Management

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

Removing phone barriers for greater Business Success

Removing phone barriers for greater Business Success
In business, the humble phone is such an important tool - yet many business owners will not dial a prospect or debtor. The reasons for this span from; a simple lack of purpose, through to a real phobia or fear, however the outcome is the same - the call is not made - and this is what costs business.
 
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( Posted in: Business Management )

The benefit of Honest and Timely Performance Appraisals

The benefit of Honest and Timely Performance Appraisals
Staff can be the greatest asset in your business, but for any service based business - they typically will be the greatest expense - whether they are an asset or not.
 
Perhaps its my corporate background, or my genuine desire to improve things (people and businesses), or it might just be my objective to see a larger number at the bottom line - but regardless.....
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( Posted in: Communication )

Critical Components of a Good Job Description

Critical Components of a Good Job Description
Job descriptions are a valuable tool for both staff and employers and unfortunately, they tend to be absent in many businesses.
 
For the staff member, a good job description provides ....
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( Posted in: Business Management )

Business Sales Activity in your Prospect Pipeline

Business Sales Activity in your Prospect Pipeline

Businesses with strong consistent sales, typically are the same ones who have a deep prospect pipeline. Regardless of the type of business or product, those who have the depth of opportunity in their sales pipeline, are also the ones who have less stress and typically better margins.

When you only have one or two prospects in your sales pipeline..... 

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( Posted in: Business Performance )

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 January can be extra tough on the cash front following the Christmas/New Year period.

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 over the festive season.

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( Posted in: Cash Management )

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 won’t be taking a holiday

Business security - thieves won’t 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 )

Who is your business communication written for?

Who is your business communication written for?

Have you ever read a business note, perhaps an email or a letter and thought – huh, what’s that about.....as the tone or content of the note is as if its been written for someone else? Well perhaps it has!

In business I have found that the principle of writing for a “third party” audience, is actually not that uncommon. 

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( Posted in: Communication )

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 )

Business Trends & Patterns – a simple game or is there more to it?

Business Trends & Patterns – a simple game or is there more to it?

Business trend analysis is a serious analytical technique used in countless different forms of analysis. Yet for most business owners, finding the time to complete a simple Sudoku puzzle is hard enough – let alone undertake any form of formal business review.

If you do have the time to complete a simple Sudoku puzzle, then you also have the ability to transfer some Sudoku disciplines into a more effective business management process.

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( Posted in: Business Management )

Why you should consider more than just the Easy Option

Why you should consider more than just the Easy Option

In a world where speed appears to be everything, often the compromise that is made is to take the generic or easy option. This has become so common in business, that the generic option is often the only option put forward – whereas there is generally many ways to skin a cat.

Now whilst I have no issue with a simple, cheap option when you can get it – the critical point is ensuring that it is the right option.

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( Posted in: Business Management )

9 Point Test to evaluate if a new Product Idea is Viable

9 Point Test to evaluate if a new Product Idea is Viable

We have all had them, the “business epiphanies” or “golden ideas” which come to us over the weekend whilst swinging a golf club, doing laps in the pool or just mowing the grass. In the moment….. these new product or service ideas are the perfect combination of simplicity, profitability and marketing brilliance.

By Monday morning these moments of creative thinking have….started to tarnish….

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( Posted in: Business Management )

Communicating your Close line for Impact and Results

Communicating your Close line for Impact and Results

In business, communicating your "close" line for impact is often a crucial factor in success or failure.

The right timing for a marketing advance, to lodge a finance application or even enter a queue......all appear to have timing influencing the outcome.

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( Posted in: Communication )

Making Sound Business Decisions

Making Sound Business Decisions

In all businesses, small or large, actions are often taken in the moment – reacting to a symptom rather than making a fully informed decision based on the cause.

Symptom management is a very frequent occurrence, with the management decisions based at a superficial level to arrest what is the perceived cause - which in the bulk of cases is not the true underlying driver.

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( Posted in: Business Management )

What information should I use to run my business?

What information should I use to run my business?

It’s that moment where you are sitting amongst a pile of information – numbers, graphs, returns, production numbers, stock levels, customer surveys…….all with seemingly important information……but what does it all mean......what information should I use to run my business?

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( Posted in: Business Management )

Maximising your Business Time Management

Maximising your Business Time Management

How many times have heard the immortal catch cry, "I don't have enough time" and then....the more scary question - how many times have you been the one to utter it?

The lack of time is really the combination of our perception and tolerance.

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( Posted in: Business Management )

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 )

Succeed with Business Succession

Succeed with Business Succession

Succession is an inevitable bridge that needs to be crossed for all businesses. For some, the decision is made in a millisecond – whereas for others, it can be an all-consuming dilemma. This article is to help those struggling with this dilemma.

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( Posted in: Sale/Succession )

Clear Business Process + Strong Execution = Great Savings

Clear Business Process + Strong Execution = Great Savings

Regardless of whether you are selling burgers to a young family with three tired kids or producing “O” rings for the space program – there is always a cost when your process fails – it’s just the magnitude that varies.

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( Posted in: Business Performance )

Business - when Good Times go BAD

Business - when Good Times go BAD

How much risk are you carrying in your business - do you know......and what are you doing about it?

Someone once explained Operational Risk to me as the classic, 'good times gone bad' situation, where one or more of the things that have made the business successful, suddenly go wrong - and often....very wrong!

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( Posted in: Risk Mitigation )

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, SALES GROWTH 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 )

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 )

New Years Resolution for Business

New Years Resolution for Business

The start of the new year is traditionally when we pledge resolutions for the New Year ahead - resolutions around how we are going to do things differently...do things better and often…..change a bad habit from last year.

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( Posted in: Business Management )

Is my Business Viable?

Is my Business Viable?

This question comes in various forms from concerned business owners – but for me, it’s not so much a case of whether the business is viable - but more of whether the product/service they are selling is viable.

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( Posted in: Business Performance )

Marketing for Small Business

Marketing for Small Business

Effective marketing is the ultimate answer for increased sales opportunity, with many different marketing methods available, BUT….. a critical aspect which is frequently overlooked in the assessment of marketing effectiveness is the time and cost of the activity.

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( Posted in: Business Performance )

12 Costly Risks for Business

12 Costly Risks for Business

The majority of risks in business can be predicted and quantified as part of an assessment of the business and how/where it operates. For most businesses however, stopping to undertake this type of assessment is rare - let alone implementing mitigation plans. 

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( Posted in: Risk Mitigation )

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 )

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 )

Business Marketing - "Shark" versus "Anemone"

Business Marketing - "Shark" versus "Anemone"

At the heart of any successful sales program are a heathy number of leads generated by a well formulated marketing program. Equally, where sales or revenue levels are not hitting the mark – then generally there is no effective marketing plan in place.

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( Posted in: Business Performance )

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 )

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 )

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 )

Business Decisions - play them forward three hands

Business Decisions - play them forward three hands

Many strategies and decisions are made "in the moment" - considering only todays issues with little thought given to the flow on effects or impacts.

Consider for a moment what this could look like in a practical business context;

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( Posted in: Business 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 )