We would all enjoy increased cash flow in our business, right? However, this is confusing to many business owners who often have no idea of where to start. The first step to improving cash flow is to make sure you are earning the right margins on the product or service that you provide. Examine the […]
How do I ensure my business is cost efficient?
November 28, 2011 by 2 Comments
Understanding whether your business is cost efficient is obviously the key to ensuring you are making your goal profit. Firstly, you need to understand that there are two types of costs. The first are variable costs: costs that increase and decrease as we sell our product or service. For example, in a service based industry […]
Why budgets in business are a must have!
November 7, 2011 by 2 Comments
Many business owners fail to set a budget and don’t consider this to be important for them. They either think they are not big enough to need one or they have one ‘in their head’. So, why is it important for every business to set a budget? A budget is the success plan for a […]
How do I set a budget?
October 26, 2011 by 1 Comment
How businesses set and follow budgets is obviously very important. Setting a budget can actually be easier than you think. You need to look at the past three years within your business and ask yourself: how did the business do in terms of revenue and expenditure? Look at trends within your business. What regular payments […]
How do I increase profit with limited time available?
October 19, 2011 by 2 Comments
If your small business falls under the service based industry category and are charging by the hour, increasing profit can often present challenges. There are two aspects to profit: the first is your income, and the second is the expenses you deduct from that income to get your profit. I spend a lot of time […]
