A return to the fundamentals of good business practices is key to riding out a downturn. in the current economic climate, business owners and managers don't want to be caught short by not knowing what is going on in their business. Rather than looking for complex solutions, it is the application of relatively simple processes in order to manage finances that will help a business know what's going on.
Fast growing businesses often end up being strapped for cash. One reason is because of the additional financial resources tied up in the work in progress. When you're in a service business, it is vial to be in control of Work in Progress Days (WIP Days).
This article explains how small business can benefit from engaging big corporates.
Retaining the customers you currently have is something you must not take for granted. Just as employees switch companies, so will your customers if you give them a reason to do so. In fact, often you do not need to give them a reason to leave. The most common reason your customers leave you for an alternative supplier is indifference. It is not that your customers are unhappy with you. It is just that they do not feel strongly whether they do business with you or someone else. If this is your situation, then this makes you vulnerable.
Networking, making the right contacts and referrals, are the lifeblood of small business. Here’s some tips on how to go about it.
A little knowledge can be a useful thing – and a lot of information even more useful – when you are trying to negotiate your retail tenancy with landlords. But that’s easier said than done in many instances.
The art of cash flow management is in getting right the payment cycle for creditors and debtors.
The new century has exposed any number of businesses which have not acted ethically. A few years ago, some of HIH’s leaders were prosecuted after the collapse of this insurance company. In the United States, they’ve witnessed the extraordinary collapses of Enron and Worldcom. New headlines are regularly critical of banks, building companies, retail chains, hospitals and any number of large organisations. You rarely see a headline which praises a company for being ethical. However, generous corporate donations to the tsunami appeal and other worthwhile causes have certainly placed
The message about the need to plan for the future of business after the founder leaves is still not getting home to many business owners. Succession planning should be seen as a well-thought out relay race rather than a series of sprints. Unfortunately for most small business owners the baton gets dropped and years of hard work end with the first generation of the business.
When it comes time to sell your business, it’s helpful to understand what the buyer is looking for in terms of predictability of revenue and profits. De-risking the business and building its ‘sustainability’ all helps to boost the selling price.
