Life Cycle - Mature
Tips, advice and solutions for business owners wanting to grow or improve their business
Businesses are not static beasts, they change and evolve over time - and as they do, their needs vary. By understanding the different life-cycle phases of a business, owners have the ability to position themselves differently and focus on different facets which will drive enhanced returns.
Broadly, there are 5 distinct life-cycle stages...... read more
If someone said to you, “you’re going to want that Kidney..” - would you pay attention? I did. How about if someone said, “if left alone, it will continue to devour the cells around it” - do you think you would listen to what they said next? It got me.... read more
Increasingly with the transition of the Baby Boomers into retirement, more and more business owners are considering the sale of their business. This is a very important event, as it allows them to unlock the investment which they have built up in their business over time and assists with funding their retirement. The key question is generally – “how much is it worth?”....... read more
Essentially every business is saleable; it’s simply the sale value and terms which vary. The issue faced by many business owners is that the sale value/terms available, are significantly lower than they had hoped for.
So if you are seeking a sale exit from your business - you really have the following options available....... read more
Businesses with strong consistent sales, typically are the same ones who have a deep prospect pipeline. Regardless of the type of business or product, those who have the depth of opportunity in their sales pipeline, are also the ones who have less stress and typically better margins.
When you only have one or two prospects in your sales pipeline........ read more
Cash is critically important for business, with many businesses finding that January can be extra tough on the cash front following the Christmas/New Year period.
Staff leave payments, a short close down, penalty rates for public holidays, slow debtor collections or even extra stock holdings, will all have drained cash from your business over the festive season.... read more
Christmas Day has been and gone and New Years is settling in, but when you sit back in the comfy chair – wherever that may be, on the beach, by the water, camping or even just at home……now is the time to take a quick “stock take” of the year that has past.
For those in business, often there is little respite as you.......... read more
Have you ever read a business note, perhaps an email or a letter and thought – huh, what’s that about.....as the tone or content of the note is as if its been written for someone else? Well perhaps it has!
In business I have found that the principle of writing for a “third party” audience, is actually not that uncommon.... read more
With countless business finance products in the market – is can be daunting for some businesses to decide which option to choose. The frequently asked question is “which one should I take?”, so to take some of the pain out of this point – we have provided 5 simple steps for better Business Financing.
To start, it's not so much a case of which product you should take, it's more a question of which one do you need and realistically, what is available.... read more
At some point - and we have all done it, we get to a point of knowledge within our business or industry were we feel……. comfortable. It is at this very point; you can guarantee that you have just fallen BEHIND the game.
Business is ALWAYS evolving....... read more
In a world where speed appears to be everything, often the compromise that is made is to take the generic or easy option. This has become so common in business, that the generic option is often the only option put forward – whereas there is generally many ways to skin a cat.
Now whilst I have no issue with a simple, cheap option when you can get it – the critical point is ensuring that it is the right option.... read more
Is business change possible - absolutely unequivocally yes…but it takes action. A great man once said, “If you always do what you've always done, then you will always get what you've always got” (Henry Ford) – so…..if you don’t like the outcome you’re getting at the moment…..then you have to change something!
It’s at this point that that the problems normally start.... read more
In all businesses, small or large, actions are often taken in the moment – reacting to a symptom rather than making a fully informed decision based on the cause.
Symptom management is a very frequent occurrence, with the management decisions based at a superficial level to arrest what is the perceived cause - which in the bulk of cases is not the true underlying driver.... read more
It’s that moment where you are sitting amongst a pile of information – numbers, graphs, returns, production numbers, stock levels, customer surveys…….all with seemingly important information……but what does it all mean......what information should I use to run my business?... read more
Have you ever heard, “…what if I didn’t read the business contract before I signed it?” Unfortunately I have, with my default response being, “the devil is always in the detail”. So if you have not read your document, then the chances are that the “detail devil” will cause you trouble.... read more
Succession is an inevitable bridge that needs to be crossed for all businesses. For some, the decision is made in a millisecond – whereas for others, it can be an all-consuming dilemma. This article is to help those struggling with this dilemma.... read more
Regardless of whether you are selling burgers to a young family with three tired kids or producing “O” rings for the space program – there is always a cost when your process fails – it’s just the magnitude that varies.... read more
How much risk are you carrying in your business - do you know......and what are you doing about it?
