Moving Forward's Newsletter
http://www.movingforwardcoaching.com.au
Email:
robyn@movingforwardcoaching.com.au
June 2005,
Issue #9
In this issue this month, there is an article on how to maximize your business for sale, which a lot of business owners have been asking me. Stephen and Janine Harvey are the Principals of Barclay's Business Services Network and have given this article to us to publish as many business owners don't think their business has resale value, or had not even considered it. In this issue also, we have an article about Analysing your Time. Time is something that is finite and once the time is gone it is gone. Why not make it give you the results that you want.
For those of you who did the Biz Whiz Success Test from the last issue - how did you go. If you didn't do it then why not take this simple test now to see how your business rates as a successful business. Coachville have identified 100 key factors to consistent business success and profitability and grouped them into 10 distinct areas. See how your business rates. Download the checklist at Biz Whiz Success Test and tick the box if the statement is true. Leave it blank if it is not true. Then add up each section. How do you (or your business) rate? You can then improve on each one of the categories by working on a specific item.
Many businesses are now experiencing and achieving great results from our Successful Business Program, which keeps businesses continually improving. Our business coaches will hold you accountable - if you want to achieve something they will help you break it down to achievable bits and then hold you accountable to achieve it. They will also help you lead your business to greater success. Our aim is to give business owners the skills and tools to run a successful business whilst they work on their own business and ACHIEVE and maximise the value of their business. If you want to achieve then hire a coach. Why not contact us for your FREE business needs analysis to discuss how we can help you to take your business to the next level. If you have a background in business analysis and would like to become one of our licensed coaches, then why not have a look at the page on our website about being a licensed coach or contact us for more information.
Please feel free to share this newsletter with others, but pass it on
in full and always remember that:
A SUCCESSFUL BUSINESS ™
MFBT P/L provide individual coaching, training and workshops to help you develop a successful business or become a successful Moving Forward Licensee. Moving Forward develop the training programs.
According to the Wells Fargo report issue for May 2005, the most successful CEO's work fewer hours - often less than 30 hours per week and they have more profitable, growing companies as a result.
It is always difficult for a business
owner who is very busy to get others to do tasks to help him/her achieve
the business goals. I see it all the time and
it is often the major cause of business failure.
They think they have to do everything.
An important factor in this is organisation. As a business owner you
owe it to yourself to determine the best way to perform a
process or task and then set the
standard for your staff. Continuous improvement is an essential
ingredient for success. Look at other businesses - how are they
doing it? What is working for them? It doesn't have to be the
same business as yours. Find the best way and turn it into a
repeatable process as part of your system. Add it to your operations
manual.
Unfortunately, most business owners work much longer than a 40 hour week
to get everything done. Keep your business working towards the long
term vision for your business. Don't get bogged down in repetitive
tasks that could easily be done by someone else, once the system is set
up.
If you are working long hours in your business or as a manager in a
business, then download our Job Activity Analysis
Sheet. Write all
the tasks you do for your business on the left hand column. Write
down the time spent per week or the task. Then ask yourself if
someone else could handle it. If they could then identify what training they would
need to perform this task and set about training them or getting them the
training.
Contact us for help in identifying training needs and delivering training or coaching.
Business owners may be experts in their particular field but often aren’t as adept or confident in the other areas of buying, setting up or in particular selling a business.
Business owners should take the same approach when selling their business as any other business process. Selling a business requires a well thought out plan and strategy to ensure the desired result. Many business owners do not achieve the optimum price for their business when they sell due to the failure of planning for this event.
Just as most business owners seek advice before they commence their business, they enlist the expertise of an accountant, financial advisor and legal representative. It is just as important for business owners to seek professional advice when selling their business and have a well thought out plan to give themselves every opportunity to the maximize the sale value of their business.
