Financing growth, making yourself redundant, and signing up to the Better Business Act

The Better Business Act and why we signed up, securing the finance you need for business growth, and why you need to make yourself redundant when selling your business.??

Achieving Purposeful Growth?

In a recent Watering Hole we updated you on our own purposeful business journey, including our commitment to become a B Corporation . As part of our broader commitment to this journey we have recently become signatories to the Better Business Act and have also developed a new purpose and risk diagnostic exercise to support our clients in starting their own purposeful business journey.?

What is the Better Business Act??

The Better Business Act is an initiative aimed at changing how businesses operate to benefit society and the environment. It proposes changes to the UK's Companies Act so that companies must consider their impact on employees, communities, and the planet, alongside making a profit.?

Why We Signed Up?

We signed up to the Better Business Act because we believe business can be a force for good. By joining the Better Business Act, we’re committing to a future where we not only aim for financial success but also contribute positively to society and the environment. This decision aligns with our values and vision for building purposeful and responsible business.?

What This Means?

Signing up for the Better Business Act means that we will:?

• Make Purposeful Decisions: We'll consider social and environmental impacts in our business strategies.?
• Be Accountable: Our directors will balance the interests of shareholders with those of employees, clients, communities, and the environment.?
• Stay Transparent: We’ll keep you updated on our progress with clear and honest reports.?
• Promote Sustainable Growth: We aim to create long-term value through sustainable and ethical practices.?

We’re excited to be part of this movement towards a more sustainable and equitable future, and encourage other businesses to join us in making a positive difference.?

To find out more about how you can plan a pathway to becoming a B Corporation, joining the Better Business Act or assessing your current purposeful business profile with our new client diagnostic exercise please do get in touch with Nick Hunt .?

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Tackling Challenges?

We’ve been working with LPM Bohemia for just over a year now, supporting them to create a Business Growth Plan in March 2023. One of key components in unlocking ability to deliver plan was funding for future growth. Graham Creswell and his fellow directors were frustrated with the slow pace of traditional funding solutions. We introduced them to our partners Capitalise who helped them with two key things.? Firstly, their credit review service, which for a flat fee of ￡375 validated their A credit rating and uplifted their credit limit by ￡20k. This helped supplier negotiations and in applications for funding. Secondly LPM Bohemia used the expertise at Capitalise to apply for funding with a range of providers. They were delighted with the quick response and an offer for their full requirement, a significant sum, at a competitive rate.?

Here’s what Graham thought:?

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To discuss your near-term funding requirements for growth in your business please get in touch.?

Preparing for Exit?

It often comes as a shock to business owners when they learn the day they legally complete the sale of their business is not the day they actually walk away. One of our experienced Business Growth Advisors, Geoff Gwynn - The Business Growth Expert , explains more about why you’ll need to plan to make yourself redundant if you want to enjoy some leisure time soon after the sale of your business.

Read his article here

If you have any questions for the herd or content you'd like to see in future issues of the Watering Hole comment below or email [email protected]