Setting up, Scaling up, Checking up
Thank you to everyone who joined us for ‘Setting up, Scaling up, Checking up,’ and a special thank you to Jane Toohey from Outsource2Us, Michael McDonnell from Results Legal, and our very own Dale Edwards for leading a very insightful presentation and panel discussion.
The night began with a discussion focused on what businesses need to look at to ensure that they are set up correctly and, once established, how to check in to ensure the business continues to grow with the correct structure. A relevant case study on one of our clients was brought up to demonstrate how business structures can change and evolve over time depending on circumstances. His main takeaway was for businesses in their beginning stages to invest thought and some upfront cost to contemplate future changes or needs to their structures. By building flexibility for these into the initial business structure, businesses can save very significant costs and challenges later.
Due to how turbulent the business environment can be, it is important to have customised shareholder agreements in place. This will help to ensure successful business relationships and to mitigate the risk of costly and disruptive disputes. This is particularly relevant to family businesses, of which the most common issues identified were:
- Not being proactive at the beginning and addressing key issues
- Not paying for external expert advice at the beginning then become costly to correct later
- lack of formality,
- failure to raise/resolve simmering issues and lack of alignment on strategy/goals,
- failure to effectively document understandings and agreements
- inadequate business succession processes within the family
- family dynamics, personalities and spouses
The importance of branding and marketing cannot be downplayed for establishing and growing your business. It is vital for businesses to plan their brand strategy for growth and future needs and be prepared to evolve along with the rapidly changing marketing environment. Even though maybe 10 years ago a receptionist could look after your social media and online presence, this is no longer the case. You need to invest in a marketing specialist who can manage this to the results you need. These specialists can also help you be smart about how your budget is spent to tell your story online; social media can be a big waste of time if you’re not targeting your key demographic correctly!
We hope you can join us for more upcoming events.
For any further information specific to your business please email info@advivo.com.au.
See recaps from our recent events – CLICK HERE
