How can an Advisory Board Benefit Family Businesses?

An Advisory Board with the alignment and input from the Shareholders and Directors sitting along an independent with business experience is becoming an increasingly common way for family owned businesses to manage their future pathway, in addition to providing a safety net in difficult times.  An independent voice (which is often an Independent Chairman) should challenge the business as it pursues growth and sustainability, navigates succession planning and potential exit plans.…  Read more

The Power of Benchmarking

Benchmarking performance against your competitors or industry peers is a hugely insightful, but highly under utilised exercise. It seems a number of factors limit its use – he difficulties in measuring non financial outcomes, the challenges in comparing apples for apples and the fear of being judged. But in my experience the value and benefits of knowing where you stand is simply too great to ignore. Whether you think you…  Read more

Preparing an exit strategy

Research has repeatedly shown that businesses that have been prepared for the owner’s exit are significantly more likely to endure than unprepared businesses. These guidelines around an exit strategy can help your business legacy live on – and get you a satisfactory result. Preparation delivers the best results The key message to take away is this: start your exit or succession strategy now – don’t wait until ‘later ’. Life…  Read more

Collaboration: 5 Reasons It’s Essential to a Growing Company

Many elements are vital to a growing company’s success. A financially-astute leader is one. A confident and motivated sales team well-versed in a company’s product and service line is another. But starting and growing a business requires more than employees with extensive functional skills and appropriate personal characteristics. Growing a business requires collaboration – namely, the deployment of employees in a way that allows them to work together to problem-solve and act…  Read more

Efficient business systems really pay off

Too many businesses fall over because the owner has not established efficient business systems. This typically happens because the business owner is so caught up in the day-to day running of the business that the fundamentals of good business management get forgotten. Often too it must be said that the owner simply doesn’t like bookkeeping or other administrative tasks, so these get put on the back burner. The symptoms are…  Read more

Eight Characteristics of successful businesses

We now look at eight characteristics important to successful businesses. International researchers who have studied many small businesses have found that these characteristics consistently play a part in the success of small companies. The eight characteristics are: Owners leading by Example Having a simple business structure Information sharing among employees Staff are carefully chosen Staff commitment and loyalty A unique product or service A specific Customer focus Prompt follow up…  Read more

Getting the work–life balance right

As a business owner it’s hard to juggle your work and outside responsibilities. It’s important to run your business effectively and still have a life outside the office. You need a good balance between work and play for your health and well-being. Small business owners often fall into the trap of working too hard, ending up exhausted from the constant work demands associated with self-employment. Why you need balance Working…  Read more

How to find a good niche

In business, finding a niche that can supply enough revenue is important. More entrepreneurs than ever are realising the importance of finding a narrow set of customers and catering their product or service to them. This allows you to focus your efforts on being great at a few things, rather than mediocre at many. But how do you find your ideal target market? This article will get you started by…  Read more

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