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Hub You - Working Capital, Positive Cashflows and Good Marketing: How Well do you Make your Money Work?
Networking: Name RecognitionWhen you meet someone new, do they remember your name? Do you remember theirs?Sometimes you do, but more often you don’t.Networking means you remember, you recognize, and you refer others to their businesses. This process of promoting your Business Network incorporates profession
4. Simplify your accounting - prune your paperwork back to your current needs, insist on an electronic audit trail for all payments, and trim any expenses that fail to yield a high sales or marketing value.
When success comes knocking on your
Information for Customer retention The Customer expectations vis-?-vis service procurement can be captured by asking his/her preferences (e.g. a Customer may wish to have a product demonstration). Satisfying the Customer expectation, based on the information given, contributes to a positive Customer experience
I saw this graphically when I visited a long-term client recently. Her team were working extremely hard to meet their promised delivery dates, customers were queuing to buy and the whole company was buzzing with activity. Yet my client knew that her high weekly revenue was barely profitable and her company was headed for bankruptcy.
Tuning your working capital
When your order book is full and the company is growing, liquidity is the key to keeping your business alive: if you run out of money, your company will die.
The mug’s approach is to borrow more money (in exchange for share ownership from a business angel or at hefty interest rates from a bank). A better approach is to plug the leaks in your cashflow and to focus your working capital where it can get the greatest return.
Making incremental improvements
To improve how you use working capital, you need to work on all its elements - making many small adjustment, all the time:
1. Manage your production cycles - reduce your dwell times, schedule all your 'work in progress' to meet your customer's actual delivery dates, and identify any areas of low value effort that you can throttle back or avoid.
2. Manage your inventory closely - rotate your stocks to keep selling them ahead of any 'use by' dates, shrink your stock by replenishing 'just in time', save costly warehouse space by buying high-cost supplies as late as possible, plug inventory leakage and minimise all energy and materials wastage that shrinks your profits.
3. Minimise your debtors - deliver your invoice early, only give credit to people who do not need it, take payments in cash (now rather than later), and demonstrate how keen you are to chase slow payments.
4. Simplify your accounting - prune your paperwork back to your current needs, insist on an electronic audit trail for all payments, and trim any expenses that fail to yield a high sales or marketing value.
When success comes knocking on your
It is well known that Thomas Edison was an inventor, a genius, and he never slept. Did you know that Mrs. Edison was a genius and never slept too? She was the marketing guru behind his engineering success. True, Tom had discovered what is today known as the light bulb. When he showed it to the Mrs. Mina Edison, his second wife
Tuning your working capital
When your order book is full and the company is growing, liquidity is the key to keeping your business alive: if you run out of money, your company will die.
The mug’s approach is to borrow more money (in exchange for share ownership from a business angel or at hefty interest rates from a bank). A better approach is to plug the leaks in your cashflow and to focus your working capital where it can get the greatest return.
Making incremental improvements
To improve how you use working capital, you need to work on all its elements - making many small adjustment, all the time:
1. Manage your production cycles - reduce your dwell times, schedule all your 'work in progress' to meet your customer's actual delivery dates, and identify any areas of low value effort that you can throttle back or avoid.
2. Manage your inventory closely - rotate your stocks to keep selling them ahead of any 'use by' dates, shrink your stock by replenishing 'just in time', save costly warehouse space by buying high-cost supplies as late as possible, plug inventory leakage and minimise all energy and materials wastage that shrinks your profits.
3. Minimise your debtors - deliver your invoice early, only give credit to people who do not need it, take payments in cash (now rather than later), and demonstrate how keen you are to chase slow payments.
4. Simplify your accounting - prune your paperwork back to your current needs, insist on an electronic audit trail for all payments, and trim any expenses that fail to yield a high sales or marketing value.
When success comes knocking on your
Are you in search for cheap yet effective way of promoting your event, fundraiser, product or cause? Then you are in luck, because nowadays, people use these colorful rubber wristbands to get their message across to the people.Most critics said that these colorful rubber wristbands were just a fad but they were wrong. Th
Making incremental improvements
To improve how you use working capital, you need to work on all its elements - making many small adjustment, all the time:
1. Manage your production cycles - reduce your dwell times, schedule all your 'work in progress' to meet your customer's actual delivery dates, and identify any areas of low value effort that you can throttle back or avoid.
2. Manage your inventory closely - rotate your stocks to keep selling them ahead of any 'use by' dates, shrink your stock by replenishing 'just in time', save costly warehouse space by buying high-cost supplies as late as possible, plug inventory leakage and minimise all energy and materials wastage that shrinks your profits.
3. Minimise your debtors - deliver your invoice early, only give credit to people who do not need it, take payments in cash (now rather than later), and demonstrate how keen you are to chase slow payments.
4. Simplify your accounting - prune your paperwork back to your current needs, insist on an electronic audit trail for all payments, and trim any expenses that fail to yield a high sales or marketing value.
When success comes knocking on your
With hundreds of direct sales companies out there, how do you choose the right one for you? Here are a few tips to make sure you choose the right one the first time:1. Find your passionBefore you even start looking for the “big money”, you need to decide what type of products interest you. Do you want to improve y
2. Manage your inventory closely - rotate your stocks to keep selling them ahead of any 'use by' dates, shrink your stock by replenishing 'just in time', save costly warehouse space by buying high-cost supplies as late as possible, plug inventory leakage and minimise all energy and materials wastage that shrinks your profits.
3. Minimise your debtors - deliver your invoice early, only give credit to people who do not need it, take payments in cash (now rather than later), and demonstrate how keen you are to chase slow payments.
4. Simplify your accounting - prune your paperwork back to your current needs, insist on an electronic audit trail for all payments, and trim any expenses that fail to yield a high sales or marketing value.
When success comes knocking on your
Small and medium sized business owners will be required at some time to exit their business. It would be worthy of congratulations if all such exits were planned and the owner was able to maximize the value of the business. Unfortunately on too few occasions is this the case. Why? All too often insuffic
4. Simplify your accounting - prune your paperwork back to your current needs, insist on an electronic audit trail for all payments, and trim any expenses that fail to yield a high sales or marketing value.
When success comes knocking on your door, taking these actions will ensure that your success will remain good news and not bad on you.
Even if success has not come your way yet, you should be implementing these measures in your company anyway, and your business advisors and business coach will help you to do so. Then you will be ready to enjoy growing profits as your revenue increases.
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