Buying or selling a business
There are many business owners who are looking to sell their business but are unsure of the steps they should take and conversely there exist buyers looking for a business without knowing where to start. Often the two will need a point in the right direction in order to find the buyer or seller that is compatible with them.
The decision to buy or sell can be a stressful process involving personal emotions, the current state of the economy and well-planned timing. That is why knowing how to navigate your way from the initial decision, all the way to the closing transaction is essential. Often the best way to increase a business’s chance of a good outcome in either buying or selling is by arming oneself with the right information.
Developing your business
Once you’ve successfully established your business, you’ll want to aim for steady growth and development so that your ventures remain profitable. Expanding your business means constant planning, analysis and innovation. You will need to have a detailed overview of the current state of your business, and have reasonable expectations for the future. However, you must also continue to maintain and control the day-to-day operations of your business.
Developing your business means you might:
re-asses your goals and strategies;
find new customers;
increase sales figures;
increase productivity;
utilise emerging technology.
The following information will help you develop your business in the most efficient way.
The business plan
Chances are you would have created a business plan during the early stages of setting up your business. The development stage of your business is a great time to re-asses your goals and objectives, and to identify areas of improvement or opportunity. Business plans not only help in the assessment of financial situations, but also help give focus and direction to all business activities. They should not only be made when starting up a new business. It’s also a good idea to regularly draft and manage well-researched plans at various stages of the business cycle. Remember: your business plan should continually be revised to reflect your current financial situation and include realistic expectations for the future.
Before starting, it’s important to have all the information required to devise a business plan. This could include financial reports, past sales and marketing performance reports, market research and customer feedback surveys. It’s also a good idea to perform a ‘SWOT’ analysis of the business which spells out the Strengths, Weaknesses, Opportunities and Treats in relation to the company and the industry sector. Reviewing the marketplace, carefully segmenting the target customers and understanding their specific needs, and keeping an eye on the competition are all important steps involved in drafting a good business plan.
Creating a successful business plan requires a lot of information, in-depth analysis and careful planning. Particularly during this important phase of your business, it might be worthwhile to enlist the help of a financial expert, such as an experienced accountant.
Business support
Thinking strategically about future changes in the marketplace can be the key to running a sustainable business. Our aim is to ensure your business has the flexibility to sidestep foreseeable difficulties and better respond to the unexpected ones. Should you run into trouble, our team will assess your business, identify its weak spots and do everything possible to return your company to profitability.
We want to help improve your bottom line, not just tell you what it is!
Our business support services include:
Business start-up planning and advice
Financial management
Financial information systems
Computer systems advice
Cashflow forecasting and management
Efficient billing and cash collection
Long term plans for your business and your exit
…and much more
Business Advice
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Business Advice