Dec 162011
 

Why business management is important

I’m a strong supporter of the writings and thoughts of Michael Gerber and his ‘E-Myth’ concept regarding small businesses.  One of the reasons I think he’s right in what he says is during my many years of coaching I’ve seen the proof.  I’ve seen technicians start small businesses thinking their technical skills will get them through, only to find they’re soon struggling because they have no skills at managing a small business. Continue reading »

Dec 162011
 

Cash is king – here’s how to keep it on the throne

Cash is the blood of a business – without it you die.  Cashflow is the movement of that life-giving blood into and out of the business; if there’s more flowing out than in then you’re in big trouble.  Many firms go under despite being profitable simply because they did not stay in control of their cashflow.  One of the key ways to take control of cashflow is to take control of your trading terms.  Here are a couple of things to think about that might help you stay in control. Continue reading »

Dec 162011
 

Waste not, want not

It’s very easy in a business to focus on the big stuff and forget about the impact the small stuff has.  But it’s the small stuff that can really end up making a difference to the overall success of your business.  However, getting the message across to the team can sometimes be difficult. Continue reading »

Dec 162011
 

Profit is vanity, cash is sanity

It’s an unfortunate fact that a lot of profitable businesses go under because they run out of money.  But how can that be so, you ask.  Well, it’s because they don’t understand cash flow and cash flow forecasting and that profit and cash flow are two different things. Continue reading »

Dec 162011
 

Is your business ready to be sold if someone want to buy?

Many new business owners don’t think beyond the point where they will get the business up and running and – most importantly – profitable.  But done properly the time when you will really make really big money is when you sell and that’s what your ultimate goal should be. Continue reading »

Dec 162011
 

Be specific with your marketing and reap the rewards

As a business coach I’ve talked with a lot of companies who, when asked what their market is, have said “everybody”.  Generally speaking they have turned out to be the companies that are struggling – often due to lack of focus.  There’s a lot of competition out there and you don’t want to be trying to beat it all so how about taking a more proactive approach to targeting your market?  Here are a few quick tips to help you focus in on the most profitable market area for your business. Continue reading »

Dec 152011
 

1. Don’t panic.  2 Follow this advice

One of the biggest causes of business failure is a lack of cashflow.  It might seem strange but many profitable businesses fail.  Why?  Because they didn’t manage the flow of cash into and out of the business.  This is especially acute when a business is going through a period of growth.  Here are a few ways to avoid becoming another statistic. Continue reading »

Dec 152011
 

Want to be successful in business?  Read on…

Speak to most people and they will say that the most important things for a business are to make a profit and keep the cashflow positive.  True, but they are second order effects stemming from more strategic level actions.  Here are the three higher level factors that are needed for a successful business. Continue reading »

Dec 142011
 

Beware of growing pains as your business takes off

It’s a great feeling as business improves and your business starts to grow; you think the struggle for survival is behind you, that everything is fine from here on in and you start to relax.  The next thing you know you’re back to where you started thinking “what happened?”  Running a small business that’s expanding can be complicated but it’s not impossible. Here are a couple of things you need to keep an eye out for: Continue reading »

Dec 142011
 

Is it better that your small business has a loan or has shareholders?

Starting a small business can be expensive.  There may be a requirement for office space, stock will usually be required and there are ‘hidden’ costs such as fuel for the car to go out marketing the business.  Many business owners will use savings to cover some of the early costs but most businesses will need quite a large lump of cash to keep them going for the first 6-12 months while they become established.  The two main ways of getting this cash is through debt or equity.  Let’s look at the good and bad points of each. Continue reading »