Advertising should be viewed as an investment that should generate a return, rather than a fixed cost. Many businesses spend money on the same kind of advertising each month without knowing what is working and what isn’t. Effective advertising builds profile, generates new business, and retains your existing customers. Poorly thought out advertising can create […]
If you’re ready to grow your business, our free guide will help. It offers ten strategies you can use to take your business to the next level. Download the How to Grow Your Business eBook to learn 10 strategies you can use to take your business to the next level. Here’s what’s inside: Step 1: […]
What exactly is profit in a business? This article shows you how to avoid three common profit mistakes that can seriously affect the success of your business. 1. Sales are NOT profit The biggest beginner mistake is assuming that sales are profit. People new to business can easily confuse sales with profit, but there is […]
1. Build credibility quickly Why should people buy from a new business? Your first challenge is to overcome their doubts by building trust and credibility quickly. Some tips: Promote your skills and experience, plus those of your staff and associates. Join your industry or professional organization and start building a profile. Commission a writer to […]
Read More… from Ten marketing priorities when you start your business
Taxes – there’s no avoiding them. But there are ways to reduce the amount you have to pay so that your business is more profitable. All it takes is some preparation, planning, and the advice of a good tax specialist. So one of the first things you need to do is talk to your accountant […]
Cash flow – the lifeblood of any business. The aim of any business owner is to have more cash coming in than is going out. You’re in business to make money, and one of the most effective ways of doing this is to examine your cash flow and look for ways to improve it. You’ll […]
Running a successful business is a juggling act between cash coming in and cash going out. If you’ve built up a cash reserve, you’ll be better able to stay in business and handle short-term issues like falling sales. Build a cash buffer Businesses generally fail because they run out of cash. Cash in the bank […]
If you’re in retail, there’s money to be made online and it’s important your new business finds its place in the online market. Survey your regular customers Many retail businesses are now offering online shopping features. Their keys to success involve measuring the market first to make sure their time, money and effort bring about […]
Your current business model is the way your business earns money. A change in your business model can bring substantially more income – sometimes for less work and lower overhead costs. Technologies and markets change at an ever-increasing rate, opening new growth opportunities that may just require a shift in your thinking. First, identify your […]
Both cross-selling and upselling can be useful methods for increasing your business’s sales. But there are also genuine benefits for your customers. They’ll appreciate being offered an item that either complements or adds value to their original purchase. The art of cross-selling Cross-selling is the art of convincing your customers to buy a complementary item […]
Read More… from Cross-selling and upselling to increase your sales
1. Generate sales as quickly as possible Your first priority when you launch your business is to gain some traction in the market as quickly as possible. Some tips: Ensure you have a compelling point of difference Build and promote your credibility Work for free or less than the normal rate in return for endorsements […]
Read More… from Seven revenue priorities when you start your business
If your customers owe you money, the faster you’re able to obtain it using effective collection tactics, the better. Ideally, you want to reduce the chance of bad debts and pressure on your business’s cash flow. It can be easy to neglect managing your debtors when you’re busy growing your business, but smart credit control […]
Read More… from How to handle debt so you always get paid on time
Is it time for your business to invest in some new equipment? And if so, is it a smarter business decision and more cost-effective to hire or buy? Why you might need new equipment The right equipment can enhance your processes, productivity, capacity to innovate, and bottom line, but should you buy now or wait […]
Most small business owners start out with a good business idea but little concept of what it takes to manage and grow a business. But you can learn and improve your management skills as your business grows. While there isn’t a definitive list of skills, the ones listed below will help you build your initial […]
While your tools, skills and reputation allow you to operate, it’s your staff who can often influence your trade business’s progress. Hiring great workers is only half the solution. Once you hire them, you’ve got to retain them. Here’s how. 1. Know your people One of the simplest but most effective actions an employer can […]
Once your business is up and running, it’s important not to rest on your laurels. Successful business owners are always looking at ways they can grow their business and maximize their profits. We’ve put together a guide and checklist that can help you identify ways to get the most out of your business. 1. Grow […]
Online distribution frees you geographically. Where you might have been selling your product or service locally, opening an online distribution channel means you can sell it on a global scale, which is an effective way to grow your business and boost your brand. Identify what you can sell online You’ll have an online presence with […]
Depreciation is basically a reduction in the value of an asset over time. What this means for your business is that if you buy a substantial asset like a computer or a car, you can claim a certain amount of the loss of value over time as a business expense. It’s also a method of […]
Read More… from How does depreciation affect small businesses?
