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Exit – Stage Right!

Exit – Stage Right!

It takes a lot to start a business. Few business owners start with exit in mind.

You start with a dream and the tenacity to make it real, and make it grow. When do you start thinking about what you want to happen when you retire?

Some business owners talk about funding a lifestyle but actually work is their lifestyle. They’d rather go with their boots on. But what happens to the business? Assets? Clients? Employees? The dream and the hard work that made it real?

Don’t let your exit strategy happen by accident. Three ideas to start with:

    • Successors: Family members? Your team? Franchisees? A few key people motivated to form a partnership? Who is interested? Who has the potential and passion for it?
    • Alternatives to exit: The idea of retiring bores you to snores. Retain an interest in the business. Share the knowledge you’ve built up, have the satisfaction of seeing the business continue to grow and discover the lifestyle you could have now that you have time to have a life.
    • Ready to sell: If selling is your best option, is your business market ready? To achieve the best price, you need your business to be in the best shape. Analyze it from the point of view of a potential buyer. Is there clear documentation on business processes and performance? Is your business performing at peak? What needs to happen and what’s a realistic timeframe?

These are things we can help with. Start the conversation with us today.

We can run a cost-benefit analysis

Could buying a building be the right choice for your business? We can work with you to analyze the costs and benefits of each option, to help you make an informed decision about which one will put you on track to achieve your goals.

Get in touch today, we’d love to hear from you.

 

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

Should You Buy a Building for Your Business?

Should You Buy a Building for Your Business?

Tired of paying rent for your commercial premises and considering buying a premises for your business?

Owning a building works best if your business is well-established, you have money to invest, and you’re taking a long-term approach – it can take many years for this decision to pay for itself.

The advantages of owning a commercial property

    • You no longer need to worry about dealing with a landlord. You’re the landlord now, so your lease won’t end and you get to make all the decisions about how the premises is used. If you want to make changes to the fitout, it’s up to you.
    • You don’t have to worry about rising rent. Eventually, owning a premises will be cheaper than leasing. When you continue leasing, you can expect the rent to keep going up – sometimes the jump may be substantial.
    • If your business moves or closes, you still own the building. This can be a highly valuable long-term asset, depending on the type of building and the potential tenants.

The advantages of leasing your business premises

    • Leasing gives you more flexibility. You can move if your business gets too big for the space, or downsize if more people are working from home.
    • You don’t have to worry about paying building expenses like rates, warrants of fitness, and insurance.
    • Your rent is likely to be lower than the servicing costs for a commercial property loan, boosting cashflow so you have more to invest in the growth of the business.
    • The landlord will take care of repairs and maintenance on your building – when there’s a leak, for example, it’s not your problem.
    • Commercial buildings are typically expensive and financing is costly, so you’ll need to do plenty of research before you decide to make a purchase.

We can run a cost-benefit analysis

Could buying a building be the right choice for your business? We can work with you to analyze the costs and benefits of each option, to help you make an informed decision about which one will put you on track to achieve your goals.

Get in touch today, we’d love to hear from you.

 

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

Why Your Accountant is the Mentor You Didn’t Know You Needed

Why Your Accountant is the Mentor You Didn’t Know You Needed

A business mentor can provide guidance and support, so you make the right decisions and stay focused on the end goal as a business owner.

They can also help you move forward in your career by providing advice and feedback on what steps to take to reach the pinnacle of success.

But have you ever thought of your accountant as a mentor?

Why your accountant is the ideal mentor

Having someone who understands your business journey is incredibly important. You might see an accountant as someone who files your tax returns. But, in fact, we’re experienced business owners, with access to a significant network of other business professionals.

An accountant can be the mentor you didn’t know you needed. No-one knows your business better than us, so we’re perfectly placed to offer you advice, guide your business journey and help you push your skills and capabilities as a business owner.

As a mentor, an accountant will:

    • Expand your knowledge as an entrepreneur – as business owners, we have the knowledge and experience to help you move your business forward. And we can work with you to expand your leadership skills, business thinking and entrepreneurial ideas.
    • Be a shoulder to lean on – we’ll offer 1-2-1 mentoring sessions where we can listen to your unique worries and concerns as a business owner. Having someone on the same page to listen and empathise is vital for your business and your own mental health.
    • Guide the important elements of your business – we’ll help you manage and improve your business strategy, planning and decision-making skills. We’ll also provide the management information systems you need to guide your finances and planning.
    • Keep your finances on track – we’ll show you how to maximise profits, reduce costs, and make better financial decisions. We’ll also help you plan your own personal wealth and tax strategies, so you can achieve your own entrepreneurial goals and lifestyle.
    • Introduce you to a broader business network – we work with hundreds of other business owners across a range of industries. This means we can link you up with other entrepreneurs and founders, so you have a network of other like-minded individuals to connect with. This can be vital when brainstorming and benchmarking, or if you need to talk to someone who understands the specific pain points you’re experiencing.

