Anticipating future demand is a tough job, wrought with ways you might go wrong. Proper demand forecasting and inventory control can save a company from buying too much or too little of something, which of course avoids expensive overstock scenarios or stockouts.
Offers for grants worth over $3.5 million will support 7 businesses to help launch their innovative products, processes and services into domestic and international markets.
The funding has been provided from the Accelerating Commercialisation element of the Entrepreneurs’ Programme.
There’s literally hundreds of blog posts giving you the 7-10 steps to reduce debtors and improve cashflow. Yet the debtors problem still exists to some extent in the majority of small and medium size enterprises (SMEs) globally.
Too often businesses leave collecting debts at the bottom of the pile. Why? Often there is anxiety and worry around the process, or lack of trust in collection agencies. Sometimes lack of time and understanding of the process.
Clichés. Can’t live with them, can’t live without them. (See what just happened there—it’s that bad).
The most widespread, just-waiting-to-pop-out-at-you, cliché is a very short one, measuring just three words—time is money.
Tax time is fast approaching—it’s important to do your homework and know exactly what tax deductions you can claim.
Meet Alana Turner, the co-owner of Poopsie’s, a quirky gift shop in Galena, IL. When Alana and her co-owner took over the business in 2010, they had about 5 employees.
“Success.” Typically defined as: ‘the accomplishment of an aim or purpose.’ Success means a lot of different things to different people. Success may mean wealth, or it may mean happiness.
Almost every small business struggles through ups and downs on their journey to funding business growth.
At Debtor Daddy, we’re firm advocates for giving customers reasonable time to settle their debts. Go in too hard, too soon and you’ll burn your relationships; leave it too late and you’ll waste a disproportionate amount time and money trying to collect what’s due. So when is the right time to engage a third party debt collection agency?
Over 2,000 years ago, Aristotle said “ First, have a definite, clear and practical ideal; a goal, an objective. Second, have the necessary means to achieve your ends: wisdom, money, materials and methods. Third, adjust all your means to that end.”
Many firms will decide to take on debt at some point, at different stages of growth and for several reasons.
Scammers use clever tricks to reel you in and get you to reply to their email or not hang up the phone. Most scams seem like genuine offers but they are carefully designed to trick you into giving away your money or your personal details.
Cash flow can be hard to get to grips with for any business; whether you’re growing, just starting out, or established. In fact, 82% of businesses become insolvent because of bad cash flow.
No matter how inventive or simple your business model is, you can still have problems with cash flow. Here is a rundown of the best and worst businesses for cash flow.
If you are a startup owner or entrepreneur, it is no secret that you may be working within a tight budget. The ability to make pennies stretch is an important survival skill.
After spending months thinking about it, you finally decided to quit your 9-5 job and start your very first business. You think that this will be a win-win situation for you because you get to do what you love and be your own boss.
There has been a lot of chatter in the media recently that another economic downturn might be around the corner. As The Wow Company found in their recent “How recession-proof is your business” survey, a surprisingly high number of UK-based businesses are not prepared for the next recession.
Over the last five years, peer to peer lending has become a popular alternative to traditional bank lending for individuals.
Take a moment to put yourself in your target customer’s shoes. Now, pretend you’re someone who’s walking into your store for the first time.
Many virtual currencies, such as Bitcoin have emerged over the last 10 years but just how safe are they? We explain how virtual currencies work and the risks you take buying, trading or investing in them.
The best suppliers will provide the most suitable goods or services at the right prices and within the right time frames for your business needs. Below we give you six factors you need to know when considering a new supplier.
If there were no customers, there would be no business. And with no business, there is no income. So, it would be safe to summarise that customers should be the point of business, would it not?
Three quarters of small and medium sized UK builders say that late payment has directly hampered their business growth according to a recent Federation of Master Builders survey.
Promotions are almost always part of a retailer’s sales and marketing mix, and for good reason — they can drive sales and help you move inventory.
The coffee category of the hot beverage industry is thriving, with the number of coffee drinkers growing each year. Cafes and coffee vans are everywhere, meeting our seemingly unstoppable need for a regular caffeine fix.
Most of us look forward to Christmas as a time for fun, festivities and spending time with the family. If you’re a small business owner though, it’s not always the carefree holiday you might hope for.
A new trend is rising, changing the way people can are securing financial needs. This new trend gives both individuals and businesses an alternative source of financing.
Every day, business owners work hard to increase their profit. But far too often, they lack a clear strategy and practical plan to make that happen. Your Profit & Loss Budget should be a direct reflection of your Strategy and Plan.
