Category: Growing Business

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…

In the journey of managing a business, one critical aspect often overlooked is overheads, which can significantly impact cashflow. While business owners tend to be vigilant about expenses, the growth of a company can sometimes lead to increased layers of management and operational inefficiencies. Regular assessment of overheads is crucial for financial health. Here’s a…

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…

Explore how assessing your debt and capital structure can lead to reduced interest charges and significant cashflow improvements for your business. Discover actionable strategies to consolidate debt, optimise capital injections, and manage personal expenses to alleviate cashflow pressure. Debt Assessment Begin by compiling a comprehensive list of existing debts, including bank loans, mortgages, finance company…

When it comes to business, profit and cash flow are not one and the same. While profit reflects the revenue generated from your work or sales, cashflow is the actual money flowing in and out of your bank account. One of the primary culprits of poor cashflow is what we call “cash lockup.” Cash lockup…

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…

Breaking the cycle of unmet resolutions requires more than good intentions—it demands accountability. With approximately 80% of New Year’s resolutions faltering, securing someone to hold you to account becomes paramount for achieving your business goals. The key to completing committed actions lies in granting someone the authority to follow up persistently. Whether it’s a personal…

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…

Welcome to Step 4 of our comprehensive series on building a better business. Now that you’ve defined your business aspirations, it’s time to forge a clear path towards achieving them. Let’s delve into the critical step of making a strategic plan to guide your business toward future growth. Define Personal Business Goals: Start by aligning…

Welcome to the second step in building a better business! In this phase, we focus on the transformative power of being open to change and continual learning. In our ever-evolving digital landscape, opportunities for new knowledge abound. Let’s explore why embracing a learning mindset is crucial for business success. The Curiosity of a Child Reflect…

In the journey of building a better business, the first crucial step is to define what success looks like for you. Your business should serve you, not the other way around. Let’s explore how to crystallise your vision for a thriving business that aligns with your passions and values. Clarify Your Vision To create a…

Business owners often prioritise profit and cost reduction, but it’s essential not to overlook the significance of your Balance Sheet. Even profitable businesses can face financial challenges, making your Balance Sheet a crucial indicator of your business’s solvency. Here, we explore four critical areas to focus on within your Balance Sheet for lasting success. Profitability…