Corporate Focus - June 2010

Road map to success

To some people, the phrase “strategic planning” sounds intimidating, certainly in these times, but it shouldn’t.  

In this regard we are talking about a plan to help keep you and your business heading in the direction you want to go.  You could think of it as a business roadmap – keeping you moving towards the realisation of your personal, family and business goals.

At Weightmans, we  take a holistic view, looking at how the business helps you and what you are trying to achieve - lifestyle business or ultimate sale and realisation of capital?  This may mean investing time and effort now to put your business in order to deliver a secure return whether in the short medium term or beyond. For example, are your assets protected, ie do you have proper title to the property you occupy, are the restrictive covenants in your key employment contracts strong enough to protect the goodwill of your business should such contacts depart to a competitor? Do you have restrictive covenants?

These are just some of the things we would consider in any discussion with you. The trouble is, many owner-managers never make time to step back, review their goals and create a roadmap.  This where we and other business advisors can help. We sit down with you, posing some key questions and help you assess your responses.  If you are in business with one or more partners, this can be particularly useful for identifying whether your goals are the same or whether you are potentially heading for frustration or conflict down the line.  We can act as a catalyst, bringing hidden issues to light. Do you need to formalise your arrangements, for example by entering into a shareholders agreement? Are your constitutional documents (eg articles of association) robust enough to facilitate the way in which you wish to protect your business interests?

One you know what you want to achieve personally, we can help you tailor a realistic business plan to match and identify the actions you need to take.  If required, we can draw on the expert resources of other professional contacts – in corporate finance, tax and financial planning for example – to help you succeed. The sooner you take action the better.  

For further information or an initial informal discussion please contact Barry Doherty on 0121 200 3473 or email to barry.doherty@weightmans.com