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“People often say that motivation doesn’t last. Well, neither does bathing. That’s why we recommend it daily.”    –   Zig Ziglar

How to minimise the risk of late invoice payment or why won’t those pesky clients pay their invoices?

As a small business, there is always a risk our invoices won’t be paid on time. We all curse the big corporates who insist on 90 day terms or who screw our prices to the floor or stop payment because a ‘t’ wasn’t crossed. But the smaller companies can be just as bad for different reasons. Excuses I have heard for not paying: ‘I didn’t think it was important – it wasn’t that much’ ‘My son was in hospital/other variations on illness’ ‘I can’t afford to pay you until my customers pay me’ ‘I’m changing banks at the moment’ ‘The […]

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Five useful articles from this week’s business news

We are bombarded daily with a bewildering array of articles and it’s difficult to know where to start. You could spend your entire day disappearing down rabbit holes of information. To save you the effort, I’ve selected five articles on a range of subjects from a variety of sources that I found useful Business Strategy Funding Management vs Leadership Six business financial terms explained Auto-enrolment Business strategy A refreshing read from Jack Welch who, like me, believes that having a strategy is about having a usable, inspiring and actionable strategy, rather than the wonderful theoretical models that abound. (That’s not to say […]

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The perils of not having a shareholder agreement – a true story

Do you have a shareholder agreement? Hands up if there is more than one director in your business and that you all of you have shares. And hands up again, if you have a shareholder agreement. If you put your hand up to both, well done. You don’t need to read this blog and can treat yourself to a nice cuppa and put your feet up for the few minutes you’ve saved yourself the time. If you put your hand up to the first, but not the second, you need to put the kettle on, make a cuppa and brace […]

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How to improve your cash flow – 8 top tips

How to improve your cash flow – 8 top tips

We all know that cash is king and making sure that more if it is coming in than is going out is vital. Having a cash flow forecast is important, particularly if you have a seasonal sales cycle when you may have to ramp up production, incurring costs before you are able to sell the goods. The forecast will allow you to track where you are with your money each month and show any months where the costs may outstrip the incoming revenue allowing you to plan for the shortfall, rather than it being nasty surprise. Sound daunting? Managing your […]

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How to improve your cash flow – 8 top tips

We all know that cash is king and improving your cash flow to make sure that more if it is coming in than is going out is vital. Having a cash flow forecast is important, particularly if you have a seasonal sales cycle when you may have to ramp up production, incurring costs before you are able to sell the goods. The forecast will allow you to track where you are with your money each month and show any months where the costs may outstrip the incoming revenue allowing you to plan for the shortfall, rather than it being nasty surprise. […]

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Into the gap – five steps to improve your strategic planning and implementation

five steps to improve your strategic planning and implementation

McKinsey’s published a great article – Managing the strategy journey. Its focus is on the large corporate market. But there are some valuable lessons and gems that can be used by smaller companies. In terms of successful strategies, they found, rather alarmingly that of the 2000 companies they surveyed only 35% had strategies that passed more than three of what they consider to be the ten tests for the likely success of your strategy. The full article can be read here I have taken the liberty of using the key topics in their article and translated them for small businesses. […]

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Eight factors that increase value in your business

For your company to be valuable or even sellable there’s a lot more to consider than just the bottom line such as will your customers continue buying or will a competitor start chipping away at your margins? It’s important to understand what drives up or undermines your company value. And there’s a way to find out – using the Sellability Score. ‘The Sellability Score was created by a team of researchers led by John Warrillow, author of the international bestseller Built to Sell: Creating A Business That Can Thrive Without You. The book inspired a movement of entrepreneurs who recognize […]

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10 top tips for start up businesses

This week, my blog post can be found here http://www.businessdoctors.co.uk/viewpoint/112/10-tips-for-start-up-businesses Normal service will be resumed next week.

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Piecing together the marketing jigsaw for start-up businesses

It’s taken a while, but I’ve recently come to realise that it takes a lot longer than you think to get your business up and running. From a standing start of no customers to being able to pay the bills can take many months. That’s not to say that some businesses don’t get off the ground very quickly – picking up an early contract for example, but these are the exceptions rather than the rule. Ignoring (for the sake of this blog) all the other things you need to do when starting up your business, generating sales has got to […]

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Think your way to success

With all the Valentines Day hype, I have allowed myself to be drawn into the let’s-talk-about-lurve vibe of this week. I’m going to embrace it and talk about loving life and positivity as both will have a huge impact on your business. This article may be a bit ‘woo woo’ for some of you, but I’m not asking you to hop around on the pavement for me to identify your animal spirit, merely to adjust your mindset. And I’ve backed it up with some real life objective evidence… How many times do we say ‘I can’t do that’, ‘I’m rubbish at…’, ‘Nothing […]

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