It is important to make sure that you continue to drive through each business quarter to grow.

Here are ten ways to make sure that you continue to drive through each business quarter with purpose, vision and the courage to super-charge your business.

1.    Eliminate distractions

Time is the scarcest resource and biggest killer for most businesses. When we get busy we can also get distracted and focus too much time and energy on the wrong things. Be brave – slash standard meeting times, reduce unnecessary admin and delegate roles and responsibilities.

2.    Say goodbye to bad customers

If possible in your business, get rid of ten time-wasters, bad payers, or customers who cause you pain. You will feel instant relief and spend your time better elsewhere.

3.    Invest more

Having freed up time and headspace from deploying points one and two above, make sure you ring-fence time, key people, and money for some of the initiatives below. Redeploy with passion!

4.    Get a plan

You don’t go on a journey without a map or any idea of where you’re headed – so why fly blind with your business? Have a planning process, create a kick-arse plan – and execute. We can help you get started.

5.    Surround yourself with positivity

Make sure the people in your business understand and share your vision. Bring them onboard, listen to them and give them ownership. Don’t let people who don’t get it, or don’t care, be a millstone around your neck. If they’re not right, do them a favour and free up their futures.

6.    Use technology

Technology can help you decrease admin, improve comms, improve reporting and accountability. Whether it’s for team communication or cloud accounting, slash paper and automate where possible.

7.    Keep on top of the numbers

Do you have enough information to monitor business cashflow and see emerging trends? We can help you identify the metrics to track on a regular basis, in order to run your business efficiently.

8.    Be different

Break the mould and position yourself to attract ambitious, growing and engaged clients, and employees.

9.    Deploy marketing

Create a simple marketing plan to increase reach and penetration. Set aside a budget to treat this seriously. Start by making sure you really understand your customers. Existing customers are prospects too, keeping them happy is your first step. The more you know about them, the easier it will be to attract more of the same.

10.   Take a break

Don’t underestimate the time you have away from your business. It can allow you to come back refreshed with new enthusiasm and inspiration for the way forward.

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

Growth doesn’t need to mean more risk, more hours and more headaches.

IIt may be as simple as identifying where the opportunities for growth are in your business and industry. Once you’ve done this you can establish what you and your team are going to have to do in order to maximise these opportunities, and how you will navigate the likely obstacles.

Here are a couple of tips to get you thinking about growth:

• • Do an audit to document your growth over time. Analyse all the information you have to understand how you got to where you are right now. This will help you to plan for future growth.
  • Next, put a one page plan together with the big objectives and what you’ll realistically need to do in order to achieve them. (identify the tasks and people)
  • Establish some key performance indicators to keep the momentum up and visit these regularly to ensure you’re on track.

As a business owner, you can get bogged down in the demands of day-to-day business. Taking time out of the business can give you some much needed perspective. We can help build your business plan and identify the steps you’ll need to achieve it.

Business growth can be perceived as something scary, but when you have a plan and it’s done right, it can be very motivating and rewarding.

With a bit of planning, the right systems, people and resources, there is tremendous opportunity to grow and scale your business to the next level to hit your growth targets.

We can help you get started.

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

Keeping on top of the financial management of your business can be hard work.

It’s possible to have a profitable business that is struggling to find the cash flow to pay expenses and fund growth. Likewise, you could have positive cash flow but are not turning a profit, particularly if you are scaling.

Turning a profit is at the heart of running any successful company But without an even and predictable flow of cash into the company, you can’t cover your overheads, you can’t pay your employees and you can’t run your day-to-day operations – let alone think about expanding and growing the business.

In the end, you need both. But if you’re going to be in control of your financial destiny, it’s important to get your head around the important process of cash flow management.

Let’s look at some of the key things to understand about your finances:

• • Profit is a by-product of a successful business – as the owner, you want to make profits, but profitability isn’t the only goal. A business can easily be profitable, but also be highly unstable in the longer term. What you want is stability and consistent revenues.
  • Cashflow keeps your business alive – good revenues (income) serve to bring cash into the business. Without cash to cover your operating expenses, you have no means to keep the lights on in the business. So cash really is king!
  • Know your cost base and overheads – the flipside of your cash flow position is your costs. In an ideal world, you want more cash inflows than cash outflows, so it’s important to know your expenses and costs and to manage them carefully.
  • Be proactive about spend management and easing expenditure – if you can take action that reduces your spending, that is hugely positive for your cash flow position. Choose cheaper suppliers, negotiate better deals and bring that cost base down.
  • Drive more revenue, through increased sales and marketing activity – if you can increase your revenues, you also boost your cash flow. So it’s important to be proactive about running targeted sales and marketing campaigns to increase your sales.
  • Keep the cash flowing and the profits take care of themselves – if you achieve the ideal cash flow position, the company sits on solid financial foundations, the cash is there for investment and the business can grow. It’s that simple.

Talk to us about improving your cashflow management

Whether you’re new to running a business, or a seasoned owner who needs some financial support, we can give you the cash flow advice you need.

We’ll review your finances, delve down into your cash flow, and will come up with key ways for you to increase your cash income and reduce your cash expenses. It only takes a few small changes to achieve a far better cash flow position for your business – helping you maintain positive cash flow AND generate profits.

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

Selling your business is a big move for any owner. You’ve built this company up, scaled it and put years of hard work into making the business a success story.

So, when the time comes to sell, you’ll want to know that you’re getting the best price, and the best future for your legacy.

