Firstly, the art of budgeting is quite complex. A budget is a plan expressed in money. It tells your future story in monetary terms. Secondly, budgeting is one of the most powerful business and management tools around. It plays a key part in planning, control, and decision-making. Plan your budget Firstly, decide who is going […]
Making money is what business must do! Most importantly, where we say business, we mean private or not for profit. Likewise when we say money, we mean profit. Furthermore, don’t dismiss: • How you make that money • What your business values are • The amount of money you want to make; and what you […]
Choosing the right Credit Controller Firstly choosing the right Credit Controller for your business is important. As a result sometimes when work gets busy one of the things that can get delayed is the sending out and chasing up late payments. Being more DOG about it means being more proactive with your debtors, so you […]
Credit control- Getting paid on time Firstly, credit control and getting paid on time is crucial for all businesses. You need money to pay bills, staff wages, repay loans, investment, and also to pay yourself. Most importantly, if your business doesn’t get paid on time, you are heading for financial problems. So get your credit […]
Business budgeting for success needs the solid foundations of sound financial management built into its overall strategy. For that reason finances should underpin every aspect of its work. Plan and cost your activities, so your resources are properly considered. “Failing to plan is planning to fail,” Benjamin Franklin Likewise Franklin’s words apply to budgeting. Hence budgeting is […]
First of all to budget in business you should have a “Personal Survival Budget” in place. What’s your minimum survival budget? Furthermore remember very few businesses make enough money in the formative years. So in order to find out how long you can continue trading, establish what your minimum survival budget is. Also look at how […]
Credit control:Take charge Credit control is an area that many of us find difficult to fit in to our working lives. However take note it’s really important to keep on top of it- it’s the lifeline of your business after all. 3 questions to ask yourself regarding credit control: Are you on top of your […]
Understanding Costs: How do they behave? Firstly understanding costs and your business numbers help with a variety of things, including: Pricing of goods and services Business planning Cash Forecasting Controlling costs Understanding profitability of customers, products and services Improving efficiency Likewise if you can describe and link business activity with costs then you have a […]