In order to manage your business effectively you need to be sure that it has enough cash to keep trading and that it is running profitably. To ensure this happens, I recommend you review your financial status at the start of each and every business week. You will have financial records, probably in one of the most popular accounting software packages such as Sage, QuickBooks or Xero. Either your own staff or your accountants will use these to prepare VAT returns and the other legal requirements such as the annual accounts required by Companies House. These accounting systems can also produce many of the essential figures you need to review on a weekly basis. Additionally, you need to forecast which clients are likely to pay their invoices this week. This is often not the same as those who should pay this week. Accurately forecasting your weekly cashflow is a skill every business needs to master. Not all of the figures in the list below will apply to all businesses. You … [Read more...]
Is your Sales Report doing the job it’s meant to?
Sales, sales and yet more sales……….PLEASE A simple innocuous request a month ago to a client of ours got me thinking! I had simply asked that at our next monthly meeting if they could give me a “Sales report” for the previous month. I did not think any more about it. When we came to that point in the meeting the following month, the report was produced!! Lo & behold I was presented with a list of all the beers that they had sold the previous month, a long list of different beers, in cask, keg, can etc. To them, sales simply meant the beer that they sold. To me it meant the outlet –Pub, Bar, retail etc. I believe this is a crucial tipping point for a brewery or any other business, when sales becomes about the outlets buying product or service and not simply about the amount you have sold! Knowing who bought and, equally importantly, why they bought can provide insights you can replicate elsewhere. For your Sales to fly, they have to be driven by metrics and … [Read more...]
Why a patent may be more valuable than you think…..
Patents for your innovation, very expensive to many small businesses. "The problem with having a patent is that if I challenge a multinational in court for breaching my Intellectual Property, then it will cost me a bomb in legal fees. And of course 'Big Co' can afford more expensive lawyers than I can afford". It is a fairly common comment from Business Owners and Innovators. And of course it is even more expensive if you have cover in Europe, or World Wide. Of course, Company owned patents are seen as assets when it comes to Company valuations, but this may not be easily reconcilable during day to day business. The goalposts changed on 1st April 2013, and it is amazing how many innovators and small Business Owners do not know about the Patent Box. Whilst nothing changes regarding the 'vulnerability of Big Co to try to bypass your patent', matters have changed regarding the incentives for doing so. Profits from items with a Patent are now subject to a lower rate of … [Read more...]
Networking? No, it’s not for me….. or is it?
Networking is here, it is becoming more popular, and the pressure to join in is becoming more intense. "But I hate networking, every time I have been to a session I have walked around whilst others have indulged in meaningful conversation. Mingling is not my forte". Sound familiar? So, how do we go about making it work for you? First, there are a number of different types of networking sessions. 1.. There are the Breakfast type of session (like BNI and BRX). These tend to attract micro businesses, often business to consumer. So the mechanic, the plumber, the IFA and the fitness instructor tend to frequent these. There is pressure to make yourself known, and there is also an expectation of passing on business opportunity to others in the room. They are also very regular, often weekly. A menial fee covers the breakfast and there can be a joining fee. 2.. Business Clubs that have an educational and joint learning function are more abundant than ever before, and often run … [Read more...]
Networking? No, it's not for me….. or is it?
Networking is here, it is becoming more popular, and the pressure to join in is becoming more intense. "But I hate networking, every time I have been to a session I have walked around whilst others have indulged in meaningful conversation. Mingling is not my forte". Sound familiar? So, how do we go about making it work for you? First, there are a number of different types of networking sessions. 1.. There are the Breakfast type of session (like BNI and BRX). These tend to attract micro businesses, often business to consumer. So the mechanic, the plumber, the IFA and the fitness instructor tend to frequent these. There is pressure to make yourself known, and there is also an expectation of passing on business opportunity to others in the room. They are also very regular, often weekly. A menial fee covers the breakfast and there can be a joining fee. 2.. Business Clubs that have an educational and joint learning function are more abundant than ever before, and often run … [Read more...]
