Developing a reliable team – and keeping them – is one of the biggest challenges in business.
Everyone has their own motivations for the job they do, so there is no one-size-fits-all solution.
However over the years of helping business owners build and retain effective teams, we've identified several key actions that can help drive success in this area.
We've summarised them in the following infographic:
Topics: Employment and recruitment, Business Planning, Staff, Starting a business, Succession planning, staff management, business advice, James Price, professional development, JPAbusiness, Parramatta, staff training, Central West NSW
Many businesses, particularly small to mid-sized businesses, rely heavily on one or two key individuals for the business to operate.
These individuals are often the business owners and they may be reluctant to delegate control and decision making for a variety of reasons.
Whatever those reasons, the result is centralised decision making, knowledge and experience, which are not easily transferable in a business sale.
Ultimately, of course, that impacts business value – and not in a good way!
Topics: Business Planning, Valuations, Template, Video, Succession planning, Business valuation, Business advisor, JPAbusiness, Parramatta, succession, business succession, scorecard, business value drivers
The following video features 5 tips that will help you take a planned and measured approach to what may well be one of the biggest financial investments of your life.
They're each important in their own way, but I must admit Tip 2 – 'Have passion for the opportunity' – is a key one for me.
Owning a business can be difficult at times, but it's easier to withstand those challenges if you have a 'fire in your belly' for what you do.
Topics: Buying a business, Business Planning, Video, business advice, Business valuation, Business advisor, James Price, valuing a business, Parramatta, Central West NSW, business sale transaction advisor, business value drivers
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.
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.
The following infographic is a distillation of lessons we've learned over many years as business sale transaction advisors.
Use these tips to help you make the right decisions when preparing your business for sale.
Topics: Selling your business, Advice, Business Planning, infographic, selling a business, Business advisor, James Price, JPAbusiness, Parramatta, Central West NSW, business sale, business sale transaction advisor
One of the lessons I’ve learnt over 35 years of running my own businesses – and also advising on and observing others – is that very little value is generated in a ‘fast foot race’.
Good things come from time, careful execution, trial and error, and patience.
I'm spending a few hours in the gym these days trying to tone and trim up a bit. As a tall guy who’s less than perfectly coordinated, there are some exercises that are a bit of a challenge – barbell squats for one. My form is not a picture of symmetry and grace.
Topics: Business Value, Business Planning, Succession planning, business advice, Business valuation, Business advisor, JPAbusiness, Parramatta, Central West NSW, business transaction advisor, sustainable value, business sustainability
The JPAbusiness Business Health Check template asks you to rate your business’ performance against 15 health factors, with an explanation of key considerations for each. It also provides some suggestions for how you may improve the health of your business, based on your score.
JPAbusiness has been conducting Business Health Checks for clients for over 18 years. In this video James explains how the Business Health Check serves as a diagnostic tool for uncovering a business' weaknesses, while also identifying its strengths.
When it comes to succession and estate planning, it’s never too early to start thinking – and talking – about it.
However, some business owners prefer not to confront their own mortality and just continue on running their business while avoiding thinking about, or planning for, the inevitable i.e. their ‘exit’. This creates the perfect environment for conflict among those left behind.
There are two golden rules when bringing an additional partner or shareholder into an existing business.
Golden rule 1: Understand what value the partner or shareholder is bringing to the business. Is it specialist expertise, an entry point into a new business line, strategic opportunities, funding… or all of these?
Golden rule 2: Understand the motivations and intentions of the new partner or shareholder – now and moving forward. It may help to seek some advisory or facilitation services to tease out and clarify these motivations.