Tag Archive for: Business Management

Business Strategies for Christmas and New Year: A Guide for Small to Medium Enterprises

As the festive season approaches, the small to medium business sector (SMBs) face unique challenges and opportunities. The period leading up to Christmas and the New Year is crucial for maintaining momentum, managing resources, and ensuring a successful transition into the new year. This article outlines essential areas that SMBs should focus on to position themselves effectively for both the silly season and the year beyond.

Must-Do Strategies for Christmas

1. Manage Cash Flow

Cash flow management is paramount during this period. Increased consumer spending can lead to higher sales, but it can also strain your finances if not monitored
… Read More
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Characteristics of Successful Leadership in Business: A Comprehensive Guide

Leadership is one of the many buzzwords used in business today. Yet, when you challenge someone to define what they call leadership, often there is nothing but silence. When you look around the world at some of our pronounced leaders, leadership is perhaps the last word you would use to describe them. Unfortunately, this is also very true in many business operations. As individuals, business owners, business coaches, employers and employees, we have a collective responsibility to define leadership for our collective benefit.

Characteristics of successful leadership

From my experience in small, medium and corporate businesses, the best leaders I … Read More

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Mastering Business Life-Cycle Stages: A Comprehensive Guide

Businesses are not static beasts, they change and evolve over time – and as they do, their needs vary. By understanding the different life-cycle phases of a business, owners have the ability to position themselves differently and focus on different facets which will drive enhanced returns.

Broadly, there are 5 distinct life-cycle stages;

  • Start-Up
  • Growth
  • Established / Expansion
  • Mature
  • Exit

All of these naturally share some characteristics, but each life-cycle has its own identity.

Start-Up

It starts with an idea and then a business is born. The barriers to starting a business are pretty low, so many businesses start … Read More

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Breaking Down 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.

For the bulk of people, the avoidance of making critical phone calls can be overcome by following some practical steps along with some honest perseverance. For the smaller group who still find issues, then face into the issue and seek some … Read More

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Ready to Launch Your Business? Here’s What You Need to Know

I want to run my own business, so now what?

I’ve heard this line on many occasions over the years. Bright eyed and highly energised potential business owners with a concept for a business that they want to run. Of course, as every experienced business owner will tell you, it’s actually not that simple to run a business – successfully and profitable. There are many pitfalls and in most cases – you need to spend a few dollars before you can turn a dollar.

For those serious about setting up a business for long term success – this article … Read More

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Elevate Sales Effectiveness: Harnessing Quality Collateral

Selling is about showing your customer in a convincing way, that your product (or service) is worth the value you are asking and….. that it meets their need or desire. Naturally, this point is not rocket science, albeit the way in which you show them or prove up the value of your product can have many layers of skill to it.

Over many years of working in a sales environment, we have noted that the vast majority of customers are visual in the way in which they assess the value of a product. What this means is that when … Read More

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Crafting Compelling Copy for Irresistible Sales

If someone said to you, “you’re going to want that Kidney..” – would you pay attention? I did. How about if someone said, “if left alone, it will continue to devour the cells around it” – do you think you would listen to what they said next? It got me.

Both examples are Compelling Copy.

I appreciate that both are medical based, however each show how compelling copy can entice or intrigue the audience into wanting to know more or to do something – which is typically the intent of any marketing.

Headline comments are perhaps … Read More

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Optimizing Staffing: The Blueprint for an Effective Business Structure

As every business owner will have heard, the greatest asset in your business is your staff… In many ways I support this comment – having benefited from having some truly exceptional people work with me, and for me, over the years. However, the evolution of business over time has meant that the traditional staffing structures now are getting questioned – and they need to be challenged in many businesses to ensure the viability of the business.

The traditional business structure surrounded itself with paid full-time staff, supplemented with part-time and then casual staff, and for the rare occasion – … Read More

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The Small Business Conundrum: Navigating the Danger Zone

Being seen as “small” can cost you business.

That’s not saying that the service or the quality of a small business product is poor – (often it is the exact opposite), but a common perception encountered by small business is that “big” is better or safer. In a world where you are competing with “the bigger guy”, then this perception can easily cost you business – especially in the initial marketing phase.

So the answer is simple…… don’t “look” small!

In my varied dealings with business over the years, I have noted that there are 7 indicators which signal… Read More

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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 clarity around the role, what the core responsibilities are, outlines the accountabilities/delegations and shows the associated performance criteria.

