Business Essentials

You've worked hard all your life to build and grow your business. Now you're ready to retire – how do you get the best price for your business?

One challenge is that a business owner is often so integral to the business that it's hard to unravel that relationship at sale time, says Geoff Green, a business exit strategist at GRG Momentum. He explains the difference between what makes a business valuable and what makes a business sellable. And he provides alternatives to selling for owners who want out.

More Information

Geoff Green, GRG Momentum
03 9605 0936 
grgmomentum.com.au
Special 30% discount for Geoff's book 'The Smart Business Exit'.
Use code: BUSINESSESSENTIALS at the following webpage:
http://smartbusinessexit.com/the-smart-business-exit-book/

Business Essentials is produced by BE Media Production
be.com.au

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Workload is the number one cause of workplace stress, beating job security, life balance and people issues, according to a survey by The American Institute of Stress. Online technology hasn't made our workload much easier. In fact, email, phone calls, text messages and impromptu meetings all add up to more work and more stress. So, what can be done? Muffy Churches has five ‘brain games’ to regain a sense of control over the daily influx of work.

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What are those technologies which are changing the way we work? And how do we leverage those technologies for our own business? We hear from British Fintech expert Matthew Gardiner, who is currently in Australia advising the government, business and the education sector on emerging technologies. One of those disruptors is Blockchain, a tool designed for crypto-currencies, but now used in a whole of range of sectors.

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It's inevitable that some staff will need time off because of illness. But what are the rules around providing it? Cheryl Disher of HR Advice Online takes us through the rules, including whether personal leave — as it’s now called — is allowed to accumulate year after year and what happens if an employee has run out of personal leave.

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What would you do if your customers’ personal information has been lost or stolen? If you don’t have a process for that, now’s the time to start planning. In early 2017, the Australian Senate passed a law requiring the mandatory reporting of data breaches, which comes into effect in February 2018. Lawyer Ryan Solomons of Bespoke explains what the law requires of you should a breach occur, and what processes you should start putting in place now so you don’t fall foul of the law.

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Not only can the cost and time involved in a legal dispute be prohibitive for a lot of business owners, but the stress can be overwhelming. Is there another solution?

Mediation is an option worth considering, says lawyer Alison Shaw of Shaw Mediation Australia. Its benefits, she says, include convenience, privacy, reputational discretion and the ability of each party to influence the outcomes.

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The millennial generation – those aged between 20-35 – is the future of your business, but how do you find them and get them to stay?

Luke Marshall is a recruitment specialist and, as a millennial himself, is especially attuned to their behaviours and desires. Most important is to not treat them as a commodity – show that you care and have their interests at heart. A business with a clear purpose – aside from making money – will succeed in attracting and keeping talented employees.

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Businesses which recognise and understand the differences between the sexes can benefit enormously when selling to them. Amy Fridlund from research agency Kantar TNS says many products are designed and sold for men, alienating potential women buyers. She gives examples of companies like IKEA, which has designed its stores to cater for both feminine and masculine behaviours. As gender issues become prominent and consumers are more aware of gender identity, businesses that don't address their own biases will fall behind.

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Preparation is so important to telephone sales – have a script, write down key objections, but most importantly "master your mindset". That's the advice from Ashleigh Hoult, founder and owner of The PromoDonna. These days a lot of businesses are reluctant to do cold-calling as a business strategy and have lost the art of speaking on the phone. That paves the way for others who understand the benefits of cold-calling, so long as they know the tricks to get to the decision-maker and make a compelling case for your business.

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As business owners, we often get stuck in the day-to-day activities, and neglect working on the business. Systemising business processes will allow us to break free.

That's according to Joel Gerschman, who has written a book on escaping the shackles of your business to achieve wealth, freedom and fulfilment. The Mindful Entrepreneur is all about how to make your business run without you, and he provides examples of entrepreneurs who have done that.

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