When Should You Consider Franchising Your Business
As an entrepreneur, you may be considering franchising your business as a way to expand and grow your venture. Franchising is a great way to expand your reach and increase your profits, but there are certain signs that you should take note of before jumping into this exciting and potentially lucrative opportunity. Here are six signs that you should consider before franchising your new business: 1. You Have a Proven Business Model: If you’ve been in business for a while and have a proven business model, then you’re in a great position to explore franchising as an option. Franchising is[...]
5 Strategies to Grow your Business This Year
Here are 5 strategies to grow your business this year. Utilise digital marketing: In today's digital age, having a strong online presence is crucial for any business looking to grow. Utilizing digital marketing strategies such as search engine optimization (SEO), social media marketing, and email marketing can help increase brand awareness and drive sales. It also maximises your business's chances of being found at just the right time. Diversify your revenue streams: Diversifying your revenue streams can help mitigate risk and ensure that your business is not overly reliant on a single source of income. Consider offering new products or[...]
10 Ways to Increase the Value of Your Business
Are you looking for ways to increase the value of your business? If so, you’ve come to the right place. This article will provide you with the top 10 tips for increasing the value of your business. Create a Strategic Plan: Developing a strategic plan can help you determine the goals and objectives of your business, as well as the strategies necessary to reach them. This will help you stay focused on the most important tasks and prioritize your resources. Focus on Quality: Quality products and services are key to customer satisfaction and loyalty, both of which are essential to[...]
10 Things to Prepare Your Business for Sale
When it comes time to sell your business, it's important to make sure you have everything in place to ensure a successful sale. Here is a list of 10 things you should do to prepare your business for sale: Gather all financial records – Having complete and accurate financial records of your business will help potential buyers understand the financial health of your company. Make sure you have all relevant documents, including profit and loss statements, balance sheets, and tax returns from the past three years. Create a detailed business plan – Creating a detailed business plan is a great[...]
10 Things to Consider When Buying a Business
Are you considering buying a business as an investment? Whether you’re considering buying a franchise, an existing small business, or a larger company, there are several important things to consider before making such a major purchase. Here are 10 things to consider when buying a business: Research and Due Diligence: Before you buy a business, do your research. Make sure you understand the business, the competition, and the industry. Make sure to thoroughly research the financials, legal documents, and operations of the business. Financing: Determine how you’ll finance the purchase. Consider whether you’ll need to take out a loan, secure[...]
Should You Re-open Your Business? Assess Your Options
When things return to some new form of normality following the COVID-19 disaster, many business owners will be itching to re-open their businesses as quickly as possible. However, it is highly unlikely that things will snap back to the way they were before the pandemic hit. The impact to you, your people, your customers, suppliers and your market has no doubt been significant so it’s really important to work through where you’re at right now and what the best options are for you to move forward. Re-opening may not be one of them. Your Finances There can be no doubt[...]
Business Continuity Planning and COVID-19
Back in 2011 I wrote an article entitled “Nature takes a massive swipe! Now what?” on the topic of business continuity planning and disaster recovery planning. At the time, the article coincided with a major natural event that had occurred in Queensland (Cyclone Yasi) and devasted many communities. Less than 10 years later, I am revisiting this topic after the horrific bushfires that raged across the east coast of Australia and the global Covid-19 pandemic crisis. The utter devastation to the global economy, national economy, state economies, and local economies is unfathomable. Industries shut down overnight. People out of work[...]
Review your Performance and Reset Your Goals – Part 2 of 2
While thinking about how best to start the goal setting process with you I was watching my daughter playing tennis, and I was reminded of the importance of milestones along the way towards achieving your goals. In other words breaking down the bigger goal into smaller more immediate, achievable ‘bite size’ pieces so that you can see progress, which in turn motivates you to continue towards your ultimate objective. So the example here is my daughter aiming to move up to the next level of tennis coaching next year. To get there she needs to be able to rally a[...]
Review your Performance and Reset Your Goals – Part 1 of 2
I can’t stress enough how important it is to check in on your results at this time of year. Too many people focus on having a break instead of working out in advance what they need to be focused on in the new year to gain better outcomes. I’ve highlighted some areas below that I’ve found absolutely critical to review. Once you’ve done that, you’ll be in the perfect position to reset your goals for the year ahead. Review your pricing Sales analysis – units sold or $ sales, the effect of any promotions you’ve run, effectiveness of the sales[...]
Free up More Cash in Your Business – Strategies Targeting Inventory and Work In Progress
So much money in your business gets tied up in inventory or ‘work underway’, and the problem with this, is that the cash is locked away until it is sold. Depending on how it’s sold, you might have the cash locked away, untouchable, for quite a while. So in this week’s tip I want to share with you a number of things I have picked up along the way to help you turn some of those dollars sitting on the shelf into usable cash. Benchmark your current inventory metrics against those in your industry. Your accountant should be able to[...]
Unblock Your Cashflow – Debtor Strategies That Work – Part 2
In my last post I covered five key strategies to help you accelerate your cashflow by focusing on your debtors and speeding up the process of getting the money that’s owed to you, into your bank account faster. This time I continue with some other great strategies that will support you further in this area. Don’t send out statements – many businesses send out statements at the end of the month thinking that it’s a reminder to those that owe you money to pay. This might work for some, but for many, a statement is simply a reminder that can[...]
Unblock Your Cashflow – Debtor Strategies That Work – Part 1
Every one of us in business has at some point had to deal with a slow or poor payer. The issue here is that the only one suffering is the one that’s owed the money – you! I want to begin by focusing on your debtors – the people that owe you money for products and services that you have delivered. As far as I’m concerned, this is an area that needs a massive focus, not just once, but all the time! Let’s take a look at some key tips that will help you accelerate your cashflow by calling in[...]
As an entrepreneur, you may be considering franchising your business as a way to expand and grow your venture. Franchising is a great way to expand your reach and increase[...]
Here are 5 strategies to grow your business this year. Utilise digital marketing: In today's digital age, having a strong online presence is crucial for any business looking to grow.[...]
Are you looking for ways to increase the value of your business? If so, you’ve come to the right place. This article will provide you with the top 10 tips[...]
When it comes time to sell your business, it's important to make sure you have everything in place to ensure a successful sale. Here is a list of 10 things[...]
Are you considering buying a business as an investment? Whether you’re considering buying a franchise, an existing small business, or a larger company, there are several important things to consider[...]
When things return to some new form of normality following the COVID-19 disaster, many business owners will be itching to re-open their businesses as quickly as possible. However, it is[...]
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Back in 2011 I wrote an article entitled “Nature takes a massive swipe! Now what?” on the topic of business continuity planning and disaster recovery planning. At the time, the[...]
While thinking about how best to start the goal setting process with you I was watching my daughter playing tennis, and I was reminded of the importance of milestones along[...]
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I can’t stress enough how important it is to check in on your results at this time of year. Too many people focus on having a break instead of working[...]
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So much money in your business gets tied up in inventory or ‘work underway’, and the problem with this, is that the cash is locked away until it is sold.[...]
In my last post I covered five key strategies to help you accelerate your cashflow by focusing on your debtors and speeding up the process of getting the money that’s[...]
Every one of us in business has at some point had to deal with a slow or poor payer. The issue here is that the only one suffering is the[...]
