Forecasting

Coping with Uncertainty – Strategy & Scenario Planning

Coping with Uncertainty – Strategy & Scenario Planning

Life is uncertain and yet we manage, usually with optimism. However, when it comes to business, our attitude is different. We want security for our business without political and economic turbulence but this has never been the case – either markets, politics or the competition has nasty surprises in store.…

3 Key Traits of Successful Entrepreneurs

3 Key Traits of Successful Entrepreneurs

I have been fortunate to meet several entrepreneurs in my┬ácareer. However meeting three successful ones recently and discussing how they developed their respective businesses, made me conclude that they have similar traits that make them successful. Here are my conclusions on the 3 key traits it takes to be a…

How to Startup a Business – 5 Practical Tips for Success

Advice on how to start up a business has been written about almost every day and the advice follows the usual steps. 1. Come up with the business idea 2. Research the market for the product or service 3. Write your business plan along with your forecasts for the numbers…

How to calculate returns on a project – using Net Present Values (NPV)

How to calculate returns on a project – using Net Present Values (NPV)

Businesses have to make investment decisions all the time. Deciding on whether to proceed with a project can be tricky if you are faced with multiple projects with differing profits and timelines. The most useful tool to use in such situations is net present values (NPVs). In an earlier blog,…

Will governments impose a Wealth Tax as suggested by the IMF?

Will governments impose a Wealth Tax as suggested by the IMF?

The IMF had a suggestion in its Fiscal Monitor Report in October 2013, that Eurozone economies with large deficits could close the gap by raising revenues through a ‘one off’ wealth tax of 10%. Of course after a barrage of comments, it was revealed that this was an analytical work…

Break even – Key Tips on managing break-even

The usual question entrepreneurs get asked by investors’ is “what’s your break-even point?” Most will be able to give the answer and will understand it as when sufficient revenues are achieved to cover all costs and profitability is reached. In simple terms, it’s the volume of sales required to start…

How to increase Profitability – 10 Key Tips

There are hundreds of articles written about increasing profitability and it’s easier said than done. The easy part is to understand what needs to be done but the hard part is achieving it especially in large businesses. That said, there are only 2 parts of a formula you need to…

3 Critical Key Performance Indicators (KPIs’) to use in your Business

KPIs’ (Key Performance Indicators) are set up for absolutely anything these days from measuring SEO performance to customer satisfaction and it’s easy to get submerged in a sea of indicators. Everyone talks about them and mentions them in such jargon that it is vital to keep a clear head of…

What is a Strategic Plan?

What is a Strategic Plan?

A Strategic Plan should not be confused with a Business Plan. A Strategic Plan contains the company’s vision, mission statement, goals and objectives over a period of time and how these will be achieved. It also gives direction to the owners, directors and employees. It can be used to change…