For many small businesses, the best way to improve profitability is to increase turnover, as there’s no limit to sales but there is a limit to how much you can reduce your costs. Let’s look at how you can focus on each of the five ways in our profit increase calculator to achieve your goal […]
An asset ratio compares your assets to another part of your business. So, you could be comparing assets to revenue, profit, the number of employees or their salaries – whichever you wanted to measure. For example, if your assets/salaries ratio increases, you may have staff over-ordering on equipment. It’s a great ratio to assess the […]
Read More… from How to make your fixed assets work harder and provide a better ROI
Operating at a loss simply means you’re spending more money than you’re making. And while it’s not uncommon, especially for new businesses, it’s still not an ideal situation and one that shouldn’t be allowed to continue in the long term. Otherwise, eventually you’ll run out of cash reserves and be out of business. So the […]
Read More… from What to do if your business is operating at a loss
Document the positives in your business plan to persuade both yourself (the most important person) and stakeholders such as lenders, investors, suppliers and potential customers that your business idea is sound. 1. Your idea has a strong point of difference To survive in business, you need a compelling point of difference. Period. Something that clearly […]
Read More… from Seven ways to tell if your business idea will succeed
Advertising should be viewed as an investment that should generate a return, rather than a fixed cost. Many businesses spend money on the same kind of advertising each month without knowing what is working and what isn’t. Effective advertising builds profile, generates new business, and retains your existing customers. Poorly thought out advertising can create […]
Running a successful business is a juggling act between cash coming in and cash going out. If you’ve built up a cash reserve, you’ll be better able to stay in business and handle short-term issues like falling sales. Build a cash buffer Businesses generally fail because they run out of cash. Cash in the bank […]
If you’re in retail, there’s money to be made online and it’s important your new business finds its place in the online market. Survey your regular customers Many retail businesses are now offering online shopping features. Their keys to success involve measuring the market first to make sure their time, money and effort bring about […]
Cash flow – the lifeblood of any business. The aim of any business owner is to have more cash coming in than is going out. You’re in business to make money, and one of the most effective ways of doing this is to examine your cash flow and look for ways to improve it. You’ll […]
Taxes – there’s no avoiding them. But there are ways to reduce the amount you have to pay so that your business is more profitable. All it takes is some preparation, planning, and the advice of a good tax specialist. So one of the first things you need to do is talk to your accountant […]
Is it time for your business to invest in some new equipment? And if so, is it a smarter business decision and more cost-effective to hire or buy? Why you might need new equipment The right equipment can enhance your processes, productivity, capacity to innovate, and bottom line, but should you buy now or wait […]
If your customers owe you money, the faster you’re able to obtain it using effective collection tactics, the better. Ideally, you want to reduce the chance of bad debts and pressure on your business’s cash flow. It can be easy to neglect managing your debtors when you’re busy growing your business, but smart credit control […]
Read More… from How to handle debt so you always get paid on time
An asset ratio compares your assets to another part of your business. So, you could be comparing assets to revenue, profit, the number of employees or their salaries – whichever you wanted to measure. For example, if your assets/salaries ratio increases, you may have staff over-ordering on equipment. It’s a great ratio to assess the […]
Read More… from How to make your fixed assets work harder and provide a better ROI
Depreciation is basically a reduction in the value of an asset over time. What this means for your business is that if you buy a substantial asset like a computer or a car, you can claim a certain amount of the loss of value over time as a business expense. It’s also a method of […]
Read More… from How does depreciation affect small businesses?
