Managing finance
The only thing a business cannot do without is money. Even the worst business you have ever witnessed (rude staff, poor service, products break, overpriced) will survive if somehow they keep enough cash in the bank to keep paying overheads, or they are lucky enough that no other business has decided to compete directly and force them out. Likewise, some of the best businesses run by the nicest people go bust. Cash, and the use of it, have no friends or enemies.
All you need to do is make sure more money comes in each month than goes out. If this is the other way around and you are under financial stress, the first step to take is to get help with dealing with cash flow problems. The sooner you talk to your bank manager/accountant/adviser/another business owner, the better.
Access the free online training module on financial forecasts to build a cash flow, and even more importantly, go through the 10 Step Survival Plan to determine how much time you have left before you run out of cash.
Managing cash flow
Keeping track of projected income and expenditure is very important. It indicates whether there are any financial problems on the horizon. Find out more about cash flow projections and its function as a management tool.
Setting prices and controlling costs
How you set your prices affects the perception people have of your product. Find out more about this and ways to control costs in your business.
Managing debtors
How you manage you debtors can have an effect on cash flow and the amount of bad debt your business has to write off. Find out how to manage your debtors effectively.
Getting help with finance
Getting to grips with the financial requirements of a business can be quite a challenge. Find out more information and who to approach for expert advice.
How to reduce your financial year-end stress
Getting ready to file year-end tax returns can be an annual nightmare for small businesses. Follow these steps to reduce your financial year-end stress.
Five tips for surviving the current economic turbulence
It's a volatile and uncertain period in the global economy right now so we've brought you five tips to help your business ride the economic turbulence.
Three ways to combat rising interest rates
This article outlines three small but effective changes you can implement to combat rising interest rates.
