Finance

Tips, advice and solutions for business owners wanting to grow or improve their business

10 Ways to Drive extra Business Cashflow

10 Ways to Drive extra Business Cashflow

Cash is critically important for business, with many businesses finding that periods after holidays or short trading months can be extra tough on the cashf front.

Staff leave payments, a short close down, penalty rates for public holidays, slow debtor collections or even extra stock holdings, will all have drained cash from your business.

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( Posted in: Cash Management )

Business Sale Values

Business Sale Values

Increasingly with the transition of the Baby Boomers into retirement, more and more business owners are considering the sale of their business. This is a very important event, as it allows them to unlock the investment which they have built up in their business over time and assists with funding their retirement. The key question is generally – “how much is it worth?”....

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( Posted in: Sale/Succession )

Cash relief for stressed business owners

Cash relief for stressed business owners
Cash is one of the top few stress triggers for business. Not having enough, not knowing where it will come from, or simply..... a puzzle around the best way to use it. In a physical situation - cash is pretty well understood, but when it hits the virtual, electronic or theoretical - I find that eyes start to glaze...
 
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( Posted in: Cash Management )

The Wallet Size Multi-Tool for Business

The Wallet Size Multi-Tool for Business

If you admire gadgets or clever design, then you will most likely have one of those nifty little tools’ which have dozens of attachments enabling you to; cut, bend, clamp, squash, saw or sew. They come in a range of colours and sizes, from pink micro versions to hang off your keys to the bulkier silver numbers designed for a holster on your belt….but….have you ever considered the value of the super thin plastic version?

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( Posted in: Banking )

Business Data - ďis it a valuable asset or an expensive handicap?"

Business Data - ďis it a valuable asset or an expensive handicap?"
It's well recognised in many corporate environments that data quality is a large and expensive issue. 
 
For banks & insurance companies with risk data, retailers with stock, marketers with poor lists, and countless others who rely on accurate financial info - poor data quality is an issue as it breeds inefficiency, increases expense and robs capital. 
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( Posted in: Risk Mitigation )

Business Improvement for the year ahead

Business Improvement for the year ahead

Christmas Day has been and gone and New Years is settling in, but when you sit back in the comfy chair – wherever that may be, on the beach, by the water, camping or even just at home……now is the time to take a quick “stock take” of the year that has past.

For those in business, often there is little respite as you....... 

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( Posted in: Business Management )

Business security - thieves wonít be taking a holiday

Business security - thieves wonít be taking a holiday

With just on a week to Christmas, businesses are generally finalising last minute sales, delivering product orders, sorting through end of month accounts, preparing for New Year sales, confirming the staff leave roster, and even.... finalising the details for a staff Christmas break-up!

What's normally left off the pre-Christmas “to do list" is security - physical and virtual.

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( Posted in: Risk Mitigation )

Effective Business Reporting

Effective Business Reporting
To run a business efficiently and profitability takes more than just luck. In addition to having a good service or product, successful businesses typically have a strong management information framework in place to ensure all of the critical elements of the business are running correctly.
 
I often liken this information to the dashboard instruments in a car ...
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( Posted in: Business Management )

5 Steps for better Business Financing

5 Steps for better Business Financing

With countless business finance products in the market – is can be daunting for some businesses to decide which option to choose. The frequently asked question is “which one should I take?”, so to take some of the pain out of this point – we have provided 5 simple steps for better Business Financing.

To start, it's not so much a case of which product you should take, it's more a question of which one do you need and realistically, what is available.

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( Posted in: Banking )

What if I didnít read the business contract?

What if I didnít read the business contract?

Have you ever heard, “…what if I didn’t read the business contract before I signed it?” Unfortunately I have, with my default response being, “the devil is always in the detail”. So if you have not read your document, then the chances are that the “detail devil” will cause you trouble.

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( Posted in: Risk Mitigation )

In Business - Cashflow is King

In Business - Cashflow is King

A well-used line in business - and for good reason, as without cash (or cashflow) in a business, it delivers the same result as a having a body without blood - SUDDEN DEATH!

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( Posted in: Banking )

Business Margins - Improve your Financial "Short Game"

Business Margins - Improve your Financial "Short Game"

Finance has shown me many things over time, but perhaps one of the more powerful concepts is “profit versus turnover”. For the golfers out there, I liken this to “driving for show VERSUS putting for dough“.

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( Posted in: Business Performance )

10 Banking Essentials

10 Banking Essentials

You would not skydive without a parachute, so don't do business without these.

From a banking perspective, every business should have these 10 items in their kit bag to either save, make or protect money - whilst maximizing their banking relationship.

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( Posted in: Banking )

Business Growth Costs....

Business Growth Costs....

Often the objective of most businesses is SALES GROWTH, but it comes at a cost..... so the real question is -  how growth ready is your business?

A basic principle of business is to generate sales (product or services) to return a profit. The natural flow on from this is to generate more sales to achieve a greater profit - but...what does this take and how prepared is your business for growth? 

