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Business Development

Why the cheaper option is not the best option for anyone

When you’re strapped for cash it can be tempting to pay for a solution that seems to offer what you want for a ridiculously low price. When you’re strapped for cash it can be tempting to drop your prices to get business. Unfortunately either can do more damage than good. The first statement is brilliantly highlighted in a blog post I read this week from Dave Farmer of Lime Consultancy where he describes how he got tripped up by the Dunning-Kruger effect.  ‘What the blooming flip is The Dunning-Kruger effect?’ I hear you cry.  I didn’t know either. But it’s where incompetent […]

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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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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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