Online distribution frees you geographically. Where you might have been selling your product or service locally, opening an online distribution channel means you can sell it on a global scale, which is an effective way to grow your business and boost your brand. Identify what you can sell online You’ll have an online presence with […]
Being on good terms with suppliers could translate into special deals or preferential treatment. Your suppliers may also give you greater leeway in the face of a cash shortage or when you need extra time to pay. Build the relationship An efficient payment policy is a vital part of building a strong, trust-based relationship with […]
Most small business owners start out with a good business idea but little concept of what it takes to manage and grow a business. But you can learn and improve your management skills as your business grows. While there isn’t a definitive list of skills, the ones listed below will help you build your initial […]
While your tools, skills and reputation allow you to operate, it’s your staff who can often influence your trade business’s progress. Hiring great workers is only half the solution. Once you hire them, you’ve got to retain them. Here’s how. 1. Know your people One of the simplest but most effective actions an employer can […]
As a small business owner, you’ll want to get positive returns on a limited marketing budget. It’s important to monitor the quantity and quality of advertising in order to be as effective as possible. Choose advertising you can monitor It’s impossible to measure the exact returns from investing in building your brand. A familiar saying […]
Read More… from Improving the effectiveness of your advertising
1. Build credibility quickly Why should people buy from a new business? Your first challenge is to overcome their doubts by building trust and credibility quickly. Some tips: Promote your skills and experience, plus those of your staff and associates. Join your industry or professional organization and start building a profile. Commission a writer to […]
Read More… from Ten marketing priorities when you start your business
Long-standing customers form the backbone of a strong, well-established business. Make it your mission to ensure that the vast majority of your current customers stay with your business for many years to come. Why it’s vital to keep existing customers Your current customers already have personal experiences of dealing with your business and using its […]
Read More… from Gain customer loyalty and keep your regulars for life
Start-ups are at a disadvantage when it comes to their first sales forecast because, clearly, they don’t have any historical data to base it on. But there are still ways to create an accurate sales forecast, and it’s important to do so because it’ll help you work out if your business idea is financially viable. […]
If you want to grow your business, you’ll need a strategic plan – which should include how you’ll find new customers and get your products or services into new markets. Here’s what you need to know to identify new customers and markets. Finding new customers in existing markets Profile your existing customer base to re-establish […]
The ideal promotion plan is one that results in clear steps you can put into action immediately. This means concentrating on just the practical, promotional aspects that will lead to results. The good news is that you can do it yourself. Identify your targets Identify the exact types of customers you want to sell to […]
Once your business is up and running, it’s important not to rest on your laurels. Successful business owners are always looking at ways they can grow their business and maximize their profits. We’ve put together a guide and checklist that can help you identify ways to get the most out of your business. 1. Grow […]
Two examples of this effective technique show you how you can set up your own focus groups. The concept of focus groups simply involves gathering a few your target market customers together, and then putting a series of questions to them. It’s best to get an outside person to conduct this type of research, because […]
Read More… from Use focus groups to understand your customer
Accounting software is readily available at brick-and-mortar and online stores alike. As with any business decision, you’ll want to make sure to select accounting software that is a good fit for your business. Use these tips to choose the right accounting software for your operation. Assess your needs When shopping for software, it’s tempting to […]
Read More… from Which accounting software fits your business best?
