Our Succession Planning service
Anna Stubbs • July 6, 2023
All business owners should have a Succession Plan in place, no matter when they plan to exit. An effective Succession Plan will help you define the steps required to turn your future vision into a reality, while taking into consideration business, personal, and family expectations.
Our Succession Planning service gives you the chance to:
- Determine what you want out of your business
- Clarify your succession options
- Create a timeline with key milestones for your Succession Plan
- Identify the actions and strategies you need to make your objectives achievable
If you wish to take a more passive role or sell your business within the next three years, then we recommend you start the ongoing Succession Planning process right away. The longer the planning phase, the more time you have to groom your business for sale and attract the right successor.
By attending a Succession Planning session, you’ll:
- Define and understand what you want from your business
- Determine a common vision for owners, team members, and successors
- Clarify your succession process, defining tasks and actions to maximise your outcome
- Identify and prioritise key goals and milestones
- Increase your ability to make strategic decisions
We look forward to helping you plan for the future.
Digital systems and cloud technology have revolutionised the running of the average small business. But with software systems comes the ever present issue of cybersecurity. And it’s not just the big league, like Boots and Marks & Spencers, that have to worry about getting hacked. A recent BBC News article highlighted how one cracked password is all it took for a ransomware gang to destroy a 158-year-old transport company – putting 700 people out of work. So, what can you do to increase your cybersecurity and keep your business, customer and finance information safe from hackers and malicious software?
The Economic Crime and Corporate Transparency Act became law in 2023. But as the goals of the Act progress, it’s bringing about a number of different changes to accounts filing. The aim of the Act was to strengthen the role of Companies House and the UK business environment, support national security and disrupt economic crime. At the same time, the Act helps to deliver a more reliable companies register to underpin UK business activity. These are all excellent aims. But one outcome of these changes to Companies House procedure is a major change to the way small and micro businesses file their accounts. Let’s look in more detail at what this could mean for your accounts.
There are certain items of equipment, machinery and hardware that are essential to the operation of your business – whether it’s the delivery van you use to run your home-delivery food service, or the high-end digital printer to run your print business. But when a critical business asset is required, should you buy this item outright, or should you lease the item and pay for it in handy monthly instalments?