We’ve outlined five ways to maximise the value of your business, with practical steps for making your company the most attractive prospect on the market.

5 steps to prepare you for a sale

The first thing to underline is that selling a business is rarely a fast process. Most owners will begin planning their sale years in advance, working to an exit strategy that sets out all the key milestones. Your aim is to leave the business in great shape, with stable finances, a solid team and a customer base that will continue to provide solid revenues for years to come.

So, how do you achieve these goals?

1.    Assess your reasons for selling and your desired timeline

What’s the key motivation for selling your business? Are you retiring, looking to move on to other opportunities or hoping to unlock your equity? Once you know your reasons, you can decide on some core goals for the sale, and set a realistic timeline for the sale.

2.    Get your financial house in order

‘Doing your financial housekeeping’ will mean preparing financial statements, submitting outstanding tax returns and making sure you have access to any other documentation that potential buyers will want to see. You may also want to work with an M&A expert to discover the company’s true market value.

3.    Make your business attractive to buyers

Any buyer wants to know they’re taking on an attractive business proposition. Making the business feel more attractive means improving your marketing and sales strategies, beefing up your operations and ensuring you have a positive cashflow position. You should also think about creating a transition plan for the buyer, so the handover is as smooth as possible.

4.    Find the right buyer

It’s important to feel like you’re handing your legacy over to the right owner – and getting the price you need. This may involve working with a business broker or marketing your business yourself. Make sure you vet potential buyers carefully to ensure that they are a good fit for your business and your existing team.

5.    Negotiate the sale terms

Achieving your desired price could involve a fair amount of negotiation. You’ll need to sit down with your buyer to discuss purchase price, payment terms and other conditions of the sale. Be prepared to compromise and be willing to walk away from a deal if the terms are not right for you.

Talk to us about getting your business ready for a sale

If you’re intending to sell your business in the next five years, it’s important to start planning now. Coming up with a sale plan and a robust exit strategy takes time, as does sorting out the business housekeeping and finding the best possible buyer for the company.

As experienced advisers in many business sales, we’ll help you:

• • Get organised, locate the relevant documents and improve your record-keeping.
  • Clean up your business and address any legal or financial issues
  • Come up with a detailed sale plan and help you market the business
  • Expand your business network, to find the best buyer for the company

Following these steps will greatly increase the market value and price of your business.

Get in touch to talk about your sale plan.

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

Buying an established business is a great way to enter into the business world, or to expand your existing business empire. But purchasing a company isn’t something to enter into lightly.

Becoming the prospective owner of a new business means doing your homework, researching the business you plan to acquire and working closely with a team of advisers.

Here are five key questions to ask yourself, before entering into a deal.

1.    Why are they selling the business?

It’s vital that you know WHY the current owner is selling. It may be that they simply want to move on to a new business venture, or retire. But they may also be trying to extricate themselves from a business that’s not performing well, or has intrinsic issues.

Important questions to ask will include:

• • • Is the owner retiring?
    • Are they facing financial difficulties?
    • Are they looking to pursue other opportunities?
    • Are there any legal or regulatory issues?
    • Are there any personal reasons for the sale?

2.    Are the finances in order?

A common problem with both startups and established businesses is a lack of cashflow. It’s possible to have a business with a reasonable customer base and ongoing sales, but for poor margins and rising operational expenses to have a negative impact on the company’s finances.

Before you buy, drill down into the company’s finances:

• • • Get a copy of the business’ accounts, both statutory filings and internal management accounts, and have them reviewed by an accountant
    • Look for any red flags, such as debt, losses or cashflow problems
    • Make sure the business is profitable and has a solid financial foundation.

3.    Are the staff capable and engaged with the business?

As the saying goes, your people are your most important business asset. So, prior to buying the business, it’s important to get acquainted with the top team, management and employees.

To learn more about your prospective workforce:

• • • Meet with the key employees and get their input on the business
    • Make sure the core team is willing to stay with the business after the sale
    • Think about the cost of replacing any key employees who leave.

4.    What governance do you need to do?

Getting your due diligence and governance done is such an important step in your pre-purchase planning. You need to know this business is a viable enterprise, that there are no links to undesirable activities and that you’re not taking on a whole load of legal issues.

To make sure you’re ticking all the correct governance boxes:

• • • Review the business’ contracts and agreements
    • Run due diligence checks on the company and its owners
    • Make sure you understand the legal obligations of the business
    • Get legal advice on any issues that you are not sure about.

5.    Can you get the best price?

Purchasing a well-respected brand is a great move as an entrepreneur, but you don’t want to pay over the odds when agreeing on a deal. It’s important to have a clear ceiling on your budget, and to stick to your guns when it comes to negotiations on price and conditions.

To help secure the best price:

• • • Do your research and find out the fair market value of the business
    • Be prepared to negotiate with the seller to bring the price down
    • Don’t be afraid to walk away from a deal if you are not getting a fair price.

Talk to us about planning the purchase of a business

This isn’t an exhaustive list. There are plenty of additional factors to think about when buying a business. Any business sale is a complex process, where working with professional advisers will help you navigate the twists and turns so you come out with a successful deal.

As your adviser, we can help you:

• • Run due diligence checks on the business
  • Assess the company’s finances to check for red flags
  • Find the relevant routes to finance in order to fund the purchase
  • Connect you with M&A experts to advise on the sale.

If you’re looking to buy in the near future, talk to us.

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