Usually, the best time to obtain the highest price for a business is when sales and earnings are strong and trending upward. A history of performance with steady and good financial results gives the buyer confidence in the stability of the business and projected future earnings. It is highly desirable to present the business to the potential buyer through a market report or information memorandum, extensive factual documents highlighting what your business has to offer and how to maximise any future opportunities to ensure that the potential buyer is fully briefed on what is on offer.
It is crucial that you have accurate and current financial records; understand the current market conditions (is this the best time to sell?), identifying who your buyers could be and how to reach them, understanding the value of your business; and while selling it is important to maintain business performance.
Some Key tips in preparing your business for sale include:
-
If you can make yourself redundant
-
Sell when the business has recorded a minimum of 2 years strong trading results prior to placing the business on the market.
- Make sure all the processes within your business are documented.
- Ensure any areas of business risk have been identified, with plans in place to minimize their impact.
- Be transparent.
For further information contact Stephen Harvey at the Barclay’s Business Services Network on 1800 814064 or 0414 503 920, email at sjharvey@barclays.com.au or visit http://www.barclays.com.au.
Plan
a Successful Business - Workshop 2
- Developing your Strategic Business Plan
This 3 hour workshop helps you identify the purpose
and audience for your strategic business plan and
then takes you, step by step, through the components
of a strategic business plan
Date: Wednesday, 13 July 2005
Time: 9am - 12 midday
At: Donvale
Duration: 3 hours
(maximum of 5
participants)
Leadership
This 3 hour workshop looks at the
different styles of
leadership and reviews how to make the most of
each style. We also look at communication styles,
delegation and mentoring and how to make
them work in your organisation
Date: Wednesday, 20 July 2005
Time: 9am - 12 midday
At: Donvale
Duration: 3 hours
(maximum of 5
participants)
Plan a Successful
Business - Workshop 1
- Your Business and You
A 3 hour workshop that undertakes a
thorough review
of you and your business both now and where
you want to go. This workshop helps you to
undertake the reviews and analysis necessary
to the development of a strategic business plan
Date: Tuesday, 23 August 2005
Time: 9am - 12 midday
At: Donvale
Duration: 3 hours
(maximum of 5
participants)
Plan a Successful
Business - Workshop 1
- Your Business and You
A 3 hour workshop that undertakes a thorough
review
of you and your business both now and where
you want to go. This workshop helps you to
undertake the reviews and analysis necessary
to the development of a strategic business plan
Date: Wednesday, 22 September 2005
Time: 9am - 12 midday
At: Donvale
Duration: 3 hours
(maximum of 5
participants)
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You can now request your FREE Business Needs analysis online. Go to Free Business Needs Analysis and complete the form.
Paypal now take payments in Australian Dollars. Start off your merchant account now. This is a great way to receive payments as there is no setup cost.
Are you starting a business. Why not start on the right foot by preparing a business plan. Business plan templates that have been designed by Moving Forward are easy to understand and complete. They make business planning a breeze. Visit Business Plan Templates for more information.
Recommended Book to read: C J Hayden's Get Clients
Now
C J has a marketing system that is getting excellent results. It
will help you identifying the missing parts of your marketing program and
help you build a marketing action plan for ongoing success.
Marketing is an ongoing process in any business - so it is better to find
the system that works for you. This is a 28 day program to marketing
success. Buy
Get Clients Now online
from our site under Marketing books, as it is not available at the
major book stores in Australia.
Take a look at our Useful Links & Resources Page. There is a successful business checklist, reading lists and useful links.
Please feel free to pass it to your friends, colleagues and clients.
The material is copyright, so please forward the whole newsletter.
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Contact details:
http://www.movingforwardcoaching.com.au/
robyn@movingforwardcoaching.com.au
13
Becket Street South
GLENROY Vic
3046
AUSTRALIA
Tel: +61 3 9306 7762
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successful business.
Although all of the articles have been
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does NOT constitute a recommendation of the products
or
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responsible! Always do your own Due Diligence before
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© Moving Forward - June 2005
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for extra tips on creating your successful business