For the employer, it provides important boundaries for the staff members to operate within, noting that they are only one staff member in what is typically a larger group. Frequently, it’s only the owner/manager who has full line of sight of all roles, so clear definition of “who is … Read More

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Strategies for Business Improvement in 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 “stocktake” of the year that has past.

For those in business, often there is little respite as you run from one; sale, job, project, customer, site, state, transaction, employee, etc…..to another.

So when you consider the following – think to the positive as well as the negative, and give yourself a pat on … Read More

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Tailoring Your Business Communication for Success

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. Often these days its in email format, with the note written more for the benefit of the person checking or reviewing the document than the recipient. The third party could be the boss, a manager, … Read More

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Mastering 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 – where you have a range of information to let you know how you are travelling and the condition of the car. A good management information pack does the same for a business.

Every business has “key elements” in it … Read More

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5 Steps to 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.

Finance facilities should match the need, otherwise you run the risk of additional cost or … Read More

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Unveiling Business Trends & Patterns: A Simple Game or More?

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.

My point – and the point of this article, is that 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.

Skeptical? – read on for a few minutes and then I’m happy for you to … Read More

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Beyond the Easy Option: Why You Should Consider More

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 one 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’s the right option.

When you are next looking for a solution to a problem or need – pause for a moment to … Read More

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A 9-Point Test for Evaluating Viable Product Ideas

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….with some more considered thought seeing a gap or two appear. By Wednesday, most of these ideas have been discounted and by Friday, are all but forgotten.

Would we have been better off not having … Read More

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Impactful Close Line Communication for Business 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.

The reality is that there are a number of factors at play, however good preparation is able to guide you to the right time for optimal success. 

There is no better example of this than the right timing in either dispute resolution or negotiations. Preparation to ensure that you pitch your point at the right time – … Read More

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Is Business Change Possible? Exploring the Possibilities

Is business change possible? – absolutely unequivocally yes…but it takes action. A great man once said, “If you always do what you’ve always done, then you will always get what you’ve always got” (Henry Ford) – so…..if you don’t like the outcome you’re getting at the moment…..then you have to change something!

It’s at this point that that the problems normally start.

“We have always had the ideas – but getting something to happen has been the problem”

This is the classic catch cry of many in business when confronted with the need to change. Frequently the ideas of … Read More

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Making Sound Business Decisions: A Strategic Guide

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.

An example of this was with an electrical contractor who we once met – we will call them ElectroInc.

ElectroInc had been operating for several years with a number of electrical teams on the road … Read More

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Choosing the Right Information to Run Your 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?

These are the questions which are being raised more and more with the rise of technology, as we tend to have an unending supply of data and reports available. The secret to all of this is to understand what material is relevant to the business operations and then, to understand what the information is telling you. From this point, it’s … Read More

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Maximizing Business Time Management for Efficiency

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. Perception, because busy is how we see our collection of activities – for some, 8 hours of engagements is very busy, yet for others they are wondering what you going to do with the other 2/3rds of the day. For those who immediately thought of “work” when I said “8 hours of engagements” – … Read More

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In Business, Cashflow is King: Managing Financial Flow

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!

I have seen mortally wounded businesses survive, simply because they had sufficient cashflow coming in the door to provide options. In some cases, the key objective was purely the opportunity to open the door again tomorrow.

There are a variety of ways to look after your cashflow – BUT FOR THIS POST we will cover one of the most fundamental and important cashflow aspects – … Read More

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Improving Business Margins: Enhancing 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“.

Underlying profitability and the associated free cash available for debt servicing are focal points for a Banker with any finance proposal – as this shows whether there is the expected ability to repay the loan within the proposed terms. The simple “revenue line” however, whilst interesting for trend and margin analysis, by itself – does little to prove debt servicing ability.

This … Read More

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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.

For a minute, let’s consider the more trivial of these two examples and look at the world through the lens of a parent with three children under 10. It is a warm day, the kids have been running wild all morning and at 2pm, it’s going to be a late lunch.

You place your order at the local fast food … Read More

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When Good Times Go Bad: Navigating Challenges in Business

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 which have made the business successful, suddenly go wrong – and often….very wrong!

Perhaps a clearer or simpler description of operational risk is; a failure in the people, internal processes or systems of the business, or an external event that could have financial or reputation impacts.

