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My magnificent seven tips to improve Return on Capital Employed (ROCE)

06/10/16 - Financial Performance

So often we read or hear in the media about the latest fast-growing business. Everyone seems to focus on the growth of the business but what is the real measure of business success? When I review the financial performance of a business, the primary measure I look at is Return on Capital Employed (ROCE). Generally, if this rate of return isn’t high enough it is usually a sign that some things aren’t quite right in the business.

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Family business succession strategy – communication is the key

06/10/16 - Exit Planning, Family Business

In over thirty years advising family businesses, the most successful succession plans I’ve seen have been the ones where there was solid stakeholder engagement – in other words – good communication within the family. Even if you think everyone is aware of what is going on and generally on the same page, don’t leave things to chance for people to fill in the blank spaces. Fill them in for them.

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Mature man with his son in their artisanal handicraft traditional textile factory

How to add thousands to your bottom line

06/10/16 - Financial Performance

Just like in our own household, waste costs the average family business tens if not thousands. However, the business owner doesn’t just incur the yearly cost, but the multiple of that cost when a business is sold.

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Garbage can full of money tipped on its side with money spilling out

Three reasons businesses don’t have cash

06/10/16 - Financial Performance

There's an old saying - profit is opinion, cash is fact. That's because despite making a profit, some businesses still don't have enough cash to pay the bills. At the end of the day, a lack of cash will kill a business.

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Silver and copper coins falling onto a reflective surface, showing  motion blur and lens flare. Copy space on the greeny-gold background.

What are the main barriers to effective succession?

06/10/16 - Exit Planning

I’m often intrigued when I read in the press about rather large family-owned businesses which are impacted by family and succession issues. These disputes are nothing new so why is it that they seem to raise their heads time again.

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Beginning at the end…9 step process for achieving your exit plan

06/10/16 - Exit Planning

In business management guru, Stephen Covey’s, best-selling book, The Seven Habits of Highly Effective People, beginning with the end in mind was a top habit of his. This got me thinking. Why is it that so many business owners don’t have a clear picture of what they want their business to look like when it’s ‘done’?

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Railroad tracks at sunset