Posts tagged ‘Medium Sized Businesses’

Chartered accountancy firm George Hay, which has offices in Biggleswade, Huntingdon and Letchworth, has announced of the appointment of a new senior partner.

Current senior partner Eddie Fuller  stepped down from the position on March 31st, and partner Nick Willis has taken over at the helm.

Eddie will still continue at the practice where he has worked for over 45 years and has been a partner since 1985. He provides accountancy services to a number of clients particularly specialising in agricultural businesses.

Nick joined George Hay in 1977, and was appointed as a partner in 1987. He has built up a strong reputation specialising in small and medium-sized businesses. 

LeadershipNick is a Chartered Accountant and member of the Institutes Audit and Assurance Faculty he serves as a member of the executive committee of the UK200 Group and chairs their membership service committee. The UK 200 Group is a national association of accountants and lawyers of which the practice is a member. 

Commenting on his new role, Nick said: “I am delighted to have been appointed senior partner and look forward to continuing to take the firm forward and helping it grow”.

For further information on George Hay, please visit www.georgehay.co.uk.

Often when I mention the words “business plan” to people, whether they are just starting up in business or already established and looking to grow or change their business, they give me the “do I have to?” look!


Business plans haven’t been dreamt up by accountants to allow them to charge a fee to their clients for “added value” services or simply to bore you to tears.  Every book you read about business success and every leader you hear speak will highlight the necessity of planning.  So “yes” you really have to, unless you like to live life by the seat of your pants.

Failing to plan and planning to fail

If you are starting up your business and you don’t have a plan, how do you know

  • what that business will do
  • what it’s target market will be
  • how it will work  (processes, structure, personnel etc)
  • how it will be financed? (funding, cash flow, collateral/security/personal guarantees etc)
  • whether it will make money and
  • whether you will get out of it what you want?

Are banks still lending?

There has been much reported in the news over the last year or so about how difficult it is to get bank lending nowadays for small and medium sized businesses.  Ask any business bank manager this question and they will quip “we’re always open for business” but there is no doubt that they are being very cautious. If anything is going to help you get the banks on your side,  it will be a comprehensive, well thought through business plan with back up for your assumptions and a realistic timescale for paying back the loan.

If you want to approach an investor, your business won’t even be considered for investment if you don’t have a business plan that you can back up with facts and figures that make you and your business a credible investment.


Getting value from the planning process

Planning is not just something business owners should do when setting up their enterprises or when getting finance.  There are plenty of benefits of planning on a regular basis.

  1. Take the time to think through a plan and then write it down, you are more likely to actually do it than if you keep it in your head.  Even better, communicate that plan to a trusted adviser such as your accountant or a business coach who will be able to help you evaluate it and provide an objective viewpoint.
  2. Take off your rose tinted glasses, a great looking plan may make you feel good now, but it will demotivate or be dismissed as irrelevant later.  Be realistic and honest with yourself and don’t forget to factor in non-monetary elements such as the amount of time you intend to invest. 
  3. Use the planning process to brainstorm.  Perhaps carry out a SWOT analysis to help you to ‘stretch’ your thinking.
  4. Use the plan as a way of involving key people in your business.  This will help them to be more committed to the results and encourage leadership/loyalty.
  5. Most of the ‘added value’ of business planning comes from regular reflection.  Don’t take the time to write a plan and then archive it!

In summary

A good business plan will help you to understand where your business is going, give it structure and direction, provide a communication channel for key stakeholders and build credibility when obtaining any funding or investment that you need from external sources.

If you haven’t got an up to date, clear and realistic business plan, take action now. 

The information provided in this blog illustrates my opinions and experiences, it does not constitute advice and I do not accept responsibility for any actions taken or refrained from as a result of reading this post.