If you’re a business owner considering taking on an investing party or shareholder, some form of written shareholders’ or partners’ agreement is vital.
Use the agreement to make clear all parties’ investment and partnership intentions and responsibilities from the outset.
Remember, this is your business, so you can cover whatever you think important, from business relationships, ethics and cultural issues, to insurances, taxation and debt obligations; it’s your blank canvas.
Topics: Advice, Partners, Business Structures, Shareholders, Template, Checklist, business advice, Business advisor, shareholders agreement, Parramatta, COVID-19, coronavirus, Central West NSW
In mid-April we published an infographic detailing our expectations around the business activities we would all need to engage in following the initial impact of the COVID-19 crisis.
The three phases of activity we expected to follow the initial impact were: survival, protection and emergence.
Our take was that if you want to stand a chance of getting out of crisis mode and through to the other side, intact and ready for a viable future, you need to explicitly understand each phase and work your business, strategies and decisions within their constraints and conditions.
For most of our clients and other businesses, with the exception of those significantly impacted by the ‘Stage 4’ lockdown announced this week for metropolitan Melbourne, we’re currently in the ‘protection' phase of our predicted timeline. We thought this might be a useful time to publish a reminder of what we believe businesses should be considering at this time.
Topics: Business Planning, infographic, business advice, Business advisor, JPAbusiness, Parramatta, cash flow management, COVID-19, business strategy, coronavirus, scenario planning
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
Taking a look at JPAbusiness’ website analytics this week, I noted that our Business Transfer Checklist has been a popular download over the past few months.
It got me thinking about the state of the business transaction market and the fact some may be surprised to hear that business sales are still going on during such an uncertain time.
I know from our contact with solicitors that sales and acquisitions, and legal services relating to these, have certainly declined since COVID-19 restrictions came about.
However, from what I’m seeing on the ground, transactions that are still happening – or being planned or contemplated – are being driven by a range of factors, including the following:
Topics: Buying a business, Business transfer, business advice, selling a business, Parramatta, COVID-19, coronavirus, Central West NSW, business news
[This blog has been republished in the wake of COVID-19 developments, as having the liquidity necessary to continue operating effectively is critical in these times.]
As business valuers and brokers, and in advising clients on business performance and financing, there is a critical thing we look for: liquidity.
Liquidity is effectively how much cash a business generates and how stable and frequent that generation is. That ability to generate cash is a critical component of business value.
Topics: Advice, Cash flow, Working capital, Running your business, cheat sheet, Business advisor, James Price, JPAbusiness, Parramatta, Orange NSW, COVID-19, coronavirus, liquidity
The novel coronavirus has brought many changes to the way we work, but are these changes just a temporary blip, or here to stay? And if they are here to stay, what will our workplaces of the future look like?
Here are some of my predictions for what work will look like in the post-COVID-19 world:
Topics: staff performance, running a business, small business, business basics, Parramatta, staff wellbeing, managing employees, COVID-19, business strategy, coronavirus, scenario planning
This week we're sharing Part II of our video series on how to communicate with your bank, financier or investors, and what pieces of information to share, if you’re looking to secure funding in the current environment.
The goal is to ensure your financier has a clear understanding of how your business is tracking, so they can feel confident in supporting you.
Last week we focused on profit and loss information. This week's video details the critical elements of working capital you need to share with your financier.
Topics: Business advisor, James Price, JPAbusiness, Parramatta, business finance, financials, cash flow management, COVID-19, business strategy, coronavirus, scenario planning, liquidity
In this video I’ve discussed how the COVID-19 situation is impacting different elements of business and the Australian economy.
I’ve used the video to share my analysis, as well as some of our clients’ feedback, on the following questions and issues:
Topics: Business Planning, business advice, James Price, JPAbusiness, Parramatta, cash flow management, COVID-19, business strategy, coronavirus, scenario planning
Over the past few weeks we’ve published a number of COVID-19 related blogs to assist our readers in navigating the new and emerging business landscape.
Like most people, we didn’t see the new coronavirus coming, so the blogs and resources we’ve shared have been a result of pretty ‘on the fly’ thinking about how we could best support you.
This week we’ve consolidated those resources into a presentation format to show you how they tie in together and can be used in your business.
Topics: Business Planning, infographic, business advice, Business advisor, JPAbusiness, Parramatta, cash flow management, COVID-19, business strategy, coronavirus, scenario planning
Motivation in business is about having a certain drive, determination, focus and consistency in the way you go about your business. You also need to feel successful – I don't know anyone who finds repeated failure motivating!
The following infographic features 6 tips to help business owners and managers maximise their motivation.
Topics: infographic, business advice, Business advisor, staff recruitment, motivation, Parramatta, COVID-19, business strategy, coronavirus, Central West NSW
