You Might Need to Jump-Start Your Business

You Might Need to Jump-Start Your Business

If you could start a new business in a couple of months’ time, what would that business be? Imagine it for a moment.

Now, with the experience you’ve got in business so far, what would you do differently from before? What additional things would you like to put in place?

Hold those thoughts.

I have a son-in-law that has been making the most of the enforced lockdown with his young family. Then he had a (permitted) need to go to a site on business. His car wouldn’t start; the battery was flat after weeks of the car being unused. He had no jump leads, he’s never needed any before, and he had to get outside help to get things going again.

This got me thinking. Flat batteries might not be our problem when we restart our businesses after the lockdown, but it is quite likely there will be other issues, many of them predictable, that will stop us making progress.

So back to the questions I was asking you at the beginning: if you can start a new business in a couple of months’ time…what would it be? It would, of course, be the business you wanted. And you’ll be so much wiser based on your past experience.

The reality is when you do come to restart your business in two month’s time it will, in many ways, feel like a new business. Perhaps it’s time to make it the one you really want it to be?

Today, you have the time to sit back and consider exactly what those ‘flat batteries’ will be for you, what your aspirations are, and what you need to do to create that great business.

Many of your competitors are going to be caught out with the enormity of getting their business restarted. Don’t let it be you. By spending a little bit of time now you can get ahead of the crowd and jumpstart your business.

Things to consider might include:

  1. The structure of your business
  2. Shareholder agreements
  3. Business forecasts
  4. Cash flow forecasts
  5. Supplier arrangements
  6. Customer contracts
  7. Training programmes for staff
  8. Succession plans
  9. Business exit plans

All of these things can be thought about at leisure now but are likely to take a back seat in the frenzy of the restart of your business.

I am a partner at Succession Plus. We are specialists in providing proactive, focused and strategic advice for SME owners to help them manage strategic Business Succession and Exit Planning. I am enjoying a career that has embraced product and service businesses at all stages of their journey. I have worked in technology, telecoms, consumer electronics, payments, media, and publishing.

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