Here are some interesting facts: # Most customers will refer you when they are asked to do so. # Most people, when referred to a business by someone they know, will go on to buy from it. # Referrals are the lowest cost way of winning new business. # Many businesses say they are dependent …
A common challenge for many business owners is that their business takes over their life. They start their business so they can achieve a certain lifestyle but soon find that the business is dictating their life at the expense of family, friends and health: Instead of managing their business, they let their business manage them. …
DO YOU MANAGE YOUR BUSINESS OR DOES IT MANAGE YOU? Read More »
Cashed up companies seeking to expand, will often court smaller players in the market. If you are one of these smaller players, once you get past the flattery of a larger company thinking you may be a suitable acquisition, how do you react when approached? Here are some mistakes to avoid Before you rush to …
WHAT NOT TO DO IF SOMEONE WANTS TO BUY YOUR BUSINESS Read More »
Everyone wants to know whether their business is successful but they often ask the wrong person. The best person to ask is you: Don’t let other people define your success. Most of us are in business to generate cash to fund our lifestyles but there are usually trade-offs that are necessary to achieve this. Looking …
ARE YOU ON THE RIGHT TRACK? – HOW TO KNOW IF YOUR BUSINESS IS SUCCESSFUL Read More »
Many people believe that for a business to be successful it must continuously grow. However, growth can be risky and if your current business is not operating efficiently, you could be asking for trouble. The truth is that many businesses achieve growth at the expense of profitability and cashflow. Here are two examples that I …
A great deal of research has been conducted into assessing the impact of wasteful business practices and their cost to individual businesses. This research was first widely published by Toyota in relation to their manufacturing activities but has since been replicated across many business types. A common benchmark is that wasteful (i.e. inefficient or ineffective) …
IMPROVE YOUR PROFIT: HOW TO IDENTIFY AND REMOVE WASTE FROM YOUR BUSINESS Read More »
Most people who own or manage a business are good at what they do (plumbing, medicine, building, etc). Unfortunately being good at what you do is not by itself sufficient to be good at managing a business. You can make the most beautiful product in the world, or provide the most fantastic service possible but …
This is a story about cashflow, profitability, record keeping and when to seek advice. It happened to me last week but actually I have seen it before and it happens every day right across Australia. It demonstrates some simple lessons which every business owner can learn from – regardless of whether they are managing a …
A TALE OF THREE BUSINESSES: THE GOOD THE BAD AND THE UGLY Read More »
The latest ASIC figures on company failures show a progressive ten year increase in the number of reported insolvencies. Over the 2014/15 year 20,018 companies in Australia were declared insolvent. While this was down from the 2013/14 figure of 22,600, reported insolvencies in the Northern Territory actually increased 52% from 57 to 87. Lots of …
TIMES ARE TOUGH: BUT IS IT YOU OR THE ECONOMY THAT’S THE PROBLEM? Read More »
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