Growth has its risks but a well-designed strategy can deliver stability, security and long-term profits. When it comes to expansion, it’s not always necessary to borrow money. You’d be surprised how your own internal resources can be maximized to provide at least some of the cash you’ll need. An important step is assessing the current […]
Read More… from Grow your business by raising your cash potential
Both cross-selling and upselling can be useful methods for increasing your business’s sales. But there are also genuine benefits for your customers. They’ll appreciate being offered an item that either complements or adds value to their original purchase. The art of cross-selling Cross-selling is the art of convincing your customers to buy a complementary item […]
Read More… from Cross-selling and upselling to increase your sales
If you’re looking impartially and unemotionally at the options ahead when starting your own business, you have to admit simply buying one already in operation is incredibly appealing. Not only do you get experienced staff and an existing customer base, you also get established premises, a well-known brand and a network of suppliers thrown into […]
Whether you’re thinking of starting a new business, considering adding new products, opening a new branch, or increasing the services you offer, it’s common sense to research your market to make sure there is sufficient support for your idea. There’s little point adding the latest top-of-the-range Jacuzzi to your product range, for example, if you’re […]
Here are some of the questions about starting a business that come up frequently. Q: I’m thinking about turning my hobby into a business. Do I have to form a corporation? A: No, you don’t have to form a corporation to start a business. There are four basic business structures: sole proprietorship, partnership, corporation and […]
Read More… from Starting a small business – Frequently Asked Questions
How can there be a profit if the year’s ended with no cash? It’s quite common for businesses to end the year with little or no cash, only to be told by their accountant that they made a profit and must now pay tax. The reason for this is that tax is decided on the […]
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There are any number of reasons why you, as a small business owner, might need professional advice. From facing a new phase of development or growth, to specific business challenges such as operating at a loss, it’s important to know where to go for advice. For that reason, you should identify your best sources of […]
You are probably drowning in well-intentioned advice and ‘helpful opinion’ from family and friends. However, good business advice spoken from commercial experience is another matter entirely. That’s not to say it’s hard to find, but discerning the wheat from the chaff in the Internet age is sometimes less than straightforward – especially if matters are […]
It’s easy to come up with a number of business ideas but to make sure your idea is viable and can be run at a profit, you’ll need to do quite a bit of market research. The good news is that doing your own market research is not as hard as it sounds. Here are […]
Anyone who has been through a major earthquake, flood, fire or other disaster can confirm that a lot more could have been done – and should have been done – to lessen the impact. Forethought is the key to recovery. Assessing the risks Meet with staff and advisers to start developing a recovery plan. Set […]
At some point in its lifetime, every small business suffers from cash flow problems. The trick is to think ahead and figure out when these problems are going to arise, so you don’t have to unexpectedly postpone a purchase or hurriedly seek out additional finance. This is where cash flow forecasts come in. To effectively […]
Sales and profit are two very different things – as a business owner, you can find yourself without the cash to pay bills despite making sales you knew were profitable. You may also be startled to discover that strong cash flows from sales deliver little profit. What exactly is cash flow? A cash flow forecast […]
What exactly is profit in a business? This article shows you how to avoid three common profit mistakes that can seriously affect the success of your business. 1. Sales are NOT profit The biggest beginner mistake is assuming that sales are profit. People new to business can easily confuse sales with profit, but there is […]
Franchising can be an excellent way of growing your business rapidly and earning a good return. It can also be a pathway for ultimately exiting your business and leaving it in the capable hands of franchisees. Here, we’ll outline ten steps to successfully franchise your business with a view to leaving it behind at some […]
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Gaining larger profits depends on accomplishing all the little things better – rather than making one huge change. You’ll need to focus on every little detail to reduce your expenses and increase your sales turnover over the coming 90 days. Decreasing your costs For most small businesses, the easiest way to increase profitability is to […]
It’s important to identify and monitor the key drivers of your small business to boost profitability and cash flow. Boost profitability by recognizing your key drivers Identifying the key drivers of your business is critical to boosting profitability. A key ‘driver’ is something that has a major impact on the performance of your specific business. […]
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Profit margins are fundamental to business success and growth. How you choose to increase your margins so your business can achieve sustainable development is up to you – but taking small steps on a regular basis will help keep your customers on your side. Increase margins gradually It’s vital you keep a close eye on […]
Growing a business is one of the most fundamental goals for all small business owners. Successful businesses are those that are always looking for opportunities to grow and making the most of them. What is scalable growth? Scalable growth involves balancing the increase of your profits against the increasing costs of manufacturing your products or […]
It can be easy for your heart to rule your head when you find a business you want to buy. However, if you don’t do thorough research before signing on the dotted line, you may regret it. Before buying a business, you need to establish its worth and whether the returns are going to be […]
Read More… from Buying a business how much should you invest?
