It is a common question from many growth-oriented, entrepreneurial SMEs: “How can I improve my sales to prime manufacturers such as BAE and Rolls Royce.” Whether you are Tier 1 or lower down the supply chain, the answer is likely to be similar.
This is a question we are asked many times during our work with owner-managed and family businesses. “We are all friends and family and we get on famously. We don’t need a shareholders’ agreement because we are never going to fall out. Why should we spend good money on legal fees for something we don’t need?”
Times are tough and every saving counts. There are some extremely generous tax savings available for manufacturing and technology businesses, but many are still not aware of them or using them to best effect.
We often hear in the press about the demise of British manufacturing. We now lie 9th in the world league table of manufacturing output, behind France, South Korea and Brazil and we are dwarfed by Germany, Japan, USA and China.
Jim Akrill, PM+M’s family business specialist believes that even in times of economic difficulty it is possible to kick start growth in your business and make it more successful.
Parents attempting to reduce the tuition fee debt placed on their children face a new fight in September, as the £9,000 top level for university course charges is ushered in.
There is absolutely no doubt that the days of super high profit multiples driving business valuation, with strings of banks lining up to provide unsecured lending to MBO teams based on future expectations, are long gone. That is not to say they will never return, as history is littered with examples of disasters repeating themselves - despite the warnings.
If this Burmese proverb is right, why then do family businesses find it so difficult to survive the test of succeeding through the generations?
Everyone needs a will – we all know that but not everyone does something about it! Often delay occurs because issues that need to be addressed fall into the “too difficult” category – this is especially true of family businesses.
In the midst of the worst recession in most of our lifetimes, never was the phrase ‘survival of the fittest’ more appropriate.
Well-managed and executed payroll activities can provide you and your employees with financial peace-of-mind.
Retiring is a concern for everyone. Just last month the government announced plans to phase out the default retirement age of 65. However, with a little ingenuity, you can make certain you won’t work a day longer than you wish to.
With the Government considering an increase in National Insurance Contributions as one way to help ease national debt, there’s a fear that this could cost employers so much that it eventually costs jobs.