Inventory forecasting is critical for the smooth operation of any stock-based business. Managing demand can be tricky, however, if a large part of your inventory is subject to seasonal demand.
Have you ever heard about the parable of the boiling frog?
Many businesses use trade discounts to simplify variable pricing, protect a market recognised price point, stimulate sales or reward customer loyalty.
What is cashflow management? In its simplest form, cashflow management is doing everything possible to ensure that money flows into your business as quickly as possible, and leaves the business as slowly as possible.
Forecasting is the process of estimating the effects trends, costs and external factors will have on your business in order to give yourself time to prepare.
There are many reasons why you may want to improve cash flow in your business. Maybe you’re looking to free up some cash to put towards growth, or maybe you’d like to build up your cash cushion to protect yourself from any bumps in the road.
Inventory management can be overwhelming. There can be an incredibly large amount of tangible inventory, which can translate to a huge amount of responsibility and pressure to manage this inventory properly.
With global recessions, increasing oil prices and increasing competition, saving money wherever possible and thereby maximising profits is the name of the game.
Choosing a pricing strategy is a difficult decision, but one that every business needs to make. Pricing strategy affects most aspects of a business, including its revenue, market share and profitability.
There are many factors to consider when you’re selecting an ecommerce platform, and when you first start selling online, it can be hard to find one that’s the right match.
The thing is, employee wellbeing and happiness isn’t just about nap rooms, onsite massages, and cafeterias serving healthy food and snacks (though that would be nice!)
Helpful and informative retail books abound everywhere you look these days.
You need to keep track of transactions for the tax office, lenders, but most importantly for yourself, as a business owner.
If you’re in business, making decent money is important. Sometimes, though, it doesn’t always work out the way you’d planned...
Even if a business has some other, high value, assets such as factory plant, inventory is likely to essential to the business’ ability to trade profitably.
Knowing what your payroll costs are – daily, weekly, monthly and yearly – is an important part of running a successful business.
Picture this: You’ve just about closed a sale, and the shopper made up their mind to buy a product. What do you do?
It doesn’t matter how large or small your store is, or how many of them you’ve got—if you’ve got a point of sale (POS), you’ll see big benefits in switching from a simple cash register to a full-featured, cloud-based POS platform.
When a visitor spends time browsing your online store or bricks-and-mortar outlet, they’re looking for something. And when they find it, they’ll be tempted to buy it.
Retailers have historically dominated the commerce landscape. Several years ago, industry trends and top products were set by the stores selling them.
Inaccurate information about your company’s expenditure can greatly inhibit your capacity to make and maintain a successful business.
“The cheapest trainer in the world is too expensive if the client isn’t yet sold on your value” – Jon Goodman, Ignite the Fire.
60% of SME businesses (defined as businesses with between 0 and 249 employees) sought some form of external funding in the last three years, says a British Business Bank Survey published in February 2016. Businesses need finance for a variety of different purposes, but there are some common reasons why businesses apply for funding. This can include loans for working capital, to buy machinery, to hire more staff, or even re-finance existing loans to reduce monthly costs. Read on to discover the 5 most common reasons that most businesses apply for finance.
Whatever your sector, there is one rule of thumb which could save you some serious money when instructing a lawyer. This insight may not sound revolutionary, it may not sound groundbreaking, but your wallet will thank you.
Are you considering what the legal implications might be for your business if Britain does vote to leave?
Several areas we see businesses concerned with are adjusting business contacts, managing your workforce, and intellectual property rights.
It’s important to realise though that changes will not happen immediately. There will be a period of time when the United Kingdom can negotiate its future relationship with the European Union (EU). The process is regulated by law by Article 50 of the Lisbon Treaty.
Do you spend a lot of time entering invoices? At Xero, they're committed to helping you shave hours off your invoicing workflow. Here’s a grab-bag of ways you can use Xero to speed up your invoicing. Some ways might not suit you, it’s a case of picking the ones that make sense for your business.
It goes without saying that shoplifting is a major problem in retail. A 2014 study by the National Retail Federation found that shoplifting accounts for 38% of shrinkage, and was costing retailers $32 billion a year. That’s a huge chunk of revenue. To help you keep the income you deserve, we’ve put together some tips for preventing and dealing with shoplifting.
As a small business owner, you’re going to have good days and bad days. Some days will be worse than others.
Part of coping with the darker days that come with managing your own operation is being primed and ready to handle them when they arrive.
