How to plan when you're not a natural planner [cheat sheet]

Posted by James Price | JPAbusiness on 22-Sep-2021 02:00:00

If you’ve been reading my blogs for a while now, you know I love a well-written business plan.

I encourage my business advisory clients to write things down, even in a summary sense, because it’s a good way of pressure testing your objectives and communicating them to your team.

Despite my penchant for written plans, I do know successful business owners who don’t write things down and still manage to be supreme at operational and business planning.

They do, however, employ a number of other important techniques, some of which we’ve summarised in the following cheat sheet:

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Topics: Business Planning, cheat sheet, business management, running a business, strategic planning, business plan

Should I buy a business to get myself a job?

Posted by James Price | JPAbusiness on 09-Jun-2021 02:00:00

The short answer to this question is yes... and no.

Buying a business that provides you with a good job is definitely a worthwhile strategy, as long as it doesn’t just provide you with a job.

If you own a business, what are the main risks you will be taking?

  • Operational risk – As a business owner you count on your systems and processes to work in a predictable manner and accept the risk of those systems and processes failing. For example, your safety system could fail and cause injury to an employee, or your manufacturing system could break down, causing you to default on a major customer contract.
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Topics: Buying a business, business ownership, running a business, redundancy, buy a business, owning a business

Video: Tips for seeking finance during the COVID-19 crisis

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

This week we’ve created a two-part video series offering advice on how to communicate with your bank, financier or investors, and what pieces of information to share, if you’re looking to secure funding and ongoing support in the current environment.

In last week’s video I mentioned that smart business owners are using this time to ask tough questions, including: “What is the best balance sheet and funding structure for my business, going forward?”

As I said then, the smart businesses – even if their balance sheets are quite strong and they have funding lines – are talking openly to their financiers, sharing re-forecasts and securing extra funding lines, just in case things become more difficult over the next 6–12 months.

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Topics: Banks and lending, Banking, running a business, seeking finance, business finance, COVID-19, business strategy

How to build value by starting succession planning early [cheat sheet]

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

The following cheat sheet contains 6 succession strategies you can start employing in your business today.

Adopting these strategies will help future-proof your business for when and if you decide to take up an exit opportunity, or relinquish operational involvement in your business.

It’s never too early to start thinking about your succession plan and developing the skills of your team and business capability.

If you future-proof your business in this way, the business should thrive even if you’re not there, and the market should reward you.

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Topics: cheat sheet, Succession planning, staff management, business management, running a business, business succession, succession plan

6 tips to motivate yourself in business [infographic]

Posted by James Price | JPAbusiness on 24-Jul-2019 02:00:00

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.

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Topics: infographic, business management, motivation, running a business

What does a 'healthy' balance sheet look like? [infographic]

Posted by James Price | JPAbusiness on 12-Jun-2019 02:00:00

Many business owners, in small and large firms, don’t really focus on their balance sheet. They look at their profit and loss and, if they’re making a profit, they think ‘everything’s fine’.

From our experience, the balance sheet of a business is often the key to its success.

This is because a healthy balance sheet is often the key to being able to withstand shocks; it gives financiers the confidence to support your business with additional funds when things are tight.

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Topics: Banks and lending, Running your business, infographic, Banking, running a business, finance, balance sheet

What is succession planning?

Posted by James Price | JPAbusiness on 28-Nov-2018 02:00:00

Many people think of succession planning as an old person’s problem – something you do once you decide to exit your business. This is far from the truth, although it's not surprising the misconception exists. 

In planning this blog I conducted a quick Google search of the question 'what is succession planning?' to test the common perceptions. The first result (from an Australian government website!) provided the following answer: "succession, or exit plan outlines the things you will do when you sell, close or transfer ownership of your business."

I beg to differ. Succession planning should not be something you do when it's time to exit: it is a young person’s pathway to building a valuable business.

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Topics: Succession planning, staff management, running a business, business succession, succession plan

How often should you use the Business Health Check template?

Posted by James Price | JPAbusiness on 07-Nov-2018 02:00:00

The JPAbusiness Business Health Check goes back a long way in our company’s history.

When we started JPAbusiness about 17 years ago, one of the first diagnostic services we offered business advisory clients was to conduct a Business Health Check. The aim was to uncover performance-impacting issues in our clients' businesses that weren’t obvious to them and, sometimes, not even remotely on their radar.

And that’s what our Business Health Check template is all about: helping you as a business owner and manager be honest about how your business is performing.

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Topics: Template, Business health check, running a business

Should I buy or start a business? [infographic]

Posted by James Price | JPAbusiness on 26-Sep-2018 02:00:00

Many people feel they should ‘aspire to something more’ than being an employee i.e. owning their own business. As I've often said, business ownership is only the right environment for some people, and for many of those it is only the right environment at the right time.

In our eBook, Pros and cons of owning your own business, I told my own story of what it was like to start my business 17 years ago. Despite being highly motivated to create something of my own, and very confident that I 'knew my stuff', it was still very challenging, particularly in the first year.

Do you have the right personal qualities?

There are many factors that contribute to a person’s success in business, but the following four personality types – or personal attributes – often seem to manifest themselves in successful business owners:

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Topics: Buying a business, infographic, running a business

5 fundamentals of running a business [infographic]

Posted by James Price | JPAbusiness on 15-Aug-2018 02:00:00

There are 5 key business fundamentals a business owner or senior manager needs to grasp in order to run a business for optimum performance.

The following information is a distillation of the things many of our best clients do on any given day of the week, presented here as a simple infographic.

These fundamentals are not necessarily sequential, instead they often overlap and run in parallel, and also inform and interact.

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Topics: Running your business, infographic, business management, running a business

 
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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