Business Strategic Planning

Business Advice

Being in Business 

Succeeding in business is challenging, but often the challenges stem from not thinking through the setup from the outset. Why are you doing it? What goals do you want to achieve? How do you plan to make these happen? How will you resource and manage growth? What is your USP?

Keith Ward has founded and grown dozens of small to medium sized businesses over 40 years. A number became nationwide brands and two spread to across the Tasman. Two companies grew to turnovers of between $10-20M. A couple did not succeed.

Keith has been through it all and understands the challenges of business in volatile times and the myth of entrepreneurial path to success and the absolutely critical difference of cashflow versus profit. Risk mitigation has to be balanced with a desire to expand and grow. Sometimes acquisition is better than slower organic growth.

You’re the boss and the buck stops with you. What happens to your business if you’re left ill or disabled and unable to work? Is the way to run the business all stuck in your head or do you have written systems others can follow in your absence? Does your company have a concise Operations Manual so it can function if you are absent?

Loans and leases don’t go away when a downturn occurs. And you are likely personally liable! Business Interruption insurance can cover repayment of business debts, protecting assets that might otherwise have to be sold.

Key people can hold the success of your business in their hands. A key person is a partner, an employee or contractor whose skills and expertise are essential to the function and profitability of your business. Unexpected death or disablement of a partner or key shareholder can put the business at risk. By insuring your key people, the company owns the policy and receives claim money that can compensate for the loss of a key person.

A Business Plan AND Cashflow Management Plan for any business is crucial. Do you have up-to-date ones?

Sickness is more likely to leave you with a long-term disability. Of disabilities lasting six months or more, only one in 20 are related to accidental causes. Recovery is faster without financial stress. Worrying about your business doesn’t help recovery after an illness or accident. Insurance eases your concerns, so that you can relax and get better.