This involves building a network of advisors around you, hiring the right team and implementing the right technology so you have all the resources to push through and come out the other side with a healthy and stable business.
Do you want to expand your business, be more competitive in your industry and achieve certain goals?
If you answered yes to any of the above, you need a business plan!
Whether you’ve just started out or you’ve been running your business for years, business planning can be the key to your success.
We’ve laid out three key reasons why you need to get started on your business plan today.
During the 2015 federal budget, the Australian Government labelled small businesses as the ‘engine room of the Australian economy’ – driving growth and creating jobs.
A year on, the federal government solidified that moniker. They handed further tax cuts to small business owners and increased the revenue threshold to include a further 60,000 businesses not previously eligible for lower taxes and asset deductions.
Every year you pay levies to ACC to cover injuries suffered in and out of work — and vehicle regos help cover injuries suffered in road accidents.
The eighth budget from Minister of Finance, Bill English, was another “steady as she goes” affair, with many of the major policies being announced in the run-up to the actual Budget release.
Helping New Zealand’s small businesses grow would benefit our economy — but many lack the time, confidence or both to set their sights higher.
You may be surprised to learn that the worst culprits for consistent late payment are not actually the massive corporate juggernauts or the mini mom-and-pop businesses out there… the latest payers are actually high street retailers.
The profitability of any job undertaken by a field services business can vary significantly from expectations at the time the estimate for that job was created. Removing this variability and delivering consistent profits should be the goal of every business owner.
Hands up if you recognise the process of; receiving an invoice, getting it to your bookkeeper, making sure it’s entered into your accounts, filing the invoice and then storing it for several years…
It’s that time of the year again – the time when you’re looking over your books and seeing what worked and didn’t work. You’re thinking about goals for the year ahead and wondering how you can improve profit in your company. And one simple solution is staring you in the face: you can raise prices.
Your cash box has been brightening since New Zealand’s vibrant new $5 and $10 notes began circulating last October. Those tills are about to get even more colourful as new $20, $50 and $100 notes hit the streets in May.
Cash is often referred to as the lifeblood of an organisation, a key factor that determines business success or failure. In many cases, cash is vital for daily survival; a small business that doesn’t have enough cash on hand to pay suppliers might not be able to open the next day.
As a small business owner, it’s quite likely you play both the role of salesperson and debt chaser. On one hand you want to keep the relationship positive so you can continue selling to that customer, but on the other hand you need your bills paid for your business to survive. Maintaining customer loyalty and satisfaction while keeping a credit control policy that’s abided by can (at times) put you in an awkward position.
Founder and CEO of the Bright Ideas Trust, Tim Campbell, came to visit our new London office yesterday. We cornered him and our Managing Director, Gary Turner, to discuss why this could be one of the most significant Budgets for small businesses that we’ve seen.
Cash flow is the single most important aspect of financial management for any small — or large — business. Running out of cash is the major reason businesses fail.
As a business owner, making sure you have cash available (or at least the potential to generate cash) to meet your obligations is not only essential for survival, but is in many cases a legal obligation.
A phone call or email 'out of the blue' offering you a not-to-be-missed investment opportunity could be a turning point in your life. If you say 'yes' to the deal and the offer is a scam, you could lose thousands of dollars or end up with enormous debts.
Investment scams are often so professional, slick and believable that it is hard to tell them apart from genuine investment opportunities. Our tips break down how investment scams work.
You may have had a nice holiday, but scammers never take a break. In fact, in the last few months there has been a significant rise in the number of reported scam incidents.
Welcome to 2016!
To help your business start 2016 off on the right foot, we’ve put together a list of changes for business that came into effect from 1 January 2016.
Whether they realize it or not, small business owners spend a great deal of their time trying to avoid becoming a statistic. Accountants are vital to that mission.
One of the biggest troubles small business owners face is access to capital. So activities like theft or fraud can cripple a small business in a heartbeat.
We all know that cash flow is king. But just how much sway does it have? Well, you might want to ask the nine out of 10 small businesses that have failed because of cash flow problems. That’s, right, according to D&B, 90% of small businesses close their doors because of poor cash flow management.
If January 2016 mirrors the years that have gone before, it will be the busiest month in the calendar for people starting a business. Returning from Christmas to an unfulfilling job and a burning idea to turn a hobby or passion into a way of making a living, people in their droves will take steps to become their own boss. Will you be one of them?
It’s a retailer’s worst nightmare, and a delight for consumers – realising a pricing error has underpriced goods for sale.
