Succession For Business Group | Business Development | Small Business | Succession Planning | Melbourne | Warrnambool

We’re now preparing for week six of the Success 4 Business series set to kick off next Thursday 30th September.

How do you tune in? At 2.30pm on Thursday 30th September, you can jump onto Twitter, follow @S4BG and follow the Hashtag #S4BG.

Follow the entire interview LIVE using the #S4BG. In fact, why not ask your own questions. This is your chance to get up close and personal with some of Australia’s leading Business advisors to help bolster your business. This will be the final interview for Part 1 of the Success 4 Business Series.

If you missed our interview with the motivated Justin Tamsett @JTActiveMgmt last week, you can find all the detail at http://bit.ly/dyWHmX

This week we have guest interviewer @nataliegiddings who will be talking to our very own David Patterson @S4BG on the sixth topic ‘Understanding your Business Value’.

See bios for both Natt and David below.

David Patterson – Partner of Succession 4 Business Group

David Patterson is a business valuation specialist who assists owners in valuing and growing businesses to it’s full potential. David has been able to help business owners to understand the true value of their business. He is also able to identify where improvements can be made to help increase the value of the business.

David is a CPA accountant, and has been practicing for 20 years. Through this time he has worked with many businesses and gained great insight into how they operate. David felt that accountants should be offering more to their clients than just tax and compliance work.

It was this ambition that led to David joining forces with Paul Stafford at Succession 4 Business Group. It’s our aim to help all business owners realize the full potential and value of their business.

Natalie Giddings – Thinktank Media

Natalie is a leading Australian marketing specialist and personal branding expert. Natalie has successfully worked with key business leaders; building and refining their strategic vision as well as helping them to better understand their niche.

Natalie’s wealth of practical experience includes brand management, communications, and more recently online social media strategies specifically for lead generation.

Natalie has applied her skills across various industries including: ICT, finance Services, automotive, hospitality, retail and health; always achieving impressive results.

INTERVIEW – Thursday 30th September

NATALIE:

 I am the guest interviewer on #S4BG Live Twitter Interview this week http://bit.ly/92PnTa ….what tough questions should I ask David??

 DAVID:

This week we have guest interviewer @nataliegiddings who will be talking to our own David Patterson #S4BG http://bit.ly/92PnTa

NATALIE:

Role reversal – @nataliegiddings will be interviewing @S4BG on Twitter LIVE http://bit.ly/92PnTa follow #S4BG hashtag. Here we go people…We’re set to start Part VI of the Success 4 Business series #S4BG

Follow @S4BG and Hashtag #S4BG for the entire interview. Your chance to get up close and personal with some of Australia’s leading Business advisers. Wooohoo – I am guest interviewer for the last of the Success 4 Business Series.

I’m chatting LIVE w/ the 6th guest of the series on ‘Understanding Your Business Value’. Today I’ll be speaking to crazy (my words entirely) David Patterson @S4BG! David is a very keen Collingwood supporter and enjoys frequenting his home gym. David is passionate about making business understand the ‘real’ business value and assist in closing any value gap.

Welcome David, thanks so much for being with us today!

DAVID:

Thanks @nataliegiddings – and good luck to the pies on the weekend.

NATALIE:

What do you do?

DAVID:

We help businesses understand their true value and help them build a more successful business.

NATALIE:

What inspired you to get into this business? 

DAVID:

As an accountant I felt there was more I could do to help people in business succeed other than just save tax. And it is exciting too!

NATALIE:

Good work – So what exactly is the importance of having your business valued then?

DAVID:

Having your business properly valued (more than just the numbers) will highlight areas in your business that can be improved. Also many owners will use the sale of their business as their retirement nest egg. For that reason it is important to know the value.

NATALIE:

I bet there is a lot of factors involved? How often should a business be valued?

DAVID:

Ideally every 12 months. It enables you to see if the objectives you have set for your business are working.

NATALIE:

Can you explain what you mean by a ‘value gap’?

DAVID:

This need is based on your own expectations upon selling regarding your lifestyle post business.

NATALIE:

Yeah I like the sound of that!

How can the value gap be overcome?

DAVID:

The value gap is what your business is worth now & what it needs to be when you sell or retire. Identifying the gap early will help, then implement strategies to help improve the value of the business.

NATALIE:

Ok – What sort of improvement strategies?

DAVID:

Getting more buy in from staff, improving efficiencies, improving systems, owner reliance, greater focus on your goals to name a few.

NATALIE:

How important is goal setting?

DAVID:

Goal setting is extremely important. Not having goals makes it very hard for you to achieve your objectives. Each goal can then be broken down into smaller chunks to make the process seem less daunting. World domination in 5 years is a huge goal. Break it down into months, weeks and even days. Tick off each time goals are achieved.

NATALIE:

Is having a business plan important?

DAVID:

Without a plan, how do you know where you are heading and if you are achieving your objectives? A plan is very important.

NATALIE:

You are preachin to the converted here!

DAVID:

It is staggering how few businesses have a business plan. It does not need to be “War & Peace” but it does need to be written. It’s hard to get people to come with you on the journey if they can not see the map.

NATALIE:

What is a ‘succession planning’?

DAVID:

SP is about planning for your exit from the business, be that on your terms or not. It is about being ready for all situations. Planning ahead will allow a smooth and successful transition out of the business, It is something most people leave too late to do.

NATALIE:

Where do you hope to see yourself and your business in 5 years?

DAVID:

World domination!! In 5 years we will be seen as the leader in our field. The businesses we have helped will all be successful.

NATALIE:

You are going to have to share with me.

DAVID:

I will have seen Collingwood win a couple of premierships and I will be fit enough to run a marathon.

NATALIE:

Top 3 tips for people running their own business?

DAVID:

I am happy to share world domination with you and the businesses we help.

1.Take time out of your business to plan for your future success. It won’t just happen.

2.Don’t think you have to do it all yourself. Take advice from people who are experts in areas you are not.

3.Make sure that you love what you are doing.

And a free one: Concentrate on growing your business and being successful rather than worrying excessively about tax.

NATALIE:

Great tips David…. is there anything else before we go?

That’s all we have time for today. Go Saints!

That was the last interview in the Success 4 Business Series. S4BG hope that everyone enjoyed the interviews and that you were able to gain some valuable information into running a business.

They will be looking to run these in the future. Anyone interested in being interviewed please let @S4BG know.

Thx David – Have a great day!

DAVID:

Thanks @nataliegiddings – carn the pies!