Setting Sales Targets
Setting sales targets for your business is standard practice for any aspirational, growing company. If you’re going to stretch the sales and marketing teams, it’s important to have clear, unambiguous targets for them to aim for. But what happens when a crisis hits? In uncertain times it’s more than likely that your pre-crisis sales targets […]
Are You Thinking of Buying a Business? Things to Consider
Buying an existing business can be a great alternative to starting your own, as some else has already done the hard work of getting is well established. It can also be an effective way to expand your existing business operations, especially if the business is similar or complementary to your own. What You Will Need […]
Succession Planning for Small Businesses
It takes courage to start a business. It also takes a strategic mindset to succeed. Business owners are no strangers to weighing risk and navigating uncertainty, but the current climate has dialled everything up. Many business owners face the uncomfortable position of having to remap carefully thought-out succession plans and exit strategies and to consider […]
Challenges for Small Businesses Coping with Debt
Risk is part of running a business. You cannot easily plan for recession, natural disasters or other negative events, because if you take a too-cautious approach then you’ll never succeed. But sometimes the odds will go against you. If you find yourself unexpectedly further in debt than you would like, don’t panic. There are options […]
Surround Yourself with Champions
It is human nature to be influenced by the people in your inner circle. In fact, the odds of being successful are a lot higher if you surround yourself with people who are also successful. In a business context, consider very carefully the people and friends you associate with. Who plays a role in influencing […]
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 […]
6 Reasons to Look at Your Financial Reports
Making time to look over your financial reports each month is an important task for any business owner. If you are not taking the time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense to you, then here are 6 reasons […]
The Fundamentals of a Business Budget
A business budget is an essential tool in managing your business finances and actively building your business. A budget shows what you plan to do with your cash over the next year. For a complete picture of your business health, you need to review the profit and loss statement, the balance sheet, the cash flow […]
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 […]
Understanding Your Revenue Drivers
It may sound obvious, but for your business to make money, you need to generate revenue. You produce revenue through your usual business activity, by making sales, getting your invoices paid, or taking cash from paying customers. So, the better you are at selling your products/services and bringing money into the business, the higher your […]
