How to increase prices without deterring customers

How to increase prices without deterring customers

Although, some business owners may be apprehensive at the thought of increasing prices, it is an inevitable and necessary part of business survival. While most customers may not be thrilled by the announcement of a price rise, there are ways to approach a price raise for a more favourable reaction. Here are the best tactics…

Tips to prevent business fraud

Tips to prevent business fraud

Business fraud is a significant and growing issue for small business owners. Although fraud is not completely unavoidable, there are ways businesses can protect their private and confidential information. Here are five tips to help secure your business information:– IT security. Using effective IT measures, as well as ensuring websites are secure and safe for…

Understanding financial ratios

Understanding financial ratios

Financial ratios are useful tools for business owners to monitor, analyse and improve their business performance. A financial ratio contains one or more financial figures and is expressed as a ratio, rate or percentage. Financial ratios are used to measure profitability, cash flow and liquidity, risk and return, and stock turnover and sales. Here are…

Budgeting for growth

Budgeting for growth

It may seem obvious that business growth can only occur when there is money available for reinvestment. However, many businesses do not consider this when budgeting and planning their long-term finances. One of the biggest impediments to growth is access to finances that will fuel the investments that are needed to support growth. Therefore, it…

Tips to get out of debt faster

Tips to get out of debt faster

An overwhelming majority of people will face debt at some point in their life. Uncontrolled debt can easily snowball and severely impact an individual’s lifestyle and financial freedom. Fortunately, debt is manageable and is often contingent upon an individual’s motivation to get rid of debt fast. Tackling debt is often a process of managing expenses…

Personal insolvency agreements

Personal insolvency agreements

Individuals with high debts can see bankruptcy as a solution to their problems. However, being declared bankrupt has some serious long-term consequences and should be seen as a last resort. A personal insolvency agreement (PIA) is a formal way to deal with unmanageable debt without having to declare bankruptcy. It provides a flexible way for…

Strategies to manage investment risk

Strategies to manage investment risk

Exposure to risk is a big part of investing and although individuals cannot eliminate risk completely, they can implement strategies to manage risk and achieve their financial goals. Managing investment risk is particularly beneficial in times of increased volatility and unfavourable economic conditions as well as ensuring investors meet their long-term investment goals. Here are…

Strategies to manage investment risk

Strategies to manage investment risk

Exposure to risk is a big part of investing and although individuals cannot eliminate risk completely, they can implement strategies to manage risk and achieve their financial goals. Managing investment risk is particularly beneficial in times of increased volatility and unfavourable economic conditions as well as ensuring investors meet their long-term investment goals. Here are…

Improving your accounts receivable

Improving your accounts receivable

Freeing up working capital can help businesses fund growth, reduce debt levels and lower costs. One way to improve working capital is by managing your accounts receivable. Many businesses fall into the trap of poor accounts receivable management – from extending credit to customers to ignoring payment terms to guarantee a new sale, these types…