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Glossary of terms used on this site

There are 73 entries in this glossary.
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S

Term Definition
Selling your business

Involves selling the business as a whole or partly, to an individual or company. You as a vendor would no longer have an interest in the business.

Sole trader

An individual who runs the business alone, without partners or a company structure. The income of the business is treated as the individual's personal income.

Staffing

Refers to the number, knowledge, experience and skills of existing staff.

Succession plan

Relates to the transition of business ownership and is one element of a Business Succession Report. Succession planning may relate to immediate concerns (see exit strategy) or medium to longer term identification of a potential owner/s from internal or external sources.

SWOT analysis

A strategic planning tool used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favourable and unfavourable to achieving that objective.

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We were looking for a method to ensure two of our senior partners could afford to retire in 4 years, and that we could afford to purchase their shares. Jim gave us much more than we expected and spent a great deal of time understanding our issues. His report is one of the most important in our business and will be often referred to in future years.