Counteract the Result of Economics and its Effect on Your Business with an Excellent Business Succession Plan
The ever-changing nature of economics and its effect on business is highly unpredictable. Today you may be in demand but tomorrow you may find yourself struggling to stay afloat. This is the primary reason why you need to come prepared with safety nets for your business.
These safety nets should not only catch you on a temporary basis- keep you stable only during a current rough time- but most importantly keep you afloat and steady in the coming future. This is crucial if you want to keep your business from being totally annihilated from the industry you belong. This is basically what business succession planning strategies will provide.
What is Succession Planning?
Generally, succession planning is the process of looking for and developing the future leaders who may take over the key positions in your company. This also includes preparing people to fill in other critical positions for a short or long period of time.If you think you don’t need succession planning because you belong to the small or medium-sized companies (SMEs), then you are wrong. The smaller your business, the more dependent you should be on succession planning.
Besides preparing key people for a future takeover, business succession is also a proactive undertaking to prepare the company for emergency situations. It promotes the development of your company’s talent pool which will help avoid the wastage of funds from the company that might be needlessly spent for a recruitment process. In addition, it also takes into consideration the financial situation of the company and how it can prepare for the coming future.
Effects of Economic Fluctuation &Succession Planning
Planning for the future is a responsibility that you must embrace. It is your responsibility to prepare your business for another set of leaders once you decide to exit your business. Once this happens, your valued clients must understand what is in store for your business in the future.
With regard to economics and its effect on business, business succession can also help in unexpected slumps in the economy because it can also cover emergency funds for when the need arises. Without a sensible succession plan during your unplanned exit or unexpected recession in economy, you risk losing both your employees and valued clients, shattering years-long of carefully nurtured good relationships with them.
Succession Planning By Yourself
Now that you have learned about business succession, you may be thinking that you are capable of doing it yourself. You may think of starting to create your plan because you’re the best person for it since you know the business first-hand.
Even if you consider yourself unquestionably capable of laying out your own business succession planning strategies, that is not a smart move. Why? Because you are not impartial and objective in gauging your company’s present situation.
You need someone who can objectively see the financial situation of your company from a viewpoint that you may never be able to duplicate. You need someone who is a real expert on this field and with years of experience on formulating successful planning strategies like Craig West and his team at Succession Plus.
Benefits of Succession Plus
The benefits of hiring the services from Succession Plus lie in the company’s CEO and strategic accountant, Craig West. With over 20 years’ of experience inadvising business owners and helping them manage the key strategic issues they face as they continue to grow, he has expertise on the following fundamental areas of business: Raising the company’s capital, Building the company’s equity, Protecting this equity, and Extracting the value of what has been built once you, as the owner, exit your company.
He has devoted 6 years in order to earn two Master’s Degrees related to Capital Gains Tax (CGT). As CPA in public practice, he also brings in over 15 years of experience in advising different businesses in areas of management, accounting, and taxation.His other accomplishments include the following:
- He is an accredited advisor with Family Business Australia
- He is a member of FBA’s NSW Advisors committee
- He is a founding member of Thought Leaders
- He has conducted various seminars throughout Australia for:
- CPA Australia,
- Department of Industry, Tourism and Resources,
- LJ Hooker,
- NSW Chamber of Commerce, and
- NSW Department of State and Regional Development
- He has written three critically acclaimed books on asset protection, employee incentives, and succession planning
No Need to Look Further For Answers
It is futile to look for someone else with an equally high calibre in background and experience as Craig West. He is 1 of only 11 people to be deemed a Certified Exit Planning Advisor in all of Australia. His reputation and track record speaks for himself.
His vast experience in a wide range of industries puts him on top of business succession experts. You can be sure he can come up with customised solutions that will perfectly fit in with your business needs because you know he had already come across similar situations as yours in the past.
You Owe Your Business Only the Best
After years of hard work and dedication, you owe it to yourself to keep your business afloat no matter what. You can’t just let any economic slump trample your dreams of making it big in your business. You owe your business the best safety net to catch you during troubled times. Give it only the best business succession planning strategies and you can only get that from Craig West and his team of experts at Succession Plus.