How to develop staff training and PD plans [template]

Posted by James Price | JPAbusiness on 08-Sep-2021 02:00:00

We all want competent, confident staff who feel fulfilled and motivated by their work – as we've discussed in previous blogs, it's a win-win that provides benefits for both the employer and employee.

Training and professional development is key to staff developing that competence and confidence, so this week we're inviting you to download our free JPAbusiness Staff Training Plan and Professional Development Plan templates.

Don't let COVID-19 derail your training plans

As we move through an uncertain FY21/22, 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.

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Topics: Training and Professional Development, Template, business advice, Business advisor, staff performance, James Price, professional development, JPAbusiness, Parramatta, managing employees, staff training, COVID-19, coronavirus, Central West NSW, training and pd

How to conduct performance reviews with senior staff

Posted by James Price | JPAbusiness on 27-Jan-2021 02:00:00

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.

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Topics: staff management, business advice, Business culture, business management, staff performance, performance review, James Price, JPAbusiness, Parramatta, COVID-19, coronavirus, Central West NSW

My 3 business lessons from 2020

Posted by James Price | JPAbusiness on 23-Dec-2020 02:00:00

There are many ways to describe 2020 – most of them not fit for polite company – but today I’m looking on the bright side and seeing it as ‘a learning experience’.

I’ve come up with three lessons, based on our experiences and those of our clients.

First a little back story…

The business impacts of the pandemic first hit home for us on Friday the 13th of March.

We had a multi-million-dollar, multi-state transaction about to complete. The parties had exchanged contracts and were progressing with transition plans.

The stock market had just had a very volatile 24 hours, when the intending purchaser called me and said: “We think there is just too much uncertainty. To protect our business, our shareholders, our employees – we want to pull out.”

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Topics: business advice, Business advisor, James Price, JPAbusiness, Parramatta, COVID-19, coronavirus, Central West NSW, business sale, business sale transaction advisor, pandemic, flexible workplace, working from home

3 questions to ask when valuing a business [infographic]

Posted by James Price | JPAbusiness on 09-Dec-2020 02:00:00

Business valuation is not an exact science and nor is it a simple science. However there are some factors that should always be considered when assessing a business’ value.

They are:

  • repeatability of current earnings
  • availability of information on the business’ performance and business model
  • point of difference and competitive advantage.

We've created the following infographic to help you get started on assessing the value of a potential purchase opportunity.

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Topics: Business Value, Advice, BME, infographic, business advice, Business valuation, Business advisor, Business maintainable earnings, James Price, JPAbusiness, Parramatta, COVID-19, coronavirus, Central West NSW, business transaction advisor

How to access business finance during the pandemic

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

Interest rates are at record lows in Australia right now and, to address the various impacts of COVID-19, the Commonwealth Government has introduced a number of programs to kick-start and boost the economy, including the Coronavirus SME Guarantee Scheme.

Some might argue there’s never been a better time to borrow money to invest and grow your business!

Launched in March, the SME Guarantee Scheme was designed to help otherwise viable SMEs weather the devastating impact of COVID-19 and rebuild for the future.

Phase I ran until September 30 and was not broadly taken up – less than $2 billion of the $40 billion allocated was approved for payment.

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Topics: Banks and lending, Cash flow, Working capital, business advice, James Price, finance, seeking finance, JPAbusiness, Parramatta, business finance, COVID-19, coronavirus, Central West NSW, pandemic

How to create a shareholders’ agreement [template]

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

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.

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Topics: Advice, Partners, Business Structures, Shareholders, Template, Checklist, business advice, Business advisor, shareholders agreement, Parramatta, COVID-19, coronavirus, Central West NSW

How to protect your business during the pandemic [infographic]

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

 

 

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.

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Topics: Business Planning, infographic, business advice, Business advisor, JPAbusiness, Parramatta, cash flow management, COVID-19, business strategy, coronavirus, scenario planning

Staff training and PD plans – why you need to think about them now [templates]

Posted by James Price | JPAbusiness on 29-Jul-2020 02:00:00

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.

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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

What’s happening in the business transaction market

Posted by James Price | JPAbusiness on 24-Jun-2020 02:00:00

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:

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Topics: Buying a business, Business transfer, business advice, selling a business, Parramatta, COVID-19, coronavirus, Central West NSW, business news

14 ways to control cash flow and maintain liquidity [cheat sheet]

Posted by James Price | JPAbusiness on 20-May-2020 02:00:00

[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.

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Topics: Advice, Cash flow, Working capital, Running your business, cheat sheet, Business advisor, James Price, JPAbusiness, Parramatta, Orange NSW, COVID-19, coronavirus, liquidity

 
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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