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Small businesses

A simple way to work out how much you need to sell to hit your revenue targets

I was with a client recently and they shared how much money they wanted to be able to take out of the business in the long term. So what we needed to do was some maths to work out how to get there. And here is what we did. I’m going to make up the figures to preserve anonymity. They ultimately wanted to be able to take £5000 a month from the business. Stage 1 – identify current revenue and profit margins 1. Identify current annual revenue (sales or turnover) 2. Identify the net profit (the amount left over after […]

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Webinars, Fairies and Unicorns – the Myths

If you’re a business owner, particularly one in the first few years of your business, like me, you’re probably looking for solutions to a number of different problems to help your business grow. And solutions that don’t cost a great deal of money because we don’t have infinite resources. The curse of free content The internet is a blessing and a curse in this regard. There is so much ‘free’ stuff out there, that you probably could glean the answers, but you’d have to search a lot and connect a lot of dots before you get anywhere. Or you buy […]

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The benefits of a mastermind group

What is a mastermind group? It’s a group of five to eight ambitious business owners who meet once every month in order to grow their business, and achieve and exceed their goals. If you want to grow incrementally, be competitive; if you want to grow exponentially, be collaborative. — Anonymous The meetings have a structured format, aimed at making sure you identify and record your goals, overcome blocks and measure success and achievement. The sessions are facilitated by an experienced business consultant and coach but are powered by brainstorming and support from other group members. With the impending launch of […]

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5 reasons why having a plan is essential for your business

‘Only 3% of adults have written goals, and everyone else works for them.’ Brian Tracy Many businesses seem reluctant to plan for their business. Why is that? A client I was with a couple of weeks ago admitted he was scared to have a sales forecast for next year. When I asked him about it, he said it was scary committing to figures that he was then worried about not hitting. Which was odd, given that we’d been working off a sales forecast that I’d created for him for the last six months. And that he’d almost hit target (he […]

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Want to grow your business? Plan a bank raid!

Want to grow your business, but are not very clear about how to do it?. Do you remember why you went into business in the first place? You had a passion for what you do and you wanted freedom to be master of your own destiny to earn a good living to be able to work the hours you wanted to less stress than you had before How many of the above have you ticked as reasons why you set up your business? Now, looking at the last four how many of them are actually true? Are any of them […]

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5 great articles to help with social media for your business

I don’t know about you, but I find the whole world of social media a complex and confusing place. And therefore to be avoided at all costs. Until recently, Facebook and LinkedIn have been the extent of my on-line presence. Yes, I know that makes me a troglodyte and I’ll be the first to hold my hands up and agree. But that’s all had to change and I’ve had to dip my toes (actually, it was more a full body emersion) into this arcane and mysterious world. These days, as a business, if you are looking for new clients, you […]

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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

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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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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