Guidance as information

 First, in my opinion (unless you have a buyer knocking on your door), you need to start the process at least 1- 2 years before you would like to get out.

Why?  If I look to buy a business I want up to  date clean accounts, controlled debtors, and management in place that can run the business WITHOUT YOU.

The worse thing you can say to any buyer is 'this place could not run without me'...why would anyone buy?

A well prepared company can be worth far more than an unprepared company. (TIP- dont ask your accountant what its worth, they never know, but do ask them for a tidy update of your position.)

Talk to a company that can walk you though preparation, so that when you sell there are no unknowns.  Many experts will initially chat through your business before engaging and costs.

 Strength’s Weaknesses Opportunities Threats. 

Our founder has not used this in many years, but it has long been regarded by some as an important business tool. However, this is pointless if the management team does not answer the headings honestly.

Use it to get a snapshot of how you and your management team feel about the business, ensure that you allow them to answer without recourse, (this is why he stopped using it, it became a stick to beat staff with, so pointless.) 

If it’s used in an open management discussion it can be useful, as a window to your business and how everyone feels……sometimes the ideas and suggestions from SWOT help the overall business.

BE REALISTIC without your head in the clouds.

 Key Performance Indicators

Again, a business tool that is bounded around by consultants and managers alike as justification for...well anything.

This is a basic tool to ascertain if last week,(month, year,) any department, person, advertising, product production, was performing any better or worse that the last week, month,year, but if not looked at in context it can be a pointless exercise.  Choose you own KPI's, (get  your management team involved) it could be sales figures, advertising, engineers, complaints, anything you want.  And if the figures change discuss why...BUT again in context.  If your sales figures are down, but 25% of salespeople were on a course, or holiday, its pointless to spend time on why sales are down.

These should be completed every year, if you are in a long term contract at least 6 months before renewal.  These are not difficult, but can be time consuming because you need to provide a bill for comparison and chat about your usage.  NOTE: your existing supplier will ALWAYS come up with a better deal once they know you are doing a comparison (they will know because the information required for a comparison is rarely on the bill so they have to be contacted by a comparison company) don't be fooled they will increase it over time but they should have given you the deal before you had to look around.

Next time you are considering moving ask for a comparison

Two things to consider, if you have less than 5 handsets you are not seen as a commercial customer by ANY supplier so will not get the best deal and the best deals are NEVER in the high street.  As with energy you have to provide your old bills and have the time to answer questions.  

NOTE: In Addition, consider your date usage and ensure its shared around your employees and not fixed to a single phone.  (Example, A salesperson can use all their data while admin staff or engineers may not use their full allocation, suddenly you are charged more for the salespersons phone).

Changing your handsets or just want to know what is about ask for a managed introduction.

Internet connections may be called ADSL, Broadband, direct fiber, indirect fiber, bottom lines its how your business connects to the world.

Personally I would always advise a 1GB connection as a minimum, but some of the speeds offered by some suppliers is getting faster.

(TIP- Because many suppliers just sell others services, then invoice you with a margin, ensure the supplier has 24/7 support and ideally their own exchange, it may end up that your internet performs like a donkey when you needed a sports car, and when it does the support may be lacking)

Changing your speed or just want to know what is about ask for a managed introduction.

As with ALL grants 80% of the success is how you ask for a grant and 20% is why you want it, so talk to  an advisor in R&D grants. R&D Tax Credits can be claimed by almost any limited company investing in creating better 

products, processes, services, materials or devices, and the claims can range from £20,000 to 250,000.  However, less than 0.25% of SME Businesses have made R&D Tax claims according to the latest statistics.

Recognising and scoping R&D for Tax Credits requires a detailed knowledge of HMRC Guidelines and the experience of R&D claims. The first step is to ascertain that the company qualifies, scope out their R&D activities, identify scientific and technological 

advances and uncertainties, write the technical justifications document to support them 

claims and in dealing with HMRC. 

NOTE: Recently HMRC stated that 'compliance activity' is one of their main consideration when deciding on a grant.

Get advice from a R&D grant expert, ask us for an initail introduction.

This is an investment NOT a cost. Far too many business see training as a cost, interference, or that it is simply not required, then wonder why the staff cannot perform as required or just leave.

Look at each department, can sales be helped with training, or engineers, or HR, .....or well any department.

If you have a good accountant (whom is not just a bookkeeper), training can be tax effective.

Inform your staff that you are looking at periodic training and schedule this for each department (TIP - only 25% of the staff from each department at any time)

If you ask 9 consultants a question you will get 9 different answers, ( i know I was one of them)not because they are right or wrong but their answer is based on knowledge and experience.  

(TIP - If you need a advisor/consultant look for one that is a specialist in a subject or has many years as a consultant and can advise across many subjects.  Ideally they have had or have been in business many years.)

Consultants should learn EVERY DAY, because every client is different.

30 years ago, I started as a technology advisor, because that was the two businesses that I had built and sold, but also understood finance, tax, vat, etc, basically because I was in business.  Obviously, over the years I grew my knowledge and experience to cover all aspects of business......because I learnt every day.