Employees are the face of your brand, guardians of your intellectual property and ideas, and the biggest driver of business growth. Not only is employee turnover disruptive, stressful and time-consuming, it’s also incredibly expensive. When an employee leaves your business, you’re left out of pocket until you hire and train someone else. There can also… Continue reading How to retain your best employees
Your social responsibility to employees
Businesses are increasingly aware of their impact on society as much as for their products and services. How businesses treat their employees directly influences public perception and attractiveness to skilled workers. By acknowledging your social responsibility to your employees you’ll have a more engaged and productive workforce. You’ll also have an easier time attracting and… Continue reading Your social responsibility to employees
What to do if you have a cash crisis
Dealing with a sudden cash flow crisis, even if you’re working hard to avoid shortfalls, is hugely distracting. A formerly reliable customer might take much longer to pay than anticipated or a large consignment might fail to show up, leaving you out of pocket. If you’re starting a business, it could simply be taking longer… Continue reading What to do if you have a cash crisis
Metrics to measure business progress
Here are 5 important metrics to pay attention to when it comes to the success of your business, including ways you can improve them. 1. Gross margin Gross margin is the difference between what you pay for a product and what you sell it for. Increasing your prices. If it’s small enough, it may not… Continue reading Metrics to measure business progress
Tactics to avoid running out of money
A business can survive for a short time without sales or profits, but not without cash. It is cash which pays the bills and allows trading to continue. If you are growing and extending credit to more customers, the need for cash is even greater. Progress payments When you negotiate contracts with customers be aware… Continue reading Tactics to avoid running out of money
Identifying when it’s time to hire your first employee
Hiring an employee is a significant milestone for any business. Not only are you expanding your team, but you’re freeing up time so you can focus on growing and building your business. Adding someone with new skills and expertise can also enhance your overall capabilities and bring fresh perspectives to the table, enabling you to… Continue reading Identifying when it’s time to hire your first employee
Lessons learned from global disruption and looking ahead
While it may be challenging to predict what the future holds, history shows us that economies will eventually recover from major disruptions. It’s useful to reflect on how your business can adapt to global challenges, whether they stem from economic downturns, natural disasters, or unexpected changes in the marketplace. The goal is to prepare your… Continue reading Lessons learned from global disruption and looking ahead
Collecting your money faster
Credit limits are designed to prevent debt from escalating out of control. Put a credit limit on all customer accounts and then put an automatic ‘stop credit’ on any overdue accounts. It’s also sensible to train your staff in how to approach a customer who has reached their credit limit so that the account can… Continue reading Collecting your money faster
A guide for effective cash flow management
An up-to-date business cash flow forecast can help you manage your business more efficiently. It’s an estimate of the amount of money you expect to flow in and out of your business. It includes all your projected income and expenses and usually covers the next year, though it can also cover a shorter period such… Continue reading A guide for effective cash flow management
Tips to improve your profit margin
Increasing sales might make more profit for your business but consider increasing profit margins, especially if there is limited opportunity to increase sales. Growing your business can be achieved by building profit rather than sales. Focus on larger margins Concentrate on the products or services you sell that have the biggest margins. By selling more… Continue reading Tips to improve your profit margin