When should I tell my staff I'm selling my business?

Posted by James Price | JPAbusiness on 03-Apr-2019 02:00:00

In assisting clients to prepare for a business sale process, we often get the question: When should I tell my staff I’m going to sell?

It’s an important issue because staff can significantly impact your business’ value, while selling can impact their lives.

The reality is there is no simple answer because every business is different.

A complex situation

Our guiding principle is that open and transparent communication with your staff is always a positive thing.

However, this is complicated by the fact selling a business is a sensitive issue and disclosing the fact it’s for sale can be detrimental to a business’ operations.

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Topics: staff management, business advice, selling a business, business basics, Parramatta, Orange NSW

How to develop a great team [infographic]

Posted by James Price | JPAbusiness on 03-Apr-2019 02:00:00

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:

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Topics: Employment and recruitment, Staff, Starting a business, staff management, business advice, Parramatta, Orange NSW

How do I involve staff in an ownership position in my company?

Posted by James Price | JPAbusiness on 13-Mar-2019 02:00:00

There are a number of mechanisms to provide senior and key staff with a level of interest in your business over and above an employee status.

It’s often referred to as giving employees ‘skin in the game’ and it’s about aligning your objectives as a business owner and operator with your key people, so together you can achieve great things within the business.

There are a number of ways to align objectives between the parties, through both ownership and/or incentive arrangements without formal ownership:

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Topics: staff management, business advice, staff share plans, business basics, Parramatta, Orange NSW

7 tips for managing outsourcing partners and virtual teams (cheat sheet)

Posted by James Price | JPAbusiness on 06-Feb-2019 02:00:00

At JPAbusiness, we use our virtual team for roles such as marketing, legal and IT.

Of course, 'virtual teams’, ‘virtual resourcing’ and ‘contingent workforce’ are simply other ways of saying outsourcingThey’re modern terms, but their development is based on a very old business adage: do what you do well and rely on others for the rest.

Small to medium-sized enterprises (SMEs) are increasingly outsourcing to drive efficiencies, but managing virtual teams also presents some challenges. In the following cheat sheet we've provided 7 tips for managing outsourcing partnerships and virtual teams. 

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Topics: cheat sheet, outsourcing, virtual team, staff management, project management, business advice

Hiring staff – 3 things to do before you interview [infographic]

Posted by James Price | JPAbusiness on 30-Jan-2019 02:00:00

When hiring new staff there are a number of issues that need to be dealt with by a business owner or senior manager before a recruitment interview process begins. It’s much harder to retrofit this important information into a recruitment process after the fact.

We've created the following infographic to help with that pre-interview planning process. It sets out: 

  • the 3 tasks to undertake before you begin the interview process;
  • examples of what you might consider when carrying out each of those planning tasks.
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Topics: infographic, staff management, business advice, Business advisor, staff recruitment, hiring staff

'You can do better': the power of feedback when managing a team

Posted by James Price | JPAbusiness on 30-Jan-2019 02:00:00

This blog comes from our eBook Surfer dudes, janitors and the Ritz-Carlton: Lessons in leadership and business culture.

Management consultant Kevin Catlin from Insight Strategies, Inc. generously shared three of his past blogs in the eBook, along with some updated comments at the end of each one.

We hope you enjoy the insights of this inspirational communicator and leadership expert.

 

By Kevin Catlin
Insight Strategies, Inc.

I joined the army in July of 1976 but had to wait four months to turn 18 before I could be shipped off to basic. I was not a great soldier...

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Topics: staff management, Business culture, staff performance, leadership, guest blogger, feedback

6 key elements of managing staff [cheat sheet]

Posted by James Price | JPAbusiness on 16-Jan-2019 02:00:00

A high-performing team is business 'nirvana'. A high-performing team:

  • is one where both the individuals and the team as a whole are performing to their optimum potential
  • is aligned and attuned to your vision for where you want to take the business
  • drives the key tasks and aspects of the business to achieve both its short- and long-term objectives.

In our eBook, Managing staff for high performance, we discussed 6 key elements that you as a business manager, owner or leader need to think about as you go about your day-to-day activities, in order to positively manage staff and help develop them into a high-performing team. We've distilled that information into the following cheat sheet.

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Topics: cheat sheet, staff management, business advice, staff performance, performance review

Why I went to California, and why you should too*

Posted by James Price | JPAbusiness on 05-Dec-2018 02:00:00

*You don’t actually have to go to California, but I do recommend taking advantage of professional development opportunities whenever possible. 

A senior member of the team and I travelled to California recently to attend the Advanced Business Valuation and International Appraisers Conference. The conference was hosted by the American Society of Appraisers, an international organisation representing all appraisal disciplines, including business valuation.

It was a jam-packed three days of hearing from expert industry practitioners and thought-leaders on diverse topics, including:

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Topics: Training and Professional Development, staff management, business advice, business development, Business advisor, professional development

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, business advice, business management, business ownership, running a business, small business

How can I build a positive business culture?

Posted by James Price | JPAbusiness on 31-Oct-2018 02:00:00

 

By Kevin Catlin
Insight Strategies, Inc.

 

Q. What is the key ingredient in a successful business culture?

KEVIN CATLIN: Some will disagree with me, but I believe culture starts at the top.

You cannot, in my opinion, create a great company culture if the owners and the senior managers are not living it themselves.

 

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Topics: staff management, Business culture, business management, Kevin Catlin, guest blogger

 
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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