The Business Exchange Swindon & Wiltshire Edition 31: June/July 2017 | Page 30

An election - yes, but business life goes on The fact we’re heading towards an “unscheduled” general election is big news, but it hasn’t changed the day to day issues for the business people I speak to every day. It’s an example of the kind of white noise which can distract SME owners from being confident and proactive in their decision-making and provides them with an excuse to put off difficult tasks for another ‘quieter’ day. But do you know a business owner who has quiet days? So, I have the same question today as before Brexit or Trump or this general election: if you’re not going to plan for the future today, when are you? No such thing as ‘too hard’ I’m talking about the more challenging areas of business planning - the ones which busy business owners often put in the ‘too hard’ pile because of the technical, emotional or time investment required to complete them. From Inheritance Planning (always a tough one because you know you certainly won’t get to see the benefits!), to succession and exit planning, writing business plans and putting in place shareholder agreements. These are vital pieces of planning which help you steer your business and personal future, making for a better and stronger position. I know owners do understand this – these are the issues my clients find themselves thinking about at 3am. But, come light of day, life gets in the way and yet again, no action is taken. Removing barriers to successful planning So here’s a guide to how you can do today what you may regret putting off until tomorrow. Firstly, understand why people find some actions harder to implement. We commonly we see five main reasons: • The hydra effect: when asking one question creates five more • The ostrich effect: this requires facing up to an emotionally difficult topic such as death, poor health or leaving the business in someone else’s hands • The blinkers effect: where your focus is on • • actions which offer clear, short-term benefit – such as increased profits The rear–view mirror effect: where an owner’s view of the business doesn’t keep pace with reality - a common issue with quick-growing start ups The Scrooge effect: where there is a resistance to investing in the intangible. Once you’ve identified the barriers, it’s time to make time. Don’t be afraid to bring in an expert (or more than one), with the experience and knowledge to help you ask the right questions, find the right answers and provide the motivation you need to keep on track. So don’t get distracted by the political noise. Get on with the business of running and planning your business. [email protected] 01793 533838 www.haineswatts-swindon.co.uk T H R E E DAG G E R S A UNIQUE ENVIRONMENT FOR YOUR CORPORATE MEETINGS TO DISCUSS YOUR MEETING OR EVENT REQUIREMENTS CALL US ON 01380 830940 OR EMAIL SIAN ON [email protected] Relaxed | Unusual | Great Food | Team Building | Intimate | Beer Tasting | Microbrewery Tour | Rural Activities 30 THE BUSINESS EXCHANGE 2017