Make time for working ON your business, tips for recruitment and retention, and how much is your business really worth?

Our latest Watering Hole will help you to kick start this fiscal year. Block out time to make plans for your business, read our guide to recruiting and retaining staff in a candidates' market, and how to get an accurate valuation for your business to allow you to plan for the future.?

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Achieving Growth??

This week is the start of the new financial and tax year. What are your plans? Where do you want to be in five years time? What will you do over the next 12 months to make progress???

In our interactions with numerous business owners this year, we've noticed a common trend: hesitation. With fluctuating interest rates, impending elections, and global uncertainties, many are opting to wait rather than take action. But waiting for the perfect moment often means waiting forever.? In contrast, we've have seen three of our clients successfully exit their businesses in 2024, collectively generating over ￡10m in proceeds. They chose progress over procrastination.?

Start by blocking out some time in your diary to work on your business. We know owners struggle to extract themselves from the day to day running of their company but it's vital that you make the time and space to plan and reflect. Get into the habit of??

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Tackling Challenges??

Recruiting and retaining staff is a challenge for many businesses at the moment. Candidates can be choosy about what they apply for and which role they accept. It’s particularly difficult for businesses who don’t recruit regularly.??

Chloe Carey, our HR specialist, has insights and tips for businesses who need to recruit.?

• Be clear about what you can offer - it’s not just about the money. This could be salary, benefits or your brand.? Why would people choose you over another company?? It isn’t just about who pays the most money, it’s about the benefits, the flexibility, and increasingly what your business stands for. A strong sense of purpose is a great way to keep and attract people.???
• Tailor your job ad to find the people you really want. This will save you from having to review unsuitable applicants and potentially missing good ones.?
• Use tech and agencies wisely, ask for recommendations or references. Or try the new ‘in-between’ recruitment option. Chloe Carey can work with you to understand exactly who you are looking for, what kind of package they might be looking for, how to write your job advert, and she’ll help you track and shortlist applicants and appoint the successful candidate.???

There's more recruitment and retention advice in this article by Chloe.?

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Preparing for Exit??

If your plans for the next year or five years include exiting your business, an accurate valuation is vital. Without knowing what your business is worth now, you won't be able to plan your retirement or other future plans effectively.?

Every week we meet business owners who do not appreciate how their asset will be valued. There is no shame in this, if you haven’t ever been walked through it, then why would you know? But this can lead to?someone believing that a valuation is the same as an aspiration.?

Recently our CCO was having a conversation with an owner who said he believed that the business was worth ￡4m. When asked how he arrived at that figure the response was ‘Well, there are four of us and we want a million each!’ ?

Even if there is an understanding of the adjusted EBITDA model, we often find that owners overestimate the value of their business; but also, occasionally underestimate the likely sale value - we always enjoy those conversations! We offer free business valuations so you can make plans with accurate figures. The sooner you get started the longer you have to grow your business and increase the value at exit giving you more choices about whatever you plan to do next.?

Get in touch for your free business valuation.??

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