It rarely happens, but if it does strike your business, here are some tips on how to handle it.
Have you noticed that your cash till is looking a bit different? It could be that you’ve already received some of New Zealand’s new banknotes.
New $5 and $10 notes started to be released by the Reserve Bank in mid-October, with $20, $50 and $100 notes coming in April next year.
Inaccurate estimations can cause drawbacks in the process of important projects. An electrical contractor who ends up buying more materials than is truly needed, for example, might waste a lot of money. And, inversely, an electrical contractor who purchases less than the job requires might miss lower prices offered by wholesale arrangements, and waste time procuring all the necessary items for the completion of the project.
It might be hard to imagine now but what if something were to happen to you? Would your loved ones be taken care of or would they face a tough financial future?
The greatest gift you can leave your family is having your affairs sorted out before you go.
If you have made plans, do your loved ones know where to find them? Would they know what assets you have, what insurance policies are in place or how to access your superannuation or life insurance?
Here are some simple steps you can take to protect the important people in your life.
While New Zealand businesses are getting far more savvy about doing business in Asia, some are still learning the hard way that it can be tricky, particularly in China.
Having well structured and timed invoices is essential to getting your invoices paid (and paid on time).
Running a business is a high stakes game, afterall it’s your livelihood… it’s you that has to pay the mortgage / rent and put food on the table. Getting invoices paid on time (or at all) is an ongoing challenge for many small businesses, especially in services where you’re often doing the work prior to getting paid.
Fortunately there’s a bunch of measures you can put in place to defend yourself from sharks, flakey customers and downright back luck. So we’ve put together a handy infographic that you can print out and keep nearby to remind you to stack the odds in your favour when it comes to getting paid. Enjoy!
The recent slump in dairy prices once again reminds us how vulnerable the New Zealand economy is to price fluctuations for commodity products. Of course animal protein is particularly susceptible because it is a renewable commodity that any farmer anywhere in the world can produce.
According to the Small Business Association, about half of all new small businesses survive five years. And only about 33 percent survive ten years or more. Having a solid plan in place to manage cash flow is essential to ensuring that your business can survive.
Having spent years as a fitness instructor and in financial services, there are many lessons I’ve learned from keeping in shape and living a healthy lifestyle that can be transferred to managing your finances.
The cost of travelling overseas can quickly add up so it pays to know some tips and tricks so you can avoid being ripped off on exchange rates and unnecessary fees as well as get a better deal on your flights.
As someone who constantly has the travel bug, I’m always on the lookout for ways to get more out of my money so that I can afford to squeeze in more trips each year. Here are things that I’ve discovered from my travels over the years.
The recent New Balance case should be a big wake up call for Kiwi companies exporting to Asian markets, especially those capitalising on e-commerce to do so.
As a customer, you want the payment process to be easy and as a business, you naturally want to get paid. For this reason, it’s always a good idea to consider what options you give your customers.
Small businesses have it tough within their industries, especially in the months and years before they have gained a foothold in the marketplace with a dedicated customer base. They have to develop relationships with suppliers, advertise themselves and conduct their business perfectly with all outside parties in order to create a positive impression that will keep people coming back. However, even when they have succeeded in doing all of that, they will still be faced with one problem which is prevalent in small business dealings: getting paid on time.
Over the past two years or so, retailers and payment processors in the United States have been buzzing about the country’s shift to EMV, a more secure payment standard for credit and debit cards. This new standard will replace the traditional magnetic stripe cards (AKA “swipe-and-sign”) with chip cards, a breed of debit and credit cards that’s considered more effective in preventing fraud.
In a nutshell: It is legal and required in some states to charge sales tax on shipping and handling charges. Some states require sales tax on delivery charges only in special cases and some don’t require sales tax on shipping charges at all.
In personal finance, debt is almost always the enemy. Sure, you might take on a loan for school or a house or vehicle. But even then the best policy is to pay it off as quickly as possible. This is such a truism that debt payment coaching is a thriving industry.
Invoicing clients should be fun - it’s the final step between your hard work and hard cash! But often it’s a stressful process filled with friction and sometimes fiction!
Float is an online cash management and forecasting tool that helps you manage your business and keep on top of your cash flow. By projecting your future cash in the bank it’s easier to make the right decisions for your business.
Discounting is one of the most popular (and arguably among the most effective) ways to drive sales.
Talk to any credit control expert and they’ll tell you the sooner you follow up an overdue invoice the better. You’ll not only get paid sooner, but you’ll also send a clear signal to your customer that you take your payment terms seriously.