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Welcome to 2007! I trust since we last met the past year has been rewarding for you. Our aim is to raise awareness of issues that could be key to optimising your success, whether you run an SME or are part of a large corporation.
Featured Topics
o Have you dusted off your Business Plan lately?
o Is your business Succession Ready?
o Are you making the most of your training $$$?
Have you dusted off your Business Plan lately?
Most businesses developed a plan when they started, but many have left it relegating in the bottom draw. Entrepreneurs may have the ideas in their head, but have not thought through all the contingencies including capacity planning. With a tight labour market, companies’ experiencing significant growth may not be able to source the right staff at the right time.
Your business plan should be a live document and updated annually, with key aspects reviewed quarterly and monthly to ensure the business is tracking against key benchmarks. In reviewing the financials, how do you rate against your competitors? How will you grow your revenue whilst keeping costs under control to maximise profits? What would your business need to look like to be attractive to a potential buyer or investor?
Is your business Succession Ready?
Almost 50% of SME owners are aged over 50, yet almost two thirds do not have a documented plan to exit their business. With an increasing number of businesses coming on to the market over the next 5-10 years, this complacency could mean many may not realise the full value from years of hard work. According to the Australian Bureau of Statistics, there are 442,800 small businesses in NSW employing more than 1 million people. A survey in 2004 by CPA noted that 33% of business owners expect to experience difficulties in selling their business. More than half the SME operators will be relying soley on the proceeds to fund their retirement lifestyles.
Ideally businesses should be planning at least 3 to 5 years out, reviewing a range of succession options. The opportunities and challenges are enormous. Will you merge or be acquired? Is the business marketable with documented systems and processes? Could one of your key staff buy your business, and in the meantime how are you retaining them? Will a family member take over or should external skills be brought in to provide different perspectives?
Are you making the most of your training $$$?
What if you train your staff and they leave? What if you don’t train your staff and they stay! A major study by the International Personnel Management Association showed that training alone delivered a 22% improvement in productivity. However by coupling training with coaching, there was a staggering 88% productivity improvement. This result highlights the benefits of an external mentor or coach in accelerating an individual’s performance in a confidential manner.
Special Offer
We would like to extend to the first 10 respondents a complimentary consultation to explore a range of issues impacting your business, career or personal objectives. Please reply via email or phone 02 9953 0185 before 5th February, 2007 to take advantage of this special offer.
About Us
Arona Transition Strategies provides a range of services to the SME and Corporate sectors. We offer an independent view of your business beyond the numbers. Our approach is to diagnose your business as a whole then solve issues with specialist proven strategies either at a individual or business unit level. Through our coaching, mentoring and consulting practice we are able to leverage your business through the phases of Start-up, Growth and Succession Planning. For more information visit http://www.arona.com.au/index.html
Yours Sincerely,
Peter Martin GAICD Director, Arona Transition Strategies " Aligning your Goals"
Ph/Fax + 61 (2) 9953 0185 Mobile +61 (0) 413 127676
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