A successful business is one that’s built around a solid business plan. It’s the architecture you base your business on, and a tool that’s always in use to make sure you’re on track. A business plan is also something that you’ll be required to share with your bank. For them to lend you money, they’re […]
Coming up with new ideas for your business is essential for growth. And it’s exciting when you’ve got a new product or service to offer. But before you launch your new offering, it’s important to find out if there’ll be a demand for it. So you need to take some time to test the market […]
These days your personal data is everywhere, and that information is valuable to marketers, hackers and everyone in between. If you want to prevent the unauthorized use of your personal information, you need to take a proactive approach to protecting yourself and your identity. You can no longer afford to be blasé about your data […]
How you price can have a dramatic effect on your sales, cash flow, and profit margins. Your pricing strategy will determine how customers see your trade business in the marketplace – naturally comparing your prices with your competitors. What you need to know to build a profitable pricing strategy The prices you charge will influence […]
When you are setting out and everything is moving so quickly, it’s easy to deviate from where you intend to be. If you don’t have a business plan, you might compromise growth or miss out on opportunities by sweating the small stuff and not focusing on what matters most. Having a clear business plan from […]
The key to building value in your business is to plan the process in a systematic way, whether you’re aiming to grow your business or groom it to get a better price from a buyer. Looking through the eyes of buyers Whether you just want to build a stronger business, or you’re looking ahead to […]
Your business plan is a management tool and is designed to suit the structure and needs of your particular business. There is not a one-size-fits-all business plan, or a set formula that you have to follow. This leeway to design your own business plan can feel quite daunting at first, but this is easy to […]
Accounting problems can have serious consequences for your business and are definitely worth avoiding. Here we outline six ways to solve the majority of your accounting issues. 1. Know the difference between profit and cash flow If you’re a new business owner, it can be easy to spend money on growing your business rather than […]
Read More… from Six ways to solve 80% of your accounting problems
More than just a book-keeper If you’re thinking that your accounting software is there just to look after your finances, chances are you’re missing out on what it can do to grow your customer base – and improve your profit margins. The right accounting software is a tool that can be used to benefit your […]
Read More… from Grow your customer base with the right accounting software
What’s ‘the cloud’? Think of it like this: instead of storing and accessing your data from your own computer’s hard drive, you’re accessing other computer hard drives over the Internet. So all the information you’ve stored with other companies (from Facebook to Instagram to Google Drive to your bank account) are actually in physical computer […]
Read More… from Why should I move all my accounting to the cloud?
Wouldn’t you like to be able to reduce your time spent on administrative tasks so you could focus on increasing profits and running your business efficiently? Now might be the right time to contract out bookkeeping and payroll. The pros of outsourcing As your business grows, it might be time to outsource these time-consuming, administrative […]
Read More… from The pros and cons of outsourcing bookkeeping and payroll
Why accountants are necessary Unless you’re an experienced accountant yourself, it’s always best to have an expert overseeing your financial business affairs. As a business owner, you’ll probably be juggling several roles, but it’s not wise to spread yourself too thin where money is concerned. And even though accounting software does most of the hard […]
Read More… from Why you need an accountant and how to choose one
When you’re deciding what you really need to manage the books in your small business, it’s important to focus on your core business needs. So, there are some questions you need to ask yourself before you go ahead and make the purchase. Remember – the most expensive option isn’t necessarily the best. While most accounting […]
Read More… from How do I choose the best accounting software for my business?
