, while 47% indicated current trading conditions were ‘positive’.

The results indicate a softening in business confidence among respondents since our first survey in December 2017, when the results were 60% and 59%, respectively, for those two questions.

The results also appear to be in line with the NAB business confidence index, which dropped from a high of 12 in January to an 18-month low of 6 in June, before edging up to 7 in July.

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Topics: Business Planning, Banks and lending, staff management, business advice, Business advisor, business confidence survey

How often should I review my business plans? [video]

Posted by James Price | JPAbusiness on 08-Aug-2018 02:00:00

In this video I give my view on how often you should review your business plans and, importantly, who they need to be shared with.

Sharing a plan with your team will:

  • ensure goal alignment
  • help create a positive and participative business culture
  • test the plan by exposing it to fresh eyes.

As we always say, a good plan is a shared plan.

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

What to include in an Annual Business Plan [video]

Posted by James Price | JPAbusiness on 25-Jul-2018 02:00:00

In this video I list four components of an annual business plan and drill down a little into some of the business issues you should cover under each of those four elements.

An annual business plan should encompass three core concepts:

  1. Where is the business now?
  2. Where do we want the business to be in the future?
  3. How are we going to marshal the resources we have and which we can influence to get there?
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Topics: Business Planning, Video, business advice, Business advisor, James Price, strategic planning

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

 
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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