For a typical SME business this could look like –

    • Poor password
… Read More
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Essential Banking Insights: The 10 Must-Knows for Businesses

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 maximising their banking relationship.

Assess whether your business has these as you go (Yes/No responses) and be honest – pass/fail thresholds are at the end.

  1. a contact (or preferably three) at their bank. When you need assistance, you need to be able to quickly bypass the web and IVR tools and speak to a real person. For a deeper understanding on
… Read More
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Navigating Business Growth Costs Effectively

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?

Listed below are five key ingredients required for successful sales growth;

Personnel

Increasing sales invariably requires more of your personnel, whether it be in the creation, … Read More

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The 10 Commandments of Business: Guiding Principles for Success

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. 

Aptly named the 10 Commandments of Business, these are 10 activities which will add bottom line value to every business.

Thou shalt…

  1. … plan for the business. This should be aligned to a clear vision of what the business is seeking to achieve, along with its key strategies and measures to get there.
  2. … understand your cashflow. Cash is
… Read More
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New Year’s Resolutions for Business Success in the Coming Year

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.

So in lifting the bar for a better outcome, why not make some positive differences for your business at the same time – by making some New Year Business Pledges. 

But where, how, doing what?

Over the past year we have met and worked with many different businesses – small ones, large ones, ones with only a couple of staff and then … Read More

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Is Your Business Viable? A Comprehensive Evaluation Guide

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.

So the better question is really; is my product or service viable?

Running a successful business is all about having a number of business elements all working together to provide a solid outcome or profit. If any of these elements are not correct or are out of alignment, then performance suffers – which is around the time the … Read More

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Strategic Marketing for Small Business Success

90% of businesses want more sales….. and for the vast majority of these businesses – this is exactly what they need. Many businesses can make a better margin out of their existing sales, but overall a greater level of sales is what is required to allow a meaningful increase to the bottom line.

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.

If left unchecked, not only could the … Read More

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12 Costly Risks Every Business Should Be Aware Of

Murphy’s famous law about what could go wrong is just as applicable in business as for any other part of life – with the key learning being that you always need a Plan B!

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.

So in the absence of a specific risk analysis of your particular business (which is naturally the best option), this article highlights … Read More

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The Cost of Tolerance in Business: Understanding the Impact

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.

The two questions I pose are why…….and…..what is the cost?

In general terms, things are tolerated because of either a perceived lack of alternative or an inability to implement change. History shows me that there is always an alternative, albeit it may be painful, costly or difficult – but there is always a choice. The implementation of a … Read More

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The Importance of Having a Business Plan: Avoiding Failure

“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”.

If fact, based on a number of recent business reviews it’s obvious that more planning goes into an overseas holiday, than many business owners put into planning for the success of their business.

Few businesses were actively “not planning”, with the majority either not having the time or seeing it as a low yield activity. This finding did not just apply across business planning, but equally to marketing, employees, sales and cashflow … Read More

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Shark vs. Anemone: Decoding Strategies in Business Marketing

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.

Few businesses have the volume of sales or revenue that they want, with a sizeable group hovering below what they actually need to have a sustainable and viable business. 

Common within most of these is the absence of a defined marketing strategy, instead having a collection of marketing activities with little or no congruity, measurement or … Read More

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Identifying Surefire Business Killers: Strategies for Prevention

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.

Heading the list of dangers is the loss of sight of the “whole of business” picture, because as the business owner, you are too close to just one element. It’s like falling in love with the look of a shiny red sports car because that’s all you see – whereas if … Read More

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The Financial Shopping List: Essential Items for Business Success

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.

Finance facilities should match the need, otherwise you run the risk of additional cost or inappropriate terms (which normally winds up being even more cost).

Step 1 – what is the need? Short term needs … Read More

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Avoiding the Business Debt Trap: Strategies for Financial Freedom

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.

But……to start with – not all debt is bad!

In fact, debt can be a great enabler to get a business going, be it for a vital piece … Read More

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Playing Business Decisions Forward Three Hands: A Strategic Approach

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;

Problem: Business is going well with a large volume of short term contracts driving the existing business resources very hard.

Solution: Hire some additional staff to do the excess work – problem solved!

At a high level the problem is solved, as the problem of having too much work for the existing staff has been covered by bringing … Read More

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5 Avoidable Banking Mistakes for Business Growth

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.

Mistake # 1 – DID NOT READ the loan contract or terms & conditions.

25 years ago, a home loan contract was 2 pages – these days … Read More

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