Yorkshire and North East Dealmakers Guide 2016 - 21
Q&A
21
What should a business owner
do to achieve their goals?
I work with many businesses to help them achieve their goals, whether it's funding
for growth or exit strategies, and I always have five pieces of advice:
1. Develop a clear business strategy
A well-developed strategy informs the management team of the direction the
business is heading and what is expected of them. In the case of a mediumterm sale, this is often the trigger for the shareholders to consider incentivising
the senior members of the team.
corporate
finance partner
Tait Walker
Email:
Michael.Smith@
taitwalker.co.uk
Tel: 0191 285 0321
2. Build a financial story
You need to tell a coherent story, the basis of which is the underlying financial
trajectory. As well as reliable and robust management accounts, you also need
forecasts that can be relied upon to provide a realistic estimate of future performance.
3. Improve your financial efficiency
This is an area focused on cost control, working capital management and accessing
opportunities. Benchmarking your gross margin, overheads and tax costs is a
great way to assess whether you are as efficient as you could be. An efficiently
run business will also look at ways to minimise tax costs (think R&D tax credits,
capital allowance reviews) and obtain grant funding for revenue and capital projects.
4. Understand your market
Understand how you rank against your competitors and what type of funding those
in your market are using. You also need to understand the issues that could
impact significantly on your business and what your plans are to address them.
5. Housekeeping
The external party looking at your business will undertake some form of due diligence
when contemplating purchase or funding transactions, so make sure all your principal
legal documents (leases, banking facilities, customer and supplier agreements)
are up to date. And make sure that all of your key employees are tied in to the
business for an appropriate period of time.
Finally...Always be prepared for the opportunistic approach. Develop a strategy to
deal with opportunities in a proactive way and "sell" the business to viable interested
parties. The right impression at the first meeting resonates for a long time!
Q&A
Michael Smith
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