Starting a New Year, every business, well maybe almost everyone, will set goals for the new year. Planning and setting business goals for most is an annual event and sometimes it’s called a budget! However, I want to recommend a different course in setting your key business goals. It maybe…
Whilst it may seem easy to start a business, invariably entrepreneurs make mistakes, some of which can be fatal to the business. Around 30% of startups fail within the first 2 years and about 50% fail to survive the first 5 years according to US & USA figures on startups.…
Once you start meeting with investors’, you will find that they and their financial advisers start talking in jargon about your business in terms that may as well be in Klingon. EBITDA, IRR, NPV, leverage, terminal value, net cashflow, free cashflow, blah…blah…blah… Here’s a short explanation of investors’ jargon…
A lot of businesses don’t pay enough attention to managing their suppliers. They constantly manage their customers but tend to forget how important the suppliers are to their business. Supplier relationship management is also critical. It’s not just a case of paying them what’s due when its due. Actively building…
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…
Raising funding is something you may have to keep doing whatever the state of your business – if you’re starting up, wanting to grow your business fast or expand it. For small to medium sized (SMEs’), raising funds can be a difficult process since they may not have enough assets…
The saying ‘Cash is King’ is well founded. If you make a profit but not any money, then you may need to manage your cash more effectively. There is a significant portion of businesses in the UK that do not manage their cash effectively and don’t prepare regular cash flow…
At some stage in the life of every business, there will be a need to prepare a Business Plan. You may want to set up a new business, or want to expand your current business, acquire another business or just want to formalise what you want for your company. All…