Focusing on growing the business and maximising profitability should always be top priorities for small businesses. However, concentrating on these areas alone can mean neglecting crucial cashflow practices that can lead to the demise of your business. Sue Hirst explains.
Starting the new year with an optimistic outlook is one thing. To remain confident throughout the rest of the year requires setting a series of short-term measurable goals that you celebrate as each is achieved.
The tangle of red tape is shortly about to be made much simpler and more seamless as a result of an initiative led by the Australian Treasury called ‘Standard Business Reporting’, which will be available from 1 July, 2010.
An over-efficient accounts payable person can be the worst enemy of cashflow in a business, writes Sue Hirst.
Cashflow problems often arise due to lack of understanding of how cash moves through a business and the difference between profit and cash flow. Here are some great tips to help ensure that your cash is flowing in the right direction.
If you’ve tried to get new lending or renew an existing loan recently, you’ll know just how hard it is. As a result of the credit crunch, banks have pretty much shut up shop in terms of business lending to both small- and medium-sized businesses. If you have a business that is basically viable with…
Asking for money is probably one of the least enjoyable jobs in business. If it isn’t handled right, it can have a massive impact on the health and viability of the business. There is a lot more to getting paid than just asking for money. Getting paid is the result of a whole lot of…
There is an old saying: “If you aim at nothing you will hit the target with amazing accuracy.” If you want to improve the results in your business, you need a target to aim for and a system for monitoring progress.
The 2008/2009 financial year would have to be one of the most volatile for many years. What will 2009/2010 bring for SMEs? Some say it will be tougher and there will be more job losses and some say there will be great opportunities around. Whatever the next financial year brings, every business owner needs to plan for the worst and the best case scenario.
How do businesses determine their price to customers?
How would your business cope with a 20-30 percent drop in turnover? How do business owners deal with the wave of economic uncertainty that’s reported on every day in the news, and decide what actions to take to survive and guide their business through (what we all hope will be) the inevitable upturn?
Across the board, strong businesses are those that are well run and designed to withstand outside influences, or have factored in potential risks and have a plan to manage the situation.
A major challenge for any business owner is how to get others to help run the business, so that it doesn’t completely take over your life. You can look over everybody’s shoulder all of the time, do most things yourself… or you can invest in systems to free yourself and make life easier for staff……
If business is selling products or services and buying labour and parts at the right price, why do so many go bust? Cash is often the reason businesses fail. Obviously it’s important to sell at the right price and create maximum profit. A keen focus on collecting payment is vital, as cash is the lifeblood…
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