Find your business niche
When starting a new business venture, too often entrepreneurs look to do something cool and different instead of looking at the market and seeing what is needed. While finding your own business niche can be tricky, it doesn’t mean you have to come up with a whole new concept. Simply making a few unique changes…
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Are you using cash flow forecasting?
Cash flow problems are the reason that 82% of small businesses fail. One of the ways you can prevent your business from being one of them is by using a cash flow forecast. Small business owners are often faced with stressful financial decisions and periods of uncertainty. Having a cash flow forecast can help your…
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What to consider when developing a sales strategy plan
A successful sales strategy plan will provide your business with clear priorities, goals, and outcomes that can help you increase sales. Outline your mission and goals What’s your business’ mission statement? What are the goals and objectives that will help you achieve this? Your mission statement should define what your business stands for and what…
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Communicating effectively with your remote team
Businesses who have made a recent and ongoing shift from face-to-face work to working remotely may be putting productivity and quality at risk if they don’t adapt and maintain effective communication. Just because you no longer see your staff face to face doesn’t mean that your communication has to suffer. Here are some ways you…
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Avoiding project failures
While business ventures are bound to fail or return unprofitably at some point, it is never a bad idea to prepare for such situations or minimise their chances of happening in the first place. There are often a combination of factors which contribute to the failure of a business project. However, there are certainly ways…
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Keeping your business afloat during an economic downturn
Sustaining your business during an economic downturn comes with financial and managerial pressures you may never have had to deal with before. The following are four key measures you can implement to protect and maintain your business during an economic downturn. Monitor your cash flow Diligently tracking your cash flow can help you assess your…
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Negotiating a business deal
The business deals you make or don’t make can drastically change the course of your company, so it is important that you enter negotiations well prepared. Research: Have a well thought out, flexible strategy and plan that you can use to negotiate effectively. Make sure you research thoroughly and have points in your head that…
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Creating a business partnership agreement
A business partnership agreement is a contract between partners in a partnership which sets out the terms and conditions of the relationship between the partners, including: percentages of ownership, distribution of profits and losses and a description of management powers and duties of each partner. Entering into a business partnership can come with conflicts and…
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The need for strategic cash flow management
Are you forecasting your cashflow? Cash flow problems are the reason that 82% of small businesses fail. One of the ways you can prevent your business from being one of them is by using a cash flow forecast. Small business owners are often faced with stressful financial decisions and periods of uncertainty. Having a cash…
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Recovering from a business setback
Bouncing back from setbacks is a key skill for business owners as things don’t always go the way they are planned when unexpected situations arise from time to time. How a business owner deals with setbacks can be the difference between success and failure. To be successful in your career, you need to be able…
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