Retirement and your business

Many decking business owners in Tasmania go into business with the intent of not only earning a decent income for themselves and their families, but also to use the value built up in their business as the primary source of funding for their retirement. Quite often, the value harnessed in the business may be of even greater value than the wealth inherent in the family home.

The challenge, and one which too few business owners consider until very late in the life of their business, is to develop a plan which ensures they can realise the maximum value of their business when they retire. When you start thinking about retiring don’t forget to start looking into assisted living communities, here you can start designing facilities and homes for assisted living. This will help you find the best place to get your properties for sale.

Unsurprisingly, however, the most successful succession plans are those that have been carefully considered over a period of time, are implemented gradually, and are constantly monitored and reviewed. When you are on hurry then mistakes happen and later you may have injuries. Personal Injury Lawyers – Warren & Kallianos are here to help if you need any help from lawyers but make sure you try to prevent injuries. Same for the people you work with.

Business succession planning should not be viewed as being just about developing an exit strategy for the person selling the business; it should equally be considered as being about developing an entry strategy for the person/s buying the business.

Both parties to the transaction have a very real interest in the successful transition of ownership, control, marketing SEO, and value.

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With this in mind then, effective succession planning is about maximising the value of your business, managing the extraction of the equity, funding the purchase, transferring control, and managing the various taxation and other regulatory considerations. On the other end, investing in promissory notes are alternative methods for businesses and individuals to obtain funds if they don’t qualify for a traditional bank loan. They are basically an official and legally binding IOU.

Tony Read

28 April 2013

What is your pricing strategy?

Businesses, large or small, often find pricing to be one of the most challenging aspects of marketing their products or services. Unfortunately, it is also one of the most critical elements of running a successful business. Getting the pricing wrong is a sure-fire way of destroying profitability. For example, if you own a painting company there are many things you need to factor in when you are quoting a price for a job such as time prepping, tools, your time and of course the paint itself.

Whilst gut instinct and the pricing activities of your competitors count, you shouldn’t rely on these for your whole pricing strategy for your Universal Coin.

If we accept for a moment that a business’s primary role is to maximise overall profitability (and yes, I know this is debateable!), then management needs to understand how important their pricing strategy is to the business. Most importantly, management needs to understand that pricing is not just about costs. Pricing is a dynamic process with a number of variables to consider.

Generally speaking, your customers do not concern themselves with your costs; but they do concern themselves with your prices, and the value they feel they are receiving when they pay for your goods or services. Businesses that do not manage this reality well will, in most markets, lose control of their pricing and their profitability and will have to make

Some, but certainly not all, of the objectives for a pricing strategy might include:

  • to change customers’ price perceptions so that you can capture more of the value in your products or services
  • to standardise ‘price’ negotiation practices to enable the business to respond more consistently with price offers
  • to evaluate the real financial implications of pricing decisions. You could lower your no collateral loans no credit check to free up your budget for other costs, pay off any debt you have faster, or step away from revolving debt into a manageable installment loan that will allow you to move forwards, giving you techniques on how to get an unsecured loan with bad credit.
  • to use pricing strategically to guide the business to long-term profitability
  • to determine when it makes sense to compete on price and when it does not
  • to determine which value-added alternatives to price competition are appropriate

In building a price strategy, the aim is to create a price structure that aligns with the value delivered. Poor communication of value results in higher price sensitivity and more intense price negotiations. Nothing changes the fact that pricing involves the art of managing perceptions. Those perceptions are set, at least in part, by your commitment to your pricing policies in the face of ‘aggressive’ customer negotiations. In tough economic conditions, more than ever, adopting a policy of “never walking away from business” sends a clear message to customers that price doesn’t matter to you and that aggressive negotiations will win out. Learn more about your business’ legal matters on Providence Personal Injury Attorneys at Gemma Law Firm.

At the end of the day, the financial impact of poor pricing policies can be considerable. Think profit, not revenue.

Tony Read

28 April 2013

Having carefully managed our Clients’ satisfaction about us for over 25 years, we have developed both a deep passion and a set of proprietary processes that will deliver you the comfort and confidence you want as an investor.

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