BFC Green House Hotel

Business Finance Club November 2018 – How to steer your business growth through development and change

For November I was pleased to welcome Mark Wilton-Patrick, Business Advisor, from Icon Business Solutions, as my guest speaker where he captivated us with his own journey of how he purchased and successfully turned around a distressed company.

He shared his extensive knowledge and his hands-on experience with the key options and decisions he took at crucial points of his journey: –

  • The steps considered and taken for recovery & turnaround
  • How profitable sustainable growth was restored and maintained
  • Strategic planning – the challenges & key decisions taken for expansion and why
  • The outcome – the conclusion of Mark’s journey with key learning points

The key learning points of the day were:

    • Good management information is critical to good decision making
    • Regular internal management accounts and financial information can certainly provide you with valuable tools to support you in decision making by allowing you to: –
    • Plan & forecast
    • Evaluate resources
    • Elevate costs
    • Budget plan
    • Assess & measure
    • Review
  • Due diligence is not a tick box exercise, it’s a genuine attempt to find all the skeletons in all the cupboards. If one of the cupboard doors are locked, then we have to assume that’s where all the skeletons are hiding!
  • If something is broken, continuing without change will only make things worse. Constantly review, measure your activities and reconsider your strategic plans. Don’t be afraid to say ‘no’ if the evidence is supporting that verdict. Stand firm and be confident with your decision
  • Some lenders can be pretty expensive although they take greater risks and could help you to move the company forward. This was specific to Mark and his journey & helped business growth. Research the market and ensure that your financial information is sound to provide reassurances to the lenders
  • Exit strategy – Start with the end in mind. Ensure you have a business plan and review it regularly, be specific about time frames, yields, mechanisms, and plan beyond the sale, pensions, investments, work, new business, retirement etc.
  • Most of the successes in Mark’s journey were achieved through a combination of good information, strategic planning and transparent communication. These 3 key points are absolutely paramount to drive your business and management team

About our speaker

Mark brings to the SME market a truly holistic, unique, yet simple and affordable approach to developing and growing a business, enabling business owners to benefit from tangible differences within their businesses, from increased turnover and profit to staff improvements, sustainable growth and more personal freedom.

Mark has spent over 20 years growing and developing businesses in the SME sector, involved in a range of business activities from turning around distressed companies, initiating and assisting new start-ups and growing and developing a successful £multi-million group.

As a business owner Mark has direct experience across sales, marketing, design, sourcing, production, finance, accounts, IT and HR, and has owned and operated companies across manufacturing, distribution and service sectors.

 

Register your interest in the next Business Finance Club

At the next event, on Wednesday 16th January 2019, I will be joined by Malcolm Scott Walby from Scott Walby Solicitors LLP.

Few of us sell a business many times in our lives so like many big decisions it is sensible to plan in advance what we will do.

In this event, Malcolm will be discussing and sharing with us what you need to consider in practical terms, the profit and tax ramifications and what you need to do.

  • Will you be forced to simply close the business down?
  • Find a buyer to simply buy you out?
  • Will you grow a management team to buy you out?
  • Will you sell off the valuable parts?
  • Will you sell off part and sell the rest later under some kind of long-term deal?
  • Do you have a “next generation” to take over?

I look forward to seeing you at the next event, to secure your place please register your interest here for ‘How to plan & prepare a successful business exit strategy’