Business Guides
BUSINESS PLANNING
Choosing Payment Terms for Your Business
Getting paid correctly and on time by customers can be a constant frustration for business owners. Communicating your terms is the best way of making sure you aren’t out of pocket – or are left chasing debtors.
Pricing Strategies to Beat the Competition
How you price can have a dramatic effect on your sales, cash flow, and profit margins. Your pricing strategy will determine how customers see your trade business in the marketplace – naturally comparing your prices with your competitors.
EXITING & SELLING
How to Succeed at Succession Planning
A succession plan is something every business owner needs to prepare for the inevitable – the day you’ll transfer assets and control of your business to a family member, business partner, employee, or outside buyer.
Organizing Your Business for Sale
It’s important to start organizing your business to sell as early as possible. Business owners often think about selling during a downward trend but the best time to sell is when your business is in good shape. If you plan ahead, you’ll be readier when the time comes.
Getting the Best Price for Your Small Business
Like beauty, value is in the eye of the beholder. Your business is worth what the highest bidder...
FINANCE
How to Raise Capital for Your Business
Before you go down the path of seeking capital from outside your business, identify any other ways...
Why You Need an Accountant and How to Choose One
Why accountants are necessary Unless you’re an experienced accountant yourself, it’s always best...
Which Accounting Software Fits Your Business Best?
Accounting software is readily available at brick-and-mortar and online stores alike. As with any...
INCREASING PROFIT
Should You Lease or Buy Assets?
Finding money for the essential assets you’ll need to run your business efficiently can be a challenge. You’ll need to decide whether leasing or buying is best for your business.
The Difference Between Cash Flow & Profit
Sales and profit are two very different things – as a business owner, you can find yourself without the cash to pay bills despite making sales you knew were profitable. You may also be startled to discover that strong cash flows from sales deliver little profit.
Key Drivers to Boost Profitability & Cash Flow
It’s important to identify and monitor the key drivers of your small business to boost profitability and cash flow.
Boost profitability by recognizing your key drivers
Identifying the key drivers of your business is critical to boosting profitability. A key ‘driver’ is something that has a major impact on the performance of your specific business.
MANAGEMENT
Protect Yourself and Your Data: Proactive Steps for Living Safely in the Digital Age
These days your personal data is everywhere, and that information is valuable to marketers,...
MANAGING TEAMS
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SALES & MARKETING
Testing the Market Before Taking the Plunge
Coming up with new ideas for your business is essential for growth. And it’s exciting when you’ve got a new product or service to offer. But before you launch your new offering, it’s important to find out if there’ll be a demand for it. So you need to take some time to test the market and measure the response. You’ll then have a much better idea if you’re likely to succeed or not.
How to Accurately Forecast Sales
Start-ups are at a disadvantage when it comes to their first sales forecast because, clearly, they don’t have any historical data to base it on. But there are still ways to create an accurate sales forecast, and it’s important to do so because it’ll help you work out if your business idea is financially viable.
Creating a Promotional Plan
The ideal promotion plan is one that results in clear steps you can put into action immediately. This means concentrating on just the practical, promotional aspects that will lead to results. The good news is that you can do it yourself.
STARTING UP
How Much Money Do You Need to Start a Business?
Many people underestimate start-up costs and start their business on the back foot financially. This can mean a long crawl up to your breakeven point and into profitability. Quite often it results in the business never making a profit at all.
What you need to do is prepare an estimate of capital costs you will incur on start up. These may include land, buildings, plant, machinery, general equipment, office equipment, furniture and signage. Do this conservatively
Understanding Intellectual Property
An idea can be a business’s most valuable asset. Whether it’s a business name, an original product or a portfolio of designs, your business will have intellectual property (IP) that needs to be protected.
It’s also important to understand how intellectual property rights work. Otherwise, you could find yourself in a lengthy and potentially expensive conflict with a competitor.
8 Management Priorities When Starting a Business
1. Put together a strong advisory team
Starting a business can be a lonely process and thinking you can do it all yourself is the road to extra stress and pressure. Study successful business owners and you’ll find they have surrounded themselves with a strong group of advisers.
A typical core team would include an accountant, a lawyer, your banker and a mentor, such as an experienced business person you admire.
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