There are a number of ways to arrive at the price to charge customers. Regardless of which method you use for pricing your product, you’ll need to know what it costs to supply your product to be sure you’re able to operate at a profit. Alternatively, you’ll need to know the cost to your business […]
Are you planning on selling to customers in an overseas market? There are export channels galore to choose between – but which ones are right for your business? The direct route or the indirect route Generally, there are two ways your business can go – direct exporting or indirect exporting (or both). No matter which […]
In today’s fast paced business world, technology has become as essential to success as a great idea. It’s a real equalizer that puts even the smallest business on equal footing with the big players. To grow your business you’ll need to harness the power of technology and use it to your advantage. Here are nine […]
Read More… from Nine ways to use technology to make business easier
Getting paid correctly and on time by customers can be a constant frustration for business owners. Communicating your terms is the best way of making sure you aren’t out of pocket – or are left chasing debtors. Setting your terms of payment Your terms of payment let customers know when and how you expect to […]
An effective export business plan lays the foundations for overseas success. Each piece of the plan should come together to create a blueprint that will see your business prosper in the years ahead. Goals The foundation of your export business plan will be built on your goals – the markets where you intend to sell […]
Developing employee skills creates a situation where your company benefits from a more knowledgeable and capable employee, while your employee gains additional skills or qualifications. This can give employees the chance to further their career and possibly increase their earning potential in the long term. Training and skills development can assist under-performing employees and be […]
Like beauty, value is in the eye of the beholder. Your business is worth what the highest bidder thinks it is worth – unless you can convince them otherwise. Consider what most buyers will be looking for. Stability The longer your business has been operating, the easier it could be to sell, provided it has […]
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A SWOT analysis is used to help fine-tune your business strategy by examining internal and external factors that may help or hinder your business. Identifying and understanding the strengths, weaknesses, opportunities, and threats – that’s what SWOT stands for – allows you to address them and make smarter decisions moving forward. A SWOT analysis will […]
For first-time exporters, finding success in overseas markets can be an avenue towards securing long-term, sustainable growth. But thorough preparation is vital to managing the business risks involved. Building a well-researched plan Deciding to export should be part of your continuing vision for your business. In-depth research will help you understand the specific challenges and […]
Below are some suggestions for unlocking funds without affecting your operational capacity. Keep in mind that you should always seek professional guidance before making changes to your business if you are unsure of the repercussions or potential issues. Hidden sources of finance Most business owners immediately think of the bank or loans when they’re short […]
Many service providers simply pitch their price somewhere near the middle of the prevailing market rate. But it makes sense to calculate your overhead costs and hourly rate to work out what price you should charge to ensure the income from your business meets your expectations. Your overheads The first thing you’ll need to work […]
A competitive advantage is something that you offer or have that the competitor does not. There must be some compelling reasons for people to do business with you rather than with other businesses. The need to identify your point of difference is important. The more similar your business is to many others, the greater your […]
Choosing the best export target(s) for your business is critical because ‘getting it wrong’ can waste time, energy and money. This section provides ideas and information to help you understand the opportunities better and identify the best targets and marketplace. Note that a target can either be a specific customer (like a large company or […]
Before you start a business, you need to know exactly how much money you’ll need, and where it’s coming from. You’re out of business fast if you fall short before you’ve started. Why you need to plan ahead If you want to see your new business start-up succeed, you can reduce some of the financial […]
Read More… from Calculating start-up costs – how much money do you need?
