Great staff are critical to our success as business owners and managers, but finding and keeping the right people is an ongoing challenge for many businesses.
Unfortunately we can't conjure appropriately trained staff out of the air for our clients and subscribers, but we can provide advice to make the recruitment process as successful as possible.
In this video I outline our 7 'golden rules' for successful hiring.
Topics: Employment and recruitment, Advice, infographic, cheat sheet, Template, Video, staff management, Business advisor, staff recruitment, hiring staff, James Price, hiring, JPAbusiness, Parramatta, Central West NSW
When it comes to buying a business, it’s generally advisable to conduct a thorough due diligence on the purchase opportunity.
Due diligence is designed to identify any material issues which are likely to impact the value proposition of the business opportunity you are considering. It's usually conducted once you've secured a binding position on price – a position which may be subject to your detailed due diligence.
Every due diligence is different, and should be treated as such, but – as I outline in this video – there are some warning signs you should watch out for in any due diligence process.
Topics: Buying a business, Advice, Due diligence, Template, Video, Business advisor, business broker, James Price, small business, JPAbusiness, Parramatta, Central West NSW, business buyer, business transaction advisor, due diligence checklist
Many businesses, particularly small to mid-sized businesses, rely heavily on one or two key individuals for the business to operate.
These individuals are often the business owners and they may be reluctant to delegate control and decision making for a variety of reasons.
Whatever those reasons, the result is centralised decision making, knowledge and experience, which are not easily transferable in a business sale.
Ultimately, of course, that impacts business value – and not in a good way!
Topics: Business Planning, Valuations, Template, Video, Succession planning, Business valuation, Business advisor, JPAbusiness, Parramatta, succession, business succession, scorecard, business value drivers
The following video features 5 tips that will help you take a planned and measured approach to what may well be one of the biggest financial investments of your life.
They're each important in their own way, but I must admit Tip 2 – 'Have passion for the opportunity' – is a key one for me.
Owning a business can be difficult at times, but it's easier to withstand those challenges if you have a 'fire in your belly' for what you do.
Topics: Buying a business, Business Planning, Video, business advice, Business valuation, Business advisor, James Price, valuing a business, Parramatta, Central West NSW, business sale transaction advisor, business value drivers
The JPAbusiness Business Health Check template asks you to rate your business’ performance against 15 health factors, with an explanation of key considerations for each. It also provides some suggestions for how you may improve the health of your business, based on your score.
JPAbusiness has been conducting Business Health Checks for clients for over 18 years. In this video James explains how the Business Health Check serves as a diagnostic tool for uncovering a business' weaknesses, while also identifying its strengths.
Topics: Business Planning, Template, Video, business advice, Business advisor, Business health check, James Price, JPAbusiness, Parramatta, Central West NSW, diagnostic tool
Cash flow is the lifeblood of a business and careful cash flow management has never been more important than it is today.
From a day-to-day point of view, the more cash surplus in your business, the more value in your pocket. Having surplus cash that can be used as working capital also gives your business more options to grow, invest and change.
Taking the longer-term perspective, ability to generate cash is a critical component when it comes to determining the value of the business should you wish to exit.
In this video I'm focusing on how you can improve your cash flow through your dealings with suppliers.
Topics: Cash flow, Video, Suppliers, business advice, Business advisor, managing suppliers, James Price, JPAbusiness, Parramatta, Central West NSW, liquidity, business transaction advisor, cashflow management
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.
In the following video I list 3 key tasks you should undertake before you begin the interview process.
Topics: infographic, Video, staff management, business advice, Business advisor, staff recruitment, hiring staff, James Price, JPAbusiness, Parramatta, Central West NSW
We have helped some clients find the right business within six months while, for other clients, it has taken over three years.
The key phrase is ‘the right business’; I’m sure we could speed up the process if our aim was just to help our clients buy ‘a’ business, but that’s not our job.
In this video I explain why it's important not to rush into buying a business, and share four tips for managing risk during the business buying process.
Topics: Buying a business, infographic, Video, business advice, Business valuation, Business advisor, business broker, vendor due diligence, business buying funnel, JPAbusiness, Parramatta, Central West NSW, business buyer, business transaction advisor
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.
A pending sale can unsettle your team and, if it gets out in the market, it can cause difficulty with clients or suppliers.
In this video I share some strategies for sharing business sale plans with key staff:
Topics: Selling your business, Video, staff management, business advice, selling a business, Business advisor, James Price, JPAbusiness, business basics, Parramatta, Central West NSW
The simple answer is ‘no’, you don’t need a valuation to sell a business.
However, in terms of engaging JPAbusiness to sell your business, the answer is ‘yes’: we always recommend clients have their businesses independently and professionally valued before they invest time and money in a sale process.
In this video I explain how our first experience of helping a client sell their business – combined with our many years of subsequent experience – has shaped this philosophy regarding valuation and its role in a successful sale process.
Topics: Business Value, Video, business advice, selling a business, Business valuation, Business advisor, Business selling, JPAbusiness, Parramatta, client case studies, Central West NSW
