In this episode of the Grown Up Business podcast, Coach Paul Avins discusses how entrepreneurs can adapt to and navigate through changes in the business landscape. They explore the impact of political and regulatory changes, such as the recent UK election, on businesses and entrepreneurs.

With guests, Guy Bartlett and Jeff Lermer, they also discuss the importance of staying ahead of consumer trends and adapting business models accordingly. The trio emphasise the need for entrepreneurs to have a long-term perspective and to be open-minded and flexible when facing change.

They also discuss the potential opportunities and challenges that may arise under a Labour government, including changes in tax policies and employment regulations. Discussing the opportunities and challenges facing businesses in the UK. They touch on topics such as tax legislation, payment terms for SMEs, the impact of AI, and the importance of strategic planning. They emphasise the need for businesses to adapt to change, surround themselves with a supportive community, and focus on de-risking and maximizing opportunities. Highlighting the value of proactive accounting and the importance of understanding one's motivations for selling a business. Overall, the conversation provides valuable insights for entrepreneurs looking to navigate the changing business landscape.

Takeaways

• Entrepreneurs need to be adaptable and willing to change their business models in response to political, regulatory, and technological changes.
• Having a long-term perspective and staying ahead of consumer trends is crucial for staying relevant as a business.
• When facing change, it is important to not panic and to approach it with an open mind and flexibility.
• Under a Labour government, there may be changes in tax policies and employment regulations, which entrepreneurs need to be aware of and adapt to.
• Opportunities may arise in industries such as housing and AI, but it is important to consider the potential impact of changes in regulations and costs. Payment terms for SMEs can be a major challenge, with corporates often imposing long payment periods that can cripple cash flow.
• Adapting to change and embracing new technologies, such as AI, can help businesses stay competitive and productive.
• Strategic planning is crucial, especially in times of uncertainty, to identify opportunities and align business models with changing market conditions.
• Surrounding yourself with a supportive community and seeking advice from experts can provide valuable insights and help navigate challenges.
• Understanding motivations for selling a business and de-risking strategies are important considerations for entrepreneurs.
• Proactive accounting and staying informed about tax legislation can help businesses optimize their financial position and minimize tax liabilities.

Sound Bites

• "The ability to adapt, pivot and evolve your business model."
• "It's not personal. There's a reason, don't know what the reason is, there's a change that's make it, let's make that happen."
• "Control the controllables."
• "If you're a small business scaling, that kind of contract cripples your cashflow and can cause all kinds of issues."
• "It's a people business, right? It doesn't matter how big the company is."
• "The gift at the moment and the opportunity is it's the middle of the year. This is a perfect time to sit down and do another strategic plan."

Chapters

00:00 A New Dawn: Love it or hate it - Labour is in!

03:22 Adapting to Change and Staying Relevant

08:03 Approaching Change and Tax Policy

14:59 Handling Change in Business and Personal Life

29:30 Opportunities and Challenges in the Changing Landscape

34:15 Payment Terms and Cash Flow Challenges for...