“We need custom software.”

That sentence has launched a thousand spreadsheets, burned through budget after budget, and given more than a few project managers a permanent eye twitch. It’s often said with the best intentions – the team wants to be more efficient, and their current tools are a hot mess of workarounds. But here’s the thing: custom software is rarely the magic bullet it promises to be.

In many cases, what you need is better alignment, not custom code.

The Temptation of a Blank Slate

Custom software sounds dreamy. You get to build exactly what you want. No compromises. No awkward processes. Just you and your ideal workflow, hand in hand, skipping through fields of automation.

But dreams are expensive. And complicated. And very often, unnecessary.

Custom software means you’re not only paying for the development – you’re also on the hook for maintenance, updates, bug fixes, hosting, documentation, security, and integration management. Forever. Or until your one and only developer ghosts you for a better gig.

Off-the-Shelf Doesn’t Mean Off-the-Mark

Here’s the uncomfortable truth: most of the time, your business is not as unique as you think.

Off-the-shelf solutions (like Xero, Unleashed, Projectworks, WorkGuru, etc.) are designed around common business needs and tested across thousands of users. They’re updated regularly, come with built-in support, and are far cheaper to implement and maintain. You can often configure them to fit your processes with a little effort – and if something isn’t quite right, it’s usually because your processes need tweaking, not the software.

Think of off-the-shelf like flat-pack furniture. It might not be bespoke walnut with a satin finish, but it’ll hold your mugs and only take an Allen key to fix.

When Should You Build Custom?

Let’s not throw custom builds under the bus entirely. There are times when it’s the right choice:

• • You’ve looked at every viable commercial tool and none meet your core business needs.
  • You have a genuinely unique process that gives you a competitive edge – not just a quirky workflow you’re emotionally attached to.
  • You’ve validated the requirements and costs with someone who’s built software before (hint: not just your mate who “dabbles in coding”).
  • You’re ready to fund not just the build, but the ongoing development and support, like it’s a second business.
  • There’s no suitable software in your space yet – rare, but it happens (congrats on finding the gap!).

If all those boxes are ticked? Great. Go custom but go in with your eyes open and a seasoned project lead.

The Middle Ground: Custom Integration

If you’re using three great off-the-shelf tools that don’t quite talk to each other – this is where custom work can shine. Instead of building a whole new system, invest in smart integrations, automations, or even just API connectors to stitch together the best of both worlds. It’s like getting your flat-pack shelf custom-painted to match the walls – without having to build the house from scratch.

If integrations are something you’re interested in exploring, reach out to us for a referral, or directly to a provider like The Software Coach who can guide you through the process.

Before you break ground on your software masterpiece, ask yourself: do you need a custom castle, or just a better way to use the perfectly good house you’ve already got? Efficiency doesn’t come from unique software. It comes from clear processes, the right tools, and a team that knows how to use them.

The following content was originally published by BOMA. We have updated some of this article for our readers.

Your business may compete head-to-head with several other companies, but this doesn’t mean you have to treat ALL other businesses as if they are the competition.

In fact, there are real benefits in creating strategic alliances with other like-minded organizations.

When you look at the wider marketplace, you’ll see that there are businesses out there that may well compliment your offering. And by working together (rather than against each other) it’s possible to become valued strategic partners, collaborating to serve your joint customers, improve brand awareness and, ultimately, expand your target market.

If this sounds like a positive strategy, now’s the time to do your homework and start hunting down the best strategic partners for your business.

Working to serve a shared customer base

Strategic partnerships are all about finding the common ground between you and your intended partner – and this means finding the best ways to combine your efforts. If you can share the same customer audience, and create a complimentary way of meeting their needs, that creates a broader, more connected way of growing both companies.