Having someone to guide your business journey can be invaluable. A business owner must grow and evolve along with their business, and having regular mentoring catch-ups is the ideal way to progress, offload your concerns and look for new inspiration.

If you want to grow as an entrepreneur, please come and talk to us about our mentoring services and how we can guide your business future.

 

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

Finding and Retaining Key Talent for Your Business

Finding and Retaining Key Talent for Your Business

The job market has been through plenty of ups and downs in recent years. But in 2023, the real challenge is attracting and retaining the top talent you need to grow the business

Finding the skilled employees you need, and keeping them in the business, is vital for driving innovation and growth over the coming years. So, how do you locate the best talent?

Nearly 4 in 5 employers, globally, report difficulty finding the skilled talent they need, according to statistics from Manpower Group. This scarcity of talent can be a real stumbling block when your growth strategy relies on expanding your workforce and bringing the brightest minds into the business. So, how do you overcome the current talent problem?

Here are five ways to find the talent you need:

  1. Work on your branding as an employer – employees are attracted to a company that looks like a great place to work. So, there’s value in developing a compelling employer brand that highlights your company culture, values and employee ratings.
  2. Offer competitive salaries, rewards and benefits – a job is about more than just the salary, but offering a competitive salary and reward package goes a long way to attracting the skilled workers and professionals you need in your team.
  3. Make professional development a core value – offering the best opportunities for growth and advancement is a great way to retain your existing staff. By working staff development into your company’s DNA, your team can grow along with the business.
  4. Get on board with remote and hybrid working – many employees have enjoyed the benefits of remote and hybrid working. Embracing flexible working arrangements is one way to appeal to new and existing talent, helping you build an agile, hybrid team.
  5. Recognise the star talent in the business – acknowledging and rewarding your employees’ contributions is an excellent way to boost morale and job satisfaction. Happy employees are far more likely to remain in the business, keeping your team more stable.

Having the best people, talent and skills gives your business the foundations it needs to evolve, grow and diversify. So, overcoming the talent shortage isn’t just a ‘nice to have’. It’s actually fundamental to resourcing your plans and hitting your goals for the year ahead.

 

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

How to Ride the Wave of Technological Advancements

How to Ride the Wave of Technological Advancements

The rapid technological advancements we’re seeing are a double-edged sword for many business owners, presenting both great opportunities and potential challenges.

Adopting and integrating these new technologies is essential if you want to remain competitive, but it requires careful navigation and a clear strategic plan for your tech stack.

5 key steps for transforming your use of business tech

There are solutions for enhancing your bookkeeping, accounting, forecasting, inventory management, project management and a host of other key operational areas. These apps slot perfectly into a custom tech stack that can be tailored and integrated to meet the exact needs of both your industry and your individual business.

But if you’re at a loss as to where to start, it’s a good idea to step back and think in more detail about your digital strategy – and the best ways for you to grab the best tech opportunities.

Here are five important steps to help you start your tech transformation:

  1. Assess your need for the right technologies – it’s important to think about the relevance and impact of emerging technologies on your business operations. Choose software solutions that meet a genuine need within your business model, and don’t be tempted to jump onto a tech bandwagon just because it’s ‘the latest thing’.
  2. Train and upskill your staff – you’ll only get the best from new software if your team knows how to use it. Invest in upskilling your employees so they feel comfortable with these new tools and can use them effectively. It’s about reducing any ‘tech fear’ that some employees may feel and showing them how it makes their job easier.
  3. Tighten your cybersecurity and reduce risk – the more software tools you use, the more data you’ll hold in the business. Because of this, it’s vital to protect your sensitive customer data and information from cyber threats. This means putting robust security measures in place and keeping up with all the latest security protocols.
  4. Scale up your IT infrastructure – it’s crucial to check that your proposed tech infrastructure can grow with the business. Any apps you use must be able to scale up as the business expands and volume and demand ramp up. With a properly thought-out tech stack, your systems can grow and scale with you as the business expands.
  5. Focus on the customer experience (CX) – one of the biggest benefits of going digital is the positive impact this can have on your customer experience. Digital tools help you to personalise the customer journey, interact seamlessly with your customers and use highly targeted marketing and promotional activity to reach the right audience.

Most digital transformations don’t take place overnight. It takes time to switch each area of the business over to a software solution, and this can be an organic process as you find the right tools for the job. However, it does pay to have a sound strategy behind this transformation.

We can help you review your planned tech strategy and advise you on the best apps and tools to combine into your ideal business tech stack.

 

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