Dec 162011
 

Working out the true cost of selling something is difficult – but vital

It’s vital to survival that the cost of your products is known and controlled.  If you don’t know how much it costs you to produce then you can’t be sure that you’re making a profit; many companies have found out the hard way that they have got their costing policies wrong.  Here’s how to avoid that happening to you. 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
 

How to increase your sales

Are you making the most of the sales opportunities open to you and your business?  It’s a well known psychological fact that once a buyer’s resistance has been breached by them agreeing to purchase one item they are then more open to buying something else – and that’s where you can take advantage. 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
 

Is your small business starting to drift?

Sometimes, a year or two after you start your small business, you suddenly find that you’re not actually doing what you expected, or the business seems to have drifted away from what you thought it should be.  If that’s the case then it’s probably time you did a quick re-set of your ‘business compass’ to get you back to the right track.  When I’m working with small business owners I usually recommend they take time out of the business at least once a year and, to do it properly, to take a few days off and away from the office to concentrate on it properly.  Here are a few questions I usually ask them to ask themselves. Continue reading »

Dec 142011
 

A business dashboard lets you know what’s going on in your company

When you’re driving along in your car how do you know that everything is ok with the car?  You look at the dashboard – speed ok, enough fuel for the journey, engine temperature in the green.  At a glance you can see everything is fine and then turn your attention back to the road ahead. How do you think your business might benefit from a similar dashboard so that you could see at a glance that all was ok and then concentrate again on building profit?  If you want to run a good business then developing a dashboard is a key requirement. Continue reading »