Last updated on December 3rd, 2024 at 02:41 pm
Running a small business can be incredibly rewarding, but it comes with its fair share of challenges. One often-overlooked yet critical aspect of business planning is ensuring a clear strategy is in place for dealing with unexpected changes, such as the departure of a co-owner. This is where a buy-sell agreement comes into play.
Yesterday’s post about the importance of having a will mentioned this so, in this guide, we’ll explore what buy-sell agreements are, why they matter, and how they can protect your business. Whether you’re just starting out or have been in business for years, understanding this legal tool could save you from future headaches.
Please note that this blog post gives some general information and does not provide any legal information. You should always talk to a professional adviser when considering a major business decision like this.
Last updated on November 26th, 2024 at 02:45 pm
As a small business owner, you spend years building your business, making it a cornerstone of your financial security and your identity. You work tirelessly to ensure its growth, investing your time, money, and passion. However, many business owners overlook a critical piece of long-term planning: writing a will.
A will is not just about distributing personal belongings; it is a legal document that determines how your assets, including your business, will be handled after your death. Without one, your business—and the financial wellbeing of those who depend on it—could face unnecessary risks and complications.
In this article, we’ll explore why having a will is essential for small business owners, the risks of neglecting this vital document, and how to get started with creating a will that protects your business and your loved ones.
Please note that this blog post gives some general information and does not provide any legal information. You should always talk to a professional adviser when considering a will.
In the world of small business, the path to success often feels like a winding road full of challenges, surprises, and unexpected turns. Amid the hustle and grind, there are moments of clarity and insight—commonly referred to as “lightbulb moments”—that can transform a business’s trajectory. These moments of sudden inspiration or realisation are invaluable, and learning to embrace them can be the difference between stagnation and growth.
In this post, we’ll explore what lightbulb moments are, why they matter for small businesses, and how you can foster an environment where these flashes of brilliance can thrive.
The onset of winter in the UK brings unpredictable weather, and for small businesses that rely on vehicles for deliveries, services, or commuting, snowy conditions can pose significant challenges. While a snow-covered landscape may look picturesque, it can make roads treacherous, increase the risk of accidents, and disrupt operations. Knowing how to drive safely in snow isn’t just a matter of protecting your vehicle—it’s about safeguarding your team, business operations, and reputation.
Here’s a comprehensive guide to help your small business prepare for and navigate snowy roads this winter.
Creating a website that’s easy to use is crucial for small businesses. An effective website can attract customers, encourage them to spend more time browsing, and make it easy for them to complete actions like booking a service, buying a product, or signing up for a newsletter. But where do you begin? Let’s go through some simple tips on how to make your website user-friendly, so your customers have the best possible experience from start to finish. Of course, you may want to use a professional website designer rather than doing it yourself but these tips are still relevant, and may tell you why your designer has done something a particular way.
As a small business owner, trust is at the heart of everything you do. Whether it’s the trust you build with your customers, employees, local community, suppliers or partners, protecting that trust can mean the difference between success and failure. One of the biggest ways that trust can be broken is through a breach of confidentiality. This is a serious matter, especially in the UK, where businesses are expected to handle personal and business data carefully under the law. So, what exactly is a breach of confidentiality, and how can it affect your business? Let’s break it down. Continue reading