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Having the right vision and strategy is just the beginning. With this roadmap in place, we will support you to implement positive change across all areas of your business and challenge you to build, strengthen and re-focus your business through extensive business planning and strategies to help grow your business.
Should I have a business plan?
Running your business without a strategy is like driving a car without a planned destination. However, our market research indicates that 82% of SMEs do not have a strategy. In our experience, the most successful businesses have a clear vision and joined-up strategic thinking, which all owners/managers have bought in to. It is essential that progress with the strategic steps is regularly reviewed by management, so there is real accountability in ensuring the strategy is driven through to help grow your business.
What should my business strategy be?
See below for a step-by-step guide on how you can create your business strategy:
Articulate a clear vision for the business.
Create a strategic plan with clear strategic steps to achieve the vision.
Help allocate key tasks and targets and create accountability within the management team for the delivery of the strategic plan.
Implement and track performance against the strategic plan.
Align owner/managers’ personal plans, including succession and exit plans, for the business to create commitment.
Create financial business plans to underpin their strategy with a tight focus on managing cash flow to ensure the business is financially sound at each stage.
How do I fund my business’ growth?
Throughout life, personally and within business, there are many times and situations where there is a requirement to raise money. Where external funding is sought, a bank loan is most frequently the source but there is a myriad of other sources to consider including asset backed lending, grant funding and even borrowing from family and friends and it is important that you identify the right source for you.
Whether business owners need to raise finance for a new business or the expansion of an existing one, obtaining the right capital for the right price is important. Factors are varied, but the mix of debt and equity funding and the impact it has on the business and the future cash flow is important.
How do I increase my business’ value?
There are a number of ways you can increase your business’ value and grow your business. Below is a non-exhaustive list on some ways you could increase the value of your business. Click below to see what your opportunities are:
There is an increased importance for having an online presence. Highlighted recently by those businesses with a strong e-commerce platform as well as a physical presence.
If you need help with growing online, contact us below:
Not only is it important to have a robustness to your company’s business model, you should also think about having multiple income streams
If you need help with identifying where you could grow, contact us below:
Your data sets are fundamental to measuring your company’s successes and downfalls. With strong data sets, your figures, trends, and the impact of external events can be measured.
If you need help managing your data, contact us below:
A strong management team is extremely important when growing your business. An experienced and effective management team that make good and sound decisions will provide resilience within a business and contribute to the robustness and value.
If you need guidance with managing your people, contact us below:
You may want to consider options such as employee share incentive schemes to boost employee retention and reward key individuals. These schemes can help to get people on board with the business’ commercial objectives, helping to drive up the overall value of the company.
If you need help with employee benefits contact us below:
How do I perform a merger or acquisition?
Buying, selling, or restructuring a business is a critical point in any business’ lifecycle. Transactions are often high pressure, time sensitive and the tax implications will often be a significant consideration with material implications for the parties.
Menzies has specialist experience advising on all aspects of buying, selling, and restructuring businesses. Our team of expert tax advisers work proactively with clients to ensure transactions are structured effectively to achieve their commercial objectives whilst ensuring business value is maximised through effective risk management.