Why businesses for sale cost what they do

When you first start looking for a business for sale on the Sunshine Coast there’s two things that generally stand out, the amount of cafes for sale and the prices Sellers ask. Cafes aside, let’s get into the reason’s why businesses sell for higher prices on the Sunshine Coast than most other areas around Australia. The overriding cause is supply and demand however there are several smaller unique forces that affect business values on the Sunshine Coast. Initially you need to understand your market segment. Take for example businesses worth less than $200,000. This market has the highest number of…

Don’t Compromise on Your Core Values

Every day our core values are challenged. Whether it be from a customer, staff member or even supplier, we face constant bombardment. However holding strong on your core values is the most important challenge you will face. Taking a step back, your core values are exactly that. A group of values you commit to in respect to how your business is run. They’re like your guiding light through business. Every decision must be inline with them. If not, it’s the wrong decision. Your core values act like your internal compass and should you compromise them you begin to act against…

Keeping Your Books Clean

Regardless of whether you’re a listed company or a mum and dad operation, keeping you books clean is vital to not only the value of your business but also the cash flow of it. We’ve all done it before, paid something we shouldn’t have with the company credit card, got behind in data entry or tried to claim an expense that your accountant will cringe over. For all those of you who don’t have a system yet, here’s the 101 in keeping clean books. Firstly use a book keeping program. Excel is not acceptable any more, particularly with all the…

Customer Service

Customer service will make or break your business. Regardless of what industry you’re in, how good your products are, your qualifications or price, if you don’t provide great customer service you will eventually fail. Some companies have got this concept and work extremely hard to provide a customer with an experience whilst many others are still acting in pure arrogance. Here’s a simple exercise. Think back of how many bad experiences you can remember and write them down. Now write down all the good experiences. Notice how you remember nearly ten times the bad versus the good. It’s because the…

Outsourcing 101

Outsourcing historically has a bad name, mainly due to the hideous call centre experiences we all have had when dealing with anyone of the major Telco’s however outsourcing when used correctly can give your business more leverage than you ever imagined. Now I’m not suggesting we send all our administrative work to India but what I am saying is that you can have greater flexibility and leverage through outsourcing. What outsourcing does is give you much more opportunity to hire quality staff or contractors all around the world as opposed to your immediate talent pool. Yes there are significant cost…

Frustrated Buying Syndrome

Although not officially a syndrome, it should be. Every day I meet buyers looking for their dream business who are frustrated that it hasn’t come along. Stranger yet, it’s this group of people that spend two to three years trying to find their perfect piece of Australia only to end up buying usually the worst possible business. Yes that’s right, frustration can often lead you to madness. Sound familiar? Scouring through pages of internet listings, receiving email upon email with business memorandums that don’t stack up, endless calls to brokers only not to be returned. The list goes on of…

Working Environments

Your working environment goes hand in hand with your level of productivity so how does yours shape up? Are there piles upon piles upon piles or is there a clear work flow. Can you see your desk space or workshop floor or is there so much stuff that you couldn’t remember what colour it is. It’s considered that your external world is a reflection of your internal mindset and working environments are a tell tale sign of this. Clutter is only one aspect to a working environment, we also need to consider noise, traffic flow (employees and customers walking through),…

Disaster Management

Disaster management is like insurance, you hope you never have to pull out your policy and make a claim but they’re imperative for your business’s survival. The reality is very few business owners take the time to plan out a contingency of the worst case scenarios for their businesses, as said before this is like operating uninsured. Remember a disaster doesn’t just have to be a natural event such as flood or cyclone it could as simple as loosing power for two hours or two days, loosing an internet connection, phone lines or key employee. These are all internal disasters…

Good Culture and Bad Culture

Organizational culture will either fuel the fire for high performance and growth in a business or be the cancer that slowly kills it. Unfortunately though culture in a business can’t be defined as one particular thing. It’s combination of various aspects, personalities, standards, visions, markets and more. In business you either have a good culture or a bad one. A good culture is something you can feel when you walk in the door. Common traits are high energy, high moral, high levels of productivity, employee retention, growth, innovation, excellent customer service, clarity of vision and high performance. Bad culture can…

Reviewing Your Expenses

How often do you review your expenses? Really, once every few years, every month, when there’s a disaster maybe. Well here’s some valuable advice that will have immediate affects on your cash flow. Review your expenses every quarter. When I say review I don’t mean slash, I mean is there a better and cheaper alternative to what I’m currently using or paying. Most business owners just have set suppliers for IT, phones, printers, stationary and so on but rarely look outside and see what options are available. I take a client of mine who owns a mixed martial arts gym….