7-tips to find a company that’s interested in forming a strategic alliance

1. Find partners in complementary sectors – if you’re an accounting firm, like us, it makes sense to partner with solicitors, lawyers and other professional services providers who can help your clients. If you’re a maker of shoes it makes sense to partner with a clothing manufacturer that shares your same sense of style and purpose. The key here is to find a shared audience or customer need, and to create some real synergy between your two businesses.
2. Take part in business networking and events – to get a wider understanding of your local, or industry specific, business network, it’s worth taking part in plenty of online and offline business events. You’ll meet new people, hear about new brands and will find it easier to find your ideal strategic partner. The wider your business network, the more choices you have for an alliance.
3. Look at crossover between your target audiences – once you’ve found a potential strategic partner, it’s important to take a detailed look at the crossover between your partner’s audience and your audience. Do they shop through the same channels? Do they fit a certain age group or social demographic? Are these customers local, or are they part of a national or global online customer base? How large is their database?
4. Cross-reference your customer databases – by sharing and comparing your client relationship management (CRM) data, you can cross-reference both sets of customer data and see where there’s overlap, or where you may already share some of the same customers. The better you understand each other’s customers, the more likely it is that you’ll find some common ground for shared marketing and promotion.
5. Run joint events and promotions – presenting joint webinars with your strategic partner, or running joint promotions. By finding a common theme, you bring both audiences together and reinforce the alliance between your two brands. You also reduce the expenditure by sharing the costs and reach a wider audience.
6. Combine your R&D efforts – to move your alliance forward, you can also try combining your research and development (R&D) activity, to find new products, new services and new ways of keeping your joint customers happy. By sharing the time, costs and effort of developing new offerings, both companies will benefit – and you keep your businesses at the cutting edge of their respective sectors or specialisms.

Look for other opportunities – can you link to each other on your websites, or as an upsell or cross sell when a customer is buying. Could you promote their product or service directly whether by email, social media marketing or at events and can they reciprocate? Don’t think of it as a once and done, look for ways to continue the collaboration and grow both businesses moving forwards.

The following content was originally published by BOMA. We have updated some of this article for our readers.

In a challenging business landscape, if you are considering a major change, your head is no doubt filled with questions.

I’ve decided to restructure. What’s the best way to do this?

Restructuring is never easy but if it’s necessary to keep your business afloat, we have 6-steps you can follow to keep stress to a minimum.

• Write a proposal outlining why roles need to change for the business to succeed.
• Email employees to let them know you’re proposing a restructure and invite them to a meeting (at least 2-3 days later) to learn more.
• At the meeting talk through your proposal on how the restructure should be implemented. It’s important for staff to feel part of the process, so invite them to give feedback via email or book to see you after the meeting. Particularly if redundancies are a possibility, it is vital that you show an open mind as to what should be done to promote your business’s objectives.
• Proposed changes to an employee’s terms and conditions must be committed to writing and provided to the employee with notification that they are entitled to seek independent advice. They must be given a reasonable opportunity to seek that advice.

I want to sell my business. How do I get it ready for sale?

Selling your business involves a lot of homework. You need to get it looking as “shiny” as possible before getting it valued by an accountant.

Here’s 6-steps:

1. Sell assets you’re not using, stop investing in long-term projects and put together a realistic financial forecast.
2. Prepare a business plan that includes how well the business is running and your plans for growth.
3. Sort out any legal issues or staffing problems.
4. Bring health and safety, cloud solutions, and bookkeeping software up to date.
5. How are your website and social media looking? Could a buyer hit the ground running with them?
6. Talk to us about ways to boost your sales revenue and pre-sale profit margin. Remember it’s the last two- or three-years’ profit, and future maintainable profit, that determine the value.

The following content was originally published by BOMA. We have updated some of this article for our readers.

The world has experienced and continues going through crazy times.

Whether you’re still selling online, doing click and collect, or using a more classic business model — there are steps you can take now to minimize the impact recessions and other economic storms can have on your business.

