Reducing Your Lock Up Days to Free Up Cash
It is vital for businesses to free up as much cash as possible, particularly in these tough economic times. Your ‘lock up days’ is the number of days it takes to convert your debtors, stock and work in progress into cash. A high number of lock up days means your business needs to have more […]
Reduce Your Debtor Days and Improve Your Cash Flow
Managing the gap between the receiving money into your business and paying money out of your business is vital for sustaining viability. Debtor days is the average number of days taken for a business to receive payment for goods or services. Keeping track of the average number of days for a business to receive payment […]
Your Critical Numbers
The Covid-19 crisis has created a “new normal” for businesses. Traditional ways of working are being challenged and we now need to innovate, adapt, re-engineer, and reinvent the way we work. Lockdown gave us time to consider our options, but two important questions often remain unanswered: How will we know if we are on track […]
Your Business Recovery Plan
As businesses emerge from Covid-19 restrictions, for many ‘Business as Usual’ has become ‘Business Unusual’. So, how do we navigate our way towards a sustainable new normal? During lockdown, we focused on crisis management, activating relevant Government support packages and doing our best to build cash war chests. Now we enter the recovery phase on […]
Business Sustainability in Uncertain Times
“Focus on becoming sustainable through a period of uncertain weakness, and building flexibility to respond quickly when your particular sustained upturn comes along.” Tony Alexander, Former BNZ chief economist. Tony’s View 16 April 2020 For business owners, it is hard to predict when things will return to normal. Even when lockdown measures ease, there is […]
How to Handle Bad Reviews About Your Business
When was the last time you made a purchasing decision based on positive customer reviews? Most of us can remember when we decided NOT to buy something based on negative reviews. It works both ways. Online reviews have become the new go-to on social and they have tremendous power when it comes to influencing decision-making […]
How Do You Invoice During A Crisis?
It’s not easy to request payment right now, but it is important to keep cash flowing into your business so you can cover expenses and meet your obligations to others. As with all business dealings right now, a little empathy and a lot of open communication can go a long way. The following tips might […]
The Value of Cash Flow Forecasting During a Crisis
During the ongoing coronavirus crisis, many sectors are seeing income either disappear completely or drop to dangerous levels. To be able to navigate the future path of your cash flow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to […]
Do You Have a Plan for Growth in Your Business?
Growth doesn’t need to mean more risk, more hours and more headaches. It may be as simple as identifying where the opportunities for growth are in your business and industry. Once you’ve done this you can establish what you and your team are going to have to do in order to maximise these opportunities, and […]
Top 8 Things to Outsource in Your Business
If you’re looking to scale your business, you’ll need to spend more time working on it than in it. Finding ways to leverage your time is critical, and outsourcing your least favourite tasks is a great way to do this. Things you should consider outsourcing in your business: Digital marketing. From your content strategy to […]