Unpredictable events happen in business whether the cause is a global pandemic, natural disasters such as weather or even through willful or accidental damage. The impact may be felt directly or indirectly via a key customer, supplier or member of staff causing major disruption to your operations. When adverse situations arise, you must be ready…
Forecasting is extremely important for any business, but unfortunately, many small businesses do not conduct this process. Business owners are often, quite understandably too busy solving problems and searching for the next sale and do not make time for forward thinking. But in order to identify new opportunities and stay ahead of the competition, small…
How can you formulate an idea, create a business and then run it if you haven’t got any specific plans to work from? Creating a business plan is no easy task. It can be made simpler and more effective by working through it with an advisor. Ultimately getting your thoughts down on paper will prove…
Pitching your business to a venture capital (VC) investor can be daunting. You’re potentially competing for a limited pool of money against a crowd of other founders with innovative ideas. And the pressure to succeed makes it easy to fumble your pitch. Even start-ups with fantastic growth potential often make basic mistakes, such as being…
As the UK attempts to free itself from lockdown and what some expect to be the worst economic collapse in 300 years, business owners will need a clear strategy to help them emerge into what will, for many, be a very different economic landscape. For business owners who have survived so far, the hard work…
Cashflow matters at all stages of business ownership. Whether you are trying to get a new business venture off the ground, or you’ve been in business for years, it is common to run into cash problems that can drain your company account. However, these problems can be avoided if you are practical with your financial…
At the risk of stating the obvious, cash is the lifeblood of any business. A business that has access to sufficient cash can survive making a loss, but a profitable business that runs out of cash when it needs to pay its’ creditors will have to cease trading. Too many managers remain focused on generating…
Most people want to grow a business and sell it or retire at some point in time as well as take some capital value out in the process. Succession planning is therefore something that should always be on the agenda. Indeed, the older you get, proper succession planning becomes more and more necessary. Once you…
When growing a small business, the importance of keeping accurate and up-to-date financial records cannot be understated. Proper and complete financial records and reports indicate where a business is and where it’s headed. Without them, many small businesses have little understanding of the company’s finances, what makes it tick, and risk expensive headaches if HMRC…
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