Category: Business Tips

Late payments can wreak havoc on a small business’s cashflow, causing unnecessary stress and financial strain. If you are struggling with overdue invoices, fear not! We can help you optimise your cashflow. Here are six straightforward tips to expedite payment processing and get your cash flowing smoothly: Invoice Without Delay: Don’t wait to send out…

In business, cashflow equals confidence and resilience. Take charge of your financial future with these strategies to help you manage cashflow in your business: Establish Clear Payment Terms: Set clear Terms of Trade outlining payment expectations for each customer. Ensure prompt payment by clearly defining payment deadlines and consequences for late payments, as outlined in…

In today’s competitive business landscape, ensuring timely payment is paramount to sustained success. Any business model’s core lies the pivotal process of generating revenue through sales. However, the viability of this revenue stream hinges on the prompt settlement of invoices by customers. Efficiency is key when it comes to cashflow management. The smoother the payment…

Having a firm grip on your business finances is paramount for making informed decisions and ensuring sustained profitability. In today’s digital age, leveraging the right tools and technologies can streamline your financial management processes and provide valuable insights into your company’s financial health. Here are five key strategies to help you take control of your…

We have another question to share in our latest Sharpen Your Numbers FAQ series; Dave asks the burning question: “Why can’t I just use spreadsheets to manage my business?” Discover why accounting software like Xero is the key to efficient financial management, accurate reporting, and business growth in this short video answered by Glenn. Notice:…

Many businesses face the challenge of maintaining viability when sales fail to cover overheads and cash demands, leading to a perpetual increase in overdrafts. To address this issue, it’s essential to implement strategies that bolster sales effectively. Here are five key strategies to consider: Increase Customer Retention Focus on retaining existing customers by providing exceptional…

Discover how optimising your gross profit margins can positively influence cashflow and bolster financial stability for your business. Uncover actionable tactics to elevate profitability and maximise returns on sales. Understanding Gross Profit Margins Your gross profit margin represents the residual amount from total sales revenue after deducting variable costs. Calculate your gross profit margin to…

Maintaining a full “well of happiness” is not just a luxury; it’s a crucial aspect of sustainable business success. Similar to the airline safety instruction to secure your oxygen mask before assisting others, you must prioritise your well-being continuously in business. Consider the activities that replenish your well-being – those that revive your energy and…

Referrals are a powerful means of securing new business, and one effective way to generate them is by building strong networks. Networking and referrals offer a cost-effective strategy for business growth, with a potentially significant return on investment. Here are five ways to maximise referrals from your networks: Calculate the Lifetime Value of a New…

Elevating your leadership skills and fostering a robust workplace culture is pivotal for building a better business. A toxic workplace can hinder productivity, making it crucial to assess and enhance your organisational environment. Spotting Toxicity: Signs Your Workplace May Need Attention Lack of Trust: Is there a noticeable divide between owners and the team, fostering…

Achieving peak efficiency and unlocking economies of scale within your business largely hinges on having the right organisational structure. This step can significantly enhance your bottom-line returns, outpacing mere revenue growth. A well-designed structure should foster revenue increase without creating operational bottlenecks and creating the optimal organisation. Your organisational blueprint should be a comprehensive guide,…

Welcome to the third step in our series on building a better business. In this crucial phase, we delve into the often underestimated task of understanding where your business stands today—warts and all. Without a clear grasp of your current realities, the road to success remains obscure. Let’s dive into the essential questions that will…