• • Continue to invest in digital transformation – retailers that have strong digital infrastructures are in a relatively better position to act when challenges arise. Companies that didn’t have their digital ducks in a row have to ramp up their efforts because it was the only way to survive. Doubling down on ecommerce and connecting with shoppers digitally are critical actions to take. Now is the perfect time to make sure all your systems are integrated.
  • Get all your channels working together – Connect all your sales channels together and keep all your data in sync. Aside from saving you from having to reconcile your records and re-enter your data, having tightly integrated systems enables your sales channels to work together, so you can provide services like curbside pickup, local store fulfilment, and same-day delivery.
  • Run a leaner retail business – Cut unnecessary spending and focus your resources on revenue-driving activities. Are there programs or systems you’re paying for but no longer using? Talk to your team about the need to cut costs, they may be able to provide helpful insights.
  • Strengthen your customer relationships – Stay on top of customer communications by regularly touching base with shoppers. This is a great way to stay top-of-mind. Depending on your customer base, utilize various communication channels, including phone, email, SMS and social media.
  • Be creative with how you position your business – Getting people to spend during challenging times or a recession is much harder, but it’s doable if you position your business the right way. For instance, positioning your products as useful in the current economic climate, end of line discounts, or capitalizing on products that are bucking the trend. Make sure your brand messages are relevant to your customer’s situation.
  • When revenue picks up, stockpile cash – Cash is vital for your long-term viability, and especially during a downturn. Make sure you always have enough liquid funds in your account. A good rule of thumb is to have at least 10% of your annualized revenue in the bank and you may want to set this higher. You’ll need to ensure you have cover for your compliance obligations too.

If you are facing multiple challenges in your business, focus on the things that you can change (and that matter).

We can help with your short- and long-term business plans to build a stronger business.

The following content was originally published by BOMA. We have updated some of this article for our readers.

You may love running your business. But in the back of every owner’s mind is the knowledge that one day you’ll need to sell the company and retire.

But with global markets in upheaval and the future less certain than ever before, how can you guarantee that your business will be worth enough on the open market for you to retire?

In this series, we’ll look at the core ways your business can be structured to deliver on your own personal, family, philanthropic and leisure goals, now and into retirement.

Creating a business that will fund your retirement plans

Your business must be the nest egg that provides the equity for you to retire. But how do you secure that nest egg, the value of the business and your retirement plans?

We’ve highlighted five strategies that will add to the value of your business – so, when you come to sell, you’ll get the return on investment (ROI) needed to retire comfortably.

1. Build a business that can run without you

You may be the boss, but your business needs to function independently of you to hold its value at sale. One way to do this is to systematize your operations, so the day-to-day procedures exist outside your own head and are scalable as the company grows.

It’s vital to train up a strong management team that can keep the business trading when you’re no longer in the picture. This autonomy significantly boosts the value of the company, as potential buyers want businesses that won’t collapse when the founder leaves.

2. Focus on recurring revenue streams

Recurring revenues give your business more stability. Think about focusing on subscription services and other predictable income sources to help build up value in the company.

Recurring revenue dramatically increases business valuation multiples (often 2-3 times higher than transaction-based models). By creating a stable, valuable business, you can sell the company for a premium price, providing the equity you’ll need to fund your retirement.

3. Invest in intellectual property and licensing

Having valuable assets in the business boosts the potential price of the company. Your intellectual property (IP) and brand equity are two intangible assets that can have a significant impact on the value and asking price when the company is put up for sale.

Think about developing products, processes or technologies that can be patented and then licensed to other third parties. This is a great way to use your IP effectively, boost your brand and create passive income – something that will appeal strongly to any potential buyers.

4. Keep detailed records and keep finances healthy

A viable business with a good financial health score is the holy grail for buyers. So keeping your financial health, company credit score and cashflow position under control is vital.

It’s important to have rigorous financial tracking in place and to keep a close eye on your key financial metrics. Clean books with 3-5 years of strong profitability make your business significantly more attractive to buyers and can justify higher valuations and better ROI.

5. Create a strategic exit plan well in advance of retirement

The key to a successful exit is having an exit plan in place as early as possible. Work with your advisors to add value to the business, identify ideal buyers and find the most tax-efficient exit structures that will deliver the funds you need on retirement.

Ideally, you should start this exit strategy at least 3-5 years before you intend to retire. This gives you time to think about succession planning, boosting the underlying value of the business and making sure you’ll have sufficient capital for your retirement needs.

Helping you secure your income and lifestyle

You deserve a restful and comfortable retirement after many years of leading and growing your business. But to do this, it’s important to start planning now and getting your exit strategy ready.

Come and have a chat about your retirement plans and exit strategy. We can also introduce you to independent financial advisers who can offer personalized wealth management advice.

The following content was originally published by BOMA. We have updated some of this article for our readers.