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Posts Tagged Start up business

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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Successful businesses have a plan

That successful businesses have a plan shouldn’t be too much of a surprise to you.  But the number of businesses that don’t have plans is extremely high – in excess of 75%. And then they wonder why they languish in what Daniel Priestley, in his excellent book, Key Person of Influence, calls the ‘Struggle Zone’. The Struggle Zone is characterised by small business owners who either work on their own, or have up to two people working for them. They have no time, no money and are hugely stressed and on the verge of burnout. This is not what they imagined […]

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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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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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