One of the first things entrepreneurs get advised is to make their business tax efficient. It is a minefield for businesses and hiring a good tax adviser or accountant is paramount but here are some tips that help in ensuring that your business is tax efficient. 1. Difference between tax avoidance…
One of my most read blogs is on effective credit control – see http://bit.ly/OhRw5E Debt collection is one of the most important business functions to maintain healthy cashflows and grow the business. So it is worth repeating the top tips for effective debt collection. Here are my top 10 tips:…
There are hundreds of articles written about increasing profits 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. That said, there are only 2 parts of a formula you need to look at – revenues…
It’s an apt term for sustaining your business without outside funding. The term bootstrapping originates from a fantastic story I read as a child about ‘The Surprising Adventures of Baron Munchausen” where the Baron pulls himself out of a swamp by his bootstraps. However, wikipedia asserts the term ‘to have originated…
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…
Invoice factoring is a fast way to raise cash by ‘selling’ your invoices to a large factoring company for a fee and who then collect the debts from your customers. It’s different from invoice discounting since the whole credit control function is carried out by the factoring company. It is usually…
Do you really need a full-time FD for your business, even if you can afford one? With all the technology and resources available today, small to medium-sized businesses can easily handle the day-to-day financial management by using cloud based accounting systems and experienced book keepers and accountants. With the daily…
What is working capital? Simply put, its the cash required by a business to pay its suppliers, expenses and staff. It goes in a cycle as shown in the illustration above. When you start a business, it will take some time to start making profits and you will need sufficient…
At times the most difficult job in business is collecting your debts on time. Unless you are in a trade or profession where payment for goods or services is made upfront, collecting debts is a job that has to be done proactively. Effective credit control can ensure your business stays…