How can I understand the difference between running a family business and a non-family business so I can understand how to effect a change?

Our Approach

All businesses should be run in a professional manner, ensuring the correct roles are assigned to the right people. This applies in both family and non-family run businesses. On a day to day basis, there should be no difference between family businesses & non-family businesses. Roles and experience must be clearly defined for all staff members. Family relationships can create extra layers of complexity within a family business. it is imperative that disagreements must be kept out of the work place, like in any other business.

How can I improve my organisation in order to effect growth?

Our Approach

The organisation must reflect the business strategy. Scale Infrastructure keeps pace with scale of demand/productivity/revenue. Create and agree a defined business plan. Once in place, the approach to implementation must be disciplined, measurable and reviewed. Everyone's role must be clear in terms of the plan and everyone must be held accountable ensuring consistent communication.

Why is cash flow not better?

Our Approach

Cash flow problems can result from a large number of different situations. A proper understanding of how the business is run can help to avoid cash flow problems. It is imperative that the business must understand the cash flow within the company. Effective management information needs to highlight levels of profitability. Ensuring key members of the team understand fully the difference between profit and cash can ensure everybody is focussed on cost reduction and effectiveness.Ensuring that payment schedules to suppliers are in line wtih payments from customers will also help to avoid any issues. If there are current cash flow problems, maximising credit terms, negotiating strong trade terms and implementing effective payment strategies where possible can help to alleviate some pressure.

As a business owner, where can I go to for help?

Our Approach

Being a business owner can be a lonely place. Often, many businesses experience the same challenges to growth, and sometimes gaining an independent insgiht from those who have faced these challenges can be extremely useful. At BHP, we hold strategy days with Senior Management teams to ensure the business plan is aligned to the business strategy and that the strategy is relevant to the marketplace in which it operates. We also look to focus on the shareholders overall objectives for the business, and how these can be achieved.

How do I engage my employees to feel part of the growth journey?

Our Approach

Often, a business owner can envision where they want their business to reach in terms of growth, and how to get there, but does not feel that their employees feel part of this growth journey. It is important that the vision for growth is shared with emplpoyees and that they can buy into this and see how it will be achieved. Correct and effective internal and external communication strategies need to be implemented. To ensure they are engaged with the growth journey, employee ideas and innovation must be encouraged and rewarded along with high employee performance. It it important they can share in your vision for the business, and see themselves as part of it with opportunites for succession and career development.

How do I ensure my management team can support my company's growth?

Our Approach

In order to ensure your management team can support the businesses growth, they must be aware of the growth plan, and this must mirror their abilities. Any growth strategy needs to by shared by all-not just the business owner. You may need to carry out a "business audit" mapping out requirements of the business onto the skills/competence of the team.

Business is growing steadily, but how can I acclerate this growth?

Our Approach

To increase the rate of growth, you must identify the capacity constraints. This can be done through a market opportunity analysis. This will help you to identify who your competitors are and what they are doing to drive growth. By identifying what they do successfully, this can be implemented into your businesses strategy to drive growth. It is important to see where your business could go and identify future market potential as a new growth area. It is also imperative that you assess the people working in your business and ensure they are focussing on the right challenges and objectives

How do I plan for succession in a family business?

Our Approach

The key to succession in family businesses is to introduce objectivity around skills, experience and potential. Consistency must be kept whilst succession is taking place. Whilst it may be a family member who is taking over a new role, it is essential that senior employes-who are non family members- feel valued and are seen as an integral part of the business and it's future.

How do I professionalise the family relationships in my business to ensure success?

Our Approach

To run a successful family business, the family must agree on the busines strategy. Employee roles (family member or not) must be clearly defined. All roles must me reviewed and measured on a regular basis. All employees are treated the same and as equal-regardless of their relatives.

Why isn't what we used to do working anymore?

Our Approach

It is easy to fall into a comfortable routine, especially within business. When what you used to do to ensure a profitable, growing company no longer works, you need to look at new ways to effect growth. When the growth of a company plateaus, you need to look at your current business strategy and consider if this is still relevant. Effective market analyses can give an overview of where your competitors are achieving gowth and where they are entering new markets you have not yet considered. You may need to ensure your team are focussing on the areas of the business that are most relevant and generate the best returns for the buisness and that there is an effective pricing strategy in place.

I want to sell my business, what do I do?

Our Approach

Selling your business will be one of the biggest decisions of your life. At first, you need to have a realistic expectation of the value of your business. The business needs to be prepared to achieve sale of a maximum value, hopefully exceeding your realistic expectation. There needs to be an understanding of the importance of different types of revenue & profit performance.

How do I tackle poor performance?

Our Approach

Poor performance can have huge impact on your company's growth. You need to ensure that your emplpoyees are aligned with the strategy of your business-this also needs to be communicated and understood by all employees at all levels. If a colleague is not performing to the required level it is essential that managers are equipped to carry out difficult discussions. A performance manager culture must be shared by all employees. Clear KPI's need to be set in align with the business strategy, and high performance needs to be recognised and rewarded. In the worst case scenario when an employee continues to underperform you have to ensure you and your senior managemet team are confident around employment legislation and what action can be taken.

How do I achieve the growth potential of my business?

Our Approach

Where there is potential for growth, there is often some level of risk. You need to create a defined step plan to Include finance funding, people planning, operations and technology to help minimise risk and outline your strategy for growth. Access to appropriate funding also needs to be understood and explored. Considering the concept of an external role to help guide you through this process can often help to see the business with a fresh pair of eyes and expedite the process.