Improve your business with key performance indicators (KPIs)
For those of you who are constantly looking for ways to better manage and improve your business, key performance indicators could prove to be a good solution. Key performance indicators, also known as KPI’s, are financial and non-financial measurements that help a business understand how much progress it has made in achieving its goals. Before [...]
4 ways to reduce your costs
The little details can make a big difference in the world of business. It is more likely that a small business will experience a surge in profits due to its implementation of a series of small cost-cutting strategies rather than the acquisition of a huge new client.
Cost cutting strategies for your small business don’t have [...]
How to get your Bank Manager to sanction your loan application
Financial skills are one of the most important skills to master in business. You will need financing at some stage in your business; beginning, expansion, or for equipment purchases. Understanding what a lender will be looking for and being able to provide it, will improve your chances of financial success.
Financial Ability to Repay
One of the [...]
How to Set up Effective Terms and Conditions Before you Sell on Credit
Setting up effective terms and conditions can be a challenge for many small business owners when they are formulating their payment infrastructure. Extending credit can be an effective small business strategy as it allows your business to establish customer loyalty and to increase sales with customers who would not do business with your company otherwise. [...]
Impress your bank manager! How to read your profit & loss account report
If you are relatively new to the business arena, you’re probably not too good at reading financial statements. But for someone who is planning to start a small business, it is crucial to learn how to read financial statements and understand what they mean.
Today, we are going to discuss one type of financial statement called [...]
Impress your bank manager! How to read your balance sheet
If you want to do well as a small business owner, it would help you if you could understand the basics of how to read a balance sheet. The balance sheet is an indispensable part of a business accounting information and is essentially a snapshot of a company at a specific point in time.
The balance [...]
Discover 7 Common Causes of Cash Flow Problems in your Business before it is Too Late
Cash flow provides the necessary fuel to propel your small business forward. Cash flow problems can lead to an insolvent business structure and are a leading indicator of a failing business.
Here are 7 of the most common causes of cash flow problems in small business and solutions to help you avoid them:
1. Lack of Payment Term [...]
How to Create a Compelling Vision for your Business
Your company’s vision statement is the statement of its potential and of what you want your business to become. Your vision statement should be meaningful to you and your organisation. It should be shared will all of the employees in your organisation in order to create a unified direction for everyone to move in.
Crafting a [...]
Am I in the Right Business?
Are you tired of working constantly without a vacation and having the money to show for your efforts? If you are wondering whether you are in the right business, consider the following questions:
Do you know the ins and outs of your business?
Understanding the ins and outs of your business and the industry that your business [...]
The 10 Commandments of Goal Setting
Setting goals personally and professionally is a crucial step to implement to ensure success. Here are 10 Commandments of Goal Setting:
1. Be Passionate
Be passionate about your goals so that you are motivated to achieve them. Scratch off any goals on your list that you are not willing to do anything it takes to accomplish them.
2. Be [...]
