Think back to this time last year; you might have been planning Christmas parties or booking a holiday. This year we have a entirely changed business landscape to navigate. Here are some common questions.
What is the best way to restructure?
Restructuring is certainly not straightforward but if it’s necessary to keep your business viable, here are some suggestions to keep the stress to a minimum.
- Write a plan outlining why positions need to alter for the business to prosper.
- Email employees to advise them that you’re planning a restructure and ask them to attend a discussion to learn more. Be sure to provide two days notice.
- At the meeting, speak about your plan on how the restructure should be executed. It’s vital for your team to feel included in the process. Ask them for feedback on a one to one basis. It is important for you to have an open mind about alternative courses of action.
- Anticipated changes to an employee’s conditions must be provided in writing with sufficient notice to allow the employee to obtain advice. Don’t dream up new conditions; always refer to your HR consultant to be sure that your proposal is within the law.
I want to sell my business. How do I prepare it for sale?
You certainly will need to ensure that everything is ready for a valuation. Be sure to complete these steps:
- Sell assets that are not in use, stop spending time and money with long-term developments, and develop a realistic financial budget.
- Formulate a business plan and set out the current business status and plans for the future.
- Attend to any unfinished legal issues or staffing troubles.
- Ensure your systems are up to date, including work health and safety and financial records.
- Check that your website and social media are up to scratch?
- Consider ways to increase sales and Gross profit margin. The sale price for your business will be determined based on the last two or three years’ profit, extrapolated to determine future earnings.
The information in this article is general in nature and might not be right for your circumstances. Please arrange a meeting with one of our Accountants to discuss your particular needs. Accountants 2 Business Ph (07) 3823 2344