You probably already have a coordinated marketing plan, set prices, and know what you’re doing. However, to create more awareness and increase sales of your offerings, you may need to make some minor adjustments to your overall marketing strategy. Create greater awareness to sell more Even if you’ve got the world’s greatest new product or […]
Read More… from Build your marketing plan by creating awareness
Questionnaires provide an excellent way of getting feedback from your customers because everyone is familiar with them and is used to filling them in. You can use the feedback from a well-designed questionnaire to improve your business procedures and your marketing. A questionnaire-based survey should be conducted on your customers at least once a year. […]
Putting a succession plan in place helps ensure the future stability of your business when you step aside or if unforeseen events happen. Succession plans should be made well in advance if they are to be executed properly, and legal battles are to be avoided. Further benefits of a succession plan include a smooth transfer […]
Whichever industry your business is in, cultural differences can have a direct impact on your profitability. If you try to understand the cultures of your customers – their customs and differences – you’ll have a better chance of keeping them and gaining more. By being aware of the key factors that will impact your business, […]
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Planning for the succession of a business is an important and sometimes overlooked part of a business plan. It’s an inevitable period in the lifetime of all successful businesses – so it’s best to weigh up the options early. Keeping your business in the family The most obvious progression is to keep your business in […]
Whether you complete your business objectives in a year or 20 years from now, or you just feel like you need a change of scenery, leaving a company you built with your own two hands is never easy. You’ve got to consider your employees’ futures, commitments to financial partners and even family – not to […]
Successfully exiting a business is a dream for many owners. Follow these ten steps and you’ll be in great shape to make your dream become a reality. Many entrepreneurs desire to build and sell a thriving business. A financially successful exit is certainly achievable, but it requires several years of hard work and planning. Many […]
The break-even point is the point at which your company makes enough money to cover its costs. Past this point, the company starts to make profit. Finding the break-even point through the analysis of costs is one of the most useful processes an entrepreneur can undertake. It helps you answer questions such as: What volume […]
It’s important to start organizing your business for sale as early as possible. Business owners often think about selling during a downward trend but the best time to sell is when your business is in good shape. If you plan ahead, you’ll be readier when the time comes. Decide whether you’ll continue to help the […]
A succession plan is something every business owner needs to prepare for the inevitable – the day you’ll transfer assets and control of your business to a family member, business partner, employee, or outside buyer. Many business owners put off succession planning for any number of reasons – they’re busy, they don’t like thinking about […]
Putting a succession plan in place helps ensure the future stability of your business when you step aside or if unforeseen events happen. Succession plans should be made well in advance if they are to be executed properly, and legal battles are to be avoided. Further benefits of a succession plan include a smooth transfer […]
Read More… from Finding the right successor for your business
1. Generate sales as quickly as possible Your first priority when you launch your business is to gain some traction in the market as quickly as possible. Some tips: Ensure you have a compelling point of difference Build and promote your credibility Work for free or less than the normal rate in return for endorsements […]
Read More… from Seven revenue priorities when you start your business
Document the positives in your business plan to persuade both yourself (the most important person) and stakeholders such as lenders, investors, suppliers and potential customers that your business idea is sound. 1. Your idea has a strong point of difference To survive in business, you need a compelling point of difference. Period. Something that clearly […]
Read More… from Seven ways to tell if your business idea will succeed
Coming up with a new idea is exciting, and you probably want to jump straight in and make it happen. But before you invest too much time and money, you need ensure your idea is feasible and likely to give you a reasonable return on investment. Obviously, there are never any guarantees that a business […]
Many people underestimate start-up costs and start their business on the back foot financially. This can mean a long crawl up to your breakeven point and into profitability. Quite often it results in the business never making a profit at all. What you need to do is prepare an estimate of capital costs you will […]
Read More… from How much money do you need when starting a business?
So you have a great business idea and are convinced you can make it work, but you don’t have much capital to get your business off the ground. Juggling existing financial commitments such as a mortgage or bank loans could put a squeeze on your business plans. A growing number of entrepreneurs are using creative […]
1. Put together a strong advisory team Starting a business can be a lonely process and thinking you can do it all yourself is the road to extra stress and pressure. Study successful business owners and you’ll find they have surrounded themselves with a strong group of advisers. A typical core team would include an […]
Read More… from Eight management priorities when you start your business
Getting your business up and running and making a profit is usually much more difficult than it sounds. This article focuses on the skills you’ll need to make it happen, either by acquiring these yourself or consulting professionals to help you out. What it really means to be your own boss Being your own boss […]
Read More… from Do you have what it takes to run your own business?
Knowing the value of your business is vital should an unexpected buyer come along, and the timing is right for you to sell. You’ll want to get the best price you can so make sure you have an accurate idea of your business’s worth. A business’s value is taken from both tangible and intangible factors, […]
Read More… from Choosing how to value your business to prepare it for sale
If you’re buying or selling a small business, it’s critical to know what the business is worth. The challenge is that what you think a business is worth, and what the person on the other side of the fence thinks it is worth, are usually two different figures. In the end, the motivation for both […]
