Agile Life Financial Planning

Talk to your accountant and financial planner to get a full picture of your standing. Do you have to close, or are there other options? For example, could you sell all or part of your business to a larger firm that could use economies of scale to run it more efficiently and underpin staff employment? Large companies often buy small ones just for ‘team and tech’ – the revenue is so small, it’s inconsequential, but the value of staff and their skills can take years to build, so a larger company may be attracted and, by acquisition, instantly add that skill competency to their business.

What is employee wellbeing and why does it matter? This refers to the financial, physical and mental health of staff in the workplace. By supporting the wellbeing of employees, this can result in: > employees feeling satisfied and motivated. > help retain the best talent and attract new talent. > enhance workplace culture and build a supportive environment. > motivate staff and boost productivity. > reduce overall staff turnover.

Your ability to negotiate with larger suppliers depends on several factors, such as your business model, specialism, customers and sector. You need to examine each one, looking for any small areas of leverage. Start by defining what makes you successful – for example, why your customers love you. Those niches or selling points may also make you valuable to some suppliers. If your brand is strongly associated with environmental protection, they may want to work with you as it builds their sustainability credentials. Or you may have some specific scientific or technological expertise that could help them.

There are many pros and cons to hiring contractors or employees, depending on your role and sector. Early-stage businesses often prefer to hire contractors, as it gives them more flexibility and is easier to administer. Freelance and contract workers are a lower-risk approach to filling skills gaps, with fewer commitments and liabilities; plus, you can flex or limit the time they work for you.

NEDs usually undertake tasks such as attending meetings, reviewing reports and advising executives. They use their experience to challenge and support strategic decisions and ensure the company complies with relevant laws, regulations, and ethical and corporate governance standards.

A recent refrain in the investment world is that the ‘growth at all costs’ era is over and ‘investors want quality’. Growth versus quality is a critical concept for entrepreneurs as they look to secure funding, build long-term value or prepare for an eventual sale. But what does it mean?

❓ Are you on track for retirement? ❔ What does a good retirement lifestyle look like for you? ❓ How do you achieve this? Join specialists at St. James’s Place for an insightful discussion on retirement planning. Our guest speakers at this virtual event will share useful insights and their top tips on securing a fulfilling retirement and achieving your lifestyle goals. Discover the key components of a comprehensive retirement plan and how to maximise the effectiveness of these by using multiple income options. 💻 The Value of Advice – Are you on track for retirement? 📅 Thursday 12 September 2024 ⏰ Time: 12:30 – 13:30 📍 Location: Zoom Webinar 🔊 Speakers: @ClaireTrott & @KerryDrysdale Sign up to reserve your virtual front row seat today. #financialplanning #financialgoals #Taxplanning #retirementplanning #retirement Agile Life Financial Planning is an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) The `St. James's Place Partnership' and the titles `Partner' and `Partner Practice' are marketing terms used to describe St. James's Place representatives. SJP Approved 23/07/2024

A lot of small businesses insure their premises, equipment and machinery. But strangely, they often don’t protect against the more important risk of key individuals dying or having serious health problems. Key person insurance addresses this critical issue by paying a cash sum if that happens.

One of the biggest risks to start-ups is running out of cash while they wait for invoices to be paid. So, a key goal is to minimise days sales outstanding (DSO) – the time between shipping goods and receiving payment. You can do this in many ways, starting with prompt invoicing processes and a robust credit-collection function.

There are several options for providing executives with more flexible pensions. As an alternative to your standard scheme, you could offer directors a personal pension, a self-invested personal pension (SIPP), or a small self-administered scheme (SSAS). These all have different options that senior employees may find beneficial, and don’t worry about the ‘personal’ tag, they can all accept employer contributions.