Effectively managing inventory

Effectively managing inventory

Without an effective inventory management system, businesses can tie up a lot of capital in stock often resulting in cash flow problems. Besides cash flow improvement, effective inventory management can help businesses process orders faster, manage suppliers better and reduce slow moving stock. Here are some tips for establishing a well-functioning inventory management system: Assign…

Establishing your salary as a business owner

Establishing your salary as a business owner

Although business owners and entrepreneurs get to decide on their own salary, determining the amount can be one of the hardest decisions to make. Striking the right balance between paying yourself too much or too little is an age-old conundrum that faces every business owner. Importantly, owners shouldn’t make the mistake of paying themselves from…

Investment basics for businesses

Investment basics for businesses

Small business owners often spend all of their time trying to provide value to customers and overlook the importance of looking after the product of their business’s success; their personal wealth. But spending a little more time and effort managing personal investments can make a business and its owner’s personal journey far less painful in…

Making big profits in small markets

Making big profits in small markets

Even though most businesses want everyone to be their customer, this is not necessarily the right approach to making a profit. Instead, it is often best to think small in order to get big. To maximise your sales and profits, businesses should start narrowing their market to get a niche. Focusing in on a small…

Simple ways to improve your business public relations

Simple ways to improve your business public relations

If there’s anything else small businesses want more than customers, it’s publicity. While many strive for as many mentions, references and links as possible from media publications, many more often fail to realise that a single media mention won’t have a significant effect on their marketing as they think. Some new customer may visit the…

Factoring for cash flow

Factoring for cash flow

Businesses facing a slowdown in cash flow due to tied up capital and slow-paying customers may consider using a factoring service to increase their liquidity during cash-poor times. Factoring is the sale of accounts receivables to a factor company to generate cash immediately. Instead of waiting for your customers to pay your business the factor…

8 steps to creating the perfect invoice

Invoices tell customers a lot about a business. Therefore, they should always be accurate, well designed and professional. Every invoice a business generates sends a message about that business. And when customers receive invoices, they will form ideas and opinions about that particular organisation. Poorly-designed, inaccurate invoices tell customers that a business is disorganised and…

Donating to charity

Donating to charity

With so many charities competing for donations, it can pay to spend time researching to make sure your money is used for the cause you want to support. Just as important to making sure that the charity you donate to actually receives your donation. Here are some aspects to consider before you make a donation:…

Anticipating cash flow problems

Anticipating cash flow problems

Managing cash flow begins with an understanding of the specific cash requirements of your business. Proper planning and forecasting of these requirements can help to avoid severe cash shortages. Business owners involved with business-to-business sales are particularly vulnerable to cash-flow problems. Here are some ways to anticipate and manage cash flow issues before they escalate:…

Keeping an eye on cash flow

Keeping an eye on cash flow

Every business owner wants to make more money. But surviving in business is not only about how much money you make, but when you make it and when you spend it. In other words, “cash flow.” If cash flow is out of control so is your business. To keep cash flow problems from turning into…