JPAbusiness

Small businesses (under 100 employees) lose almost twice as much to occupational fraud – per case – as large businesses. [Source: ACFE Report to the Nations: 2018 Global study on occupational fraud and abuse]

And according to the PWC Global Economic Crime Survey 2016, seven out of 10 organisations believe the biggest driver of internal economic crime is opportunity.

What you can do

While business owners can’t do much about a fraudster’s personal drivers, we can definitely limit opportunities to commit employee crimes and create a work environment that actively discourages fraud.

Listed below are 15 strategies to minimise the risk of employee fraud occurring in your business.

Topics: Free download, staff management, Checklist, Employee fraud, business advice, eBook, Business advisor, JPAbusiness, Parramatta, Orange NSW

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.

Topics: Free download, Business Planning, Template, Succession planning, Business advisor, business management, Parramatta, Orange NSW

Many businesses – including my own – have a ‘virtual team’ of service providers who work in concert with our regular team of in-office staff members.

We have created the following infographic based on our experience and that of our clients who also have valuable outsourcing partnerships.

Use these tips to help you enjoy the benefits of outsourcing, while avoiding some of the hazards.  

Topics: Free download, Advice, Staff, Running your business, infographic, outsourcing, business advice, risk management, Parramatta, Orange NSW

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.

Topics: Business Value, Free download, Advice, Valuations, infographic, Business valuation, Parramatta, Orange NSW

Value can be destroyed overnight if a business sale transfer goes wrong.

A few years back we published an eBook and checklist designed to help people manage this transfer process, after an experience I had while conducting due diligence for a client.

My client was in the process of purchasing a building products business in Queensland, which sold to both the trade market and retail customers.

Contracts had been exchanged and a deposit paid by my client, but the sale was subject to the outcome of my due diligence.

Topics: Buying a business, Free download, Business transfer, Checklist, business advice, selling a business, JPAbusiness, Parramatta, Orange NSW

 

Step 1: Imagine the process of assessing different businesses for sale as a funnel

The top of the funnel is wide and has a screen which sifts out businesses which don’t meet your requirements.

These requirements may relate to:

• Geography
• Size and turnover
• Earnings
• Price
• Product or service
• Customer base, etc.

Once the various sale opportunities have been ‘sifted’ you are left with the select few businesses which meet your requirements. 

Topics: Buying a business, Free download, infographic, business advice, Business advisor, James Price, business buying funnel, Parramatta, Orange NSW

If you're thinking about buying or starting a business – moving from the employed workforce to self-employment – take a look at our free Business Owner's Checklist.

The checklist features 10 common attributes our team tends to find in people who successfully build and run businesses.

Among these attributes are:

• persistence
• ability to deal with uncertainty, including extreme highs and lows
• ideas person, with an eye to commercialisation and reality
• self-confidence, but not arrogance
• someone who can trust others.

Topics: Buying a business, Free download, Template, business advice, Business advisor, James Price

 

Step 1: Imagine the process of assessing different businesses for sale as a funnel

The top of the funnel is wide and has a screen which sifts out businesses which don’t meet your requirements.

Topics: Buying a business, Free download, infographic, business advice, Business advisor, James Price, business buying funnel

In order to determine a business’s value we assess business health factors, which may include:

• Financial performance
• Quality of product or service delivery
• Point of difference and competitive position
• Staff culture and performance
• Physical location and geographic coverage
• Diversity, size and quality of clients
• External pressures on business, including industry trends and dynamics
• Future projections and prospects.

In the past five years, a critical new health factor has been added to that list: ‘Online presence and quality of online interaction’. 

The following infographic illustrates some of the factors we take into account when assessing a business' online position.

Topics: Business Value, Online, Free download, Running your business, infographic, Business valuation

A good business purchase is about planning and ensuring you have plenty of information to base decisions on, rather than rushing in and letting emotions take over.

Use our Buying a Business Planning Sheet to help you ‘make a match’ between your requirements and risk profile, and the business you are assessing.

Topics: Buying a business, Free download, Advice, Template