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( Posted in: Business Management )

The One More Thing for business success

The One More Thing for business success

Whether it be in sport or business, the difference between success and failure can often be simply doing one more thing than the competition. The extra phone call, one more prototype, another sales approach, an additional quality check, a larger focus group, an extra tier of service etc etc.....any of these can be the secret ingredient to business success.

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( Posted in: Business Performance )

10 Commandments of Business

10 Commandments of Business

Many business owners are time poor and simply don't find the time to read the more comprehensive articles. So if you are looking for a bunch of potent tips for your business - then this short article is for you. 

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( Posted in: Business Management )

What do I need to prepare my business for sale?

What do I need to prepare my business for sale?

Business Sale Building Blocks - The prospect of selling a business, or at least positioning it so it can be sold, will be confronted by all business owners eventually. It may be for 20 years down the track (rare) or to sell now (more common), but the simple reality is that all businesses will have a change of ownership at some point.

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( Posted in: Sale/Succession )

The Cost of being Tolerant

The Cost of being Tolerant

Business owners tolerate a lot, whether it is poor performing staff, process problems, cash flow, IT and the like. In doing this, the level of stress or pressure on the owner (and in many cases - the business) rises in direct proportion.

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( Posted in: Business Performance )

What is your product or service worth?

What is your product or service worth?

Pricing... pricing... pricing... it’s all about getting the price right - so that your price point is not only accepted by the market.... but also delivers sufficient profit to your bottom line.

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( Posted in: Business Performance )

Fail to have a Business Plan is Planning to Fail in Business

Fail to have a Business Plan is Planning to Fail in Business

"Fail to plan is planning to fail" - Winston Churchill.

Even though this well used line receives universal acceptance in conversation....... few businesses "walk the talk".

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( Posted in: Business Management )

Sure Fire Business Killers

Sure Fire Business Killers

Operating a business has its challenges due to the many and varied issues drawing on the owners time – people, product, sales, collections, just to name a few. Thus it’s no wonder that many business owners operate “in” rather than “on” their business – which has its dangers.

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( Posted in: Business Management )

Business Finance - On the Hook!

Business Finance - On the Hook!

For those who have borrowed money, you would be aware that financiers are always looking for a primary exit (repayment) source – normally via the repayment from business operations AS WELL AS a secondary exit just in case everything turns sour. 

Most people get the simple fact that if they default on the loan, the financier will look to seize the security to get their money back, but…. there is a lot more to learn about this.

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( Posted in: Banking )

3 Strategies to Energise your Bottom Line

3 Strategies to Energise your Bottom Line

There are three key strategies available to energise your bottom line, with then an infinite number of tactics which can be used to support them - customised to your business and its circumstance.

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( Posted in: Business Performance )

7 Reasons Why You Should Know Your Cash Cycle

7 Reasons Why You Should Know  Your Cash Cycle

You often hear throw away comments such as “Cash is King” and “Cash is the lifeblood of business” – but what do these really mean?

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( Posted in: Cash Management )

The Financial Shopping List for Business

The Financial Shopping List for Business

With countless finance products in the market - which one should I take? This is an FAQ from most businesses at some point, so this simple shopping list should take some pain out of the process.

To start, it's not so much a case of which product you should take, it's more a question of which one do you need and realistically, what is available.

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( Posted in: Banking )

But I didnít see it coming!

But I didnít see it coming!

All too often this is the catch cry after a major incident.....a show stopping incident.....a business crippling incident…

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( Posted in: Risk Mitigation )

The Factor of Time

The Factor of Time

Time is a precious commodity and one not to be squandered. Often time.....is the critical factor between success and failure.

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( Posted in: Business Management )

The Business Debt Trap

The Business Debt Trap

Debt comes in two forms - Good and Bad. Successful businesses understand the difference and actively manage their position.

Over the years I have seen many businesses struggle (and some crumble) under the burden of debt - with the debt load literally hanging over the business like a tree branch waiting to fall in a strong wind. Using a simple test before taking on debt will assist you in avoiding this risk.

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( Posted in: Banking )

More Fees for Business than Service

More Fees for Business than Service

Ever noticed that some bill accounts are so complex that it takes a master’s degree to work them out? Put simply.....it's an illusion to justify a larger cost and/or mask the value that is being charged. 

I call the language used in these accounts "bill speak", so once you understand how to translate it - you will never be fooled again.

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( Posted in: Cash Management )

5 Avoidable Banking Mistakes for Business

5 Avoidable Banking Mistakes for Business

As with most things in life - learn the lessons of those who have gone before you.

Over my years working with businesses and lending money, I have seen a number of simple mistakes that have cost people a lot of money. To save you the cost of these, I have jotted down 5 of the most common mistakes that I have seen, along with simple yet effective suggestions to avoid them.

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( Posted in: Banking )

Moths in your pocket

Moths in your pocket

Successful businesses have a strong handle on where they spend their money.

There is no point putting in all of the effort in running a business, finding clients and generating sales if at the end of the day - you have nothing left to show for it. Every dollar you spend must deliver tangible value to you and your business.  If it doesn't, then it makes no sense to pay it.

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( Posted in: Cash Management )