Someone once explained Operational Risk to me as the classic, 'good times gone bad' situation, where one or more of the things that have made the business successful, suddenly go wrong - and often....very wrong!... read more
Whether it be in sport or business, the difference between success and failure can often be simply doing one more thing than the competition. The extra phone call, one more prototype, another sales approach, an additional quality check, a larger focus group, an extra tier of service etc etc.....any of these can be the secret ingredient to business success.... read more
Many business owners are time poor and simply don't find the time to read the more comprehensive articles. So if you are looking for a bunch of potent tips for your business - then this short article is for you.... read more
The start of the new year is traditionally when we pledge resolutions for the New Year ahead - resolutions around how we are going to do things differently...do things better and often…..change a bad habit from last year.... read more
The majority of risks in business can be predicted and quantified as part of an assessment of the business and how/where it operates. For most businesses however, stopping to undertake this type of assessment is rare - let alone implementing mitigation plans.... read more
Business Sale Building Blocks - The prospect of selling a business, or at least positioning it so it can be sold, will be confronted by all business owners eventually. It may be for 20 years down the track (rare) or to sell now (more common), but the simple reality is that all businesses will have a change of ownership at some point.... read more
Business owners tolerate a lot, whether it is poor performing staff, process problems, cash flow, IT and the like. In doing this, the level of stress or pressure on the owner (and in many cases - the business) rises in direct proportion.... read more
Some would say that the hard work has been done, but you can't take your eye off the game at this crucial time - as it could blow up in your face and cost you a lot.... read more
"Fail to plan is planning to fail" - Winston Churchill.
Even though this well used line receives universal acceptance in conversation....... few businesses "walk the talk".... read more
Operating a business has its challenges due to the many and varied issues drawing on the owners time – people, product, sales, collections, just to name a few. Thus it’s no wonder that many business owners operate “in” rather than “on” their business – which has its dangers.... read more
The sale of a business is typically an emotive situation for the business owner…… and in the majority of cases, something that they are very unfamiliar with. So if you are thinking of selling your business, then consider the following 6 ingredients for a good business sale experience.... read more
For those who have borrowed money, you would be aware that financiers are always looking for a primary exit (repayment) source – normally via the repayment from business operations AS WELL AS a secondary exit just in case everything turns sour.
Most people get the simple fact that if they default on the loan, the financier will look to seize the security to get their money back, but…. there is a lot more to learn about this.... read more
How many times have you been given some news and reacted badly; triggering a sudden or violent reaction, not gaining an understanding or getting the full message?... read more
All too often this is the catch cry after a major incident.....a show stopping incident.....a business crippling incident…... read more
Time is a precious commodity and one not to be squandered. Often time.....is the critical factor between success and failure.... read more
Debt comes in two forms - Good and Bad. Successful businesses understand the difference and actively manage their position.
Over the years I have seen many businesses struggle (and some crumble) under the burden of debt - with the debt load literally hanging over the business like a tree branch waiting to fall in a strong wind. Using a simple test before taking on debt will assist you in avoiding this risk.... read more
Many strategies and decisions are made "in the moment" - considering only todays issues with little thought given to the flow on effects or impacts.
Consider for a moment what this could look like in a practical business context;... read more
As with most things in life - learn the lessons of those who have gone before you.
Over my years working with businesses and lending money, I have seen a number of simple mistakes that have cost people a lot of money. To save you the cost of these, I have jotted down 5 of the most common mistakes that I have seen, along with simple yet effective suggestions to avoid them.... read more