How do you value your business when you're selling it? In recent years there seems to be more significant differences in expectation of valuation between buyer and seller, and increasingly the Earn-out clause has been used as an appropriate way to bridge this gap. The clause basically retains interest and motivation for the seller by holding back a portion of the sale price until certain performance criteria are met, and minimises risk to the buyer of overpaying for a business that doesn’t perform as well as its previous owners say it will. If it is planned and executed well then the buyer can gain more than originally envisaged, but it is full of risk for the selling entrepreneur and conflicts are almost inevitable. So what’s the problem? You might base the sale price of the business on an assumed level of financial performance over the next 24 months, but the seller is cautious and insists on part of the value being deferred and wrapped up into an Earn-out clause. The seller … [Read more...]
A Simple GDPR Audit for most small companies
To be ready for May25th and the need to conform to GDPR This does not include DPO, as you won’t need one. Information you hold You should document what personal data you hold, where it came from and who you share it with. You may need to organise an information audit. Communicating privacy information You should review your current privacy notices and put a plan in place for making any necessary changes in time for GDPR implementation. Individuals’ rights You should check your procedures to ensure they cover all the rights individuals have, including how you would delete personal data or provide data electronically and in a commonly used format. Subject access requests You should update your procedures and plan how you will handle requests within the new timescales and provide any additional information. Lawful basis for processing personal data You should identify the lawful basis for your processing activity in the GDPR, document it and update your privacy notice … [Read more...]
Teaching Old Dogs New Tricks
UKBA recently held one of its bi-annual National Conferences, the chance to meet up with colleagues you don't see between one meeting and the next, apart from exchanging emails. Really good to renew relationships, discuss common issues and concerns, and generally realise that you're not alone out there in the big wide world. A common trait we all tend to fall into through time is that we have been there, done that, T-short and all, and believe we know what we are doing well enough. So, first a simple question, could you pass your driving test if you had to take it again? Old habits picked up as tempus fugits, aren't always the best ones to continue with, and you don't always realise you have them. One such event in the dim and distant past was being sent on, not again, a Sales Training course. As circumspect as one might have been at going to these, there was always something that you finally realised was beneficial. Which brings me back to the National Conference. As usual we had a … [Read more...]
Five crucial ways to improve your business productivity
You will probably be familiar with the adage: Productivity = Potential – Interference. Many of us are battling daily with interference of one sort or another, both external and internal. Potential is not always something that is easy to quantify, or to realise. Growing a business, finding a market, and bringing in orders takes time and effort, and often a bit of luck. It’s also likely to take some time, so those frustrating interferences are the key focus if you want fast results. Wages & Productivity Superficial measures do not always show the bigger picture – if two businesses are paying different wages, you cannot assume that the lower payer makes cheaper goods, without knowing their productivity. Obviously, if the higher-paying business is more productive than the lower payer, their output might still be cheaper. Higher productivity gives you the means to take better control of your prices and margins, allowing you to undercut competitors without undue pain, or to … [Read more...]
Five crucial ways to improve your business productivity
You will probably be familiar with the adage: Productivity = Potential – Interference. Many of us are battling daily with interference of one sort or another, both external and internal. Potential is not always something that is easy to quantify, or to realise. Growing a business, finding a market, and bringing in orders takes time and effort, and often a bit of luck. It’s also likely to take some time, so those frustrating interferences are the key focus if you want fast results. Wages & Productivity Superficial measures do not always show the bigger picture – if two businesses are paying different wages, you cannot assume that the lower payer makes cheaper goods, without knowing their productivity. Obviously, if the higher-paying business is more productive than the lower payer, their output might still be cheaper. Higher productivity gives you the means to take better control of your prices and margins, allowing you to undercut competitors without … [Read more...]
Better budgeting in 10 steps
Many entrepreneurs and their management teams don't devote enough time or attention to the process of preparing annual budgets, especially when they operate in rapidly growing or uncertain markets. A financial plan in a private company is at risk of becoming gradually ignored over time, devaluing the operational benefits of measuring performance against budget and the process next time round. With a careful and efficient planning process a business will set a much clearer picture of where it is heading, knowing what to do at each stage to hit and exceed targets, but also how to react when these are missed. With the benefit of our collective experience of managing hundreds of budgets and plans, we have put together some top tips on making your budgets more robust, realistic and valuable. Get everyone involved - It is a common place misconception that your finance team puts a budget together. A business plan and its budget should be produced by the collective planning and thinking of … [Read more...]
LGBA Marketing Advisor, Susanne Currid, Appears As Expert Judge On The Apprentice Final 2017
Congratulations to our colleague and marketing advisor, Susanne Currid who recently participated as an expert judge on the final of The Apprentice on BBC1. Susanne told us, “Back in June, I had a very unexpected email. A TV producer had got in touch and asked me if I would be available to act as an expert judge on a show they were recording. Little did I realise at the time that she was talking about BBC1’s The Apprentice. A week later, I found myself sitting at a table in City Hall with leading business directors, expert advisors, Lady Karren Brady, Claude Littner and Lord Alan Sugar. To say the situation felt surreal is a bit of an understatement. However, I was also very excited and honoured to take part in such an iconic TV moment. I was delighted to take part and to have a chance to quiz the candidates on their pitch during the recording session. Well done to James White and Sarah Lynn on their surprise double win. They were both credible candidates with particular strengths … [Read more...]
IT Support, Fundamental Policies for Your IT Department
As an expert in IT support for small business, I routinely work with clients looking to fully establish an IT department after previously relying for years on the collective efforts of multiple employees from other departments. Establishing a dedicated IT department is certainly no small undertaking. But it is necessary for a small business with IT tasks that have evolved into full-time work. Whether establishing the IT department for the first time or looking to improve an existing department, I encourage my clients to look at the policies they have in place. Every small business IT department should have a least six fundamental policies that govern how the department accomplishes its mission. Those six policies are explained below. 1. Acceptable Use of Technology Workers in the IT department have access to all sorts of technology during working hours. A policy outlining the acceptable use of said technology is critical. This policy defines how computers, mobile phones, fax … [Read more...]
Why Remote Network IT Support For Small Business Is Critical?
In the digital age in which we now conduct business, having a reliable and robust IT system is not an option. Everything from internal computer systems to local and wide area networks have to be up and running at all times. To lose access to computer systems is to lose access to one of the most important tools for doing business in the modern era. To that end, IT support for small business should always include remote network support. Remote network support is that support offered by consultants and technicians not located on the client's physical premises. It can be offered over the phone, via video conferencing, or through logging on to an actual network for troubleshooting and repair. More importantly, remote network support is now considered mission-critical. It is as important to business as computer systems and networks themselves. Below are three reasons that make the case for having remote network support in place at all times. 3 Reasons for Remote Network IT Support For Small … [Read more...]
Ransomware: What It Is and How to Avoid It
How serious a problem is ransomware? According to Symantec, makers of the popular Norton suite of cyber security products, hackers employing the ransomware tactic are making millions of pounds every year. In one particular case they studied, 168 infected users paid a total of £27,064 on just one day alone. Ransomware is big business among hackers who know how to deploy it. Ransomware: What It Is Ransomware is a kind of malware that can be embedded on a computer, mobile device or even within a cloud environment. It uses some sort of threat or intimidation to extort payment of a fine. Hackers can completely lock users out, encrypt data so it cannot be accessed, or take sensitive data and spread it across the internet for public scrutiny. The malware uses cryptovirology (the practice of using cryptography to spread malicious software) to get in and take over a device or cloud environment. The most common form of ransomware is one that encrypts data so it cannot be accessed. Victimised … [Read more...]
